Fri, Feb. 13, 1:23 PM
- The Borgata (MGM, BYD) announces it will offer a skills-based basketball competition after landing approval from New Jersey regulators.
- Casino visitors can enter a basketball free-throwing shooting contest in a poker-style tournament that pays off a majority of the pot to the last few survivors.
- The contest is even open to professionals.
- The development in Atlantic City follows news from earlier this week on pending legislation in Nevada proposing to allow video game contests in casinos.
- What to watch: An apathetic attitude by millennials toward slot machines and video poker is partially behind the innovation push in the casino sector.
- Related stocks: CZR, WYNN, SGMS, ISLE, PNK, PENN, MCRI, CNTY, IGT.
- Related ETF: BJK.
Mon, Feb. 9, 7:21 AM
- A state senate bill floating around in Nevada proposes to allow more games of skill than chance on the floors of casinos in the state.
- A passage of the bill could set off a flood of new casino games based off of popular videogames.
- Videogames at casinos are seen as a way to draw in more of the 75M millennials who as a group have shied away from slot machines and games of blind luck.
- The potential also exists to introduce gambling through apps for games in Nevada and create cash tournaments online.
- Related stocks: LVS ,CZR, BYD, MGM, WYNN, SGMS, ATVI, TTWO, EA.
Thu, Feb. 5, 1:24 PM
- The Restoration of America's Wire Act bill was re-introduced in Congress this week.
- Supporters of the bill, which aims to ban online gambling, are testing the new climate in D.C. with the introduction.
- Nevada, New Jersey, and Delaware are the only states to have established online gambling since the DOJ decision of 2011 on the issue.
- Related stocks: OTCQB:TPCA, PNK, CZR, PENN, LVS, BYD, WYNN, MGM, MCRI, ISLE, CNTY, IGT.
- Related ETFs: BJK
Wed, Feb. 4, 6:19 PM
- Caesars Entertainment (NASDAQ:CZR) selects former Hertz CEO Mark Frissora as its CEO-designate, joining the company immediately in that capacity and fully taking the position on July 1.
- Current CEO Gary Loveman will step down June 30 after 12 years at the helm and remain Chairman; he will continue to oversee the restructuring of the company’s largest division, Caesars Entertainment Operating, which filed for bankruptcy protection last month.
Mon, Feb. 2, 10:46 AM
- Baccarat revenue in Las Vegas fell 11% during Q4 in a trend that is disturbing for casinos in the region.
- Though the house edge on baccarat is lower than some other table games (1.20% vs. 1.58% for Craps), the game is a significant profit driver due to the high stakes played by some Asian tourists.
- Casinos will dial up promotions if the weak high-stakes baccarat traffic continues.
- Previously: Weak report on Las Vegas revenue trips up gaming sector (Jan. 30 2015)
- Las Vegas casino stocks: LVS ,CZR, BYD, MGM, WYNN.
Fri, Jan. 30, 11:19 AM
- A report from the Nevada Gaming Control Board indicates revenue in the state fell 8.08% Y/Y in December.
- Revenue from Las Vegas Strip casinos was off 16% during the month.
- Analysts noted the month posed a tough compare, but were still caught off-guard.
- The negative report appears to be impacting sentiment across the gaming sector, although some other factors are also in play.
- Casino stocks:(CZR -4.4%), (CACQ -4.3%), (ISLE -2.7%), (NYNY -3.9%), (UWN -1.6%), (CNTY -1.8%), (MCRI -2.2%), (CHDN -1.5%), (PNK -0.3%), (MGM -3%), (WYNN -2.5%).
Thu, Jan. 29, 2:45 AM
- Despite ruling that Caesars' (NASDAQ:CZR) bankruptcy case should proceed in Chicago, Judge Kevin Gross had plenty of harsh words to say over the asset transfers that were executed before the casino company’s largest unit was put into bankruptcy.
- The judge described creditors’ allegations as "serious," and that the alleged "series of self-dealing transactions" will be "under a magnifying glass" in Chicago.
