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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!

Las Vegas Convention Center Puts Its Money on Expansion to Attract More Visitors

Las Vegas Convention Center

For a town where big, glitzy productions are the norm, even the Las Vegas Convention Center’s expansion plans are impressive. Members of the Oversight Panel for Convention Facilities got their first glimpse of the vision officials at the Las Vegas Convention and Visitors Authority (LVCVA) have for updating the buildings on Thursday. This was the…Read More

Gambling on Soccer Prevalent Among UK Players, BBC Finds

Soccer players like Joey Barton betting on matches

Gambling on matches is “rife” in soccer, according to figures obtained by the BBC. The claim comes just days after Sutton United reserve goalkeeper Wayne Shaw resigned after being spotted by the BBC’s own TV cameras eating a pie on the substitute bench. Bookmaker Sunbets had offered odds of 8-1 against him doing this, a…Read More

Raiders Secure Financial Backing for Vegas Move Following Adelson Blow Out

Raiders get funding for Vegas stadium

The Oakland Raiders has secured financial backing to build a new home in Las Vegas, just three weeks after Sheldon Adelson pulled his $650 million commitment to the project and Goldman Sachs followed him out of the door. On Monday, Clark County Commission Chair Steve Sisolak confirmed rumors to FOX 5 that the Raiders had…Read More

Melco Crown Calls Sheldon Adelson’s $10 Billion Bet on Japan, Hard Rock Scrambling for Partners

Melco Crown Lawrence Ho Japan casino resort

Melco Crown Entertainment won’t be intimidated by Las Vegas Sands billionaire Sheldon Adelson’s comments this week that he’s ready to spend up to $10 billion on building a casino in Japan. Hong Kong businessman Lawrence Ho, the billionaire son of Stanley Ho who held a gambling monopoly in Macau for 40 years, told reporters soon…Read More

Caesars Merger Moves One Step Closer as Bankrupt Unit Prepares to Emerge

Caesars moves closer to reorganization

Caesars Entertainment Corp (CEC) has amended the terms of a forthcoming merger between itself and subsidiary Caesars Acquisition Company (CAC), according to a filing this week to the Securities and Exchange Commission. Under the new terms, Caesars Acquisition shareholders will receive 1.625 shares of Caesars Entertainment for each share they hold. The move represents a…Read More

Sheldon Adelson’s Las Vegas Sands Prepared to Spend $10 Billion in Japan, Asian Market Seen as Potential Cash Cow

Sheldon Adelson Las Vegas Sands Japan casino

Sheldon Adelson and his Las Vegas Sands (LVS) casino empire says they’re ready to invest up to $10 billion on building a resort in Japan, should the country legalize the market. LVS is known for its famed Venetian and Palazzo properties on the Las Vegas Strip, but the company is much more heavily invested in…Read More

Pennsylvania Casinos Could Receive Substantial Tax Credits for Local Host Share Payments

Pennsylvania casinos tax credits

Pennsylvania casinos are required to pay $10 million annually to their host communities, or two percent of their yearly gross gaming revenue generated from slots, according to a recent report in The Morning Call, a news site that covers the Lehigh Valley region. No casino in the Keystone State has ever collected $500 million in a single…Read More

Minnesota Charitable Games Charitable to State Coffers, Not Actual Nonprofits

Minnesota charitable games taxes

Minnesota charitable games are used by roughly 1,200 nonprofits across the Gopher State as a way to grow revenue for the missions of their respective organizations. But the latest fiscal report on the legalized gambling sector shows that state tax coffers are getting rich, while the actual groups themselves are barely pulling in more money…Read More

Macau Casino Stocks Look for Recovery After Losing $146 Billion

Macau casino stocks gambling

Macau casino stocks are in recovery mode, but the overall consensus among financial analysts is that the rebound won’t restore the massive value lost over the past three or so years. From Bloomberg to Barron’s, market commentators are issuing stern warnings on the overall health of the Macau gaming and hospitality sectors. Multiple international casino companies…Read More

Mohegan Sun CEO Bobby Soper Resigns Amid Financial Investigation

Mohegan Sun Bobby Soper investigation

Mohegan Sun CEO Bobby Soper has resigned from his executive role with the tribal gaming company as an investigation into potential financial regulatory shortcomings continues. The Pennsylvania Gaming Control Board is determining whether “possible operational control deficiencies” were incurred over the last year, and all present signs hint at some sort of supervisory breakdown. The…Read More

Atlantic City Casino Sector Starts Year With A Bang, Thanks to No Storms, Online, and House Luck

Matthew Levinson on Atlantic City casinos financial results, January 2017

Atlantic City’s casinos began the year strongly, up almost eight percent in January on the previous year, continuing a modest upward trend for the sector in 2016. Total win for the casinos came in at $204.7 million, compared to $190.1 million for January 2016. Revenues, meanwhile were up 15.2 percent. To be fair, though, that jump…Read More

MGM Resorts Misses Fourth-Quarter Projections, but Springfield Casino Construction Ahead of Schedule

MGM Resorts Jim Murren earnings

MGM Resorts posted improved fourth-quarter revenues in 2016 compared to the previous year, but the generated income fell far short of projections. The Las Vegas-headquartered gaming and hospitality company reported net income of nearly $70 million for the final three months of the year. That translates to four cents per share, a far cry from…Read More

Trump Name Removed from Shuttered Taj Mahal In Atlantic City

Trump name removed from Taj

President Donald Trump’s name has been removed from the Taj Mahal casino in Atlantic City, four months after it was closed by his friend and Special Adviser on Regulatory Reform, the billionaire corporate raider Carl Icahn. It was Icahn who had persuaded Trump to allow the name to remain above the door when he rescued…Read More

Tabcorp Hit with AU$45 Million Fine Over AML Failures

Tabcorp to pay record AML fine

Australian betting giant Tabcorp has agreed to pay a AU$45 million ($34.6 million) penalty for violations of its anti-money laundering (AML) and counter-terrorism financing (CTF) obligations. It’s by far the highest ever fine imposed for such transgressions by Australian authorities. The Australian Transaction Reports and Analysis Centre (AUSTRAC), the country’s financial intelligence agency, said it…Read More

Borgata to Get Just Half of Back-Owed Tax Refund from New Jersey Coffers

Former US Senator Jeffrey Chiesa

Atlantic City will pay its top-producing casino Borgata $72 million, less than half of the $165 million it owes the gaming operator in property tax refunds. The agreement, according to the Press of Atlantic City, was negotiated by New Jersey state overseers, and lays to rest the long-running dispute between the city and its largest…Read More