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Tilman Fertitta to take Caesars private in $17.6 billion leisure expansion
business6 hours ago

Tilman Fertitta to take Caesars private in $17.6 billion leisure expansion

Tilman Fertitta’s Fertitta Entertainment agreed to acquire Caesars Entertainment for about $17.6 billion, taking it private with roughly $11.9 billion in debt and offering $31 per share—a ~50% premium. Fertitta, who owns Golden Nugget properties and the Houston Rockets, has pursued Caesars for years; the deal follows Caesars’ 2020 merger with Eldorado and would consolidate a major U.S. casino operator as it contends with Las Vegas visitation declines and growing online-gambling competition.

via CNBC|
#business#casinos#gaming
NYC Approves First Three Las Vegas-Style Casinos for Spring Opening
business5 months ago

NYC Approves First Three Las Vegas-Style Casinos for Spring Opening

New York City has awarded licenses to three Las Vegas-style casinos at sites near Queens, the Bronx, and JFK Airport, promising job creation and revenue, despite opposition over gambling addiction concerns. The projects include plans by Hard Rock, Bally’s, and Resorts World, with estimated combined revenues of $7 billion from 2027 to 2036, and potential financial gains for the Trump Organization.

via ABC News|
#business#casinos#economic-impact
Alleged Poker Scammers Use Mini Cameras to Cheat
crime1 year ago

Alleged Poker Scammers Use Mini Cameras to Cheat

Professional poker player Matt Berkey suspects a new cheating scheme involving hidden cameras and earpieces in high-stakes poker games. Players allegedly use tiny cameras to capture card faces and transmit the information to an accomplice, who relays it back to the player via an earpiece. A recent case in France confirmed the use of such technology, raising concerns about its prevalence in casinos worldwide. The poker community and casinos are now considering measures like retraining dealers and banning devices on tables to combat this sophisticated form of cheating.

via WIRED|
#casinos#cheating#crime
2023: Record-Breaking Year for U.S. Gambling Industry
business-entertainment2 years ago

2023: Record-Breaking Year for U.S. Gambling Industry

U.S. commercial casinos had their best year ever in 2023, winning $66.5 billion from gamblers, a 10% increase from 2022, despite concerns about inflation. Total casino gambling revenue, including tribal-owned casinos, is expected to reach close to $110 billion. Sports betting saw a significant increase, generating $10.92 billion in revenue, with five new markets contributing to the growth. Internet gambling also surged, reaching $6.17 billion in revenue. Despite some declines in a few states, 31 out of 35 states with commercial casinos saw revenue increase.

via ABC News|
#american-gaming-association#business-entertainment#casinos
"Inside Scoop: Reddit Reveals Casino's Behind-the-Scenes Secrets"
society2 years ago

"Inside Scoop: Reddit Reveals Casino's Behind-the-Scenes Secrets"

A Reddit thread asked people to share hidden secrets about casinos, revealing stories such as staff mistaking sleeping patrons for dead bodies, children left alone while their parents gamble, unclaimed millions of dollars, secret basement areas, elderly gamblers refusing to leave their machines, suicides being covered up, private areas for VIPs, superstitious practices, manipulative tactics like scents and temperature control, strict employee regulations, and homeless people living in unused areas of casinos.

via BuzzFeed|
#behind-the-scenes#casinos#gambling
Detroit Casino Strike: Revenue Losses and Prolonged Labor Disputes Plague Entertainment Centers
business2 years ago

Detroit Casino Strike: Revenue Losses and Prolonged Labor Disputes Plague Entertainment Centers

Detroit's three casinos, MGM Grand Detroit, MotorCity Casino, and Hollywood Casino at Greektown, are experiencing temporary closures and revenue losses due to a strike by 3,700 members of the Detroit Casino Council. Valet parking services are unavailable, and certain amenities such as high limit table games and spa services are also affected. The casinos have reported revenue losses ranging from $5 million to $7 million for October. The striking workers are demanding better healthcare, wages, job security, and fair workload. Despite the toll of the month-long strike, the workers remain determined to continue until their demands are met.

via FOX 2 Detroit|
#business#casinos#detroit
business2 years ago

Donald Trump's Failed Business Ventures: From Atlantic City Casinos to Epic Failures

