The Horseshoe Casino Baltimore has boosted statewide commerce by $461 million since last August, with 83% of that spent in Baltimore's city limits, according to an economic impact study by Sage Policy Group. Despite falling short of optimistic revenue predictions, the casino contributed $16.6 million in state and city taxes during its first year of operations.
Sheldon Adelson, CEO of Las Vegas Sands, said he expects the company to weather the downturn in Macau that has socked the industry. By aiming for the convention and exhibition markets as well as the standard gaming market, Sands is better situated to handle the ups and downs, Adelson said.
GVC is prepared for battle in its bidding war with 888 over Bwin.party. Approaching Bwin shareholders directly with an offer remains an option, said GVC chairman Lee Feldman, but GVC first will try to convince Bwin's board that its latest offer is better than 888's.
The Graton Resort & Casino in Sonoma County, Calif., broke ground on a $175 million expansion Wednesday. The project will add a hotel, meeting space, spa, pool and other amenities to the casino, which is managed by Station Casinos on behalf of the Federated Indians of the Graton Rancheria.
Karen Tang, an analyst for Deutsche Bank, believes most analysts are way off base in their belief that Macau casinos will rebound in 2016. She predicts a 7% decline in gross gaming revenue next year, while others project an increase of 8 to 15%.
D'Iberville, Miss., plans to provide tax-increment financing bonds to support infrastructure costs for the Scarlet Pearl Casino. Mayor Rusty Quave said the city likely will need to offer only between $7 million and $10 million in bonds, but the city council is willing to issue up to $14 million. The casino is due to open later this year.
Caesars Entertainment reported a July profit of $29.1 million for Caesars Entertainment Operating Co., a division of the company that filed for bankruptcy in January. Caesars is attempting to convert the division into a real estate investment trust as part of its bankruptcy proceedings.
The Riviera casino on the Las Vegas Strip closed its doors in May, but its sign continues to shine at the Neon Museum. "Everyone was very respectful to the legacy of the Riviera and making sure we were able to celebrate it. That rarely happens," said Danielle Kelly, executive director of the museum.
Las Vegas Sands captured 25.3% of the gross gambling revenue in Macau in August, slightly higher than July's 23.8%, as it continued its run as the leader in the struggling market. SJM Holdings moved up to second with 21.9%, and Galaxy Entertainment fell to third with 21.3%.
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