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!

Shuttered Casablanca Casino in Philippines to Reopen Soon, Aussie Financiers Say

Casablanca Casino Hotel Stotsenberg PAGCOR

A Philippines casino shut down by the Philippine Amusement and Gaming Corporation (PAGCOR) in February will be ready to reopen soon, according to the Australian investment group that bought the property a year earlier for $26 million. The Casablanca Casino in Angeles City, Philippines, was forced to close when its parent company, Frontier Capital Group,…Read More

$10 Million Megabucks Jackpot Hit at Henderson Casino by New Local

Megabucks jackpot Fiesta Henderson

A Megabucks jackpot totaling $10,192,522.80 was hit at the Fiesta Henderson Hotel and Casino over the weekend by a man who only recently moved to the state of Nevada. Roger, who withheld his last name while talking to the Las Vegas Review-Journal, told the newspaper that he relocated to Henderson from Virginia just a couple…Read More

Casino Billionaire Tilman Fertitta Borrowing $1.4B to Finance Houston Rockets Purchase

Tilman Fertitta Golden Nugget

Tilman Fertitta, the billionaire owner of Golden Nugget casinos and star of the CNBC series Billion Dollar Buyer, announced last week a senior note offering scheduled to raise $1.415 billion in capital that he’s expected to use to acquire the Houston Rockets NBA franchise. Under the issuing, Fertitta’s privately owned Landry’s Inc. and Golden Nugget…Read More

GGG vs. Alvarez Ends in Controversial Draw, Delivers Knockout Blow to Nevada Sportsbooks

Gennady GGG Golovkin Canelo Alvarez

For most of Saturday night, Gennady ‘GGG’ Golovkin and Canelo Alvarez delivered at a sold-out T-Mobile Arena in Las Vegas what boxing purists wanted to see. A marquee clash between two megastars captivated and entertained the 22,358 in attendance, and millions more watching on television. But then it ended after 12 rounds, and a controversial…Read More

Stephen Hung’s Ultra-Luxury Macau Resort Nears Completion

Stephen Hung The 13 Macau

Flamboyant Hong Kong businessman Stephen Hung is nearing completion on his $1.3 billion hotel resort named The 13. Macau Government Tourism Office (MGTO) Director Maria Helena de Senna Fernandes told reporters on Wednesday that the agency is ready to inspect the property once a formal request is filed. The news that the ultra-luxury hotel is…Read More

Economic Uncertainty Returns to Macau as Beijing Escalates Anti-Corruption Drive

Casinos make up the Macau skyline

Macau’s economic rebound continues, and even appears to be typhoon-proof. But another ill-wind blew past the Cotai strip last week as analysts warned that Beijing had “escalated significantly” its anti-corruption campaign, injecting uncertainty into the casino resort industry in Macau. Analysts for investment research firm Bernstein noted on Thursday that a large increase in “anti-graft…Read More

Lawrence Ho Unloads Tigre de Cristal Stake in Russia’s Primorsky Gambling Zone

Lawrence Ho sells shares in Tigre de Cristal

Melco’s Lawrence Ho has slashed his stake in Summit Ascent Holdings, developer of the new Tigre de Cristal casino resort in Russia’s eastern Primorsky gambling zone. The Macau-based casino mogul sold $21.3 million-worth of shares last week, according to a filing with the Hong Kong Stock Exchange, reducing his stake in the company from 27.06…Read More

RV Parking at Casinos a Boon for Travelers Looking to Recharge, Eat and Gamble

regional casinos RV parking

It’s a trend that RV owners are loving: regional casinos across the United States often have ample parking space to accommodate overnight motor homes and travel trailers, and retirees and vacationers are taking full advantage of that fact. With gambling venues now spread from the Atlantic to the Pacific, RVers traversing the country have plenty…Read More

New York Counties Begin Reaping Financial Tax Rewards of Upstate Casinos

New York counties casino tax

New York counties have more tax money in their coffers than in years past thanks to the liberalization of gambling in the northern part of the state. As local governments begin planning their 2018 fiscal budgets, they’re pleasantly afforded new income to fund everything from education to senior citizen programs. In Tompkins County, for example,…Read More

Remaining Atlantic City Casinos See Revenues Increase in August

Atlantic City casinos revenue

Atlantic City casinos saw their revenues jump in August to $244.8 million, a 5.5 percent premium on the same month last year. The seven remaining floors ended a solid summer, and are now two percent ahead of 2016’s total take through eight months of the year. June, July, and August is a critical period for…Read More

JP Morgan Chief Calls Bitcoin a ‘Fraud’ That Will Crash Like 17th Century Tulips

Jamie Dimon predicts curtains for Bitcoin

Is Bitcoin a virtual bubble that’s about to burst, or a dependable safe haven that can withstand market turbulence and economic uncertainly? Opinion is unquestionably divided, but the head of one of the world’s biggest banks is emphatic that the digital currency that’s been skyrocketing up is certain to come crashing down. At a Barclay’s…Read More

Pennsylvania House Adds Non-Specific Gambling Expansion to Budget Plan

Pennsylvania State Rep. Bryan Barbin criticizes House budget plan

Pennsylvania’s Republican-controlled House of Representatives passed a long-awaited budget plan on Wednesday night, and gambling expansion, having been left out of earlier drafts, is now part of the deal. However, this doesn’t mean online gambling legalization is a certainty. The provision adding it to the House budget plan doesn’t specify which of several gambling possibilities…Read More

Oklahoma Gambling Expansion Seems Unlikely, Despite State Budget Gaps

Oklahoma gambling expansion Kevin Wallace

An Oklahoma gambling expansion plan that could cover a substantial budget shortfall isn’t gaining much traction in the Oklahoma City capital. The state legislature is scheduled to return for a special session on September 25, and when it does, lawmakers will be faced with deciding the best method to fix a deficit that came as…Read More

State-Run Casino in South Korea Admits to Scale of Its Own Corruption

Kangwon Land Casino in South Korea

  The largest casino in South Korea, Kangwon Land, has admitted to committing acts of nepotism on an industrial scale. The mea culpa appears to be an effort to show the state-owned casino’s new commitment to transparency, after it was rocked by a corruption scandal that led to the criminal indictment of its CEO. According…Read More

Pennsylvania Budget Crisis Keeps Online Gambling Hopes Alive, Michigan Introduces Bill

Pennsylvania Gov. Tom Wolf waiting for the House to resolve his budget woes.

The Pennsylvania legislature is back in session this week, as lawmakers reconvene to resume squabbling about an ever-elusive budget agreement that could, eventually, legalize online gambling. Urgency is growing, though, as the state could go broke on Friday for the first time in its history. Treasurer Joe Torsella and Auditor General Eugene DePasquale have warned that…Read More