Donald Trump's foray into the Atlantic City casino industry during the 1980s initially positioned him as a major player, but the landscape shifted with the legalization of gambling in other states, leading to a decline in Atlantic City's monopoly. Trump's casinos faced financial challenges due to their heavy reliance on debt and seasonal fluctuations in tourism. Multiple bankruptcy filings followed, but Trump managed to negotiate deals with creditors to preserve his personal wealth. Despite the failures, Trump has highlighted the personal gains he secured from these ventures, defending his business record. The recent demolition of the Trump Plaza Hotel and Casino symbolizes the end of his tumultuous journey in the casino business. As Trump faces legal challenges, his business legacy is under scrutiny, potentially impacting his broader business empire.

via Yahoo Finance|
#atlantic-city#bankruptcy#business
Seminole Tribe Set to Launch Sports Betting and Casino Games in Florida
sportsgambling2 years ago

Seminole Tribe Set to Launch Sports Betting and Casino Games in Florida

The Seminole Tribe of Florida will introduce in-person sports betting, craps, and roulette at all six of its casinos starting in December, following the lifting of a stay by the U.S. Supreme Court. The launch will be celebrated throughout the month, with South Florida's locations being the first to offer these games. The Seminole Tribe's initiative is expected to create jobs, boost tourism, and generate significant revenue for the state. However, there are ongoing legal challenges against the gaming compact and sports betting, including the issue of online sports betting.

via South Florida Sun Sentinel|
#casinos#florida#gaming-compact
Overwhelming Majority of Detroit Casino Workers Vote to Strike
labor-relations2 years ago

Overwhelming Majority of Detroit Casino Workers Vote to Strike

Detroit casino workers, represented by Teamsters Local 1038 and four other unions, have voted overwhelmingly to authorize a strike if fair contracts are not reached by the October 16 deadline. The workers are demanding wage increases, retirement security, and protections against technology implementation. The strike authorization sends a message to the casinos that the workers deserve to share in the industry's profits, which have reached record levels following the pandemic.

via International Brotherhood of Teamsters|
#casinos#detroit#fair-contracts
Cyberattacks and Chaos: Las Vegas Casinos Fall Victim to Hackers
cybersecurity2 years ago

Cyberattacks and Chaos: Las Vegas Casinos Fall Victim to Hackers

Cybercriminals are increasingly targeting casinos through social engineering, exploiting vulnerabilities in their systems by deceiving employees into divulging information or allowing access. The recent cyberattack on MGM Resorts International and the reported ransomware attack on Caesars Entertainment highlight the evolving tactics used by hackers. Experts emphasize the need for companies and government agencies to be vigilant against social engineering and to constantly evolve their security systems to combat cyber threats.

via Las Vegas Review-Journal|
#casinos#cyberattacks#cybersecurity
'ChiefsAholic' Superfan Faces New Charges in Bank Robbery Spree
crime2 years ago

'ChiefsAholic' Superfan Faces New Charges in Bank Robbery Spree

Xaviar Michael Babudar, also known as "ChiefsAholic," has been indicted by a federal grand jury on multiple charges including armed bank robbery, bank theft, money laundering, and transporting stolen property across state lines. Babudar, a Kansas City Chiefs superfan, allegedly committed a string of bank and credit union robberies to fund his attendance at Chiefs games. He laundered the stolen money through area casinos and placed bets on Chiefs games. Babudar was arrested in Sacramento after evading law enforcement and remains in federal custody without bond. Investigators are reviewing bank records and casino transactions to uncover the extent of his criminal activities.

via WDAF FOX4 Kansas City|
#arrest#bank-robberies#casinos
Las Vegas Casinos: Gamblers Paying More, Winning Less.
business3 years ago

Las Vegas Casinos: Gamblers Paying More, Winning Less.

Las Vegas casinos are increasing minimum bets and decreasing payouts for blackjack players, while making roulette bets riskier, in an effort to attract "higher value customers," according to The Wall Street Journal. Losses for blackjack players on the Strip reached nearly $1 billion in 2022, the highest since 2007. Over two-thirds of blackjack tables on the Strip have shifted from 3:2 payouts to 6:5, and a triple-zero iteration of roulette favors the house rather than the gambler.

via Business Insider|
#blackjack#business#casinos
Las Vegas Casinos See Record High Wagers Despite Increasing Losses.
business3 years ago

Las Vegas Casinos See Record High Wagers Despite Increasing Losses.

Gamblers are wagering more than ever in Las Vegas as casinos increase odds and reduce payouts in some of the most popular games. Blackjack losses on the Strip were nearly $1 billion last year, according to official figures. Casinos bosses are trying to lure in higher value players, as changes to odds, payouts and minimum bets price out gamblers with less cash to wager. The changes come as the overall price of a vacation to Las Vegas increases, with costs at hotels and restaurants also on the rise.

via Daily Mail|
#blackjack#business#casinos