US Financial News

Economic Odds for Dow, Oil, Gas and Ukraine Joining the EU

Due to the war raging between Russia and the Ukraine, economies worldwide have endured a massive impact.

Expanded Gambling in Florida Approved by Senate

(Associated Press) - Florida could soon become home to more casinos and hundreds of more slot machines under a sweeping gambling bill that was easily passed Thursday by the state Senate.

Cole Hamels DFS Outlook – April 9: Solid Versus Angels

Cole Hamels DFS outlook for this coming Saturday April 9 versus the LA Angels is good as he has pitched well against the opposing top batters.

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Yunel Escobar for example is just .172 vs. Hamels.

Yahoo Shares Fall 1.17 Percent on News of New York AG Subpoena

News of a subpoena issued by the New York Attorney General Wednesday as part of a probe into the Daily Fantasy Sports sector has resulted in a drop in its share price of 1.17 percent to $32.47 in afternoon trading.

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Ladbrokes Posts 9 Percent Fall in Profits

(Reuters) – Ladbrokes (LAD.L), Britain’s second biggest bookmaker, said it intended to maintain its dividend in 2015, defying some analysts' expectations of a cut to help fund marketing costs, as it posted a 9 percent fall in annual profit.

The firm has struggled to keep pace with rivals such as William Hill (WMH.L) and establish itself in a growing online sector, with investment in marketing and product lagging others.

MGM Shares Plummet: Morgan Stanley Says ‘Worst is Over’ for Macau Gaming

Casino stocks were not immune to Monday’s steep drop across all markets.  MGM Resorts reported a decline of 1.6% to $20.68 in trading due primarily to disappointing gambling results in Macau last month.

Last year’s results were the worst decline since the Chinese government liberalized the gambling enclave in 2001 with a 30.4% drop-off.

Canada Foreign Online Gambling Licenses Could Be Coming Soon

In Canada, all online gambling issues are handled on the provincial level. What this means is that the federal government doesn't have much say in what goes on, and as an industry, the goal is to use it to pad provincial revenue figures. One problem with this approach is that foreign operators who are not licensed by the provinces and who are not paying provincial taxes are able to operate more or less freely while the province-operated games suffer.

Caesars Looming Bankruptcy: Can’t Make Debt Payments

Caesars Entertainment Corp confirmed in a regulatory filing that it is contemplating bankruptcy as it will be unable to repay debts by the fourth quarter of 2015 without restructuring.

Atlantic City Showboat Casino Sold, Will be Turned Into College Campus

Atlantic City’s famed and now shuttered Showboat Casino has been sold to Stockton College, which plans to convert the property into a satellite campus.

Caesars Entertainment and the college announced the purchase plan on Wednesday. The sale price was not announced, nor was a target closing date released.

Early FanDuel Investor: ‘Fantasy Sports is Finally Mainstream, Massive’

Paul Martino is Managing Director of Palo Alto-based venture capital firm Bullpen Capital and, these days, he is most excited about his early investment in FanDuel.com, a provider of daily fantasy competitions that continues to attract considerable cash infusions, most recently a $70 million windfall from Shamrock Capital Advisors.

‘Barefoot’ Exec at New York Investment Firm Pleads Guilty to Inside Trading

Michael Lucarelli, who was mocked on Comedy Central’s The Daily Show after running away barefoot from photographers last month, has plead guilty to one count of securities fraud for inside trading.  He will be sentenced in January and faces up to 20 years prison time.

Lucarelli had served as a director of market intelligence at Lippert/Heilshorn & Associates prior to being charged last month.  

Can Casinos Save Detroit?

Detroit's shaky foundation of recovery may be backed by placing bets behind its local casinos. A trial to approve Detroit's plan to exit its $18 billion bankruptcy, the largest municipal crash in U.S. history, begins in late July. Revenue projections needed to stave off bankruptcy may be too ambitious.  Even though Detroit gambling taxes are a stable source of money, casino revenue has declined recently in Detroit in the face of competition with traditional gambling hubs like Nevada and New Jersey as well as relative newcomers to the wagering scene.

Spencer Bachus: 60 Minutes Segment a Hit Job

Alabama Republican Congressman and strong advocate for online gambling prohibition, Spencer Bachus, denied he engaged in any form of “insider trading”.  He called a “60 Minutes” segment that suggested otherwise “a hit job”.

The segment aired on Sunday.  The reporting was based on a book by conservative author Peter Schweizer called “Throw Them All Out.” Rep. Spencer Bachus (R-AL), the chairman of the House Financial Services Committee, was alleged to have traded stocks after he was told by Treasury officials in September of 2008 of the impending financial meltdown.

FORFEITURE COMPLAINT FILED AGAINST ACCOUNTS MAINTAINED BY E-GOLD

FORFEITURE COMPLAINT FILED AGAINST ACCOUNTS MAINTAINED BY
E-GOLD, LTD, TRACEABLE TO CRIMINAL OFFENSES

Baltimore, Maryland - A civil forfeiture complaint was filed today for the forfeiture of the value of all e-metal accounts recorded and maintained by e-gold, Ltd (EGL ), a company that was engaged in the business of exchanging traditional forms of currency for precious metals held in electronic form (“e-metals” or “e-gold”) and settling payer initiated transfers of e-metals from one customer account to another.