4982 stories by Todd Shriber
Eldorado, Caesars Wedding Is On, Unidentified Source Says Save a June Date
Shares of Eldorado Resorts (NASDAQ:ERI) and Caesars Entertainment (NASDAQ:CZR) are soaring Tuesday after an unidentified source told CNBC the $17.3 billion transaction that will create the largest US gaming company should be completed in June. That report comes just days after the...
Wynn Macau Scraps 2019 Dividend Citing Need to ‘Safeguard’ Operations During COVID-19 Pandemic
Wynn Macau Ltd. is the latest gaming company to alter its dividend policy citing the coronavirus outbreak, saying earlier today that it won't deliver a 2019 payout. That after the operator of the Wynn Macau and Wynn Palace integrated resorts paid a...
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...
Sands China, Seeking Flexibility, Asks Lenders to Waive Default Agreements Through July 2021
Sands China Ltd., the operator of five Macau integrated resorts, is asking lenders to waive some financial covenants. The moves that would help the operator avert default if the Asia-Pacific gaming industry continues weakening against the backdrop of the coronavirus outbreak. Specifically,...
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...
