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Moody’s Says Raiders Stadium Good for Las Vegas, but Gubernatorial Candidate Threatens Project

Raiders stadium Las Vegas Nevada

The $1.8 billion Raiders stadium being built near the Las Vegas Strip will provide an economic boost to the city and state as a whole, so says Moody’s Investors Service in a note this week. Moody’s analyst Patrick Liberatore predicts the 65,000-seat domed stadium will bring new visitors to Las Vegas. In addition to at…Read More

Caesars Entertainment Bounces Back from Bankruptcy Debt Hell with Positive Q1

Caesars Entertainment CEO Mark Frissora

A leaner, meaner Caesars Entertainment is performing well post-bankruptcy reorganization. The company announced Wednesday that in Q1 of 2018 it posted net losses of “only” $34 million. But that’s peanuts in comparison with the corresponding quarter of 2017, when the group’s losses were $507 million. Meanwhile, Caesars reported a 104.1 percent revenue increase, to $1.97…Read More

Galaxy Entertainment Posts Quarterly Record, Revenue Totals $2.36 Billion

Galaxy Entertainment Lui Che Woo

Galaxy Entertainment enjoyed a prosperous three months to kick off 2018, as the casino operator says Q1 revenue surged to HKD$18.5 billion ($2.36 billion), a 32 percent premium on the same period in 2017. One of Macau’s six licensed casino companies, Galaxy says earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $547.8 million. That…Read More

Analyst: Las Vegas Resort and Parking Fees Negatively Impacting Tourism

Las Vegas resort parking fees

Las Vegas resort and parking fees are hurting Sin City. That’s according to Las Vegas Advisor publisher Anthony Curtis, who believes the new costs are turning otherwise would-be tourists away. Casinos up and down the Strip have recently increased daily resort fees, and many have also done away with free parking, an amenity that had…Read More

Paddy Power Betfair Blames Arsenal for Tumultuous Q1

Arsenal manager Arsene Wenger blamed for Paddy Power Betfair’s dip in profits

Paddy Power Betfair said on Wednesday that bad weather and Arsenal Football Club were among the factors responsible for scaring off bettors in Q1, leading to worse-than-hoped financial results. The group reported flat revenue at £408 million ($555 million) in the three months to 31 March, while underlying earnings dropped 8 per cent to £102…Read More

Melco Resorts Billionaire Lawrence Ho Talks Japan, Wynn Resorts, Macau Mass Market

Lawrence Ho Melco Resorts casino

Melco Resorts Chairman Lawrence Ho opened up this week on numerous pressing casino issues that could greatly impact the future of the gambling industry. Speaking with Bloomberg in Beverley Hills, the billionaire covered everything from Macau’s mass market growth, to a potential Wynn Resorts takeover, to the forthcoming bidding war for Japan’s integrated casino resort…Read More

Macau Gambling Revenue Surges 28 Percent in April, Confounding Expectations

Macau gambling revenues

Macau recorded its 21st consecutive month of growth in April as the enclave blew analysts’ expectations out of the water with a 27.6 percent year-on-year increase, according to figures published Tuesday by the Gaming Inspection and Coordination Bureau. Separate figures, released by the Macau Statistics and Census Service, showed a 9.2 percent year-on-year increase in…Read More

Nevada Casinos Top $1 Billion in March, Sportsbooks Set Basketball Handle Record

Nevada casinos March revenue

Nevada casinos collectively won more than $1 billion in March, which marks the industry’s third consecutive month eclipsing the celebratory threshold. Statewide, gross gaming revenue (GGR) totaled $1.024 billion, a 3.4 percent premium on March 2017. Casinos are now 2.85 percent ahead of where they were this time last year through the first three months…Read More

Seneca Niagara Begins $40 Million Casino Beautification, Still No Payments to Cash-Strapped City

Seneca Niagara

The Seneca Nation has announced it will begin work on a $40 million makeover of the Seneca Niagara Resort & Casino in the City of Niagara Falls, as it continues to withhold revenue-share payments to the State of New York and local communities. The Senecas stopped making payments over a year ago. Under the terms…Read More

Blackstone Group Acquires Spanish Gaming Giant Cirsa

Cirsa founder Manuel Lao

US private equity fund the Blackstone Group is to acquire Spain’s largest casino and bingo hall operator, Cirsa. The two companies announced the deal in a joint press release on Friday, and, while exact terms were not disclosed, Cirsa’s asking price was known to have been between €2 billion ($2.4 billion) and €2.5 billion ($3…Read More

Ocean Resort Casino Owner Explains Atlantic City Investment, Reveals Boardwalk Property Future

Ocean Resort Casino Atlantic City

Ocean Resort Casino owner Bruce Deifik is hoping to transform the former Revel Atlantic City into a more welcoming property than its previous incarnation. “The first thing we did is pay very close attention to what people said about this place, positive and negative,” Deifik recently told the Associated Press. “We will listen … treat…Read More

Wynn Macau Reports Profits Increased Nearly 120 Percent in Q1 2018

Wynn Macau profits

Most of the attention given to Wynn Resorts recently has been due to scandals involving former chairman and CEO Steve Wynn. But things are going well for the corporation in Asia, where Wynn Macau Ltd saw its profits more than double in the first quarter of 2018. Wynn Macau reported a net profit of $227.1…Read More

Mandalay Bay Struggles for Occupancy Post-Vegas Shooting, Admits MGM, As It Revises Revenue Forecast

Mandalay Bay is taking longer to recover than expected, says Murren

MGM Resorts International’s Mandalay Bay is taking longer than expected to recover from the Las Vegas shooting, the company’s CEO Jim Murren told analysts during a Thursday conference call to discuss Q1 earnings. Murren said the property’s revenue declined by 6.3 percent during Q1 to $245 million, while occupancy was at just 85 percent, a…Read More

Osaka Casino Up and Running by 2023 Despite Hurdles, Says Governor

Osaka casino up and running by 2023, says governor, Ichiro Matsui

Osaka Governor Ichiro Matsui is confident that his city will have Japan’s first integrated resort up and running by 2023 – or 2024 “at the latest” – should it be chosen as one of three host regions for the new casino market. Osaka is a strong favorite, along with Tokyo and Yokohama, to host the…Read More

Caesars Entertainment Continues Global Expansion in Mexico

Caesars Entertainment Mexico

Caesars Entertainment is on a development spree. On Wednesday, the company announced its third project in two weeks, this time revealing the brand is headed south to Mexico. Caesars has entered into a partnership with a Mexican real estate development firm called Grupo Questro to manage a $200 million non-gaming beachfront resort in Puerto Los…Read More