Business/Financial

Harrah’s $1 Billion in New Notes to Pay Old Debts

LAS VEGAS-(Associated Press) - Casino operator Harrah's Entertainment Inc.

Submitted by Guest on, May/28/2009

Unemployment Rate: You Can Bet On It

The unemployment rate throughout the world is skyrocketing.  And while online gambling websites based out of the United Kingdom have long been offering unemployment betting,

Submitted by Alistair Prescott on, May/25/2009

Atlantic City Profits Way Down: Sports Betting a Must

It's more bad news for Atlantic City as the East Coast casino empire witnessed gross operating profits decline by more than 38 percent in the first quarter of 2009.

Submitted by C Costigan on, May/21/2009

The Bellagio, MGM Grand to be Developed in Dubai

The Middle Eastern nation of Dubai will get its own Bellagio and MGM Grand Hotels, two iconic staples of Las Vegas.

Submitted by Jagajeet Chiba on, May/20/2009

Unibet Positive Financial Results Announced

Swedish Internet gambling giant, Unibet, announced positive financial results Monday for the first quarter of 2009 in the midst of a worldwide recession.

Highlights included gross winnings revenue amounting to $31.3 million for the first quarter of 2009, profit of $10.9 mil for this same period and operating cash flow before movements in working capital amounting to $13.5 million.  Active customers totaled 314,977.   

Submitted by Jagajeet Chiba on, May/11/2009

Vegas Hotel Room Rates Will Increase

With signs that hotel occupancies are going up, MGM Mirage executives said demand for the company's hotel rooms is high enough to warrant an increase in room rates, which have plummeted during the

Submitted by Jagajeet Chiba on, May/11/2009

Las Vegas Sands Losses Mount

LAS VEGAS (AP) - Casino operator Las Vegas Sands Corp.

Submitted by Guest on, May/06/2009

Recession Having Little Affect on Kentucky Derby Online Gambling

Bloomberg News was reporting on Friday that Kentucky Derby betting may fall 30 percent as the worst economy in a generation hits Louisville.  Not so with online gambling as Gambling911.com was see

Submitted by C Costigan on, May/01/2009

Verizon in Hot Pursuit of Apple iPhone: Odds Posted

Recent frantic reports emerged over the past few days claiming Verizon Wireless' hot pursuit of an iPhone or iPhone like device from Apple in order to compete with AT&T, which has exclusive rig

Submitted by Guest on, Apr/30/2009

Harrah’s Gets Hit Hard By Economy: 2009 WSOP Hotel Rates Slashed

 

The world's largest casino operator and owner of the World Series of Poker, Harrah's Entertainment Inc., reported first quarter financial results Monday that showed a further decline in revenue.  The company said its revenue had declined 13.3 percent to $2.254 billion in the first quarter.  The pinch was felt especially hard in Las Vegas where these numbers were 20.5 percent (down to $686.4 million) while cash flow fell 27.9 percent to $198.6 million. 

Submitted by C Costigan on, Apr/28/2009

Gambling911.com Abruptly Scraps Plans to Attend 2009 WSOP

In a sign of the worsening economy, Gambling911.com, one of the top 10 most read poker news sites, has decided to scrap all plans to attend this year's World Series of Poker (WSOP). 

Submitted by Guest on, Apr/27/2009

Richard Branson is Losing £171,233 an Hour

Billionaire business tycoon is losing £171,233 an hour according to a report filed by the News of the World on Sunday.  This was equivalent to £1.5 billion.  He's now down to his last £1.2bill

Submitted by Jagajeet Chiba on, Apr/26/2009

Marijuana, Online Gambling Good: Personal Financial Management Bad

If Congressman Barney Frank had his way, online gambling and marijuana would be legalized.  However, he would not allow personal freedoms when it comes to one's own financial decisions.

Submitted by C Costigan on, Apr/24/2009

Recession Forces Mainstream Media to Reconsider Online Poker Stance

With an understanding that online poker, casinos and sports betting take in several billion a year, mainstream media outlets once opposed to advertising with related venues are now beginning to und

Submitted by C Costigan on, Apr/23/2009

Recession Hits the Mafia

The current economic downturn seems to be having an adverse effect on every industry whether legitimate or not-so-legitimate.  Case in point:  The Japanese Mafia is being hurt by the recession.

