Economy/Finance

Macau casino revenues continue to decline

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

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...

New Orleans smoking ban responsible for revenue drop at Harrah’s Casino

Renee Kingsley

June 10, 2015

Gaming Law & Legislation, U.S.A., Casino News, Gaming Industry News, Economy/Finance, Licenses, Louisiana

Harrah’s New Orleans Casino experienced a revenue slump based on the recent revenue report released by the Louisiana Gaming Control Board. The casino reported a 16% decrease in year on year revenue and brought ...

Queensland Tourism Industry Council backs Great Keppel casino boutique license

Renee Kingsley

June 9, 2015

Latest Casino and Gambling News, Casino proposals, Australia, Casino News, Gaming Industry News, Casino project updates, Economy/Finance, Licenses, Oceania Casino News

Tower Holdings has already received approval from the Queensland, Australia government to build its $2 billion Great Keppel Island resort but the company has made it clear to the government that construction wo...

Quebec authorities investigate Amaya Gaming CEO and CFO

Renee Kingsley

June 3, 2015

Online gambling regulation, Canada, Gaming Industry News, Money Laundering, Economy/Finance, Quebec, Online Gambling News, Tax Evasion, Mergers, Acquisitions & Partnerships, Crime, Financial Fraud, Taxes

Amaya Inc based out of Canada, was a relatively unknown company until it surprised everyone in the poker industry in June 2014, when it confirmed that it had successfully acquired PokerStars and Full Tilt Poker...

New Jersey gaming market in state of flux

Lars Jones

May 29, 2015

Technology, Economy/Finance, Licensed online casinos in USA, Conferences / Trade Shows, Indepth / Featured Articles, New Jersey

The 19th Annual East Coast Gaming Congress opened Wednesday at Borgata in Atlantic City with a panel on internet casinos. Notable take-aways include notes of much less revenue being generated than was expected,...

Atlantic City survivors; casinos post 26% increase in operating profits

Sadonna Price

May 23, 2015

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

Last year, four casinos in the Atlantic City area closed their doors for good and those that remained hoped to see a turn to profits when it comes to gambling revenues. The New Jersey Division of Gaming Enforce...

Z Capital wants Affinity Gaming sold

Sam Mitchell

May 22, 2015

Latest Casino and Gambling News, Economy/Finance, Mergers, Acquisitions & Partnerships, Nevada

May 20th 2015, an offer made by the largest shareholder in Affinity Gaming, to buy the remaining shares of the casino operator has expired. The firm that made the offer believes that the company should be sold....