4499 stories by Todd Shriber
DraftKings, Flutter Hammered by Blumenthal Letter, NCAA Prop Bet Ban Idea
While most gaming stocks rallied, shares of DraftKings (NASDAQ: DKNG) and Flutter Entertainment (NYSE: FLUT) slumped Wednesday. That's amid concerns U.S. sports betting operators could be subject to increased federal oversight and more regulatory hurdles. In late trading, both stocks were lower...
Bally’s Credit Rating, Outlook Downgraded by Moody’s
Bally’s (NYSE: BALY) credit rating was downgraded further into junk territory and the outlook on that grade was lowered to “negative” from “stable” by Moody’s Investors Service on Monday. The research firm now rates the regional casino operator “B2” down from “B1.”...
MyPrize Crypto Casino Raises $13M, Enterprise Value Soars to $140M
Cryptocurrency casino operator MyPrize said Tuesday it raised $13 million across two financing rounds, bringing its enterprise value to $140 million. That valuation is based on the company’s “fully diluted equity capitalization, plus the implied fully diluted value of warrant.” Founded by...
Churchill Downs, Penn Entertainment Lauded in New Coverage by Mizuho
Churchill Downs (NASDAQ: CHDN) and Penn Entertainment are among the batch of gaming stocks viewed favorably in new coverage by Mizuho. Analyst Ben Chaiken initiated coverage of more than a half dozen gaming names, including Churchill and Penn, citing the expansion of...
Bragg Gaming Forms Committee to Explore Possible Sale
Bragg Gaming (NASDAQ: BRAG) announced on Tuesday the formation of a special committee to explore strategic alternatives, including a potential sale. Comprised of board members, the committee will be led by Director Don Robertson. It arrives with the small-cap gaming stock up...
New York Casino Selection Process Likely to Drag Well Into 2025
Less than three months into 2024, and it’s becoming increasingly apparent that no decisions on downstate casino licenses in New York will be made this year. New York Gaming Commission (NYGC) Executive Director Robert Williams noted Monday that it’s not feasible to...
Black Market Sports Betting in US Has No Panacea in PASPA
In the roughly six years since the Supreme Court struck down the Professional and Amateur Sports Protection Act (PASPA), sportsbook operators have frequently sold states on potential reduction or outright elimination of illicit sports wagering markets as a reason to legalize the...
MGM Resorts Selling $750M in Debt to Retire 2025 Issue
MGM Resorts International (NYSE: MGM) announced Monday that it will sell $750 million in corporate bonds to fund the retirement of debt coming due next year. The Bellagio operator said it is marketing $750 million in commercial paper maturing in 2032, the...
Internet Betting Sites, Apps Fertile Ground for Fraud, Says TransUnion
Digital scammers are increasingly focusing on internet betting sites and mobile applications, with the U.S. being one of the prime jurisdictions for their misdeeds, according to a new study from TransUnion. In its recently published State of Omnichannel Fraud Report, TransUnion noted...
MGM China, Wynn Macau Deliver Unexpected Special Dividends
Heading into 2024, it was widely expected that most, if not all, of the six Macau concessionaires would delay the resumption of dividends. It was expected to fortify their balance sheets and conserve capital for government-mandated nongaming expenditures. MGM China and Wynn...
