Gambling Companies
Gambling Companies, Gambling Stocks
Breaking News: Ultimate Gaming Exits NJ Market in Wake of Taj Mahal Bankruptcy
LAS VEGAS - Ultimate Gaming announced today that it has terminated its online gaming agreement with Trump Taj Mahal Associates LLC, which filed for Chapter 11 bankruptcy protection. The agreement was terminated due to multiple breaches by Trump Taj Mahal Associates. As a result of the termination, Ultimate Gaming will be withdrawing from the New Jersey online gaming market. Ultimate Gaming will continue to maintain its existing online poker operations in Nevada through UltimatePoker.com.
Biggest Rolls-Royce Order Ever Placed: Casino Owner Buys 14 Phantoms for $20 Mil
(Associated Press) - A Hong Kong tycoon has placed the biggest ever order for Rolls-Royce cars, agreeing to buy 30 Phantoms to chauffeur guests at a luxury resort he's building in the global gambling capital of Macau.
Stephen Hung's $20 million purchase surpasses the 14 Phantoms bought by Hong Kong's Peninsula Hotel in 2006. Hung and Rolls-Royce executives signed the deal Tuesday at the company's Goodwood factory in England.
Donald Trump: ‘Does Anyone Notice That Atlantic City Lost Its Magic When I Left?’
Donald Trump took to Twitter after one of the casinos in Atlantic City that bore his name closed on Tuesday.
Chicago Bulls Eye Fantasy Sports Sponsorship: FanDuel, DraftKings Frontrunners
With the National Basketball Association ending its restrictions on Fantasy Sports sponsorship deals last month, the Chicago Bulls expect to jump into the fray in a very big way.
G911 World Exclusive: Investigation Into Bwin.Party Stock Trades
An investigation into recent stock trades involving bwin.party, an online betting company, is being conducted, Gambling911.com can reveal in a world exclusive report!
A source tells Gambling911.com that the proper authorities are looking into recent, possibly-suspicious, large purchases of stock by directors of the company.
Wynn, Mohegan Sun Respond to Casino Regulators in Massachusetts
BOSTON (Associated Press) — Wynn Resorts appears to have a strong advantage over Mohegan Sun in the fierce competition for the Boston-area casino license, even as the Las Vegas gambling giant pushes back against some requirements state regulators are seeking to impose if it is to win the license.
3000 Taj Mahal Employees Given Notice They May Lose Jobs
ATLANTIC CITY, N.J. — (Associated Press) - The owner of the Trump Taj Mahal casino has sent notices to more than 3,100 employees warning it could be shut down in November.
Trump Entertainment Resorts told The Associated Press it filed the notices earlier this week, saying it could close Nov. 13.
The company filed for bankruptcy on Tuesday and threatened to close the Taj Majal if it doesn't get concessions from its unions.
Pinnacle Sports Exits UK Market, Others Force to Lay Off Staff, Close Betting Shops
The United Kingdom government is set to begin enforcing new regulations for online gambling, beginning with a hefty tax increase.
The pending changes and increased taxation will go into effect October 1 though a grace period for application processing is being allowed for those operators based out of Alderney and the Isle of Man.
Oscar Pistorius Found Not Guilty: Paddy Power Makes Payouts
Oscar Pistorius has been found Not Guilty of murdering his wife model Reeva Steenkamp in a case that has been widely covered by the gambling world following Irish bookmaker Paddy Power’s decision to take wagers on the outcome.
Massachusetts Won’t Make Decision on Boston Casino This Week
BOSTON (Associated Press) — State gambling regulators say they'll hold off making a decision on the lone Boston-area casino license this week.
The Massachusetts Gaming Commission on Wednesday said it will break off deliberations until Wynn Resorts and Mohegan Sun have a chance to respond, by Friday, to a series of conditions the panel is considering imposing on their proposals. The commission says it'll reconvene Monday with the hope of awarding the license by Wednesday.
Revel has $90 Million Offer to Buy Closed Casino
ATLANTIC CITY, N.J. — (Associated Press) - A Florida developer has offered $90 million for the Revel Casino Hotel that shut down last week, lawyers for the resort said Wednesday in court documents.
