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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

MGM Buys Back 10 Million Shares From Late Founder Kirk Kerkorian’s Estate

MGM Resorts Kirk Kerkorian

MGM Resorts is acquiring 10 million common shares of its own company from the estate of late billionaire Kirk Kerkorian, the man who founded the gaming and hospitality company in 1986. The deal values each share at $32.75, a one percent discount on the stock’s closing price on September 11, for a total transaction of…Read More

UK Bookies Stand to Lose £150 Million Per Year in Likely Outcome of FOBT Review

Bookies to take 150 million hit from FOBT review

UK bookmakers will take a £150 million annual hit as a result of the UK’s regulatory review into fixed-odds betting terminals (FOBTs). That’s based on the most likely outcome of the review, which is expected to slash maximum stakes on the machines from £100 per spin to either £20 or £30, according to government sources…Read More

Philippine Billionaire Enrique Razon Jr. Sells $74.7M Slice of Bloomberry Resorts

Enrique Razon, Jr., casino developer in the Philippines

In a shuffling of assets to prepare for his next phase of domestic development, Philippine billionaire Enrique Razon, Jr., has sold 3.18 percent of his stake in casino operator Bloomberry Resorts for PHP3.8 billion ($74.7 million). The Bloomberry chairman’s holding company Prime Metroline Holdings, Inc., announced the sale in a filing to the Philippine Stock…Read More

Scotland Named Britain’s Gambling Capital, 68 Percent of Scots Placing Bets

Scots are UK’s biggest gamblers

The Scottish people are Britain’s most avid gamblers, according to figures newly published by the UK Gambling Commission, with over two-thirds of adults saying they had gambled in the past year. Or more specifically, 68 percent of Scottish respondents admitted to having placed a bet in the preceding 12 months, compared with 52 percent in…Read More

Typhoon Hato Reveals Shortcomings in Government Attention to Macau Infrastructure

Macau infrastructure Typhoon Hato

The Macau government has been too conservative with its tax revenue when it comes to funding and improving infrastructure throughout the city. Last month’s Typhoon Hato and subsequent Tropical Storm Pakhar exposed the aging city, as bridges, business buildings, and residences in certain parts of the town had no answer for the powerful Category 3…Read More

Florida Horse Racetracks Safely Harness Hurricane Irma, Damage Minimal

Florida horse racetracks Gulfstream Park

Florida horse racetracks are reporting minimal damages in the wake of Hurricane Irma, once a powerful and violent Category 5 tropical cyclone that stormed up the west coast of the Sunshine State. Gulfstream Park, Hialeah Park Race Track, and Tampa Bay Downs, Florida’s three main tracks, all say they managed to avoid any substantial damage. More…Read More