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!

DOJ Accuses Western Union of Anti-Money Laundering Violations, $586M Fine Tendered

David Bitkower Western Union AML procedures

Western Union will pay US federal authorities $586 million for anti-money laundering (AML) violations, the largest forfeiture ever imposed on a money services business by the Department of Justice (DOJ). The wire service company’s transgressions ranged from facilitating illegal Costa Rica-based sports betting to the processing of hundreds of thousands of transactions for global fraudsters…Read More

“Gibraltar One Entity With UK”: EU Deals Body Blow to Gibraltar Online Gambling Industry

UK and Gibraltar are one entity says European Court of Justice

Online gaming hub Gibraltar should be treated as “one entity” with the UK in its freedom to provide services. That’s the opinion of the European Court of Justice, the highest court in the European Union, and it could have far-reaching consequences for the territory’s gambling industry, now and post-Brexit. The opinion, delivered Thursday by senior…Read More

Atlantic City Reinvestment Authority Focuses on Casinos Over Urban Development

Atlantic City reinvestment CRDA Margaritaville

The Atlantic City reinvestment board responsible for overseeing the city’s revitalization has spent a considerable amount of its budget on funding projects that benefit the resort town’s casinos. The Casino Reinvestment Development Authority (CRDA) is a state-run organization that gained additional power in 2011 when Governor Chris Christie (R) signed a law to create the…Read More

LVS to Pay DOJ $7 Million to End Investigation into Payments in China 

LVS settles with DOJ for $7 million

Sheldon Adelson’s Las Vegas Sands will pay almost $7 million to resolve a Department of Justice investigation into federal anti-bribery law violations in China and Macau. It is illegal, under the US Foreign Corrupt Practices Act, for companies and their executives to attempt to influence foreign government officials with personal payments. The investigation found no…Read More

As Macau Recovers, Hong Kong’s Casino Investors Pinnacle on Forbes Asia’s “Richest” Rankings

Hong Kong casino Lui Che Woo

Nothing says you’ve made it like hitting any Forbes “Richest” list. And now Hong Kong casino investors and owners are showing up on the Asian edition of that iconic list, thanks to a stabilization of Macau’s gaming outlook and optimism about planned future resorts. Published in the January issue of Forbes Asia, Hong Kong’s 50…Read More

MGM Delays Cotai Casino Opening to Second Half of 2017, Macau Considers Tax Change

MGM Cotai casino delayed

The opening of MGM’s Cotai casino is being pushed back for a second time. The $3.1 billion resort in Macau will now open in the second half of 2017, as opposed to the second quarter. MGM China Holdings, the incorporated subsidiary of Las Vegas-headquartered MGM Resorts International, announced the setback as required by rules governing…Read More

Macau VIP Segment Grows 13 Percent as High Rollers Return

High Rollers Return to Macau

Macau’s VIP industry is showing signs of resurgence, as Chinese high rollers return to the high stakes baccarat tables of the world’s gambling capital. VIP gaming rose 13 percent in the final quarter of 2016, according to Macau’s Gaming Inspection and Coordination Bureau (DICJ). Mass market, meanwhile, improved 7.3 percent, the second consecutive quarter of…Read More

Delaware Online Gaming Soars 62 Percent in 2016

Delaware online gaming revenues up 62 percent in 2016

Delaware online gaming had its best online gaming year to date in 2016. The state’s three internet casino operators collectively generated $3 million in net revenue, a 62 percent premium on 2015. The strong 12-month run came to a close with yet another solid performance in December. Gaming win came in at $229,987, a 29…Read More

Winnebago Tribe of Nebraska Sues Polling Company Over Casino Petition Failure

Scott Lautenbaugh’s Northstar Sued by Ho-Chunk over Nebraska Casino Campaign

Ho-Chunk Inc, the economic development arm of the Winnebago Tribe of Nebraska, has launched a $1 million lawsuit against a firm it alleges botched its campaign to get casino gaming legalized in Nebraska. Last year, Ho-Chunk, along with a group of stakeholders in Nebraska’s embattled racing industry, launched a campaign called “Keep the Money in…Read More

Nevada’s Casino Sector Turns a Profit for First Time Since 2008

Nevada casinos turn a profit in 2016

Nevada’s casino industry is back in the black for the first time since the Great Recession.  According to the Nevada Gaming Abstract, a comprehensive new review of the industry’s financial results, the state’s 273 biggest casinos generated $979 million in income in 2016. That’s compared with a net loss of $662 million in 2015. It’s…Read More

$35,000 Roulette Bet Wins Wealthy Gambler Over $1.2 Million at Uruguay Casino

roulette bet Pedro Grendene Bartelle

It’s true, the rich get richer.  Brazilian billionaire businessman Pedro Grendene Bartelle wagered nearly $35,000 on number 32 at the casino inside the Hotel Conrad in Punta del Este, Uruguay. That single roulette bet has netted the gambler over $1.2 million. When the wheel stopped spinning and the ball landed on his number, the lucky player celebrated…Read More

Atlantic City Casinos Win $2.6 Billion, First Yearly Increase Since 2006

Atlantic City casinos Matthew Levinson

Atlantic City casinos won more than $2.6 billion in 2016, a 1.5 percent increase on 2015 and the region’s first annual gain in a decade. It’s been a turbulent, if not catastrophic, 10 years since the New Jersey gambling locale posted a yearly win in the black. The last 12-month gain came back in 2006…Read More

Downtown Las Vegas Outpaces Rest of Nevada Gaming Markets

Downtown Las Vegas Nevada 2016 fiscal year

Downtown Las Vegas led the way during the 2016 fiscal year in terms of overall revenue percentage gain. Thanks largely to the Fremont Street Experience, the bustling entertainment and gaming hub home to the Golden Nugget, D Las Vegas, Downtown Grand and others, the market jumped 6.1 percent during fiscal year 2016 compared to 2015….Read More

Chicago Casino Shot Down in State Senate, but Resuscitation Expected

Chicago casino Illinois budget

A Chicago casino and five other gambling licenses were up for consideration in the Illinois General Assembly, but deliberations were quickly squashed, as legislators in Springfield opted to delay legislation until incoming lawmakers are sworn into office today. Illinois has been enduring a nearly two-year budget stalemate that’s starving public universities and social programs across…Read More

MGM Rattled as Connecticut Casino Destination Decided

MGM’s Alan Feldman not happy as Connecticut satellite casino site chosen

A Connecticut casino to be built just across the state border from a $950 million MGM Resorts project in Massachusetts will likely be situated in East Windsor or the Windsor Locks areas, north of Hartford, MMCT has announced. MGM is not happy. MMCT is the name given to the joint venture between the Mashantucket Pequots…Read More