Archive for the ‘Slots Of Vegas Casino’ Category

Carl Icahn, Stephen Sweeney Go At It Over Atlantic City’s Gambling Future

Thursday, March 5th, 2020

Carl Icahn, Stephen Sweeney Go At It Over Atlantic City’s Gambling Future

Carl Icahn accuses New Jersey State Senate President Stephen Sweeney of selling out Atlantic City by supporting a north Jersey casino.

Business mogul Carl Icahn and New Jersey State Senate President Stephen Sweeney exchanged harsh terms last Friday, with each accusing the other of selling out some portion of Atlantic City for their own gain. The war of words started after Sweeney participated in protests with union workers from the Trump Taj Mahal, protests of which Icahn proved to become a major target.

As we reported earlier this week, those protests were made to fight back against a Trump Entertainment want to bust out of a contract and cut pensions and benefits for workers to be able to cut costs and keep the casino open.

The business states that the casino will have to close on November 13 unless many concessions are granted to it, like the cutbacks in worker benefits and $25 million in aid from hawaii, along with a tax assessment that is reduced.

Workers Blame Icahn

But Icahn became a figure that is major the protests. The protesters demonstrated near the Tropicana, which can be owned by a group led by Icahn, and many see him as the threat that is true the benefits and wages offered by their present positions. In bankruptcy court, Trump Entertainment has requested permission to turn over its venue to Icahn by transforming the debt he holds in the company into ownership of the casino. Icahn sa (more…)

Massachusetts Mayors Blast Anti-Casino Study as Bogus

Thursday, March 5th, 2020

Massachusetts Mayors Blast Anti-Casino Study as Bogus

Everett Mayor Carlo DeMaria had been among a group of Massachusetts mayors and town leaders whom rejected the claims in an anti-casino study that is recent.

Some Massachusetts mayors and city executives in the state have blasted a casino research that claims resorts that are new hurt lottery profits for towns and towns here. Anti-casino advocates are employing the research to recommend that the financial advantages of adding gambling enterprises in Massachusetts have been overstated, and that voters should repeal the casino legislation within the November ballot that is upcoming referendum.

According to the study, which was released by Repeal the Casino Deal, local lottery earnings could visit up to 22 % if the new casinos are allowed to be built. Overall, the study estimates that as much as $103 million could be lost as consumers who used to try out the lottery change instead to gambling enterprises.

Mayors, Town Officials Reject Study

But a group led by Everett Mayor Carlo DeMaria, Springfield Mayor Domenic Sarno and Plainville Town Administrator Joseph Fernandes (all of whom lead towns and cities where casinos and slot parlors happen approved) is rejecting these figures, saying that other analysts have come up with entirely different results. According to the municipal leaders, any lottery losses could be short-term, and would be much more than offset by the new revenues introduced by the casinos.

‘These claims ar (more…)

Wynn Resorts Dividends Slashed Following Macau Slump

Thursday, March 5th, 2020

Wynn Resorts Dividends Slashed Following Macau Slump

Wynn Resorts share dividends took a nosedive this week because of poor results in Macau gambling.

Wynn Resorts Ltd is moving on the pain of a sharp fall in Macau gambling to its shareholders by cutting dividends by 67 percent, Bloomberg reports.

The gambling chain, which owns and runs the Wynn Macau casino resort, posted its profits for the first quarter of 2015 this week, and also the news isn’t pretty if you’re an investor.

Income was hovering just under $1.1 billion, a lowered figure than industry estimates of $1.12 billion.

Being a total result, dividends from shares spiraled downwards to 50 cents per share. That is a third of this $1.50 settled in February.

Wynn Resorts Ltd also posted a $17.1 billion table games turnover in the VIP sector, a fall of over 52 % compared to the same quarter year that is last. Table games turnover in the mass market sector had been also down, by 7% to $279.6 million.

After the dividends results were announced, Wynn shares dropped 9 percent to close at $130.48.

Macau Clampdowns Affecting Everyone

The continuing crackdown on corruption in China is having a huge effect in the Macau economy. Chinese President Xi Jinping is on a crusade the past year or so to avoid thousands of public officials taking off to your Macau peninsula with public funds.

The sum of money allowed to be brought from the mainland to Macau, China’s sole arbiter of legalized gambling, in addition has fallen, plus Xi Ji (more…)