Casino Hotels

Blackstone Inc. has agreed to sell its 49.9% stake in two Las Vegas hotels in a deal that values the properties at $5.5 billion, marking one of the largest U.S. casino transactions this year. The New York investment firm is selling its stake in the MGM Grand Las Vegas and the Mandalay Bay to Vici Properties Inc., which owns the other 50.1% stake in the properties, the companies said. Blackstone would receive $1.27 billion in cash, and Vici would assume…

With the rise of sports betting, one playing field has become a dividing line in the U.S. gambling industry: college campuses. Caesars Entertainment Inc. CZR 0.35% has signed marketing deals with the Louisiana State University and Michigan State University athletics programs, giving the Las Vegas-based sports-betting operator access to advertise in college stadiums and other sports facilities and in digital and broadcast sports content, among other rights, according to…

HONG KONG—Six casino operators in Macau won provisional licenses to continue operating in the Chinese gambling hub for the next 10 years, the local government said, while rejecting a bid from an outsider to enter the market. The 10-year licenses begin in January under a new gambling law that also imposes more government oversight over casino operations in Macau. The companies’ plans have met the Macau government’s requirements, including ensuring local employment, attracting foreign tourists and expanding…

Customers have filed thousands of complaints against the biggest U.S. online sports-betting operators in recent years, many of which reported delays or glitches in withdrawing money, according to a review of Better Business Bureau records.About 2,400 complaints naming the big-three operators have been lodged in the U.S. in the past three years, according to the bureau. A large number of the complaints focus on dayslong or even weekslong wait times for taking out winnings. FanDuel Group, DraftKings…

With just over two months before the new corporate minimum tax is set to go into effect, companies are asking the U.S. government for guidance on its scope and the potential impact of business transactions such as split-offs.From Jan. 1, 2023, the tax will apply to large U.S. companies averaging at least $1 billion in publicly reported annual profit over three years. The tax, which is part of the climate, healthcare and tax law called the Inflation Reduction Act, requires those businesses to calculate their taxes with the…

Shares of casino companies with operations in Macau rose on Monday after the city’s government said it would ease restrictions for visitors from mainland China, boosting hopes for an accelerated recovery for the city’s tourism-dependent economy.The casino sector’s gains came after news over the weekend that Macau expects to resume issuing electronic visas and allowing Chinese group tours to visit the gambling hub as soon as late October. Analysts said that timeline could facilitate a faster-than-expected return of Chinese…

HONG KONG—Casino operators in Macau have seen their fortunes slip as China’s “zero-Covid” policy cut the city off from many visitors in recent years. Now the companies face another wild card: A surprise challenger for the city’s new gambling licenses.On Friday, the Chinese gambling hub of Macau opened bids for 10-year casino licenses, which will come into effect after the current ones expire at the end of 2022. Now, seven companies are vying for six available spots, after an affiliate of Genting…

HONG KONG—The Chinese unit of U.S. gambling company MGM Resorts International MGM -2.50% said it would pump almost $600 million into its Macau casino operator as the company prepares to bid for a new license in the pandemic-battered gambling enclave. MGM China 2282 1.23% Holdings Ltd. recorded widening losses in the first half of the year due to Covid-19 outbreaks in mainland China…

Vegas is still booming.Despite inflation at a four-decade high, and jitters over a looming recession, people are flocking to the entertainment and gambling oasis. Executives with Caesars CZR 0.45% Entertainment Inc. and MGM Resorts MGM 3.89% International this week reported record-high performances for their Las Vegas properties in the latest quarter. Older consumers are returning to the Strip, shaking off pandemic…

Casinos in the gambling hub of Macau will be allowed to reopen Saturday after a nearly two-week shutdown amid a Covid-19 outbreak, according to the government.The citywide lockdown that began July 11 was the first shutdown of casinos in Macau since the early days of the pandemic in 2020. The government said most nonessential industries, companies and venues would be allowed to reopen starting Saturday through July 30. Casino operators in Macau have been dealing with a longer-than-expected recovery there.…