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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!

MGM Springfield and Mohegan Sun Turf War Continues, Properties Argue Over Being First

MGM Springfield Connecticut casinos

MGM Springfield and Connecticut’s two tribal casino resorts are engaged in a bitter fight for customers in the increasingly competitive New England gaming market. The Mashantucket Pequot Indians opened their Foxwoods Resort Casino in 1986. The Mohegan Native American tribe opened their namesake Mohegan Sun Casino Resort in 1996. So, when the $960 million MGM…Read More

Crown Resorts Shares Plunge 20 Percent in Three Months, Packer Takes $824 Million Hit

Crown Resorts

Poor VIP turnout at Crown Resorts properties has shaken investor faith in the Australian casino giant, with share prices nosediving almost 20 percent since mid-August. According to The Australian Financial Review, the plunge has wiped over $824 million off the net worth of one of Australia’s richest men, James Packer. Packer owns a 46 percent…Read More

Osaka Wants Integrated Resort Operator to Help Pay for Japan World Expo 2025

Osaka integrated resort World Expo

Osaka has emerged as one of the prime locations that is likely to host an integrated resort in Japan. But government officials are now saying that any operator that wants to build a casino in the city should be prepared to help pay for the 2025 World Expo as well. The Osaka government is not…Read More

Foxwoods Reports Slots Revenue Dips as MGM Competition Starts to Pinch, Satellite Casino Still Nowhere in Sight

Foxwoods

Connecticut’s Foxwoods Resort Casino reported a 10 percent drop in slots revenue in October, as competition from Massachusetts’ MGM Springfield begins to bite. The Mashantucket Pequot-owned casino resort said the year-on-year plunge followed a 5 percent decline in September. Connecticut’s other tribal casino, Mohegan Sun, has not yet reported but said its slots revenue fell…Read More

Powerball Winner to Test Luck Again, Says He’s Going to Las Vegas

Powerball jackpot winner Robert Bailey

A $343.9 million Powerball winner says he isn’t going to stop testing his luck now, and a trip to Las Vegas is in his future. New Yorker Robert Bailey, 67, has been playing the same six lottery numbers for 25 years. In late October when the Powerball jackpot was an estimated $750 million, those half-dozen…Read More

Atlantic City Gaming Revenue Up 16 Percent in October, But Older Casinos Paying Price

Atlantic City gaming revenue Hard Rock

Atlantic City gross gambling revenue (GGR) totaled $239 million in October, a 15.8 percent year-over-year premium, but the win largely came at the expense of older casinos. Borgata, Bally’s, Caesars, Golden Nugget, Harrah’s, and Resorts all reported lower land-based GGR in October 2018 than October 2017. Only Tropicana posted a gain, and it was modest…Read More

Controversial Saipan Casino Shut Down After Super Typhoon Yutu Causes ‘Millions’ in Damage

Typhoon Yutu

Embattled Saipan casino developer Imperial Pacific International (IPI) has announced it will close its Imperial Palace Casino “until further notice” from Friday after a super typhoon devastated the Pacific island three weeks ago. Super Typhoon Yutu struck Saipan and Tinian in the Northern Mariana Islands on the morning of October 25, killing two people and…Read More

Harrah’s Atlantic City Announces $56M Renovation, Competition Spurring Investments

Harrah's Atlantic City casino revenue

Harrah’s Resort in Atlantic City is set to undergo a major renovation, as parent company Caesars Entertainment revealed this week that it will spend $56 million to upgrade all 507 guestrooms and suites in its Harbour Tower, the property’s original hotel structure that opened in 1980. The first casino resort in Atlantic City not on…Read More

Atlantic Club Has Another Interested Buyer, Future of Long-Shuttered Atlantic City Casino Unknown

Atlantic Club Atlantic City casino

The Atlantic Club has sat vacant since shuttering in 2014, but the Boardwalk property might soon have a new owner. Advanced Consulting, a real estate firm based in New York, tells the Press of Atlantic City that it’s in “heavy negotiations” with current owners TJM Properties to acquire the former casino resort. “Work is being…Read More

Kentucky Downs Racetrack and Gaming Parlor Sold to Thoroughbred Owner, Former Casino Executive

Kentucky Downs historical racing terminals

The Kentucky Downs horse racetrack and gaming parlor featuring 750 historical racing terminals is being sold to a thoroughbred owner and former casino executive. The undisclosed deal transfers the venue from its current owners Kentucky Downs Partners to a recently formed entity called Kentucky Racing Acquisition. The latter is owned by Ron Winchell, a prominent…Read More

Former Las Vegas Casino Executive Alex Yemenidjian Sells Marijuana Business for $290M

Las Vegas casino marijuana dispensary

Alex Yemenidjian, a former Las Vegas casino executive who worked extensively with MGM Resorts as well as Tropicana, is selling his Nevada marijuana business to a Chicago company for $290 million. Essence Cannabis Dispensaries, the largest marijuana cultivation and dispensary business in Nevada, is being bought by Chicago-based Green Thumb Industries. The deal includes Yemenidjian’s…Read More

Billionaire Dan Gilbert Sells Greektown Casino to Caesars REIT and Penn National for $1B

Dan Gilbert Greektown Casino Detroit

Dan Gilbert, the billionaire founder of Quicken Loans and owner of the NBA’s Cleveland Cavaliers, is selling his Greektown Casino-Hotel in Detroit to Caesars’ real estate investment trust (REIT) and Penn National Gaming for $1 billion. Caesars’ REIT, VICI Properties, is paying $700 million for the land and real estate assets, and Penn National is…Read More

Typhoon Mangkhut Cost Macau’s Casino Industry $119 Million

Mangkhut

September’s Typhoon Mangkhut caused an estimated $119 million worth of damage to Macau’s casino industry, according to new figures from the enclave’s Statistics and Census Service (MSCS). The total economic hit to the enclave — both directly and indirectly — across all sectors was around $192 million. But these figures are lower than some analysts…Read More

Commercial Casino Revenue Up Four Percent Nationwide in September, Sports Betting Provides Boost

casino revenue sports betting US

Commercial casino revenue climbed four percent in September nationwide, and the analyst who compiled the report gives credit to the introduction of sports betting in four new states. Reno-based gaming analyst Ken Adams says in his September report, which he amasses for CDC Gaming Reports, that gaming revenue in the monitored 21 states was more…Read More

Wynn Resorts Forecasts Macau Slowdown, Analysts Downplay Concerns

Wynn Resorts Macau casino revenue

Wynn Resorts CEO Matt Maddox delivered investors a rather gloomy forecast for Macau during last week’s third quarter conference call, but not all analysts are sold on the idea that the gaming enclave is headed for a slowdown. Maddox revealed that since Golden Week kicked off October, the company’s three Macau casinos have struggled. We’ve…Read More