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Financial News

Money makes the world go around and we take a look at how it keeps the gambling world spinning. Whether it relates to mergers, buyouts, financial disasters, or gaming companies becoming more solid, we have it in this category.

Many might think the subject a little dry, but it’s always good to know the financial status of any gambling site you are playing at. Ignore it, and you might find that withdrawing your winnings becomes difficult – because the site no longer has any cash!

Tribe Buying Sands Bethlehem in Pennsylvania Planning $190M Expansion

Sands Bethlehem expansion Pennsylvania

The tribe buying Sands Bethlehem in Pennsylvania for $1.3 billion says it will spend an additional $190 million to expand the Lehigh Valley casino resort. The Poarch Band of Creek Indians, based in Alabama, reached a deal with Las Vegas Sands for the Pennsylvania property in March of 2018. While state gaming regulators are still…Read More

Macau Casinos Issuing Substantial Bonuses to Employees Following Prosperous 2018

Macau casinos employee bonus

Several Macau casinos are rewarding their employees with large winter bonuses following a prosperous 2018 where gross gambling revenue (GGR) throughout the enclave totaled $37.5 billion. Wynn Macau, the Chinese subsidiary of the Nevada-based casino operator, became the third company this week to announce winter bonuses for eligible employees. According to GGRAsia, an online gaming…Read More

Shuttered Lucky Dragon Las Vegas Has Interested Buyers

Lucky Dragon Las Vegas casino resort

The $165 million Lucky Dragon in Las Vegas, the casino resort that opened in November 2016 only to close less than two years later in in October 2018, reportedly has several interested buyers. CDC Gaming Reports caught up with CBRE executive Michael Parks this week. He’s helping Snow Covered Capital, the investment firm that currently…Read More

Atlantic City Casinos Record Highest Win Since 2013, Statewide Gaming Revenue Totals $2.9B

Atlantic City casinos gambling revenue

Atlantic City casinos capped off December in style with gross gambling revenue (GGR) jumping nearly 20 percent. For the year, the nine casinos won more than $2.85 billion from their land-based, online, and sports betting operations. That’s their best performance in five years. Paired with sports betting at the Meadowlands and Monmouth Park, and New…Read More

Casino Stocks Performing Far Worse Than Indexes, But Analysts Remain Bullish on Gaming Industry

casino stocks gaming industry 2019

Casino stocks have suffered losses much greater than that of many Wall Street general indexes over the past 12 months, but financial analysts remain bullish on numerous gaming companies. The Vaneck Vectors Gaming ETF (exchange-traded fund) is down 26 percent since this time last year. The Dow Jones Industrial Average is down just seven percent…Read More

Maryland Casino Revenue Surges Eight Percent in 2018, MGM National Harbor Pays for Jackpot Error

Maryland casino revenue MGM National Harbor

Maryland casino gross gambling revenue (GGR) jumped 8.2 percent in 2018 to nearly $1.75 billion. That’s the state’s all-time best. Five of Maryland’s six casinos won more money in 2018 than in the previous year. The lone exception was the Horseshoe Casino in Baltimore, which has continued to struggle since the December 2016 opening of…Read More

Billionaire Carl Icahn Returning to Gaming Industry With Caesars Entertainment Investment

Carl Icahn Caesars Entertainment stock

Carl Icahn, the billionaire activist investor who sold Tropicana Entertainment last year and retains ownership of Trump Entertainment Resorts, is said to be building a substantial stake in Caesars Entertainment. CNBC said last week that while the size of Icahn’s Caesars investment wasn’t immediately known, “sources familiar with the situation” told the business media outlet…Read More

Derek Stevens Announces Circa Las Vegas Resort and City’s Largest Sportsbook

Derek Stevens Circa Las Vegas casino

Derek Stevens, the flamboyant owner of the D Casino and Golden Gate in downtown Las Vegas, unveiled plans this week for a 777-room hotel resort that will be known as Circa. After months of speculation, Stevens announced the name and integrated resort concept on Thursday after Las Vegas Mayor Carolyn Goodman delivered her State of…Read More

Alleged Homeless GFM Scam Artist Arrested After Missing Court Date Over Donations Used For Casino Trips

Johnny Bobbitt court appearance

Johnny Bobbitt, the homeless veteran who gained infamy by allegedly conspiring with a New Jersey couple to defraud donors via a GoFundMe campaign, was arrested on Wednesday after failing to show up for a scheduled court date. Bobbitt, along with Katelyn McClure and her then-boyfriend Mark D’Amico, raised more $400,000 on GoFundMe that prosecutors say…Read More

Detroit Casinos Post Record Annual Win Despite Continued High Unemployment

Detroit casinos revenue 2018

Detroit casinos won a record $1.44 billion in annual gross gambling revenue (GGR) in 2018, a $20 million premium on the previous top mark set in 2011. MGM Grand, MotorCity, and Greektown capped off December with a nearly 10 percent year-over-year jump. For the fourth quarter, the three casinos won $361.1 million, a 5.6 percent…Read More

Kazuo Okada Indicted in Philippines for Fraud, Maintains Innocence

Kazuo Okada

A court in the Philippines has ordered the arrest of Japanese casino mogul Kazuo Okada, 77, on three counts of fraud. The charges relate to the alleged misappropriation of more than $3 million from Tiger Resorts — the operator of the Okada Manila, in the Philippines’ Entertainment City and come a month after the country’s…Read More

Billionaire Carl Icahn Closer to Selling Shuttered Trump Plaza in Atlantic City

Carl Icahn Trump Plaza sale Atlantic City

The odds of Carl Icahn unloading his shuttered Trump Plaza Hotel and Casino in Atlantic City and selling the Boardwalk resort built in the early 1980s by President Donald Trump might be increasing. The Press of Atlantic City reports this week that the billionaire has successfully removed a complicated legal lease issue that presented issues…Read More

Westgate SuperContest Awards Winner $1.4M, NFL Season-Long Contest Breaks Entry Record

Westgate SuperContest NFL odds

The Westgate SuperContest has a winner, and the 44-year-old man from Irvine, California, is now $1.4 million wealthier. Eric Kahane came out on top of the record 3,123-entry field to claim the first-place prize. Each buy-in costs $1,500. Kahane went 5-0 in Week 17 of the NFL season to narrowly win the richest season-long NFL…Read More

JPMorgan Forecasts Macau Gross Gaming Revenue Slowdown in 2019

JPMorgan Macau gaming revenue 2019

Gaming analysts at JPMorgan say the days of double-digit gross gambling revenue growth (GGR) for the enclave’s six licensed casino operators are over, at least temporarily. And when it comes to full-year forecasts, the experts have proven to be quite accurate. In their 2019 Macau gaming outlook, JPMorgan analysts DS Kim and Sean Zhuang predict…Read More

MGM Resorts to Lay Off Three Percent of Workforce to Reduce Costs, Increase Earnings

MGM Resorts layoffs 2019 revenue

MGM Resorts revealed this week in its “2020 Plan” that it will trim its total workforce by roughly three percent over the next 12 months, which means around 2,100 current staffers will likely be out of a job at this time next year. The MGM presser says the company will reduce costs, drive margin improvement,…Read More