The casino said in the bankruptcy court filing that Glenn Straub's Polo North Country Club, Inc., made the cash bid for the $2.4 billion resort. The casino also wants a judge to set an auction for Sept. 24 if any higher bids are received by Sept. 23. A bankruptcy court judge would have to approve any sale.
New Jersey’s Monmouth Park Racetrack to Begin Taking Sports Bets on Sunday
Within hours after Gambling911.com first broke the news that New Jersey’s Attorney General, John Hoffman, issued a directive no longer enforcing the prohibition of sports betting in that state, one of New Jersey’s largest race tracks announced it intends to start taking sports wagers as early as this Sunday.
Breaking News: Trump Atlantic City Casinos File for Bankruptcy, Taj Could Close
ATLANTIC CITY, N.J. (Associated Press) — Trump Entertainment Resorts filed for bankruptcy Tuesday and threatened to shut down the Taj Mahal Casino Resort, which would make it the fifth Atlantic City casino to close this year.
Gambling Regulators to Select Casino for Lucrative Boston Area License
BOSTON — (Associated Press) - State gambling regulators are set to begin deliberations on awarding the lucrative Boston-area casino license on Monday, even as voters will decide in November whether to repeal the state's casino law, halting the process altogether.
The choices are down to Mohegan Sun's $1.3 billion resort plan for the Suffolk Downs horse racing track in Revere and Wynn Resort's $1.6 billion waterfront casino on the site of a former chemical plant in Everett.
More Trading Activity at Bwin.Party Raises Eyebrows
As first reported by Gambling911.com on Friday, at least one Director in publicly traded Bwin.Party bought shares immediately after earnings. Within a day of those shares purchases, the company started to buy back shares in the open market.
Helmut Kern, Non Executive Director, bought 60,000 shares in the company on the 3rd September 2014, just one day prior, at a price of 92.42p. The Director now holds 60,000 shares.
“On the surface, there should be red flags raised here,” a Gambling911.com source following the unusual trading activity suggested.
Jacksonville Firm Eyes Shuttered Show Boat Casino
ATLANTIC CITY, N.J. (Associated Press) - A Florida company that develops restaurant and entertainment complexes is interested in the former Showboat casino in Atlantic City.
Latitude 360, a Jacksonville company, said Friday the newly closed casino is one of three locations in Atlantic City it is considering for a $20 million project that would be paid for in conjunction with a financial partner. It would not involve gambling.
Company CEO Brent Brown said he has toured the former casino, which closed on Sunday, and has been in talks with its owner, Caesars Entertainment.
Atlantic City Scores Gets Over 1000 Job Applicants After Casino Closures
Four casinos have either shut down or are in the process of shutting down in Atlantic City but at least one local business has scored big from these sudden closures.
SCORES Atlantic City, the legendary gentleman’s club, has realized a 40% increase in job inquiries over the past two weeks.
Nearly any position you can think of has witnessed a jump in applications including security, hostesses, bartenders, barbacks, entertainers, and DJs.
Bwin.Party Trading Activity This Week has Some Scratching Their Heads
At least one Director in publicly traded Bwin.Party bought shares immediately after earnings. Amazingly, within a day of those shares purchases, the company started to buy back shares in the open market.
“It’s immoral and unethical for Directors and Management to ‘front run’ a corporate buyback in a matter of hours,” a source tells Gambling911.com.
A la Wikipedia, front running is a practice whereby a stockbroker executing orders on a security for its own account while taking advantage of advance knowledge of pending orders from its customers.
Mass Unemployment Filings in Wake of Atlantic City Casino Closures
ATLANTIC CITY, N.J. (Associated Press) — Hundreds of newly laid-off casino workers began filing for unemployment Wednesday morning, the first attendees at an assistance center that expects to process 5,000 workers over the next three days.
UK Suspends PokerCent.com License, Service
The United Kindgom Gambling Commission (UKGC) has suspended the license of a small independent online poker room, PokerCents.com. Service has also been shut off as a result. PokerCents.com hopes to have its service restored on October 1 once it comes into compliance.
The online poker company claims its license was suspended due to not having the proper certificate.
The Commission was vague in its own statement issued Monday.
Macau Casinos Suffer for Third Straight Month
Shares of Macau-centric casinos such as Las Vegas Sands (NYSE:LVS) and Wynn Resorts (NASDAQ:WYNN) fell on reports of weaker-than-expected Macau gambling revenue for Aug.