Submitted by Jagajeet Chiba on, Apr/20/2009

Recession Casualty: Elvis Evicted From Las Vegas

The recession is hitting many people and places hard.  Las Vegas is among the hardest hit and this week came the shocking news that Elvis Presley (a Vegas icon for years) is now being evicted.

According to the Las Vegas Review Journal, a group of investors who had planned on creating a $475 million Elvis Presley-themed resort on the Strip could be forced to sell the property.  The reason: 

Submitted by Jagajeet Chiba on, Apr/17/2009

Recession Has Little Impact On 2009 US Masters Betting

As with the Super Bowl, Oscars and NCAA Men's Basketball Tournament, traffic results from Gambling911.com once again indicate that a major sporting event has shattered all betting records.  This t

Submitted by C Costigan on, Apr/12/2009

If Vegas Project Fails It Will Be Like Pearl Harbor

LAS VEGAS (Reuters) - It was conceived as the centerpiece of a thriving Las Vegas -- one of the world's most expensive building projects that would bring back glamour to the Strip and cap an unprec

Submitted by C Costigan on, Apr/10/2009

Allen Stanford Expects to be Indicted in Two Weeks

International financier and Antigua's biggest banker, Allen Stanford, said in an interview Monday that he anticipates being indicted within the next two weeks.  Stanford cried, denied and threaten

Submitted by Jagajeet Chiba on, Apr/06/2009

World Series of Poker Sponsor Harrah's Cash Flow a Problem

Earlier in the week, Gambling911.com reported on how MGM was in serious financial peril.  Now comes word that World Series of Poker sponsor, Harrah's, may not be able to fund its debt. 

Submitted by Jagajeet Chiba on, Mar/19/2009

MGM Casinos To Go Bankrupt?

Despite winning a two month reprieve to restructure debts, auditors raised 'substantial doubt' in whether MGM Mirage could continue operations.

Submitted by Payton on, Mar/17/2009

Switzerland and Other Tax Havens Under Intense Scrutiny

(Reuters) - Switzerland, Austria and Luxembourg all sought ways on Friday to fend off a global crackdown on tax evasion by making concessions on bank secrecy.

Submitted by Guest on, Mar/13/2009

Allen Stanford Booted Off Billionaire List

Allen Stanford, All Stanford, the Texan accused of an $8 billion fraud by U.S.

Submitted by Jagajeet Chiba on, Mar/11/2009

Las Vegas Economy: Total Train Wreck

The effects of a bad economy are hitting Las Vegas like a multi-pronged attack. As people find their disposable income dwindling, tourism and gambling are at an all time low in Sin City.

Submitted by Payton on, Mar/11/2009

Credit Card Fraud an Obvious Problem in Costa Rica

Bookmakers, employees...and yes, tourists....beware.  Credit card fraud is a very serious problem in the world's epicenter of online gambling.

Submitted by C Costigan on, Mar/10/2009

Credit Default Swaps Were The Worst Form of Gambling From Wall Street

In an interesting piece appearing in Market Oracle, that site pretty much makes it clear that Wall Street was gambling when it came to those so-called Credit Default Swaps:

Submitted by C Costigan on, Mar/09/2009

Unemployment Rate To Go Above 9 Percent This Year Say Gamblers

The online prediction markets are saying that unemployment in the United States could go above a staggering 9 percent by year's end. 

Submitted by Jagajeet Chiba on, Mar/08/2009

My Thoughts on Casino Mogul James Packer

Media Man, Greg Tingle, has provided Gambling911.com with a few thoughts related to Australian casino maestro James Packer.   Mr.

Submitted by Guest on, Mar/07/2009

Former Billabong CEO Matthew Perrin Racked Up $1.7 Mil Gambling Debts

Billabong Chief Executive, Matthew Perrin, has left a trail of $28.2 million in unpaid bills to 20 unsecured creditors, according to a bankruptcy filing this week.

The lawyer-turned Web entrepreneur reported racked up over $1.7 million in gambling debts according to The Sydney Morning Herald.   His debts include those to Centrebet boss, Con Kafataris ($300,000) and a Flemington bookie, Frank Hudson ($160,000). 

Perrin has been in financial distress before, according to the Herald.  Ultimately he paid back his debts.

Submitted by Jagajeet Chiba on, Mar/05/2009

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