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Crown Revenues Drop after China Raid, Tabcorp Digs in On Stalled Merger

James Packer, Crown Resorts

Australian casino giant Crown Resorts delivered its 2016-17 fiscal year report on Friday, just 24 hours after billionaire owner James Packer officially re-joined the board of a company he left nearly two years ago. Crown reported revenues of $2.65 billion, down 5.5 percent from 2016, a slide attributed primarily to a plunge in VIP profits….Read More

Debt-Riddled Caesars Reports $1.4 Billion Loss for Q2 as Sign of Bright Future

Mark Frissora, Caesars CEO

Caesars Entertainment lost “only” $1.4 billion in the second quarter of 2017. That figure represents a $617 million improvement compared to last year’s Q2 losses of $2.1 billion. Revenue for the period ticked up by 1 percent, to just over $1 billion. Caesars has struggled with industry-high debt since January 2008, when a group of…Read More

Arizona Tribal Gaming Bounces Back, Encouraging Casino Expansion Interests

Arizona tribal gambling revenue

Tribal gambling will have provided Arizona a financial benefit of more than $26 million in the second quarter of 2017, an increase of 4.8 percent compared to the same period a year ago. The Arizona Department of Gaming issued its revenue report on Wednesday, providing encouragement for expansion-minded interests may have been growing hesitant about…Read More

IGT Q2 Losses Mostly Due to Poor Exchange Rates with Italian Lotto and Double Down Sale

IGT Q2 losses 2017

Despite a second quarter loss and a decline in revenue from the same period last year, International Game Technology Plc. (IGT) beat Wall Street projections. The loss of $252.2 million on revenue of $1.22 billion was compared to earnings of $82.9 million on revenue of $1.29 billion in the second quarter of 2016. Analysts had…Read More

Atlantic City Casinos Settle Tax Disputes With New Jersey, State Saves Millions

Atlantic City casino Chris Christie

New Jersey Governor Chris Christie (R) says long-disputed tax agreements have finally been reached with Atlantic City resort casinos Bally’s, Caesars, Harrah’s, and Golden Nugget. Billionaire Carl Icahn’s three properties, the Tropicana, former Trump Taj Mahal and Trump Plaza, have also settled with the state. Financial details of the settlements were not disclosed, but the…Read More

Casino Revenue Gives State Governments Quick Fiscal Boost, But Long-Term Could Put Credit Rating at Risk

casino revenue credit rating risk

Casino taxes have become a tempting cookie for many a US state looking to turn red to black in their ledger books. And for states like Nevada and New Jersey with active gaming industries, those revenues can indeed be a key component to the budget overview. But an industry analyst is now telling states to…Read More

William Hill’s Profits Slump on Shift from Retail to Digital Betting

William Hill retail betting

Sports betting stalwart William Hill has seen a steep decline in profits for the first half of 2017, according to its latest financial reports. The company cites unfortunate soccer results and a decline in land-based betting as primary causes, but also looks at growing online wagering numbers as a reason to be optimistic in the…Read More

Queensland Rejects Proposed $2.4 Billion Casino on Australia’s Gold Coast

Queensland Premier Annastacia Palaszczuk

The state government of Queensland has jettisoned a proposal that would’ve brought an AU$3 billion ($2.4 billion) casino resort to Australia’s Gold Coast just days after Caesars Entertainment reportedly came on board with the project. Developers ASF Consortium, an Australia-based company that coordinates Chinese investment with global partners doing business in Austrialia, had hoped that…Read More

Madison Square Garden Buys Controlling Stake in eSports Franchise Counter Logic

Madison Square Garden eSports

The company behind Madison Square Garden is adding eSports to its portfolio of live entertainment offerings by purchasing a controlling stake in Counter Logic Gaming, the oldest and one of the most successful League of Legends (LoL) organizations. Counter Logic was founded in 2010 as an LoL team. It has since won two North American…Read More

Macau Casino Revenue Tops Expectations, July Marks One-Year Winning Streak

Macau casino revenue July

Macau casino revenue is up for the 12th straight month, with July gross income totaling 22.9 billion patacas ($2.86 billion). That’s a 29 percent premium on the same month in 2016, the biggest monthly gain during the yearlong surge. The median forecast for July from gaming and financial analysts compiled by Bloomberg showed an anticipated…Read More

Is Bitcoin Still a Good Bet? BTC Community Split over Emergence of New “Bitcoin Cash”

Bitcoin soon to morph into bitcoin cash

In what will likely prove to be a pivotal moment in the history of digital currency, Bitcoin will split in two on Tuesday. And the world’s betting markets are trying to make sense of it all. A disagreement within the Bitcoin community has led to a “user-activated hard fork,” which will result in the creation…Read More

Chris Christie and Atlantic City Mayor Don Guardian Both Take Credit for Town’s Stabilization

Chris Christie Don Guardian Atlantic City

New Jersey Governor Chris Christie (R) wants Garden State residents to know his administration is to thank for Atlantic City’s stabilization, but Mayor Don Guardian, also a Republican, says he deserves the credit. They might share the same party, but Christie and Guardian have endured a strained relationship since the mayor took office in 2014….Read More

Pala Casino Tries to Keep Up with the Joneses with $170 Million Expansion to Southern California Resort

Pala Casino expansion renovation

San Diego’s Pala Casino Spa & Resort announced this week that it will spend $170 million to expand and renovate its resort located 50 miles north of the Southern California city. The investment is to better compete with its neighboring rivals, Pechanga Resort & Casino and Harrah’s Southern California. It marks the property’s third major…Read More

North Korean Hackers More Interested in Cash (and Gambling Sites) Than State Secrets

North Korea steals from online gambling sites

North Korea’s notorious state-backed cyber-criminals are more interested in stealing cash than classified state secrets these days, and they will even hack into online gambling and poker websites to achieve their nefarious ends. That’s the verdict from South Korea’s Financial Security Institute (FSI), which analyzed cyber-attacks between 2015 and 2017 and found that, far from…Read More

MGM Revenues Rise But Profits Fall, Boyd Earnings Show Resurgent Locals Market

MGM CEO Jim Murren

MGM Resorts intends to focus on efficiency and profitability in coming months, CEO Jim Murren told investors Thursday, during the company’s earnings call, after reporting Q2 results that showed major revenue increases, but also significant earnings decreases. MGM reported that revenue rose 16.3 percent to $2.64 billion for Q2 2017, much of which was attributed…Read More