Sterne Agee slashed earnings estimates on both casino companies as well as on MGM Resorts Int'l (NYSE:MGM) and Melco Crown Entertainment (NASDAQ:MPEL).
Sands shares fell 5.1% to 63.10. Wynn fell 4.1% to 185.05. MGM fell 2.6% to 23.83.
Source: Investors.com
Revel Starts Shutdown Monday After Just 2 Years
ATLANTIC CITY, N.J. (Associated Press) — The most spectacular and costly failure in Atlantic City's 36-year history of casino gambling begins to play out Monday when the $2.4 billion Revel Casino Hotel empties its hotel.
Its casino will close early Tuesday morning.
Revel is shutting down a little over two years after opening with high hopes of revitalizing Atlantic City's struggling gambling market. But mired in its second bankruptcy in two years, Revel has been unable to find anyone willing to buy the property and keep it open as a casino. It has never turned a profit.
Behind the Scenes of the Showboat Casino Closure and How it Will be Done
ATLANTIC CITY, N.J. (Associated Press) -- When a casino shuts down, making an announcement over the loudspeaker and herding gamblers off the casino floor is only the beginning. Here's a look at what takes place behind the scenes:
-- Secure the money and the chips. Casino security, supervised by inspectors from the state Division of Gaming Enforcement and backed by state police, immediately secure the money and gambling chips from each table game and slot machine. Supervisors and dealers count the chips, total up the money and have it wheeled away to the cash counting rooms.
Paddy Power Profits Plummet Unfavorable Sports Results Contribute
DUBLIN, Ireland (Reuters) - Paddy Power's operating profit fell sharply in the first half of the year after a run of unfavourable sports results, but the Irish gambling company said a second-half rebound should deliver full-year earnings growth.
Paddy Power, which has more than doubled its annual profits since 2009 on an overseas expansion and a strong performance online, leads the industry in smartphone and tablet betting.
888 CEO Brian Mattingley to Step Down
(Reuters) - 888 Holdings Chief Executive Brian Mattingley will step down from the day-to-day running of the online gambling company next year and become chairman in a management restructuring, 888 said on Wednesday.
888, which offers casino, poker and bingo games, will promote its Chief Operating Officer Itai Frieberger to a seat on the board in January and he will run the business with Chief Financial Officer Aviad Kobrine when the changes take effect.
Horseshoe Casino in Baltimore Opens Tuesday Night
BALTIMORE — (Associated Press) - The Horseshoe Casino Baltimore is scheduled to open, marking a new milestone in Maryland’s development of casino gambling.
Deutsche Bank Downgrades Macau
Deutsche Bank has downgraded a number of key casinos in the Macau gambling sector as a response to slowing demand and perhaps fears of Chinese government intrusion. Earlier in the week, Gambling911.com reported on how the Chinese government has begun to crack down heavily on gambling and other so-called “vice” activities.
Revel Not Dead Yet: Still Seeks Sale While Losing $1 Mil a Week
CAMDEN, N.J. – (Associated Press) - The troubled Revel Casino Hotel in Atlantic City still hopes to auction off its property but needs to close to stop big losses, a lawyer for it said.
Attorney John Cunningham said in bankruptcy court Monday that the casino is losing more than $1 million every week, The Press of Atlantic City reported.
“Our earnest hope is that we will have a successful auction,” Cunningham said. “But it takes two to tango. … It may be [that] some of the dust has to settle from the shutdown.”
Real Money Online Poker in California to Launch Next Week
Forget that another year has come and gone without passage of online poker legislation in the state of California. Don’t tell that to the Santa Ysabel Gaming Commission, which plans to turn its free-to-play online poker site into one where customers can play for real money some time between August 26 and 28.
Revel Casino Wanted to Close Today (June 18)
ATLANTIC CITY (Associated Press) — If the owners of Revel Casino Hotel had their way, the $2.4 billion resort would have been shut down on Monday.
Revel Entertainment had asked New Jersey casino regulators for permission to close down on Aug. 18. But the state Division of Gaming Enforcement denied the request, eventually prevailing upon Revel to remain open until Labor Day weekend.
Revel’s hotel will close at 11 a.m. Sept. 1, and the casino will shut down at 5 a.m. the next morning.
