gambling

MGM Resorts May List Macau Gambling Venture in Hong Kong

MGM Resorts International (MGM) may list its Macau gambling venture on the Hong Kong stock market. MGM is a partner in MGM China holdings, a casino in a historic district of Macau, MarketWatch reported. The casino is a joint venture with Pansy Ho, daughter of Macau gambling kingpin Stanley Ho.

Churchill Downs to Buy Miss. Casino for $138 Million

Horse racing track owner Churchill Downs (CHDN) agreed to purchase Harlow%u2019s Casino Resort & Hotel in Greenville, Miss., for $138 million cash. The deal is expected to close within six months, MarketWatch reported.

Gambling at Casinos With Welfare Money?

In California and Michigan, welfare recipients use their Electronic Benefit Transfer cards to withdraw the funds from ATM machines in casinos. If they proceed to roll the dice with the money, wouldn't this be state-backed gambling?

Wall Street's Cantor Fitzgerald Becomes a Las Vegas Bookie

Wall Street firm Cantor Fitzgerald is taking bets and setting odds for the newly opened M Resort Spa & Casino. But instead of simply handicapping games and accepting wagers, the tech-savvy brain trust at Cantor has turned betting into something more akin to trading.

Playboy Looks for Profits in the Casinos of Macau

Think the Playboy brand is dead? Think again. The company, famous for its iconinc magazine and velvet-clad bunnies, is heading to the world's biggest casino playground this year: the Chinese gambling region of Macau.

Casino Industry Ends Its Losing Streak

The U.S. casino gaming market is finally improving, according to a recently released report from Moody's Investor Services. After more than two years of negative outlooks, Moody's has changed its view to neutral and recognizes "signs [that the] industry has bottomed out."

The Vegas Brawl Over Station Casinos

The Fertitta family's Station Casinos is in the midst of a heated battle in the bankruptcy courts as the brothers try to salvage parts of the company and as unsecured bondholders scramble to recoup some of the $2.3 billion they had put into the company when things looked much more promising.

Business Tactics Help Blackjack Bettors Win Big

Poker may be the best-known gambling game to attract professionals, but blackjack also has become a lucrative business. In his book Repeat Until Rich: A Card Counter's Chronicle of the Blackjack Wars, Josh Axelrad sheds some light on how these blackjack businesses work. It turns out that blackjack rings operate much like investment banks.

Casino Mogul Wynn Raises the Stakes in Philly

Two months ago, when Steve Wynn first publicly proposed taking over the stalled Foxwoods casino project in Philadelphia, his plan seemed modest. Wynn described the would-be enterprise as "cute." On Monday, the casino mogul got serious with a proposal for a gambling hall that he promised would be "Wynn top to bottom."

Morgan Stanley Walking Away from Revel Casino

Morgan Stanley has decided to cut its losses in Atlantic City. The investment bank is selling its stake in the Revel casino and taking a "substantial loss," one that some analysts estimate could amount to $800 million to $1 billion.

Las Vegas Struggles to Save the 'Whales'

The most prized commodity of Las Vegas casinos is the "whale": a lucrative loser, lured by penthouse suites and transport by private jets to blow big money at the tables. But in this economy, deep-pocketed players are getting shrewd about how -- and where -- to lose a fortune.

Fired for Playing Fantasy Football?

A 26-year-old employee at Fidelity Investments was fired for playing fantasy football while at work, violating company rules against gambling. The incident raises an interesting question: Do younger workers, raised on the Internet, understand the difference between work and play?

Casino IPOs: A new sin index

For many years, analysts have run sin indexes. Some had to do with the consumption of liquor, and others with cigarettes. It was always hard to tell...