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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!

Macau Police Bust Scam “Pop Up” VIP Casino Op

Chau Wai Kuong says crime rate “serious” in Macau

Macau authorities have busted a bogus “pop-up” VIP casino racket that bilked high-rollers out of millions in allegedly crooked baccarat games, according to the South China Morning Post. The police investigation began in June after a man told authorities he had been defrauded of HK$4 million (around $500,000). Officers from the Judiciary Police raided an…Read More

Delaware Brick-and-Mortar Casino Sector Advisory Board Holds State’s Fate, While Keeping Cards Close

Delaware racinos creak under weight of competition

The Delaware land-based casino sector has been hit hard by increased competition from new markets in neighboring states, as the newer and shinier casinos of Pennsylvania and Maryland outperform its three struggling, and highly taxed, racinos. The sector, which comprises Harrington Raceway, Dover Downs, and Delaware Park, peaked in 2006, the year Pennsylvania began issuing…Read More

More Las Vegas Casinos Now Monitoring Players Before Offering ‘Free’ Cocktails

Drink monitoring system gaining traction Las Vegas

Add the Golden Nugget in downtown Las Vegas to the ever-growing list of Sin City casinos which no longer want to give their customers unmonitored freebies where booze is concerned. The Nugget joins Caesars Entertainment, which instituted the policy at its Strip properties last year, which was then quickly picked up by Las Vegas Sands Corp….Read More

MGM Resorts Added to S&P 500, Company Should Benefit From Increased Trading

MGM Resorts S&P 500

MGM Resorts International will become the newest member of the revered S&P 500 prior to the open of trading on Wednesday, July 26. The stock’s addition to the Standard and Poor’s index will presumably increase trading activity on the Nevada-based casino and hospitality conglomerate. The S&P 500 is a preferred US index, one that rivals…Read More

Macau Casinos Comped Fewer Rooms in 2015, as VIP Crackdown Blocked High Roller Arrivals

Macau casinos comp rooms food beverage

Macau casinos reported expenditures of MOP8.8 billion ($1.1 billion) from complimentary guestrooms and free food and beverage service in 2015. That represents a 12.9 percent decline from 2014, the special gaming enclave’s final year before Chinese President Xi Jinping initiated his anti-corruption crusade. Over $700 million was spent by casinos on comped hotel rooms, which…Read More

Tribal Gaming Growth Hurts Laughlin and Reno, But Vegas Still Bulletproof, Says Analyst

Tribal gaming growth in California, Arizona, no threat to Vegas

The National Indian Gaming Commission reported this week that America’s tribal gaming operators collectively generated $31.2 billion in gross gaming revenue, a 4.4 percent increase over 2015. The biggest growth, year over year, for tribal gaming nationwide was the Sacramento, California region, with an increase of 6.3 percent to $8.4 billion. Meanwhile, the Phoenix region…Read More

Late Kirk Kerkorian’s Investment Firm Sells Mandarin Oriental Condo at Discounted Price

Kirk Kerkorian Mandarin Oriental

Las Vegas pioneer Kirk Kerkorian died at the age of 98 in 2015, and as directed by his will, Tracinda Corp, his investment firm, has since been slowly walking away from the city that made him a billionaire. In addition to recently selling down its stake in MGM Resorts, the company Kerkorian founded, Tracinda recently…Read More

Absolute Poker’s Scott Tom Takes $300,000 Plea Deal as DOJ Closes Books on 10th of 11 Black Friday Defendants

Scott Tom plea deal

Scott Tom, founder of disgraced online poker site Absolute Poker and former Black Friday fugitive, has accepted a $300,000 plea deal with federal prosecutors. Tom, who turned himself in to US authorities in February after nearly six years living in exile in Barbados, will plead guilty to a single misdemeanor charge of being an accessory…Read More

Russia Casino Development Sites for Sale, Unclear If Any Companies Are Rushing In

Russia casino Primorsky Krai

Three Russian casino land parcels reserved for gaming and hotel development are on the auction block near Vladivostok. The world’s largest country has been trying to transform the Far East port city into a bustling entertainment and gambling destination that attracts tourists and high rollers from China, South Korea, and Japan. In 2009, Russia’s federal…Read More

Casino and Restaurant Mogul Tilman Fertitta to Buy Houston Rockets?

Tilman Fertitta

The Houston Rockets is for sale and restaurant and casino mogul Tilman Fertitta might be buying, if the price is right. Leslie Alexander’s decision to sell is said to have blindsided not just the rest of the NFL but everyone at the Rockets too. Alexander, a former New York lawyer and financier, bought the franchise…Read More

MGM Springfield Ahead of Schedule on Casino, But Behind on Housing Development

MGM Springfield Court Square housing

MGM Springfield has received approval from the city council there to push back a deadline to develop 54 units of market-rate apartments. The housing project is part of the casino company’s commitment to bringing market rate housing to the downtown area surrounding its $950 million resort. In part of its Region B (Western Massachusetts) casino…Read More

Macau Casino Stocks Plunge with VIPJunket Ops in Beijing’s Anti-Corruption Crosshairs

Macau casino stocks Steve Wynn

Investors folded on Macau casino stocks after Suncity Group, the region’s biggest VIP junket company, reportedly warned its employees to take extra caution when moving money to the Chinese enclave where gaming is permitted. Wynn Macau, traded on the Hong Kong Stock Exchange, lost nearly five percent of its share price on the news. Galaxy…Read More

Galaxy Gaming’s Bid for New Nevada License Fails Due to Concerns About CEO

: Galaxy Gaming’s Robert Saucier fails to capture Nevada license

Nevada gaming regulators failed to recommend Galaxy Gaming for a new license due to reservations about its founder, CEO, chairman and president, Robert Saucier, the Las Vegas Review-Journal reported this week. Following a two-day hearing of the Gaming Control Board, Galaxy, a Las Vegas-based developer of electronic casino table-games, withdrew its application rather than risk…Read More

TEN Atlantic City Receives $220 Million Offer, But Owner Glenn Straub Knows Nothing About It

TEN Atlantic City Glenn Straub

TEN Atlantic City owner Glenn Straub claims he’s unaware of a $220 million offer to acquire his shuttered Boardwalk resort, despite media reports that a bid has indeed been made. The Press of Atlantic City says an unnamed private equity firm in New York City is trying to purchase the former $2.4 billion Revel Casino,…Read More

Rodrigo Duterte Favorite To Break Ground on Philippines’ First Casino Outside Manila

Dennis Uy’s Udenna to begin work on Lapu-Lapu Leisure Mactan.

Plans to build the first Philippine casino resort outside Manila appear to be coming to fruition for businessman Dennis Uy’s Udenna Development Corp. Udenna wants to build to a 12-hectare beachfront resort on the holiday island of Mactan, in the province of Cebu, complete with luxury hotels, infinity pools and a skydiving center. Uy, the…Read More