Daily news

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    Circus Circus Casino has filed a lawsuit against insurance company AIG for damages exceeding $75m in the United States District Court for Nevada, arguing the operator’s AIG insurance policy failed to cover “all risks” as specified during the novel coronavirus (Covid-19) crisis.

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    New Zealand-based casino operator SkyCity Entertainment Group has reopened its gaming, entertainment and hospitality facilities in Adelaide, Australia, and also revealed that its recent NZ$180m (£93.9m/€102.8m/US$115.3m) share placing drew strong support from investors.

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    New Zealand-based casino operator SkyCity Entertainment Group has generated NZ$180m (£93.3m/€103.2m/US$115.8m) through a share placement, as part of a NZ230m equity raising.

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    Westdeutsche Spielbanken (WestSpiel), the land-based operator owned by the German state of Nordrhein-Westfalen (North Rhine-Westphalia), made €136.8m in gross gaming revenue in 2019, up 27.0% year-on-year.

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    Australian gambling operator Tabcorp has announced it will not pay a dividend in relation to its 2020 financial year as part of its response to mitigate the impact of the novel coronavirus (Covid-19) pandemic on the business.

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    The eligibility requirements for the Paycheck Protection Program (PPP) have been amended to allow small gambling businesses to benefit from the fund, following an intense lobbying effort from the American Gaming Association (AGA).

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    Caesars Entertainment has launched a new assistance fund to support staff and local communities across the US negatively impacted by the outbreak of novel coronavirus (Covid-19).

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    The Rank Group has reported a 5% year-on-year increase in statutory revenue for the third quarter, despite the business being impacted by the ongoing novel coronavirus (covid-19) outbreak.

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    Land-based gambling operator Boyd Gaming has set out a number of additional measures to mitigate the financial impact of the novel coronavirus (Covid-19) pandemic, including placing most of its staff on unpaid furlough.

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    Penn National Gaming (PNG) has taken measures to mitigate the effect of the novel coronavirus disease (Covid-19) on its business, selling and leasing back its Tropicana Las Vegas property and furloughing around 26,000 staff members.

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    Casino operator Eldorado Resorts has secured approval from the Louisiana Gaming Control Board to proceed with its pending acquisition of Caesars Entertainment Corporation.

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    Bragg Gaming Group has reported revenue of CAD$10.0m for the third quarter of 2019, while starting tomorrow, the business will have a new finance chief as bwin.party veteran Stephen Prowse takes over the role from Ashkay Kumar.

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    Casino operator MGM Resorts International has agreed to sell its iconic Bellagio Las Vegas property and form a joint venture with Blackstone Real Estate Income Trust, in a deal worth $4.25bn. MGM has also struck a deal to sell Circus Circus for $825m to an affiliate of Treasure Island owner Phil Ruffin.

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    GVC Holdings has revised its full year profit projections upwards for the second time this year after the operator’s online and European retail growth helped offset a weaker performance from its UK retail arm.

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    JPJ Group has entered into a conditional agreement to acquire the majority of its technology partner Gamesys’ assets for a total consideration of £490m (€549.8m/$620.9m).

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    Asian gaming giant Melco Resorts and Entertainment has signed a definitive purchase agreement to acquire a 19.99% stake in Australian gaming operator Crown Resorts.

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    LeoVegas has reported an 11.6% rise in revenue for the first quarter of 2019, though growing costs saw the Stockholm-listed gaming operator post a €31,000 (£26,611/$34,757) loss for the period.

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    London-listed igaming service provider GAN has credited higher than expected growth in New Jersey’s legal sports betting market for first quarter revenue growing to £4.6m, a new company record.

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    Las Vegas-based casino operator Wynn Resorts has opened talks with Crown Resorts over a possible acquisition of the Australian gaming operator. The proposed offer is worth Aus$14.75 a share, valuing Crown at around Aus$10bn.

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    US racetrack and casino operator Churchill Downs Incorporated (CDI) has cited its racing and online advance deposit wagering (ADW) divisions as key drivers of a 14.3% year-on-year increase in revenue for 2018.

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