5136 stories by Todd Shriber
DraftKings Slumps Despite Boosting 2022 Guidance
DraftKings (NASDAQ:DKNG) is extending its lengthy slide Friday, even after the online sportsbook operator posted first-quarter results that beat estimates and lifted its 2022 revenue outlook. In midday trading, the shares are off 6.1%, extending the one-month slide to 24.2%. The gaming...
Penn National Pummeled Despite Lifting Revenue Outlook
On a brutal day for broader equity benchmarks, casino stocks weren’t immune from intense selling pressure, and Penn National Gaming (NASDAQ:PENN) was one of the victims. On volume that was more than 25% above the daily average, shares of the largest regional...
MGM Wins Cosmo Purchase Regulatory Approval, BetMGM to Be Sportsbook at Venue
The Nevada Gaming Control Board (NGCB) has approved MGM Resorts International’s (NYSE:MGM) acquisition of the operating rights of the Cosmopolitan Las Vegas. That paves the way for that deal to close next month. MGM announced last September it’s paying $1.6 billion to...
DraftKings Wraps Up Golden Nugget Online Gaming Purchase
After months of tumbling share prices, DraftKings (NASDAQ:DKNG) has completed its acquisition of Tilman Fertitta’s Golden Nugget Online Gaming (GNOG). DraftKings announced a $1.56 billion all-stock offer for GNOG last August, when the target was trading around $12. The target’s shares nearly...
Bally’s Rejects Standard General Takeover Bid, Considers Buying $500M in Stock
Shares of Bally’s (NYSE:BALY) are trading slightly lower Thursday after the regional casino operator rejected a $38 per share takeover offer from hedge fund Standard General -- its largest investor. Launched in January, the proposal valued the Rhode Island-based gaming company at...
Caesars Shopping Flamingo Las Vegas for North of $1 Billion
Caesars Entertainment’s (NASDAQ:CZR) long-running plans to divest one of its Las Vegas Strip venues may be coming to life. The operator is said to be shopping the Flamingo at a price tag of more than $1 billion. It’s been no secret that...
DraftKings Marketplace Adds NFT Supplier, Autograph Debuts New Collection
DraftKings Marketplace, the gaming company’s non-fungible token (NFT) business, has announced a partnership with Metabilia to bolster its lineup of digital collectibles. Metabilia becomes the newest NFT supplier on DraftKings Marketplace, with a collection debuting today at 3 pm Eastern time. The...
Red Rock Stock Rocked Following Q1 Earnings Miss
Red Rock Resorts (NASDAQ:RRR) stock is tumbling Wednesday, a day after the casino operator reported first-quarter sales that missed Wall Street estimates. After the close of US markets Tuesday, the Green Valley Ranch operator said it earned 77 cents a share on...
Corvex Management Pushes Kindred to Consider Sale
After recently doubling its stake in Kindred Group, Keith Meister’s Corvex Management is pushing the Swedish gaming company to hire investment bankers and sell itself. Corvex, a New York-based activist investor, issued a statement today urging Kindred’s board of directors to immediately...
Wynn Las Vegas Revamping Tower Suites
Wynn Resorts said the Wynn Tower Suites at its eponymous Las Vegas Strip venue is in the midst of its most expansive overhaul. The construction, which is currently underway, is slated to be completed in June, and represents the “most extensive design...
