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TEN Atlantic City Suffers Another Setback, Owner Glenn Straub Must Obtain Casino License

Glenn Straub TEN Atlantic City

TEN Atlantic City is planning to open its doors as a hotel-only facility later this month during the Presidents’ Day weekend, but owner Glenn Straub won’t be allowed to offer gambling to his guests anytime soon. That’s the verdict from the New Jersey Casino Control Commission (CCC) after the casino regulatory authority ruled that Straub can’t…Read More

Sheldon Adelson Has Withdrawn From Las Vegas Raiders Stadium Plan

Sheldon Adelson Las Vegas Raiders

Sheldon Adelson has withdrawn his pledge of $650 million from the proposed NFL stadium project in Las Vegas that is trying to entice the Oakland Raiders to move to Sin City. Along with Adelson’s $650 million, the remaining $1.9 billion project was slated to be funded by $750 million in Clark County tax revenue, and…Read More

Steve Wynn Tapped as Republican National Committee Finance Chairman

Steve Wynn Republican National Committee RNC

Steve Wynn, the man who sat on the fence during President Donald Trump’s tumultuous rise to power, will now be squarely in the arena with the Republican leader. Joining the unofficial “Billionaires’ Club” of advisers and policy makers, Wynn may have surprised a few pundits with his latest appointment. The Wynn Resorts founder has agreed…Read More

Macau Casinos Filled for Chinese New Year, Wynn Posts Strong Earnings

Macau casinos hotel occupancy Wynn Palace

Macau casinos are booked solid for the Chinese New Year, a telling sign that the city’s efforts to market towards the more casual gambler and visitor are finally paying off. The most important holiday in the world’s most populated country, the Chinese New Year is known as the Spring Festival in the mainland. The official…Read More

Wynn Resorts Hoping to Break Ground on $1.5 Billion “Paradise Park” This Year

Wynn Plans to Start Building Paradise Park in 2017

Wynn Resorts is wasting no time in building its own version of paradise on earth. Steve Wynn announced he hopes to begin construction of his “Paradise Park” before the end of this year, as he reiterated that his company’s future lies in non-gaming attractions. Wynn Resorts plans to spend $1.5 billion transforming the Wynn Golf…Read More

Google Killed 17 Million Ads for Unlicensed Online Gambling in 2016

Google Kills Unlicensed Online Gambling Ads

Google wiped out over 17 million ads that promoted illegal, unlicensed online gambling last year, the company announced in a blog post this week. The search giant said that it had witnessed “more attempts to advertise gambling-related promotions without proper authorizations from regulators in the countries they operate.” The increase in illegal gambling advertising may,…Read More

Gambling Stocks Rise, as Dow Jones Crosses 20,000 Threshold

gambling stocks casinos Jim Cramer

As the Dow Jones Industrial Average topped 20,000 for the first time in American history, a symbolic milestone that shows a renewed optimistic mindset in America, gambling stocks have also been riding the wave. Knowing that someone with an open mind towards Las Vegas and Atlantic City now sits in the Oval Office, investors on…Read More

$5 Billion in Skins Wagered in 2016 Despite Valve Shutdown

$5 Billion Bet on Skin Gambling in 2017

Skins gambling is still alive and well, despite the Valve Corporation clamping down on the third-party websites that allow players to bet with the virtual in-game items. According to new research by Eilers and Krejcik Gaming and Narus Advisors, some $5 billion-worth of skins were gambled throughout 2015, despite Valve’s efforts to dismantle the industry….Read More

Steve Wynn Proves the Rich Get Richer, Gets $12.5M Payday, Thanks to Macau and Vegas Rebounds

Steve Wynn $12.5 million in stock options

Steve Wynn is $12.5 million richer this week, after his Wynn Resorts awarded the founder and CEO a generous stock package distribution. According to Securities and Exchange Commission (SEC) filings, the billionaire received 137,468 shares of the hotel and casino corporation, which is publicly traded on NASDAQ. The transaction occurred on January 19, when shares…Read More

Pennsylvania Casinos Smash Revenue Records in 2016, Driven by Table Games

Pennsylvania Casinos Post Record Revenues

Pennsylvania’s casino sector is booming with overall revenue topping $3.2 billion in 2016, according to new figures, a record for the state. The upward trend has been driven largely by table games, particularly at the Sands Bethlehem. While slot machine revenues remained flat, as they have for the past six-years, table games revenues grew at…Read More

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