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Casinos and Gaming

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  • SEOUL/ HONG KONG, May 5- The dealing rooms of Seoul's foreigners-only casinos are echoing to the sound of Mandarin as operators target a new breed of' low-roller' gamblers- Chinese shoppers. In places like Paradise Walkerhill in Seoul, Paradise Co Ltd, South Korea's biggest casino firm, is targeting people like Chen Jie Yi, a 27- year-old from Beijing on a recent tour...

  • NEW YORK— Pinnacle Entertainment, which is in process of splitting into two companies, confirmed Monday that it is in talks to sell its real estate assets to Gaming and Leisure Properties Inc.. In March, casino property owner Gaming and Leisure Properties publicly announced that it offered to buy Pinnacle's real estate assets in a deal it valued at $4.1 billion,...

  • HARTFORD, Conn.— A casino proposed in a joint venture between the Mohegan Sun and Foxwoods Resort Casino will take customers away from their own Connecticut businesses, an operator of one of the tribal casinos said Monday. But it's preferable to losing business to Massachusetts, said Robert Soper, head of the parent company of the Mohegan Sun casinos in...

  • HONG KONG, May 4- Macau casino stocks have lost as much as half their value over the past year as China's anti-corruption crackdown scares away wealthy VIP punters, but some investors say their faith in long-term gambling demand from the mainland remains unshaken. Industry moguls like Wynn Resorts' Steve Wynn and Las Vegas Sands' Sheldon Adelson have noted the...

  • Macau casino stocks have sunk over the past year because of China's anti-graft crackdown, but some investors hold faith in long-term gambling demand.

  • HONG KONG, May 4- Macau casino stocks have lost as much as half their value over the past year as China's anti-corruption crackdown scares away wealthy VIP punters, but some investors say their faith in long-term gambling demand from the mainland remains unshaken. Industry moguls like Wynn Resorts' Steve Wynn and Las Vegas Sands' Sheldon Adelson have noted the...

  • ATLANTIC CITY, N.J.— The CEO of the co-owner of the Borgata Hotel Casino& Spa says Atlantic City's rash of casino closings last year actually helped stabilize the seaside gambling market. Boyd Gaming CEO Keith Smith says the closure of four of Atlantic City's 12 casinos last year helped the eight surviving ones. During an earnings conference call Thursday, he said...

  • Overhyped? Mayweather-Pacquiao loses some steam Friday, 1 May 2015 | 11:39 AM ET
    Workers install signs for an upcoming bout at the MGM Grand Garden Arena, April 27, 2015, in Las Vegas. Floyd Mayweather Jr. and Manny Pacquiao are scheduled to fight May 2.

    Sky-high ticket prices and hotel room rates are starting to come down, though they remain inflated beyond anything Vegas has ever seen.

  • Boyd beats Street 1Q forecasts Thursday, 30 Apr 2015 | 5:09 PM ET

    LAS VEGAS _ Boyd Gaming Corp. on Thursday reported first-quarter net income of $35.1 million, after reporting a loss in the same period a year earlier. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 10 cents per share. Seven analysts surveyed by Zacks expected $549.5 million.

  • NEW YORK— A $126 million investment from a Chinese gaming company sent shares of Glu Mobile soaring almost 30 percent before the opening bell Thursday. Tencent Holdings Ltd., based in Shenzhen, a booming city that borders Hong Kong, acquired 21 million shares at $6 each. With Tencent's backing, it appears that Glu is going to broaden its presence in China, said...

  • Steve Wynn's stack on chips   Thursday, 30 Apr 2015 | 6:19 AM ET
    Steve Wynn's stack on chips

    CNBC's Eunice Yoon sits down with Steve Wynn of Wynn Resorts, to discuss the state of Macau, growth in Las Vegas, and the public dispute over the removal of his ex-wife from the board.

  • CHICAGO, April 29- A judge on Wednesday allowed the operating unit of Caesars Entertainment Corp to control its bankruptcy for another month, as creditors try to reach common ground with a court-appointed investigator probing the company's pre-bankruptcy dealings. An independent examiner has been tapped to investigate whether the company's equity...

  • US STOCKS-Wall St ends down after Fed statement, GDP data Wednesday, 29 Apr 2015 | 4:32 PM ET

    "We all know the Fed would love to start normalizing rates, but the simple fact is, the data does not warrant that action right now," said Wayne Kaufman, chief market analyst at Phoenix Financial Services in New York. Insurer Humana's shares fell 7.2 percent to $168.05, the second-biggest loser on the S&P 500, after results missed forecasts. Shares of rivals also fell,...

  • ATLANTIC CITY, N.J.— The power is back on at Atlantic City's former Revel casino, but when it will re-open— and whether it will even still be a casino— remains up in the air. New owner Glenn Straub said electricity was restored to the Boardwalk resort at 8 a.m. Tuesday. Atlantic City had been fining Straub $5,000 for each day the systems were inoperative.

  • Tropicana Las Vegas hotel and casino to be sold for $360M Wednesday, 29 Apr 2015 | 8:51 AM ET

    LAS VEGAS— Penn National Gaming spent years shopping for a Vegas Strip property and it has finally found one. The company announced Wednesday that it is buying the 58- year-old Tropicana Las Vegas, paying $360 million to shareholders including private equity firm Onex Corp.. Onex spent the past four years giving the Tropicana a $200 million face-lift after...

  • CONCORD, N.H.— The New Hampshire House once again rejected casino gambling on Wednesday, voting down a proposal that would have legalized two venues that supporters said would have provided badly needed revenue. "Casino gambling will not be an asset to New Hampshire," Democratic Rep. "All New Hampshire can expect are hometown convenience casinos that pull money...

  • Turnaround for Macau gaming sector? Not yet: Pro   Tuesday, 28 Apr 2015 | 11:35 PM ET
    Turnaround for Macau gaming sector? Not yet: Pro

    Jackson Wong, associate director at United Simsen Securities, says Macau's gaming revenue will remain in a downtrend, but investors who are holding on to related stocks should wait it out.

  • Derby tickets feeling no pain from big fight Tuesday, 28 Apr 2015 | 4:52 PM ET
    Churchill Downs

    Sharing the spotlight with other marquee sorting events, including boxing's biggest fight in years, have not hurt Kentucky Derby ticket prices.

  • Wynn reports 1Q loss Tuesday, 28 Apr 2015 | 4:27 PM ET

    LAS VEGAS _ Wynn Resorts Ltd. on Tuesday reported a first-quarter loss of $44.6 million, after reporting a profit in the same period a year earlier. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.34 per share. Eight analysts surveyed by Zacks expected $1.21 billion.

  • Mohegan Sun casinos report boost in 2nd-quarter profit Tuesday, 28 Apr 2015 | 10:02 AM ET

    HARTFORD, Conn.— The parent company of the Mohegan Sun casinos in Connecticut and Pennsylvania reported a strong second quarter Tuesday, as revenue dropped only slightly while profit jumped 56 percent on increased table game popularity and reduced expenses since Mohegan Sun no longer is seeking a Massachusetts casino license after being rebuffed.