4983 stories by Todd Shriber
Boyd Furloughing Most Staff on April 11, Execs Taking Pay Cuts as Company Grapples With Coronavirus Closures
Boyd Gaming (NYSE:BYD) will furlough most of its workforce starting Saturday, April 11, as the Sam's Town operator looks to cut costs. All of its gaming venues remain shuttered because of the coronavirus outbreak. Like other gaming companies, Boyd has been subject...
Wynn Resorts Wins After Highlighting $3 Billion of Liquidity, Boosted Bond Offering
Shares of Wynn Resorts (NASDAQ:WYNN) are higher by almost six percent in midday trading after the gaming company said it has approximately $3 billion worth of liquidity. That gives it 1.4 years worth of coverage for property operating expenditures and cash interest...
Colorado Sports Betting Market Has Second-Best in West Potential, Could Reach $6 Billion
Colorado's sports betting market could be one of the most lucrative in the Western US, assuming there are events for gamblers to bet on May 1 when sports wagering will officially be permitted in the state. Last November, Centennial State voters narrowly...
Red Rock Resorts Execs Frank, Lorenzo Fertitta Drop 2020 Salaries for Duration of COVID-19 Pandemic
As long as the coronavirus continues rattling the gaming industry, Red Rock Resorts (NASDAQ:RRR) leaders Frank and Lorenzo Fertitta will not take salaries. The parent company of Station Casinos made the announcement on Monday, saying Chairman/CEO Frank Fertitta and his brother, Vice...
Macau Operators Could Experience April Showers With GGR Falling 95 Percent, According to Estimate
Just a week into April and it's already becoming clear that the first four months of 2020 could be one of the worst on record for Macau casino operators, with one research firm forecasting a 95 percent drop in gross gaming revenue...
Caesars, MGM Could Put the Hurt on Short Sellers if Bulls Seize Control of Market
Broadly speaking, shorting stocks is a winning strategy to this point in 2020, and nowhere is that more true than the travel and leisure industry, a group beset by savage declines at the hands of the coronavirus pandemic. With COVID-19 punishing the...
Macau Operators Need Daily Revenue of $38 Million to Break Even This Year, According to Analysts
Macau's six concessionaires can likely break even on an earnings before interest, taxes, depreciation and amortization (EBITDA) basis this year with $38.18 million in daily revenue. But getting to cash flow breakeven will be trickier, said JPMorgan analysts. The bank's research team...
Singapore Casinos Join Coronavirus Closure Cadre, Shuttering Through May 4
Marina Bay Sands (MBS) and Resorts World Sentosa – Singapore's two integrated resorts – will close starting April 7 through May 4, as the city-state bolsters its efforts to ward off the coronavirus. The Ministry of Health announced the measure, and the...
Wynn Debt Covenant Request Tolerable, but Analyst Sees Chance of Q2 Dividend Suspension
Wynn Resorts (NASDAQ:WYNN) and its Macau unit probably won't encounter issues when asking lenders to relax debt covenants, assuming the company does so. But the operator could suspend its second-quarter dividend in order to save cash. With the coronavirus outbreak forcing a...
San Manuel Pushes Temporary Closure Through April 30, Promises no Layoffs
For a second time, the San Manuel Band of Mission Indians is extending the closure of its eponymous Southern California gaming property, citing the need to protect the surrounding community and employees amid the coronavirus contagion. In mid-March, San Manuel joined rival...
