5402 stories by Todd Shriber
Caesars Buys Wynn’s Michigan iGaming Ops, Q4 Earnings Miss
Caesars Entertainment (NASDAQ: CZR) said Tuesday it's acquiring Wynn Resorts’ (NASDAQ: WYNN) Michigan iGaming operating rights, bolstering the buyer’s internet casino footprint in one of the six states that permit that activity. Financial terms of the transaction, which was announced in conjunction...
Casino CFOs Have Worst C-Suite Job Security in Industry, Survey Says
Chief financial officers (CFOs) are among the highest-ranking executives at any company. But across a variety of industries, occupants of those roles face lower pay than other high-level executives, and substantial job insecurity. That holds true in the casino gaming industry as...
DraftKings Jackpocket Deal Unique but Adds Complexity, Says Analyst
Last week, DraftKings (NASDAQ: DKNG) delivered disappointing fourth-quarter results while lifting 2024 revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) forecasts. Analysts, however, largely focused on the announced acquisition of online lottery provider Jackpocket. DraftKings said it’s paying $750 million...
Wynn CEO Craig Billings, Other Execs Reduce Positions in Casino Stock
Wynn Resorts (NASDAQ: WYNN) CEO Craig Billings and some other high-ranking executives at the casino operator modestly trimmed their exposure to their employer’s stock. A recent Form 4 filing with the Securities and Exchange Commission (SEC) indicates that on Feb. 8, Billings...
Penn CEO Open to Acquisitions, Sees Limited Las Vegas Opportunities
Penn Entertainment (NASDAQ: PENN) is open to dealmaking to add to its portfolio of land-based casinos. But CEO Jay Snowden doesn’t currently see much supply to consider on the Las Vegas Strip. While casino operators are always amenable to making a deal...
DraftKings Spent $700K on Private Jet Travel for CEO Robins in 2023
DraftKings (NASDAQ: DKNG) spent $700K on private air travel last year for cofounder and CEO Jason Robins. That detail was revealed in the company’s annual report, which was published Thursday in conjunction with the operator’s fourth-quarter earnings release. In the filing with...
DraftKings Lifts 2024 Guidance with $750M Acquisition of Jackpocket
As it so frequently does when it delivers quarterly financial updates, DraftKings (NASDAQ: DKNG) raised its revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) forecasts. But the high-flying shares modestly retreated in after-hours trading because fourth-quarter sales missed Wall Street...
MGM Provides Support to IAC Investment Thesis, Share Stake Rises
Barry Diller’s IAC/InterActiveCorp (NASDAQ: IAC) posted fourth-quarter revenue that missed Wall Street estimates. But the shares rallied Wednesday due in part to the company’s large stake in MGM Resorts International (NYSE: MGM). The sharp move higher by the media conglomerate’s stock arrived...
NY State Sen. Jessica Ramos Nears Decision on Queens Casino Land
New York State Sen. Jessica Ramos, the Democrat representing the Citi Field area, is reportedly nearing a decision on authoring legislation that could determine the fate of a proposed $8 billion Queens casino project. Ramos, who last year balked at the idea...
MGM Notches Record Q4 Results, Buyback Binge Continues
After the close of U..S markets Tuesday, MGM Resorts International (NYSE: MGM) delivered record fourth-quarter results. They did so while telling investors it continues repurchasing significant amounts of its shares. Helped in part by the Las Vegas Grand Prix in November, the...
