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Crown Resorts Completes Sale of Aborted Alon Plot to Wynn Resorts

Crown finalizes sale of Alon project to Wynn

James Packer’s Crown Resorts announced Monday it had completed the sale of its subsidiary Alon Las Vegas Resorts to Wynn Resorts Ltd for $300 million. The finalization of the deal signals the end of James Packer’s Vegas dream, while Wynn Resorts has said an as-yet-undisclosed future project will draw more visitors to the north end…Read More

Wynn Resorts Stocks Now a Risk, Gaming Analysts Say, As Steve Wynn Sex Scandal Repurcussions Hit Hard

Wynn Resorts stock sexual misconduct

Investing in Wynn Resorts, publicly traded on NASDAQ and China’s Hong Kong Stock Exchange, has become a riskier endeavor in the wake of the sexual misconduct allegations surrounding the company’s billionaire founder and CEO, Steve Wynn. That’s the view of several key industry analysts following a weekend where the finance chair of the Republican National…Read More

Bloombery Casinos Will Allow Some Gamblers to Redeem Loyalty Points for Company Stock

Solaire Resort and Casino, Manila

The Solaire Resort and Casino in Manilla, Philippines, has a novel addition to its loyalty program. Owner Bloomberry Resorts Corp plans to reward its best customers by giving them a little ownership in the form of stock. This week, subsidiary Bloomberry Resorts & Hotels Inc announced it had purchased 382,900 shares in its parent company for…Read More

St. Louis Casinos Stagnant at $1 Billion in 2017 Revenue, Sports Betting Could Help

St. Louis casinos revenue riverboat

The St. Louis area is home to six riverboat casinos. In 2017, they collectively grossed $1,025,443,718, and while that’s a 1.2 percent gain on 2016, gaming analysts believe sports betting is needed to spur new growth and return the market to previous levels. The 1.2 percent market gain was primarily fueled by Lumiere Place. The…Read More

MGM China Stock Takes a Hit as MGM Cotai Opening Delayed Again

MGM Cotai opening delayed until February

MGM Cotai will not open in Macau on January 29, as scheduled, MGM China announced on Thursday. The news that the operator was pushing the date back to sometime “within the month of February” caused its stock to slip by 7 percent on the Hong Kong Stock Exchange. According to the South China Morning Post,…Read More

GVC Shares Rocked by Shocking Greek Tax Bill

GVC hit with huge tax bill from Greek government

GVC Holdings has said it is taking legal advice following the arrival on its doorstep of a bill for almost quarter of a billion dollars from the Greek taxman. The company, which is in the process of finalizing a $4 billion takeover of Ladbrokes, was forced to disclose to shareholders that it had set aside…Read More

Moody’s: Resorts World Catskills Could Cannibalize Saturated Upstate New York Casino Market

Artist’s rendering of Resorts World Catskills

Upstate New York’s casino market is saturated, according to a report this week by Moody’s Investment Analysis, and it’s about to get worse. Moody’s believes the opening of the Resorts World Catskills will further diffuse what is already a “very tough gaming market” and cannibalize business from nearby racetracks. The $1.2 billion Resorts World Catskills,…Read More

British Soccer Team Arsenal Becomes First Major Sports Outfit to Promote Cryptocurrency

Cashbet Arsenal

English Premier League (EPL) club Arsenal has become the first sports team in the world to partner with a cryptocurrency. The soccer team known as “The Gunners” has sealed a deal with crypto gambling platform provider CashBet, which will see them promote CashBet Coin’s forthcoming initial coin offering (ICO) at the Emirates Stadium in North…Read More

Las Vegas Sands Profits Soar Thanks to Macau Resurgence

Sheldon Adelson Las Vegas Sands

The Las Vegas Sands Corp. announced that their net income rose 137.9 percent year-over-year in the fourth quarter of 2017, driving a full year of strong growth for the company. Overall, the firm’s income was up 68 percent for the year, rising to about $2.81 billion compared to $1.67 in the prior year. In the…Read More

Hard Times for City of Niagara Falls as Seneca Tribe Cuts Off Flow of Casino Payments

The Seneca Niagara may dominate the skyline of the City of Niagara Falls, NY, but it won’t be dominating its budget plans in 2018, according to city officials.

The City of Niagara Falls in New York is preparing a worst-case-scenario budget, working under the assumption that the revenue-share payments it usually receives as host community of the Seneca Nation’s Niagara Casino will not be forthcoming in 2018. The Senecas have withheld payments to the state, and by extension the city, for a year…Read More

Next Pennsylvania Satellite Casino Goes to Westmoreland County Near Pittsburgh

Pennsylvania satellite casino Westmoreland

The second Pennsylvania satellite casino auction was held today in Harrisburg, with the state’s Gaming Control Board (PGCB) taking four sealed bids. The winning offer came from Stadium Casino, LLC, which bid $40,100,005. A joint venture between Baltimore-based Cordish Companies and Greenwood Gaming & Entertainment, which currently operates the Parx Casino in Bucks County, Stadium…Read More

Trump Tax Reform Could Be Gaming Stock Jackpot, Investment Firm Analysts Say

gaming stocks Donald Trump tax reform

Gaming operator and slot manufacturer stocks stand to benefit from the Tax Cuts and Jobs Act, the tax reform plan passed by Congress in December and then signed into law by President Donald Trump. Investment bank Citi opines that it’s not only US-based gambling companies that stand to reap the financial rewards of Americans having more…Read More

David Baazov Insider Trading Case to Move Forward, Judge Denies Stay of Proceedings

A Quebec judge has rejected a motion to stay the insider trading case against former Amaya CEO and chairman David Baazov. Baazov was charged in March 2016 with five counts of securities fraud, including “aiding with trades while in possession of privileged information, influencing or attempting to influence the market price of the securities of…Read More

Las Vegas Hub McCarran International Airport Sets Passenger Record in 2017

McCarran International Airport Las Vegas

McCarran International Airport served more passengers in 2017 than any other year in its nearly seven-decade history. The Clark County Department of Aviation reports this week that the Las Vegas airport welcomed 48.5 million arriving and departing passengers last year, topping the previous all-time record of 47.7 million passengers set a decade ago in 2007….Read More

Steve Wynn Praises Trump Tax Cuts, Plans to Share $340 Million Savings with Employees

Steve Wynn tax reform Trump

Donald Trump’s recently approved tax cuts have been well-received by many large corporations, with several CEOs announcing bonuses for employees from the savings. Now Steve Wynn has announced he plans to do the same for his Wynn Resorts workers. There were 12,000 US-based employees listed in an SEC filing for the gaming operator in 2016,…Read More