5590 stories by Todd Shriber
DraftKings Soars in NASDAQ Debut, Closes Below Opening Print as Investors See Long Road to Profitability
DraftKings (NASDAQ:DKNG) jumped 10.38 percent in its first day as a public company on Friday. But the newly minted stock closed below its opening print, as some investors ponder how long it'll take for the sportsbook operator to turn a profit. On...
DraftKings IPO Comes with Potential Governance Baggage
On Thursday, Diamond Eagle Acquisition Corp. (NASDAQ:DEAC) investors overwhelmingly voted in favor of a previously announced reverse merger with DraftKings and SBTech. That sets the stage for the combined entity to take the sportsbook operator's name and become a public company tomorrow,...
MGM Q1 Results Cramped by COVID-19, Mulls Taking CARES Act Cash
MGM Resorts International (NYSE:MGM) was likely net income negative in the first quarter, excluding one-time items, as revenue tumbled 29 percent because of gaming property closures forced by the coronavirus. The Las Vegas-based company is scheduled to report results for the first...
Wynn Las Vegas Coronavirus Closure Extended to May 22, According to Facebook Post
A post on the Wynn Slots Facebook page indicates the company's Las Vegas integrated resort will remain shuttered through May 22, as the city contends with the impact of the coronavirus. The post appeared on the social media platform on Wednesday, a...
Las Vegas Sands Q1 Earnings Ugly But Not Scary, As Adelson Confirms M&A Interest
Las Vegas Sands (NYSE:LVS) surged more than eight percent in Wednesday's after-hours session after the company posted break even first-quarter results on the basis of generally accepted accounting principles (GAAP). It notched revenue of $1.78 billion, both of which were significantly better...
MGM Investors on Roller Coaster Ride, Stock Among Most Volatile Since February Top
Like every other name in the gaming industry, MGM Resorts International (NYSE:MGM) stock is being punished as the coronavirus forced the closure of all domestic casinos. But there's more to the story. Compounding MGM investor woes is the turbulence associated with the...
Genting Reportedly Planning Massive Pay Cuts Because Of Coronavirus Closures
Genting Bhd, the conglomerate that controls gaming interests under the Resorts World brand, is reportedly planning company-wide salary reductions for the first time in its 55-year history as the operator grapples with casino closures around the world. Resorts World Sentosa, operated by...
Gaming Dependence Exposes Macau Economic Vulnerabilities, Says Fitch
As gaming cash dries up and visitation to the Special Administrative Region (SAR) remains scant, Macau is vulnerable to significant economic turbulence due to its dependence on casino revenue, says Fitch Ratings. The research firm affirmed the SAR's credit rating at AA...
Morgan Stanley Sees Floodgates Opening for Online Gambling, Sports Betting Following Coronavirus
Brick-and-mortar casinos throughout the US are shuttered because of the coronavirus. But in the states that allow it, online gambling is booming, and Morgan Stanley expects more come will aboard in permitting the activity when COVID-19 ebbs. A small number of states,...
MGM China Has Resources to Last 15 Months, Don’t Bet on Parent Selling Stake, Say Analysts
MGM China, the Macau gaming business majority owned by MGM Resorts International (NYSE:MGM), has the financial resources to survive up to 15 months if scant visitation to the Special Administrative Region (SAR) lingers. But don't bet on the parent company selling its...
