5319 stories by Todd Shriber
Macau Revenue Won’t Stop Falling Until October, but 2021 Should be Better, Says Morgan Stanley
Macau's faltering gross gaming revenue (GGR) will maintain that downward trajectory at least until October. But a significant 2021 rebound could be in store for the world's largest gaming center, according to Morgan Stanley analysts. With visitation still at trickle levels amid...
Penn National Adds Month of Liquidity in Tropicana Deal With GLP, Says Analyst
Penn National Gaming (NASDAQ:PENN) said last Friday it's selling the real estate assets of the Tropicana Las Vegas and the ground lease of an asset in Morgantown, Pa. to Gaming and Leisure Properties (NASDAQ:GLPI) for $337.5 million worth of rent credits, a...
Eldorado Courtship of Caesars Crimped by Coronavirus as Regulators Scrap Meetings
Eldorado Resorts Inc.'s (NASDAQ:ERI) $17.3 billion pursuit of Caesars Entertainment (NASDAQ:CZR) is hitting major regulatory headwinds, but not because states are opposed to the deal. Rather, gaming authorities in some states – including the big kahunas Nevada and New Jersey – are...
MGM Resorts Won’t Borrow From Uncle Sam, But Loan Guarantees Could be Useful if Closures Extend
Grappling with the financial impact of all of its domestic gaming operations being temporarily halted because of the coronavirus outbreak, MGM Resorts International (NYSE:MGM) doesn't plan to tap the $454 billion in loans being made available to larger businesses as part of...
MGM Stung by Coronavirus Update, Operator Faces ‘Substantial’ March Losses, No Clarity on Casino Re-Openings
MGM Resorts International's (NYSE:MGM) stock more than doubled off the recently notched 52-week low. But that rally suffered a setback Friday when the company updated Wall Street with a dour outlook on the impact the coronavirus is having on its business. Shares...
Eldorado Has $2.3 Million Reasons a Day to Finalize Caesars Deal
Eldorado Resorts (NASDAQ:ERI) doesn't have time on its side regarding consummation of its $17.3 billion takeover of rival Caesars Entertainment (NASDAQ:CZR). That's because with each day that passes and the deal isn't done, the former must pay the latter $2.3 million. The...
MGM Resorts Joins Parade of Gaming Credit Downgrades as Fitch Lowers to BB-
MGM Resorts International (NYSE:MGM) is joining a growing list of gaming companies seeing their credit grades lowered amid the coronavirus pandemic, with Fitch Ratings trimming the Bellagio operator to “BB-” from “BB.” In downgrading MGM's outlook to “negative” from “stable” – something...
Sheldon Adelson Pushed Congress to Approve Stimulus, But Sands Won’t Receive Aid
Las Vegas Sands (NYSE:LVS) Chairman and CEO Sheldon Adelson used his extensive network of political contacts to press Congress to pass a stimulus package to help industries and workers affected by the coronavirus. But his gaming group won't be the recipient of...
Yokohama Earmarks $3.6 Million in Latest Budget for Integrated Resort Effort
Yokohama's fiscal 2020 budget contains a $3.6 million appropriation for the city's integrated resort ambitions. Japan's second-largest city behind Tokyo is competing with several other large metropolitan areas, including the capitol city and Osaka, to become home to one of the first...
Boyd Gaming Says Casino Closures in Several States Are Being Extended
Boyd Gaming (NYSE:BYD) is telling customers and investors that temporary casino closures in several of its marquee markets will last longer than previously expected, becoming one of the first commercial operators to make such an announcement. It is expected that by Wednesday...
