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Casinos and Gaming

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  • Bankruptcy wrangling for ex-Trump, Revel casinos Tuesday, 25 Nov 2014 | 12:32 PM ET

    ATLANTIC CITY, N.J.— Some of the hottest action in Atlantic City involves closed casinos in bankruptcy court, where Donald Trump is trying to recoup rent he paid on a driveway and the city is fighting to collect more than $50 million in unpaid taxes. Despite maintaining that a division of Trump Entertainment Resorts— the company he once ran but no longer has...

  • Revel fights city's collection of back taxes Tuesday, 25 Nov 2014 | 11:28 AM ET

    ATLANTIC CITY, N.J.— The former Revel Casino Hotel is trying to block Atlantic City from collecting $32 million in unpaid property taxes. The owners of the former Atlantic City casino, which closed on Sept. 2, filed an appeal Monday of a bankruptcy court order letting Atlantic City hold a tax sale of the unpaid debt. Complicating things is the fact that a deal to sell...

  • Investors seek to develop Kansas casino Tuesday, 25 Nov 2014 | 9:44 AM ET

    WICHITA, Kan.— A collection of Kansas investors proposed on Monday building a $130 million casino in southeast Kansas' Cherokee County, becoming the third such group to express an interest in vying for the state's last remaining casino license. Casinos were built in three zones: the Boot Hill Casino in Dodge City; Kansas Star Casino in Mulvane; and Hollywood Casino...

  • Atlantic City casino profits up in 3rd quarter Monday, 24 Nov 2014 | 3:26 PM ET

    ATLANTIC CITY, New Jersey— Atlantic City's casino industry saw its operating profits rise in the third quarter of this year, helped by Internet gambling money and the absence of large losses racked up last year by weaker casinos. The eight casinos currently operating in Atlantic City posted a gross operating profit of $152.3 million in the third quarter, an...

  • New York casino decision expected Dec. 17 Monday, 24 Nov 2014 | 2:06 PM ET

    ALBANY, N.Y.— A decision on where up to four casinos will be located in upstate New York is expected to be announced Dec. 17. New York State Gaming Commission Executive Director Robert Williams announced plans for the meeting Monday during a meeting of the commission. Up to four casino licenses are set to be awarded for three different upstate regions: the Albany-...

  • MGM meeting with Springfield Council on casino Monday, 24 Nov 2014 | 8:23 AM ET

    BOSTON— MGM Resorts will take two key steps on Monday as it seeks to break ground in 2015 on an $800 million casino in Springfield that's being billed as the largest single development in western Massachusetts history. It's the first formal meeting on the project since voters statewide overwhelmingly rejected a Nov. 4 ballot question to repeal the state's...

  • Korea holds winning hand as Japan gambling bill dies Sunday, 23 Nov 2014 | 6:14 PM ET
    Hanging above the "Center Bar," a Pepsi-branded LED display with 2.1 million pixels.

    South Korea looks like the consolation prize as Japan's $15 billion casino dream fades.

  • TOKYO/ SEOUL, Nov 24- South Korea looks like the consolation prize as Japan's $15 billion casino dream fades, a setback for companies such as Las Vegas Sands Corp that envisioned a new gaming hub rivalling Las Vegas in 2020.. Japan is seen as the biggest unclaimed prize, a market that research firm Union Gaming estimated would generate $15 billion in annual...

  • California Indian casinos embroiled in turmoil Saturday, 22 Nov 2014 | 10:57 AM ET

    COARSEGOLD, Calif.— When it comes to controlling California's flashy Las Vegas-style casinos, the stakes are enormous for tribes who own the gambling operations that collectively generate billions of dollars a year to sustain Native Americans up and down the state. The National Indian Gaming Commission, which regulates Indian casinos, and a federal judge...

