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Analysts: Japanese Casino Market Will ‘Underwhelm’

Japanese casino

The Japanese casino market appears to be shrinking and it’s still several years away from opening its first resort. The country has for the past decade been touted by analysts as the sleeping giant of casino gaming, with the potential to quickly surpass Las Vegas as the second biggest market in the world, after Macau….Read More

Resorts World Catskills Loses Nearly $140M in 2018, Casino Wants Sports Betting and Internet Gambling

Resorts World Catskills casino revenue

Resorts World Catskills in Upstate New York delivered its parent company a nearly $140 million loss last year, as the integrated casino resort continues to struggle. One of four upstate commercial casinos, Empire Resorts – the owner of Resorts World Catskills – says in filings with the US Securities and Exchange Commission (SEC) that the…Read More

Pennsylvania Proposal Would Aim State’s Expanded Gaming Intake Towards Property Tax Relief

A new proposal in Pennsylvania’s legislature would require any additional gaming revenue heading to the state be used only for property tax relief. Sponsored by State Sen. Kristin Phillips-Hill (R-York), Senate Bill 269 would give homeowners a break by making up some of the shortfall in the Property Tax Relief Fund that was set up…Read More

Steve Wynn Met With Treasury Department For Advice After Selling $2.1B Stake in Casino Empire

Steve Wynn Steven Mnuchin Encore Boston

Steve Wynn met with the US Treasury Department after selling his $2.1 billion stake in his namesake company after sexual misconduct allegations against him came to light early last year. According to The Wall Street Journal – which first exposed the alleged sexual wrongdoings in January 2018 – Wynn met on June 4 with Daniel…Read More

888 Books 2018 Profit Growth Despite UK Headwinds, But Analysts Chide ‘Underperformance’

888

888 Holdings has reported double-digit profit growth for 2018, despite a dip in revenues amid an increasingly challenging regulatory environment in the UK. The company reported an 11 per cent rise in profit, to $86.7 million, as well as record EBITDA (earnings before interest, tax, depreciation and amortization) of just over $107 million, buoyed by a profitable World Cup…Read More

Net Worths of Gaming Industry Billionaires Decreased $9.3B Last Year, Industry Lands 26 People on Forbes List

gaming industry Forbes billionaires

The gaming industry is responsible for 26 of the world’s 2,153 billionaires. That’s according to Forbes, which this week published its annual list of the richest people ranked by their estimated net worths. Las Vegas Sands founder and CEO Sheldon Adelson once again led the industry, his fortune now estimated at $35.1 billion. However, that’s…Read More

Latest Deal to Sell Atlantic City’s Atlantic Club Casino Once Again Crumbles

Atlantic Club Casino sale Atlantic City

Another deal to sell the long-vacant Atlantic Club Casino Hotel situated on Atlantic City’s Boardwalk has fallen through. It represents the fourth time in less than three years that attempted sales have failed. The recent effort was for the current owner, TJM Properties, to sell the building — which is in a state of disrepair…Read More

MGM Resorts Might Replace Certain Jobs With Automated Technologies

MGM Resorts jobs bartender stock price

MGM Resorts announced this week that it is considering reducing a certain number of jobs at its Las Vegas Strip properties that could be performed by automated technologies. For example, the casino operator might replace back of house bartenders with beverage stations that automatically pour and mix drinks. Back of house, or non-customer facing, refers…Read More

Phew: Winning $1.5B Mega Millions Lottery Ticket Finally Claimed in South Carolina

Mega Millions jackpot lottery ticket

The winning $1.537 billion Mega Millions lottery ticket sold last October in South Carolina has finally been claimed by a Palmetto State resident who has decided to remain anonymous. The largest lottery jackpot ever won by a single person in US history, the fortunate individual has opted to take the one-time lump sum cash payout,…Read More

Crown Resorts Plan for Australia’s Tallest Skyscraper Toppled by Lack of Funding

Crown Resorts

Crown Resorts’ bid to build Australia’s tallest skyscraper has been thrown into doubt after the company failed to receive more time from the government of the state of Victoria to raise funding. James Packer’s casino giant had petitioned the government to extend the deadline for commencement of construction of the $1.75 billion, 90-story project, known…Read More

Genting Cuts Financial Support for Distressed Mashpee Wampanoag Tribe

Mashpee Wampanoag

Genting Malaysia is no longer providing financial support to the cash-strapped Mashpee Wampanoag tribe of Massachusetts, but it is backing a legal challenge against a US Department of the Interior decision that torpedoed the tribe’s long-cherished dreams of a casino. Newly elected tribal member Aaron Tobey Jr. told the Cape Cod Times that the casino…Read More

William Hill Posts $950M Loss in 2018 Thanks to New Regulations on FOBTs

William Hill 2018 losses

William Hill might be making huge strides in the US market, but that wasn’t enough to make the British bookmaker profitable last year. The company reported a loss of £722 million ($954 million) in 2018, despite the fact that revenues were up slightly over 2017. Positive Year Offset by FOBT Concerns That didn’t come as…Read More

Macau Casinos Rebound With 4.4 Percent February Gain, Win Totals $3.14B

Macau casinos gaming revenue

Macau casinos bounced back from a disappointing January with a 4.4 percent gross gaming revenue (GGR) win in February. Casino win across the enclave totaled nearly $3.14 billion. The month followed a five percent loss to begin 2019 that saw gaming floors keep a little more than $3 billion. Through the first two months of…Read More

Nevada Casinos Begin 2019 Slow, January Gross Gaming Revenue Down Three Percent

Nevada casinos Las Vegas revenue Strip

Nevada casinos reported gross gaming revenue (GGR) for January was $984.5 million, a three percent year-over-year decline. Clark County won $532.2 million, which is a more than four percent decline on the same month a year ago. The Las Vegas Strip fell four percent, and downtown city casinos won almost eight percent less than they…Read More

Marina Bay Sands is the World’s Most Profitable Casino But It’s Probably Past Its Best: Analyst

Marina Bay Sands

Analysis from the Motley Fool this week suggests that the best days of LVS Corp’s Marina Bay Sands, Singapore, may be behind it. That’s bad news for LVS because it derives a third of its EBITDA (earnings before interest, tax, depreciation and amortization) — some $1.5 billion — from this single property. Even if you’ve…Read More