Wed, Jan. 28, 11:16 AM| Comment!
Tue, Jan. 27, 3:15 AM
- The casino operating unit of Caesars Entertainment (NASDAQ:CZR) should be allowed to choose where to file for bankruptcy even if it misbehaved, the company's lawyers argued on Monday.
- Creditors have alleged that Caesars looted its operating company of $3.6B in assets, leaving it unable to pay its debts.
- Hoping for a less favorable ruling regarding Caesars' debt-cutting plan, creditors are trying to move the Chicago case to Delaware, where they have attempted to push the company into bankruptcy.
Mon, Jan. 19, 3:23 AM
- A judge dealt Caesars Entertainment’s (NASDAQ:CZR) bankruptcy reorganization a possible fatal blow in ruling that the company violated federal law when it shuffled assets and refinanced debt to protect itself from lower-ranking creditors, Bloomberg reports.
- U.S. District Judge Shira Scheindlin said noteholders' allegations about the transfer of valuable properties away from the unit in August - and the parent’s removal of guarantees for creditors - amount to a violation of the federal Trust Indenture Act of 1939.
- Caesars' operating unit filed for Chapter 11 on Thursday, three days after second-lien noteholders filed an involuntary bankruptcy petition in Delaware.
Fri, Jan. 16, 10:34 AM
- The Pennsylvania Gaming Control Board reports table game revenue rose 15.3% in December and slots saw a 6% jump..
- For the year, PA casinos took in 1.44% less than a year ago despite the December rush.
- The Sands Casino Resort Bethlehem (NYSE:LVS) took in 47% more than a year ago during December, while Harrah's Philadelphia (NASDAQ:CZR) also showed strong growth.
- Previously: Let's talk $2 gas (Nov. 29 2014)
Thu, Jan. 15, 10:17 AM
- Caesars Entertainment (CZR -4.9%) and Caesars Acquisition Company (CACQ -5.3%) are both lower after operating unit Caesars Entertainment Operating Company officially files for bankruptcy.
- A hearing is ongoing in Delaware to see if an involuntary filing case there takes precedence over the company's voluntary filing in Chicago.
- The legal drama doesn't affect the operation of Caesars-owned casinos.
Thu, Jan. 15, 2:55 AM
- Caesars Entertainment (NASDAQ:CZR) has officially put its main operating unit into bankruptcy, setting up a showdown with dissident creditors who filed an involuntary bankruptcy against the unit in Delaware on Monday.
- The bankruptcy plan is opposed by junior noteholders, who are expected to ask to move the Chicago case to the Delaware court, as they will get less than 10% of the $5B they are owed.
- Caesars bankruptcy timeline
Wed, Jan. 14, 11:57 AM
- Caesars Entertainment (CZR -4.2%) is looking to prevent a hearing in Delaware before it files a bankruptcy plan for its main operating unit.
- The bankruptcy battle pits creditors aiming for a involuntary filing in Delaware against the company with its voluntary filing plans to protect its interests.
- What to watch: Though gaming revenue in Las Vegas has picked up, Caesars remains handcuffed by its debt and legal battles. The gaming operator also has a higher exposure to Atlantic City where traffic remains depressed.
- CZR bankruptcy timeline
Tue, Jan. 13, 6:20 PM
- An attorney for Caesars Entertainment (NASDAQ:CZR) will seek to wrap a legal shield around the company after operating unit Caesars Acquisition Company (NASDAQ:CACQ) files for bankruptcy, according to Reuters.
- The move is already drawing protests from creditors in the case.
- A Delaware judge will have to rule if extending bankruptcy protection to a parent falls within the legal bankruptcy framework.
- CZR -1.35% after-hours.
Tue, Jan. 13, 5:42 PM
CZR vs. ETF Alternatives
Caesars Entertainment Corpalong with its subsidiaries is engaged in providing casino-entertainment and hospitality services. Itsfacilities include gaming offerings, food & beverage outlets, hotel & convention space, and non-gaming entertainment options.
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