  • Regulators set deadlines for final casino license Friday, 21 Nov 2014 | 1:42 PM ET

    BOSTON— Gambling regulators have set new application deadlines for Massachusetts' third and final resort casino license. The Massachusetts Gaming Commission announced Friday that initial applications for the southeastern region, which is centered on Fall River and New Bedford, will be due Jan. 30. To date, the commission has received just one initial...

  • Mohegan Sun chief executive set to retire in 2015 Friday, 21 Nov 2014 | 5:31 AM ET

    UNCASVILLE, Conn.— Mitchell Etess, chief executive of the Mohegan Tribal Gaming Authority, says he plans to retire next year, but will stay on in a transition. He said he'll remain with the parent company of the Mohegan Sun casinos in Connecticut and Pennsylvania beyond the end of his contract on June 30, 2015. The Mohegan Sun failed to get a foothold in Massachusetts...

  • SHANGHAI, Nov 21- Hong Kong shares snapped a four-day losing streak on Friday as profit-taking pressure eased, but ended lower on the week despite the highly-touted launch of a landmark link between the Hong Kong and Shanghai exchanges. The Hang Seng Index unofficially closed up 0.4 percent at 23,437.12 points. Mainland China investors' interest in Hong Kong...

  • New York casino board meets as decision nears Friday, 21 Nov 2014 | 3:01 AM ET

    ALBANY, N.Y.— The decision on where to build casinos in upstate New York will make some developers very happy. "Sometimes silence is golden," said Michael Smith, part of a team pitching a casino at the former Nevele Resort in the Catskills. Voters last year authorized up to four upstate casinos, to be divided between three regions: the Albany- Saratoga area, the Southern...

  • Nov 20- Casino operator Wynn Resorts Ltd said it was not aware of any investigation after the Wall Street Journal reported that the company is being probed by U.S. federal authorities for possible violation of money-laundering laws. The Internal Revenue Service sent a letter to Wynn's outside lawyer Donald Campbell requesting information on the company's...

  • Nov 20- Casino operator Wynn Resorts Ltd is being probed by U.S. federal authorities for possible violation of money-laundering laws, the Wall Street Journal reported. Wynn Resorts did not immediately respond to a request for comment. Other casino operators including Las Vegas Sands Corp. and Caesars Entertainment Corp. have also faced federal...

  • Wynn investigated for possible laundering: DJ Thursday, 20 Nov 2014 | 3:41 PM ET
    Wynn Macau casino resort, operated by Wynn Resorts, in Macau, China.

    Wynn Resorts is under investigation for potential money-laundering law violations, according to a new report from Dow Jones.

  • Wynn Resorts probed on money laundering: DJ     Thursday, 20 Nov 2014 | 3:34 PM ET

    Dow Jones is reporting that Wynn Resorts is being investigated by the U.S. Attorney's office, the IRS and the DEA for possible money laundering. Insight into the investigation, with CNBC's Jane Wells.

  • Fed reviews bank examination program     Thursday, 20 Nov 2014 | 3:14 PM ET

    CNBC's Hampton Pearson reports the Federal Reserve is announcing two separate actions looking at its bank examination program.

  • Casinos push back on Massachusetts gambling limits Thursday, 20 Nov 2014 | 1:08 PM ET

    BOSTON— In a rarely used tactic meant to address gambling addiction, Massachusetts may require casinos to reward their customers for voluntarily setting limits on how much time and money they spend at slot machines under a proposal being considered by state gambling regulators. But the state's recently licensed casino companies— Wynn Resorts, MGM Resorts...

  • Mohegan Sun posts 4Q revenue slide, profit rise Thursday, 20 Nov 2014 | 12:45 PM ET

    HARTFORD, Conn.— Fourth-quarter revenue at the parent company of the Mohegan Sun casinos in Connecticut and Pennsylvania fell from the same period last year, but profit jumped significantly on cost-cutting, the casino operator announced Thursday. The Mohegan Sun in Connecticut and its neighbor, Foxwoods Resort Casino, have faced steadily falling revenue as...