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Financial News

MGM in Talks to Buy $2.6 Billion Encore Boston Harbor from Wynn Just Weeks Before Grand Opening

Encore Boston Harbor

Wynn Resorts is mulling the sale of its $2.6 billion Encore Boston Harbor in Everett, Massachusetts, to MGM Resorts. The two companies confirmed a sale could be in the cards in a joint press release late Friday after The Boston Globe reported discussions between Wynn CEO Matt Maddox and MGM CEO Jim Murren had kicked…Read More

New Acquisitions Shine as Stars Group Posts 48 Percent Growth in Q1

Stars Group

Analysts were swooning over Stars Group stock this week following an earnings update that saw the PokerStars parent book Q1 revenues of $580 million, up 48 percent year over year. The Motley Fool pounced on Thursday, designating Stars a “very hot buy,” despite a slump for PokerStars and an overall 63 percent dip in earnings…Read More

DOJ Busts $100M International GozNym Malware Cybercrime Ring: Mystery Gulfport, Mississippi Casino Victimized for Nearly $200K

The US Department of Justice (DOJ) said Thursday that it had shut down a vast cyber-criminal network that attempted to steal $100 million from various American businesses, including an unidentified casino in Gulfport, Mississippi. The effort was carried out in partnership with the European Union’s law enforcement agencies Europol and Eurojust, along with other international…Read More

Thoroughbred Think Tank Thinks Fixed-Odds Betting Can Give Racing Fresh Blood and Makes Its Case

Saturday marks one of the biggest days in horse racing: the running of the Preakness Stakes at Pimlico. And it gave the Thoroughbred Idea Foundation (TIF) an opportunity to showcase what it believes is the future of the sport. On its blog this week, the Foundation — a think tank that seeks to improve the…Read More

Soros Fund Management Downsizes Caesars Entertainment Shares by 25 Percent, Formerly Owned Close to Five Percent of Gaming Operator

As titans of the casino gaming and investment communities jostle to determine the fate of Caesars Entertainment Corp., big-name investor George Soros is reducing his stake in the casino operator. Soros Fund Management, LLC, the family office founded by the 88-year-old billionaire investor, has decreased its exposure in Caesars. The investment fund trimmed its position…Read More

MGM Springfield GGR Plummets 15 Percent in April, Casino Nearly $100M Short of Expectations

MGM Springfield casino revenue

Massachusetts’ MGM Springfield reported a month-to-month 15 percent gross gaming revenue (GGR) decline for April, but company officials aren’t overly concerned with the $960 million integrated casino resort’s performance. Financial data supplied by the Massachusetts Gaming Commission (MGC) shows that the casino won more than $21.8 million. Slot machines generated a $14.5 million win for…Read More

Melco Subsidiary Faces Delisting from Philippine Stock Exchange Unless It Significantly Ups Number of Public Shareholders

Melco Resorts and Entertainment (Philippines) Corporation has less than a month to increase the amount of its stock owned by the public — or it will be delisted from the Philippine Stock Exchange (PSE). The exchange released a memo on Tuesday warning that as of June 11 Melco’s Philippines subsidiary will be automatically delisted without…Read More

US William Hill Sports Betting Operations Keep UK Bookmaker in the Black

William Hill sports betting revenue

William Hill would have recorded a net revenue loss January through April if it hadn’t been for the company’s operations in the recently liberalized US sports betting market. Retail revenue at William Hill’s 2,372 betting shops throughout the United Kingdom fell seven percent, the UK Gambling Commission’s new £2 stake limit on fixed-odds betting terminals…Read More

Encore Boston Harbor Vacuuming Up Hospitality Market Workforce, Complain Local Businesses

Encore Boston Harbor

Wynn Resorts’ Encore Boston Harbor is due to fling open its doors in just over a month and the casino giant is currently scrambling to fill 5,500 positions at the $2.6 billion casino resort. As a licensing condition, the company has committed to employing two-thirds of its workforce (3,666 people) from within 30 miles of…Read More

Gaming Industry CEOs Receive Reduced Pay in 2018, as Stocks Tumbled in Second Half of Year

gaming industry CEO pay

The CEOs of the gaming industry’s largest players in the US saw their salaries decrease last year, as their stocks took a hit in the latter half of 2018. The Las Vegas Review-Journal reports that five of the six examined companies paid their chief executives fewer dollars last year. But, of course, no one should…Read More

Atlantic City Casinos Win $250.7M in April, MGM Resorts Developing Marina District Condos

Atlantic City casino revenue condo

Atlantic City casinos won more than $250.7 million in land-based, online, and sports betting gross gaming revenue (GGR) last month, which is a nearly 17 percent year-over-year gain. The beachfront town’s nine brick-and-mortar casinos reported GGR of $207.58 million from slots and table games, $36.58 million from online play, and $6.54 million in sports betting…Read More

British Columbia Parq Vancouver Casino Gets Thrown Lifeline With Equity Partner

The financially burdened Parq Vancouver casino resort in Canada’s British Columbia has announced a new equity partner, along well as refinancing of it debts. But the identity of that investor remains a mystery. Before the announcement of the unidentified partner, Canadian real estate firm PBC Corp. had a 63 percent stake in Parq Vancouver, while…Read More

MGM Resorts Director Paul Salem Invests Over $20M in 800K Company Stock Shares

Paul Salem — recently appointed member of MGM Resorts International’s board of directors — is betting on higher prices for the casino operator’s stock. A filing with the Securities and Exchange Commission (SEC) reveals that on May 8, Salem bought $20.3 million worth: 800,000 shares of MGM stock at an average price of $25.40. Salem’s purchase…Read More

Nevada, Illinois Pols Call on US Treasury to Raise Tax-Reporting Threshold for Slot Jackpots to $5,000

Reporting Threshold

Congressmembers from Nevada and Illinois have petitioned the US Treasury to up the tax-reporting threshold on slot-machine jackpots, which has been frozen in time at $1,200 since 1977, in defiance of inflation. In a letter dated May 13, US Reps. Dina Titus (D-Nevada) and Darin LaHood (R-Illinois) wrote to Assistant Treasury Secretary David Kautter to…Read More

Connecticut’s Mohegan Gaming ‘Shovel Ready’ for Massive Project in Future Asian Gaming Hub

Mohegan Gaming

Connecticut tribal casino operator Mohegan Gaming & Entertainment is poised to begin construction of the first $1.6-billion phase of its proposed integrated resort in Incheon, South Korea, around 16 miles from the capital, Seoul. Incheon was South Korea’s first free economic zone and is set to become a gambling hub in the mold of the…Read More