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Casinos and Gaming

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  • TOKYO, Oct 20- Japan's plan to legalize casino gambling has likely been delayed again, a senior official said on Monday, dealing a further political blow to Prime Minister Shinzo Abe. Casino operators including Las Vegas Sands, Genting Singapore, MGM Resorts and Melco Crown Entertainment are waiting in the wings as potential investors in what analysts say is one...

  • As debt mounts, Caesars in talks with lenders Friday, 17 Oct 2014 | 6:29 PM ET

    LAS VEGAS— Caesars Entertainment said Friday it is prepared to start formal discussions with some of its bank lenders as it works to reduce its debt and stave off what some see as near certain bankruptcy. In recent years the company has spun off multiple divisions in an attempt to shape up its finances, including Caesars Entertainment Resort Properties and...

  • A federal judge has voided the union contract for the Trump Taj Mahal in Atlantic City. CNBC's Morgan Brennan reports the details.

  • Judge voids union contract with Trump Taj Mahal Friday, 17 Oct 2014 | 3:07 PM ET
    The Trump Taj Mahal in Atlantic City, N.J.

    A federal bankruptcy court judge voided a union contract with Atlantic City's Trump Taj Mahal Casino Resort on Friday.

  • Crucial ruling due on Taj Mahal casino's future Friday, 17 Oct 2014 | 8:20 AM ET
    The Trump Taj Mahal in Atlantic City, N.J.

    A bankruptcy court judge will issue what the owners of Atlantic City's Trump Taj Mahal Casino Resort consider a life-or-death decision for the casino.

  • Hong Kong shares rise, helped by gains for casinos Friday, 17 Oct 2014 | 4:12 AM ET

    SHANGHAI, Oct 17- Hong Kong shares finished higher on Friday, lifted by signs of recovery in overseas markets and a good earnings report from one casino that lifted stocks in that sector. The Hang Seng Index closed up 0.5 percent at 23,023.21 points. The China Enterprises Index of the leading offshore Chinese listings in Hong Kong also rose 0.5 percent.

  • Judge voids Taj Mahal casino union contract Friday, 17 Oct 2014 | 2:07 AM ET

    ATLANTIC CITY, N.J.— The Trump Taj Mahal Casino Resort may survive after all, but it's likely to do so with angry employees. A federal bankruptcy judge in Delaware on Friday voided the struggling casino's contract with its union workers, giving owner Trump Entertainment Resorts a big part of its plan to keep the casino open and save its 3,000 jobs.

  • BOSTON, Oct 16- Some of Wall Street's biggest names are licking their wounds as October lives up to its reputation as one of the market's roughest months. Morgan Stanley strategists said this week that their model portfolio through Monday had trailed the S&P by 3.6 percentage points due to bad bets on technology stocks, including GT Advanced Technologies, the...

  • Are big buybacks a smart bet by Las Vegas Sands?     Wednesday, 15 Oct 2014 | 9:34 PM ET

    Jonathan Galaviz, Partner at Global Market Advisors, explains why Las Vegas Sands raised its repurchase program by $2 billion after a worse-than-expected third quarter earnings.

  • Las Vegas Sands 3Q revenue drops, profit grows Wednesday, 15 Oct 2014 | 4:54 PM ET

    LAS VEGAS— International gambling destination Macau continued to pose a challenge for casino giant Las Vegas Sands Corp. in the third quarter. Sheldon Adelson, the company's CEO and chairman, remained bullish on Macau and expansions into other Asian gambling markets during a conference call with investors and analysts Wednesday. But the win-rate at the Las...

  • Las Vegas Sands meets 3Q profit forecasts Wednesday, 15 Oct 2014 | 4:15 PM ET

    LAS VEGAS _ Las Vegas Sands Corp. on Wednesday reported third-quarter net income of $671.7 million. The average estimate of analysts surveyed by Zacks Investment Research was also for earnings of 84 cents per share. Analysts expected $3.67 billion, according to Zacks.

  • Atlantic City casino closings hurt revenue toll Wednesday, 15 Oct 2014 | 2:15 PM ET

    ATLANTIC CITY, N.J.— The loss of four casinos began to show up in Atlantic City's gambling revenues in September, which were nearly 13 percent less than they were a year ago before the lights started going out. Figures released from the state Division of Gaming Enforcement show the casinos took in $147.8 million at the slot machines, down 16.6 percent from a year ago,...

  • Parent company Trump Entertainment Resorts Inc has said trimming $14.6 million from its annual union pension and healthcare costs is key to save the casino from becoming the fifth to close this year in the seaside resort. Atlantic City has lost thousands of jobs this year and Trump Entertainment has warned it could be forced to begin winding down the Taj Mahal...

  • How 'triad' gangs fit in with Hong Kong protests Tuesday, 14 Oct 2014 | 3:27 PM ET

    Some experts say the Chinese underworld gangs' far-flung business ventures make any motives for attacking pro-democracy demonstrators unclear.

  • California casino is closed after armed standoff Saturday, 11 Oct 2014 | 2:12 PM ET

    COARSEGOLD, Calif.— A federal judge closed a Central California casino after an armed showdown between tribal factions caused many gamblers to flee with chips left on the tables. District Judge Lawrence O'Neill, acting on an emergency request by the state attorney general, set no date for the possible reopening of the Chukchansi Gold Resort& Casino in...

  • How to get the vapors when you're on vacation Saturday, 11 Oct 2014 | 11:00 AM ET
    A man smokes an electronic cigarette in Miami.

    E-cig consumption is on track to pass regular cigarettes in a decade, but for now, rules on where you can smoke are often unclear.

  • Icahn: Senate leader 'selling out' Atlantic City Friday, 10 Oct 2014 | 12:10 PM ET

    ATLANTIC CITY, N.J.— Carl Icahn accused New Jersey's Senate president of "selling out" Atlantic City by considering casinos near New York City, while the legislative leader said the state wouldn't give the billionaire investor the tax breaks he is seeking. Icahn said Sweeney, who is also a union leader, "is selling out Atlantic City" by publicly considering...

  • Union blocks traffic to protest casino givebacks Wednesday, 8 Oct 2014 | 2:26 PM ET

    Trump Entertainment Resorts is threatening to close the Taj Mahal on Nov. 13 unless the union agrees to give up its pension plan and health insurance, the city drastically reduces its tax assessment, and state government contributes $25 million in aid. The company asked billionaire investor Carl Icahn to take it over by converting its debt into ownership, and...

  • Wynn land owner pleads not guilty to fraud charges Tuesday, 7 Oct 2014 | 3:54 PM ET

    BOSTON— An owner of the land that Wynn Resorts is developing into a $1.6 billion casino pleaded not guilty Tuesday to federal wire fraud charges in connection with the land deal. Lightbody and two partners— Dustin DeNunzio and Anthony Gattineri— are accused of trying to conceal the fact that he would be profiting from the multimillion-dollar land deal as a part...

  • Young gamblers want skill with their slot machines Tuesday, 7 Oct 2014 | 3:35 PM ET

    LAS VEGAS— With the gambling industry anxious to attract younger players, some slot machine makers are looking to challenge the generation raised on video games. Players in the United Kingdom will soon get a chance to make real wagers after sinking a battleship, knocking a character off a perch, or playing a word worth a triple-word score. At a recent convention of...