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Financial News

Money makes the world go around and we take a look at how it keeps the gambling world spinning. Whether it relates to mergers, buyouts, financial disasters, or gaming companies becoming more solid, we have it in this category.

Many might think the subject a little dry, but it’s always good to know the financial status of any gambling site you are playing at. Ignore it, and you might find that withdrawing your winnings becomes difficult – because the site no longer has any cash!

Steve Wynn to Sell Majority Stake in Wynn Resorts

Steve Wynn to sell shares in Wynn Resorts

Steve Wynn is poised to sell some or all of his shares in Wynn Resorts, according to a filing to the Securities and Exchange Commission on Wednesday. The news comes five days after Wynn and his ex-wife, Elaine Wynn, dissolved a shareholder’s agreement, drawn up during their divorce in 2010, which prevented either party from selling…Read More

Facebook Data Scandal Has Company Up Against Wall, Bettors ‘Like’ Odds on Mark Zuckerberg Resignation

Facebook data scandal Mark Zuckerberg

The Facebook data breach exposed information on more than 50 million users to analytics firm Cambridge Analytica. The scandal might additionally expose Facebook CEO Mark Zuckerberg’s job security. In the wake of bombshell investigations from The New York Times, The Observer, and The Guardian, online casino Paddy Power is offering up a smattering of lines…Read More

Macau Multi-Billionaire Casino Owner Pollyanna Chu Loses Half Her Fortune in Stock Crash

Pollyanna Chu loses half her fortune

Pollyanna Chu, the owner of the Macau’s Golden Resorts group and until very recently Hong Kong’s richest woman, has seen more than half of her $12 billion fortune wiped out by nosediving stock in her Kingston Financial Group. Kingston is the parent company of Golden Resorts, which owns the Casa Real and Grandview casinos in…Read More

Las Vegas Stadium Authority on Track to Fund $750 Million Commitment, Room Taxes Outpace Projections

Las Vegas Stadium Oakland Raiders

The Las Vegas Stadium Authority (LVSA) reports that after 11 months collecting an increased occupancy tax on hotel rooms in Clark County, actual revenues are 6.1 percent ahead of budgeted forecasts. In preparation for its Thursday meeting, the Stadium Authority revealed that January was an exceptionally strong month in terms of hotel occupancy tax revenue….Read More

Analysts: Genting Group Might Be Odds-On Favorite for Wynn Resorts Takeover

Genting Group Wynn Resorts acquisition

Genting Group might be best positioned to one day acquire Wynn Resorts. That’s according to three analysts at Sanford C. Bernstein Global Gaming Research, who concluded that Wynn’s Macau operations might leave few potential suitors. Analysts Vitaly Umansky, Zhen Gong, and Cathy Huang point to the complexities surrounding Wynn Resort’s two integrated casino resorts in…Read More

Floyd Mayweather Confirms MMA Training, Potential $1 Billion UFC Deal Lurks

Floyd Mayweather UFC odds

Floyd Mayweather says he’s finished with boxing after capping off a perfect 50-0 career with a victory over UFC star Conor McGregor last year, but he remains committed to trying his hand (and feet) at mixed martial arts (MMA). Rumors have been circulating that “Money” has been considering a foray into MMA, and this week…Read More

New Russian Online Gambling Regulations Cause Stars Group Concern, Projected Growth a Mixed Bag

Stars Group Russia

The Stars Group pointed to Russia as a potentially troublesome market for 2018 as part of the company’s 2017 earnings report. The report included guidance on what the online gambling giant, formerly known as Amaya, is expecting in terms of earnings for 2018. Those figures included an assumption that Russia will implement new online gambling rules…Read More

Shareholder Agreement Between Steve Wynn and Ex-Wife Invalidated By Judge

Steve Wynn Elaine Wynn

A shareholder agreement between Steve Wynn and ex-wife Elaine Wynn has been invalidated by a Clark County District Court judge, issuing an order that also dismisses any claims Elaine Wynn may have pursued in a case that pits Wynn Resorts against Aruze USA. As a result of the order, the Wynns now have the ability…Read More

BC Casinos Would Lose $88 Million Per Year from High Stakes Transaction Ban

British Columbia AG Davis Eby

A proposal to restrict table game “buy-ins” at British Columbia casinos to no more than CA$10,000 ($7,650) would cost the sector up to CA$88 million ($67 million) per year, according to a confidential BC Lottery Corp report, made public on Thursday by Canadian media network Postmedia. The provincial government is seeking measures to combat money…Read More

Stratosphere Undergoing $140 Million Renovation, Analysts Bullish on Golden Entertainment

Stratosphere renovation Golden Entertainment

Renovations at the Stratosphere will soon commence, as new owner Golden Entertainment announced this week during an earnings call that it’s going to spend $140 million over three years to refresh the Las Vegas hotel and casino. Golden Entertainment completed its acquisition of the Stratosphere in October from American Casino & Entertainment. The $850 million…Read More

Financial Regulator Probes Ladbrokes and William Hill Over ‘False Market’ Claims

Ladbrokes and William Hill accused of creating “false market”

The UK’s financial regulator is examining a complaint by The Campaign for Fairer Gambling (CFG) which claims Ladbrokes and William Hill have create a “false market” through their pronouncements on proposed gambling reforms, the Financial Times reports. The anti-gambling pressure group believes that bookies have exaggerated the impact a drastic reduction on the maximum stakes…Read More

Penn National Pinnacle Entertainment Buyout Sparks Second Federal Trade Commission Review, Monopoly Concerns at Stake

Penn National Pinnacle Entertainment

Penn National Gaming’s $2.8 billion acquisition of Pinnacle Entertainment is still scheduled to be completed in the latter half of 2018, but a second request for “additional information and documentary materials” by the US Federal Trade Commission (FTC) threatens to delay the takeover process. In filings this week with the Securities and Exchange Commission (SEC),…Read More

Sportech Shares Crash as Takeover Talks Break Down

Sportech shares crash

Shares in Sportech, the former owner of the UK’s Football Pools, nosedived on the London Stock Exchange on Wednesday, wiping more than 50 percent off the company’s market cap. The crash came after the company was forced to issue a profit warning and confirm it had failed to find a buyer following recent acquisition talks….Read More

Atlantic City Casino Revenue Ice Cold in February, Win Drops 6.5 Percent

Atlantic City casino revenue

Atlantic City casinos aren’t weathering the cold winter months, as February marked the town’s third consecutive gross gaming revenue (GGR) decline. The seven casinos collectively generated total gaming win of $192 million. That’s a 6.5 percent loss, or more than $13.3 million, compared to the same month in 2017. Online gambling continues to grow, as…Read More

Las Vegas Sands Founder Sheldon Adelson Wants to Build More in Macau

Las Vegas Sands Macau Sheldon Adelson

Sheldon Adelson’s Las Vegas Sands already controls about 35 percent of Macau’s available four and five-star hotel rooms, but the billionaire still isn’t content and is reportedly looking to expand his company’s presence. Chatting last week in Las Vegas at the 2018 JP Morgan Gaming, Lodging, Restaurant and Leisure Management Access Forum, Sands Senior Vice…Read More