Economy/Finance | World Casino News

Pittsburgh Mayor threatens to sue for $11.4 million casino cash overdue

June 29, 2015

Latest Casino and Gambling News, Economy/Finance, Taxation, Fines, Lawsuits & Litigation, Pennsylvania

On June 26th 2015, the mayor of Pittsburgh, Bill Peduto has threatened to take legal action against an authority that is the overseer of the city finances. The mayor is demanding that $11.4 million of gambling ...

Deed restriction to idle Trump Plaza for a decade

Sam Mitchell

June 29, 2015

Latest Casino and Gambling News, Casino closures, Economy/Finance, Taxation, New Jersey

On June 28th 2015, it was reported that as a tax saving measure, the former owners of Trump Plaza in Atlantic City would keep it closed for 10 years. A deed restriction was filed by Trump Entertainment Resor...

Macau Jockey Club under fire from members

Sam Mitchell

June 29, 2015

Latest Casino and Gambling News, Horse Racing, Economy/Finance, Licenses, Macau

On June 28th 2015, it was reported that a group of members have accused the Macau Jockey Club bosses of mismanagement, and that the cuts in the budget have created a real problem. The claims that have been m...

Monday last day of Hong Kong trading for Melco Crown

Lars Jones

June 28, 2015

Latest Casino and Gambling News, Hong Kong, Economy/Finance, Macau, Philippines

In early January Melco Crown Entertainment Limited announced they would be de-listing their shares from the Hong Kong stock exchange (HKSE). In late March it was announced that shareholders had overwhelmingly a...

Cyprus casino vote Thursday; easy passage predicted

Lars Jones

June 27, 2015

Latest Casino and Gambling News, Gaming Law & Legislation, Casino proposals, Cyprus, Economy/Finance

The government of Cyprus is reportedly satisfied with all amendments and changes that have occurred with the country's casino authorization bill and the law is expected to be voted on and approved by a majority...

Chris Christie to review new bill package for struggling Atlantic City

Marie Kelley

June 26, 2015

Latest Casino and Gambling News, Gaming Law & Legislation, Economy/Finance, New Jersey

The state Senate of New Jersey has sent a new package of legislation to Governor Chris Christie for approval that if passed, would benefit Atlantic City and the struggling casinos as well as educational program...

Macau casino revenues continue to decline

Sam Mitchell

June 24, 2015

Latest Casino and Gambling News, China, Economy/Finance, Macau

On June 23rd 2015, it was reported that the losing streak of Macau is set to continue. The gambling revenue of Macau could fall in June by as much as 30 to 40% annually to $2 billion according to Cameron McKnig...

Galaxy Phase II dominates Macau’s gaming market

Renee Kingsley

June 22, 2015

Casino News, Gaming Industry News, Economy/Finance, Macau

Macau’s gambling industry has been in decline for the past 18 months and casinos have struggled to post profits. The Cotai 2.0 - Galaxy Phase II which opened its doors to the public in May has been an exception...

Macau gaming revenue continues decline; government cuts spending

Lars Jones

June 20, 2015

Latest Casino and Gambling News, Economy/Finance, Macau

Lionel Leong Vai-tac, Secretariat for Economy and Finance in Macau said on Thursday that June gaming revenues may be as much as 20% lower than those reported for May. June is historically a slow month for casin...

Morgan Stanley says Macau casino decline caused by drop in VIP customers

Renee Kingsley

June 19, 2015

Las Vegas, Casino News, China, Gaming Industry News, Economy/Finance, Asian Casino News, Macau, Nevada

Morgan Stanley Research Asia Ltd recently completed a detailed study of the casino industry in Macau and has concluded that the significant decline in revenue is directly linked to the drop in Macau’s VIP clien...

Galaxy Phase II expected to see revenue increase

Sam Mitchell

June 18, 2015

Latest Casino and Gambling News, Casino News, Economy/Finance, Macau

Lui Che-woo, Galaxy Entertainment Group’s chairman, is hopeful that Galaxy phase II will turn around to perform better in the latter part of 2015. Galaxy Macau phase II has not quite met expectations, but Lui f...

Macau’s Financial Services Bureau reports 35% drop in govt gaming tax

Renee Kingsley

June 18, 2015

Casino News, China, Gaming Industry News, Economy/Finance, Asian Casino News, Macau

When Beijing launched its anti corruption crackdown in February 2014 and targeted Macau’s casinos, many believed that it would be a one-off operation. As the campaign continued over the next few months, Macau’s...

MGM Resorts founder Kirk Kerkorian passes away

Renee Kingsley

June 17, 2015

U.S.A., Las Vegas, Casino News, Gaming Industry News, Casino moguls, Economy/Finance, Nevada

Kirk Kerkorian, the founder of MGM resorts and a multi-billionaire who turned 98 on the 6th of June 2015, passed away after a brief illness. Kerkorian never inherited his wealth as he was born to Armenian immig...

Macau gambling regulators debate casino tables in Coloane

Sam Mitchell

June 16, 2015

Latest Casino and Gambling News, Casino openings, Economy/Finance, Macau

Macau Legislator, Au Kam San is currently inquiring as to whether the government plans to approve Coloane casino plans. Coloane is located next to Cotai, as a small district at 7.6 sq km. The inquiry was made d...

MGM reconfigures credit agreement for Macau Resort

Sam Mitchell

June 14, 2015

Latest Casino and Gambling News, Las Vegas, China, Gaming Industry News, Economy/Finance, Macau

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MGM Resort International announced Friday June 12, 2015 that it has refinanced the credit agreement for the Macau subsidiary. The agreement is being used to complete a $2.9 billion resort currently under constr...