Archive for the ‘Casino Room Casino’ Category

Florida Agrees $3.1 Billion Contract with Seminoles

Wednesday, February 26th, 2020

Florida Agrees $3.1 Billion Contract with Seminoles

Florida governor Rick Scott hails the greatest rev-sharing that is tribal history as dispute with Seminoles is put to bed.

The Seminole Tribe’s political standoff with Florida governor Rick Scott was finally resolved this week following a deal which will see the Seminoles pay $3.1 billion towards the state over seven years in return for the right to offer craps and roulette.

It is believed to be the biggest tribal rev-share agreement in the usa, dwarfing the cut received by the state under the regards to the previous contract.

Florida inked a deal aided by the Seminoles in 2010 which gave the tribe exclusivity on blackjack in the state in return for $1 billion, spread over five years.

The deal also prevented the expansion of slots gambling beyond that which already existed at a handful of pari-mutuel racetracks, offering the Seminoles a stranglehold on the slots market.

This agreement expired on 1 this year, and the two parties have been negotiating ever since august.

No Expansion for 20 Years

The Seminoles, who own seven properties within the Sunshine State, will be prohibited from expanding their operations for a period of 20 years. Even though gaining the straight to offer craps and roulette, the tribal operator will relinquish its monopoly on blackjack and slots.

This allows the expansion of blackjack into the Miami-Dade and Broward racinos and up to 750 slots at other venues such due to the fact Palm Beach Kennel Club. (more…)

Wynn Resorts Has Stock Rebound as Steve Wynn Purchases a Million Shares

Wednesday, February 26th, 2020

Wynn Resorts Has Stock Rebound as Steve Wynn Purchases a Million Shares

Bullish on Wynn Resorts: Steve Wynn spends $63.9 million to purchase a million shares and restores market faith in their business.

Wynn Resorts is having a good week.

Steve Wynn’s choice to buy up one million of their own company’s stocks appears to have restored market faith in their business, and a previously delayed opening for his latest Macau endeavor has been yet again returned to its opening that is original date.

The business’s stock, which has declined steadily in unison with Macau’s fortunes over the year, rallied in the wake associated with news that the mogul had spent around $63.9 million to acquire 1,003,977 shares on the market that is open at $64.44 each.

It’s a move that is incredibly bullish Wynn, whom, despite the slump in Macau, clearly has faith into the long-term profitability of Wynn Palace Macau, the $4.1 billion mega-resort currently under construction on the Cotai Strip.

The market responded accordingly, and share rates climbed, finishing up at $69.91 during the close of trading on Friday.

Putting His Cash Where His Casinos Are

The market always reacts well to bullish stock purchases, especially when they come through the top brass. Motley Fool said this week that, despite Macau’s tumbling fortunes, Wynn Resorts stays a proposition that is strong long-term investors.

‘ In this full situation, perhaps not only is Steve Wynn bullish on his company, he is putting his money where (more…)

Caesars Reports Mixed Third Quarter Results, WSOP TV Ratings Also Mixed

Wednesday, February 26th, 2020

Caesars Reports Mixed Third Quarter Results, WSOP TV Ratings Also Mixed

World Series of Poker champ Joe McKeehen had a $7.68 million payday this week, the WSOP additionally helping the financials that are third-quarter Caesars.

Caesars Acquisition Company (CAC), the investment arm in Caesars Growth Partners (CGP), released its third quarter revenues for 2015 and the results are mixed.

The parent company to Caesars Interactive Entertainment, the planet Series of Poker and a few casinos including Planet Hollywood, Harrah’s New Orleans, while the Horseshoe Baltimore, CAC reported total new profits jumped to $601.2 million in the three months finished September 30, a growth of almost 24 %.

Not most of the news had been positive, CAC also revealing that its web income from continuing operations was just $20.5 million, a 71 per cent drop year-on-year.

Caesars Acquisition’s CEO Mitch Garber had no qualms spinning the negatives into positives, saying their company remains ‘encouraged by the strong performance of our assets.’

Interactive Stays Active

The highlight of Q3 filing by CAC was again its Caesars Interactive Entertainment (CIE) arm, the division reporting $194.5 million in net revenues, a 20.4 percent yield compared to Q3 2014.

CIE is responsible for the WSOP brand along with Caesars Palace Las Vegas and lots of social video gaming internet sites including Bingo Blitz, Slotomania, and Caesars Bingo.

‘Our Interactive Entertainment business continues to generate outstanding out (more…)