5136 stories by Todd Shriber
Churchill Downs Posts Record Q1 Revenue, Analyst Bullish on Virginia Properties
Shares of Churchill Downs (NASDAQ: CHDN) jumped 3.74% in after-hours trading Wednesday after the gaming company reported record first-quarter sales and earnings that topped Wall Street estimates. The operator of the famed Kentucky racetrack of the same name said it earned $1.08...
Inflation, Interest Rates Weighing on Gaming Industry M&A, Says Analyst
Entering this year, it was widely expected that the Federal Reserve would pare interest rates from 20-year highs, potentially unleashing a wave of mergers and acquisitions activity in the casino gaming industry, but that scenario hasn’t materialized. Following a string of stubbornly...
Einhorn’s Greenlight Capital Takes Penn Entertainment Stake
Shares of Penn Entertainment (NASDAQ: PENN) jumped 2.4% Wednesday on volume that was 55.7% above the daily average after David Einhorn disclosed that his Greenlight Capital took a “medium sized” stake in the regional casino operator in the first quarter. In a...
MGM Could Be One of Biggest Share Repurchasers this Year, Says Goldman
MGM Resorts International (NYSE: MGM) has been a dedicated buyer of its own shares for several years and that trend is expected to hold this year, earning the gaming stock a place in the widely followed Goldman Sachs buyback basket. The Bellagio...
Las Vegas Sands Could Delight Investors with Debt Refinancing
Las Vegas Sands (NYSE: LVS) could earn praise from investors by refinancing some upcoming debt maturities, according to sell-side analysts. In a recent report to clients, CBRE Capital Advisors analysts Colin Mansfield and Connor Parks noted the gaming company has $1.75 billion...
Online Betting, Marijuana Altering State Tax Bases
US states have long applied “sin taxes” to items such as alcohol, beer, cigarettes, other tobacco products, and wine as avenues for bolstering revenue. More recently, marijuana and sports wagering have been added to the mix, representing alterations to some states’ revenue...
Zelenskyy Limits iGaming Access in Bid to Damp Military Betting Addiction
Ukrainian President Volodymyr Zelenskyy implemented new restrictions on internet casinos in the country in an effort to combat problem gaming among military personnel. Ukrainian army serviceman Pavlo Petrychenko, who died in combat last week, previously called attention to concerning wagering patterns among...
Disney Tech Exec LaBerge Joining Penn Entertainment as CTO
After a more than two-decade run holding high-level technology jobs at Walt Disney (NYSE: DIS), Aaron LaBerge is joining Penn Entertainment (NASDAQ: PENN) as chief technology officer (CTO). The regional casino operator made the announcement earlier today, though some media outlets reported...
New Jersey iGaming Revenue to Surpass Atlantic City Casino Earnings, Analyst Predicts
It’s a matter of when, not if, iGaming gross gaming revenue (GGR) in New Jersey exceeds that of the nine casino hotels on the Atlantic City Boardwalk. That’s the outlook offered by Deutsche Bank analyst Carlo Santarelli who in a recent report...
Wynn Las Vegas President Steve Weitman Leaving Company
Wynn Resorts (NASDAQ: WYNN) noted today Steve Weitman, the president of the operator’s Las Vegas Strip properties, is leaving the company effective June 10. The executive didn’t give a reason for his departure beyond noting he’s evaluating other opportunities and now is...
