Pennsylvania gaming regulators this month drove another nail into the coffin containing Atlantic City’s gaming market. At the same time, they unwittingly damaged their own state’s casino industry.
Casinos & Gaming
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There is life in the regional casino markets. Several states posted their best gaming revenue months in more than a year during October, fueling a boost in the stock prices of regional gaming operators.
ATLANTIC CITY — Some of the hottest action in Atlantic City involves closed casinos in bankruptcy court, where Donald Trump is trying to recoup rent he paid on a driveway and the city is fighting to collect more than $50 million in unpaid taxes.
HARTFORD, Conn. — Foxwoods, the largest casino resort in North America, is reducing its number of slot machines and table games to free up space for nightclubs and other new attractions as it adapts to fierce competition, the new CEO said in an interview with The Associated Press.
Despite Nevada and the Strip’s third straight monthly gaming revenue decline — fueled by a more than 35 percent drop in baccarat totals — analysts found a bright spot in what was otherwise a dismal October.
A congressional hearing on a bill to restore the Interstate Wire Act has lost steam in the current lame-duck session.
MGM Resorts International said Tuesday it completed transactions that raised $1.15 billion of new debt.
TOKYO/SEOUL — South Korea looks like the consolation prize as Japan’s $15 billion casino dream fades, a setback for companies such as Las Vegas Sands Corp. that envisioned a new gaming hub rivaling Las Vegas in 2020.
ATLANTIC CITY — Atlantic City’s casino industry saw its operating profits rise in the third quarter of this year, helped by Internet gambling money and the absence of large losses racked up last year by weaker casinos.
Caesars Entertainment Corp., which has been embroiled in debt reduction talks with its lenders, said Monday one of its banks had filed a notice of default against the casino operator.
Two analysts support Caesars Entertainment Corp. placing its largest operating division into a real estate investment trust to deal with its gaming industry-high debt load, even though the company might have backed away from the concept.
California is shaping up as the nation’s Internet poker battleground in 2015. Everyone wants a piece of the Golden State’s potentially lucrative pie.
Scientific Games Corp. completed its $5.1 billion acquisition of slot machine giant Bally Technologies on Friday, finalizing the buyout is less than four months.
ALBANY, N.Y. — The decision on where to build casinos in upstate New York will make some developers very happy. For others, it will spell the disappointing end to a long and expensive bid for a piece of the action.
Wynn Resorts Ltd. said it doesn’t believe it is under federal investigation despite published reports the casino operator is being targeted for potential money laundering violations.
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