World's online gaming authority since 1995

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!

Construction Union Protests Circus Circus Reno Remodel, Nevada State Contractors Board Levies Fine

Circus Circus Reno renovation union protest

Circus Circus Reno has been the target of protests by local labor union members who feel the contractor hired for the resort’s multimillion-dollar renovation job is cutting corners and violating construction safety standards. Parent company Eldorado Resorts hired Digney York Associates out of Virginia to renovate Circus Circus rooms. According to the contractor’s website, Digney…Read More

Fix Is In: FOBT Betting Change Delayed as UK Bookmakers and Treasury Strike Backroom Deal

UK bookmakers Treasury FOBT

UK bookmakers and the Treasury are being heavily criticized by government after the two parties struck a deal late last week to delay the implementation of the reduced max bet on fixed-odds betting terminals (FOBTs). Labour Party Deputy Leader Tom Watson called the government “fundamentally weak” after learning bookmakers successfully lobbied Treasury to wait until…Read More

Analysts: Macau Casinos Won’t Benefit From HKZM Bridge Linking Hong Kong

Macau casino HKZM bridge Hong Kong

Macau casinos will not see a substantial increase in gaming revenue when the HKZM bridge connecting the enclave to Hong Kong opens later this year. The 34-mile connection that spans across the Pearl River Delta will cut travel time from Hong Kong to Macau to just 40 minutes. But with casino busses prohibited, and border…Read More

Atlantic City Casinos Unlucky in May, Revenue Plummets 5.1 Percent

Atlantic City casino revenue Hard Rock

Atlantic City casinos reported gross gaming revenue (GGR) losses of 5.1 percent in May, and without online gambling, things would have been even worse. Brick-and-mortar play in Atlantic City plummeted more than seven percent to $193.4 million, a loss of nearly $15 million compared to the same month in 2017. Online operators were once again…Read More

Lawyers Claim Stephen Paddock Asset Distribution Delayed by FBI, Police Release New Footage

Stephen Paddock Las Vegas shooting

The family of Las Vegas shooter Stephen Paddock wants nothing to do with his assets and has asked lawyers to distribute whatever equity he left behind to his 1 October victims. But lawyers working on the case say the FBI is preventing that from happening. Appearing before Clark County Court Judge Gloria Sturman, financial accountant…Read More

SJM Holdings Puts Its Money on Cotai Casino Reversing Downward Spiral of Gaming Operator That Once Ruled Macau Market

SJM Holdings Cotai Grand Lisboa Palace

SJM Holdings hopes its first casino resort on the Cotai Strip will turnaround the Macau casino giant’s dwindling market share in Macau. SJM is the casino empire of recently retired billionaire Stanley Ho, who controlled a gambling monopoly on Macau for decades, until 2002 when the territory was returned from Portugal to the People’s Republic…Read More

Detroit Casinos Benefit From Caesars Windsor Strike, Michigan Online Gambling Bill Advances

Detroit casinos revenue online gambling

Detroit casinos won more money in May 2018 than in the previous year, as gross gaming revenue (GGR) increased 3.9 percent to $124.6 million. MGM Grand Detroit, MotorCity, and Greektown likely benefited from the Caesars Windsor strike. Union members refused to work for more than 60 days at the Canadian-side casino property that sits along…Read More

Boyd Gaming Preps Casino Acquisition Spending Spree, Raises $700M

Boyd Gaming Keith Smith

Boyd Gaming is raising $700 million in issued debt notes in order to expand its operations and potentially acquire new casinos. After initially telling investors that the company was offering $500 million in debt notes, the casino operator upped the ante by $200 million. The premium came as a result of the company achieving a…Read More

Coinrail Hack Causes Price of Cryptocurrencies to Nosedive

Coinrail hacked

The price of bitcoin and other cyptocurrencies plunged over the weekend following a massive cyber-heist on South Korean cryptocurrency exchange Coinrail. The company confirmed in a statement on its website that it had suffered a “cyber intrusion” on Sunday, leading to the theft of around 30 percent of all cryptocurrency traded. It didn’t mention an…Read More

Cyprus City of Dreams Mediterranean Casino Breaks Ground, Venue Will Be EU Flagship for Melco Resorts

When City of Dreams Mediterranean in Cyprus is completed in 2021, the $651 million integrated resort being built in the city of Limassol will be Europe’s biggest casino. Melco Resorts — one of Macau’s six gaming license holders — is building the massive complex. Cyprus remains a surprisingly politically neutral landing point — given its surrounding…Read More

Las Vegas Sands Has Big Plans for Multibillion Dollar Integrated Resorts And Stock Buyback

Las Vegas Sands Sheldon Adelson

Las Vegas Sands announced this week that it’s increasing a term loan issued in the US by $1.35 billion. The funds will be used to help repurchase nearly $1 billion more shares of the company than previously announced. Sands CEO Sheldon Adelson — a man who Forbes estimates to be worth over $42 billion —…Read More

Major South Korean Crypto Exchange Coinone Facing Online Gambling Charges

Coinone charged with illegal gambling

The CEO and two of executives of South Korea’s third-largest cryptocurreny exchange, Coinone, will be charged by South Korean police with offering illegal online gambling through its margin trading operation. Following a ten-month investigation, 20 of the exchange’s traders are also in the frame, South Korea’s Cybercrime Investigation Unit of the Southern Provincial Police Department…Read More

Wynn Resorts Puts Las Vegas Parking Fee Policy in Reverse, Charges Lifted for Paying Guests

Wynn Resorts parking free Las Vegas

Wynn Resorts says beginning July 1 overnight hotel guests and patrons of its Las Vegas casinos who spend at least $50 will be afforded free parking. The policy change is the first of what many hope becomes a trend. In 2016, MGM Resorts, the owner of the most casinos in Las Vegas, announced that it…Read More

Las Vegas in Running to Host 2020 Republican National Convention

Las Vegas RNC Republican National Convention

Las Vegas is one of two finalist host cities officials at the Republican National Committee (RNC) are considering for the party’s 2020 convention. Sometime between July and September 2020, the RNC will gather to presumably again nominate President Donald Trump to the party’s presidential ticket. The odds are reportedly 50/50 that the event will take…Read More

Lottery Scams Have Bilked Americans, Canadians Out of $344 Million Since 2015

Lottery scams

North Americans — including both US and Canadian citizens — have lost more than $344 million to lottery scams and other prize-offering hoaxes over the past three years, according to a new study by the Better Business Bureau (BBB). The BBB said that between 2015 and 2017, over half a million such swindles had been…Read More