Caesars Entertainment Inc

Jim "Mattress Mack" McIngvale, of Houston, holds some of the tickets in Atlantic City N.J., Tuesday, Nov. 1, 2022, showing bets he has made on the Houston Astros to win the baseball World Series.Wayne Parry | APMattress Mack's record-breaking $75 million payout on a wager that the Houston Astros would win the World Series will cost Caesars and Penn Entertainment big in their digital businesses this quarter.Jim "Mattress Mack" McIngvale, the Texas furniture salesman who famously hedges his sports bets with furniture…

The FanDuel Inc. app.Andrew Harrer | Bloomberg | Getty ImagesFox lost a legal battle to buy an 18.6% stake in sports betting company FanDuel Group from its parent company Flutter at a reduced valuation, according to a ruling Friday from a New York arbitrator. Should Fox exercise its option to take the stake, it would be at a price of at least $3.72 billion. The decision ends the more-than-yearlong lawsuit between the two companies over the valuation of FanDuel, which has emerged as one of the leading U.S. sports betting…

Check out the companies making headlines before the bell:CVS (CVS) – CVS gained 1.9% in the premarket after reporting better-than-expected revenue and profit for its latest quarter. The company also raised its adjusted full-year guidance. The outlook excludes charges related to a just-announced $5 billion settlement of opioid litigation.Estee Lauder (EL) – The cosmetics maker's shares tumbled 11.5% in premarket trading after the company issued a weaker-than-expected outlook, noting higher costs, a stronger US dollar and…

Video slot machines at Caesars Palace in Las Vegas, Nevada.George Rose | Getty ImagesDeveloper SL Green Realty is working with casino operator Caesars Entertainment on a bid to bring a casino to New York's Times Square, the companies announced Thursday.The partners said the proposed project would redevelop Times Square building 1515 Broadway into Caesars Palace Times Square, which will include a Broadway theater that will be home to "The Lion King" and other entertainment attractions.They also promised the development…

Andrea Ellis has been appointed CFO of Fanatics Betting & Gaming.Source: FanaticsFanatics is getting one step closer to launching its highly anticipated sports-gambling division, nearly five years after the Supreme Court overturned the rule preventing states from legalizing bets on sporting events.The sports platform and e-commerce company, which has been valued at more than $27 billion, said Tuesday it hired Andrea Ellis to be the chief financial officer of its betting and gaming division. Fanatics CEO Michael Rubin…

American casinos, gaming companies and lawmakers are calling on federal prosecutors to crack down on illegal offshore gambling sites that they say are evading consumer protection regulations. The push comes as sports gambling has quickly expanded in the U.S. in recent years, with more than 30 states and Washington D.C. allowing it."What maybe at one point in time was a relative nuisance, is now becoming a serious threat to the legal, licensed gaming industry," Bill Miller, CEO of the American Gaming Association told CNBC…

Shares of casino companies have plummeted even as inflation has soared at rates not seen in four decades and fears of a recession rattle consumers and investors alike.Caesars Entertainment stock has plummeted 50% so far this quarter. Bally's has dropped 40% over the same time period, and Penn National Gaming and MGM Resorts shares have declined 35%. To compare, the S&P 500, which recently entered a bear market, is down nearly 19% this quarter.Yet, the nation's commercial casinos just had their best April ever,…