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Gaming Business News

When gaming operators play “Let’s make a deal,” it’s serious business. Find out about the latest acquisitions and mergers, and how it will impact the gambling universe at large.

Atlantic City Casino Reinvestment Development Authority Responds to State Audit Criticism, Including Massive Miss America Funding Bump Amid Plummeting Ratings

Atlantic City CRDA Miss America

Atlantic City’s Casino Reinvestment Development Authority (CRDA) held its first meeting since New Jersey State Auditor Stephen Eells’ office released a scathing report on what it claims are the agency’s mismanagement and misuse of tax funds. Last week, the state audit concluded that the CRDA “did not always ensure an effective and efficient use of…Read More

MGM Resorts-Invested Hedge Fund Wants Company to Sell Macau Casinos, Merge Real Estate Trust

MGM Resorts stock Jim Murren

MGM Resorts is the latest publicly traded casino company with an activist hedge fund that doesn’t intend to sit back and collect profits without having a voice in the gaming operator’s direction. Less than a week after revealing hedge fund HG Vora Capital had amassed a nearly five percent ownership stake in Caesars Entertainment, the…Read More

Las Vegas Golden Knights Strike In-Arena Branding Partnership with William Hill

Las Vegas Golden Knights

Fledgling NHL franchise Las Vegas Golden Knights has signed a multi-year, first-of-its-kind deal with sports book operator William Hill that will see the British bookie’s logo displayed on the video board during intermissions in games at the T-Mobile Arena. The board will flash William Hill’s updated league-wide odds, according to a Golden Knights announcement Tuesday….Read More

Suffolk Downs Racetrack Sues Wynn Resorts for $3 Billion Alleging Massachusetts Casino License ‘Fix’

Suffolk Downs

Historic East Boston thoroughbred racetrack Suffolk Downs announced on Tuesday it would continue to offer live racing next year, despite fears that its latest season, which wrapped up on Sunday, would be its last. On the same day, it filed suit against Wynn Resorts for $3 billion. The Massachusetts Gaming Commission’s decision in 2014 to…Read More

Macau Typhoons and Trump Tariffs Hit Chinese Gaming Enclave With Equal Force

Typhoons and Trump tariffs: multiple storms are raging around Macau’s gaming industry and forecasters are starting to add up what it will mean to the industry’s bottom line. Japanese financial firm Nomura revised an earlier prediction of 15 percent gross gaming revenue (GGR) for the month of September, reducing it to 10 percent due to…Read More

Lucky Dragon Las Vegas Files to Close Hotel After Unsuccessful Auction

Lucky Dragon Las Vegas bankruptcy

Owners of the Lucky Dragon in Las Vegas have asked a US bankruptcy court for permission to close its 203-room hotel after an auction held last week turned up fruitless. Developer Andrew Fonfa defaulted on a $90 million loan in January issued by San Francisco real estate investment group Snow Covered Capital (SCC). After no…Read More

Formula One Signs $100 Million Deal to Shift Gears on Gambling Sponsorship

Formula One

Formula One will embrace gambling sponsorship for the first time in its history. The Financial Times reports the race car series has sold the global rights to Formula One gambling sponsorship to London-based marketing agency Interregional Sports Group, which will shortly begin selling to betting companies. The deals will include branding at trackside and on…Read More

Genting Deliberating Recovery of $400 Million Investment in Massachusetts Casino After DOI Leaves Tribe High and Dry

Mashpee Wampanoag

Malaysian casino giant Genting says it is “deliberating the appropriate course of action” in relation to $400 million loaned to the Mashpee Wampanoag tribe to build a $1 billion casino in Taunton, Massachusetts — a project that suddenly faces huge hurdles. In a filing to Bursa Malaysia this week, the country’s stock exchange, Genting notified…Read More

Pennsylvania Township Officials Deny Bribery Allegations Relating to Penn National Satellite Casino

Pennsylvania casino York Galleria

Springettsbury Township supervisors in York County, Pennsylvania, are firing back at allegations made by a resident that they were bribed by Penn National Gaming to allow the gaming company to develop a casino inside a local mall. Penn National, a nationwide regional casino operator based in the Keystone State, filed formal plans last week with…Read More

Hurricane Florence Wreaks Havoc on Carolinas, But Harrah’s Cherokee Resorts, Casino Boats Spared

Hurricane Florence Carolina casinos

Hurricane Florence, now downgraded to a tropical depression, is responsible for the deaths of at least 18 people in the Carolinas. The deadly storm has finally moved north, as Carolinians begin the painful and costly recovery process. Along with the lives lost, some 575,000 homes remain without power. Rivers and lakes continue to flood, roads…Read More

Macau Gambling Industry Takes $185 Million Hit as Typhoon Mangkhut Closes Casinos, Spares Hub from Worst Devastation

Typhoon Mangkhut

Typhoon Mangkhut caused a 33-hour emergency shutdown of Macau’s casino industry over the weekend, the first forced cessation of gaming in the enclave’s history. Operations were suspended at all 42 casinos from 11pm on Saturday night, local time, on the order of Chief Executive Fernando Chui Sai, reopening again on 8am on Monday. Mangkhut made…Read More

Caesars Entertainment Files Flamingo, Cromwell Trademark Protections in Macau

Caesars Entertainment The Cromwell Flamingo

Caesars Entertainment is focused post-bankruptcy on expanding its portfolio internationally, and trademark protection filings made this week in Macau show the company remains interested in the world’s richest gambling hub. The Macau News Agency reports that subsidiaries of Caesars have filed to protect the Flamingo and The Cromwell brands in the Chinese enclave. The filings…Read More

Macau Casinos Won’t Be Hit by Trade War Retribution: Analyst

Trade war

CLSA analyst Jonathan Galligan does not believe Macau’s casino sector will be detrimentally affected by Washington’s escalating trade war with Beijing, CNBC reports. Speaking at the annual CLSA Investors’ Forum in Hong Kong on Wednesday, Galligan, the firm’s head of Asia gaming and conglomerates, said it is “highly unlikely” that China will seek to apply pressure on…Read More

Graton Rancheria Indians Not Liable for $43 Million in Dispute with Sonoma Developer

A four-year long legal dispute between the Federated Indians of Graton Rancheria and Kenwood Investments, a real estate and development company in Sonoma, California, has been settled in the tribe’s favor. An arbitration panel ruled in favor of the tribe, saying they don’t owe the company $43 million to Kenwood for services rendered between 2002…Read More

Eldorado Resorts Gets AC Tropicana as Part of Seven-Casino Operational Deal

Reno-based Eldorado will get the AC Trop as part of a deal to take control of seven Atlantic City casinos for $640 million. The New Jersey Casino Control Commission gave Eldorado Resorts interim authority to operate the Atlantic City casino during a Wednesday meeting. The commission has nine months to decide on whether it wants…Read More