Rush Street Interactive (RSI) has reported significant financial growth for 2024, with total revenue reaching $924.1 million, reflecting a 34% year-over-year increase. The online casino and sports betting operator also posted $6.5 million in net income for the fourth quarter, reversing a $5.5 million loss from the previous year. For the full year, RSI reported a net income of $7.2...
Star Entertainment Group Ltd. has witnessed a significant downturn, with its shares tumbling over 15% after trading resumed following a brief halt. The company, ensnared in grave financial difficulties, is actively seeking solutions, including considering a substantial $650 million rescue proposal from Oaktree Capital Management. This effort is crucial as the company stands on the precipice of potential bankruptcy. The precipice of collapse: On...
Melco Resorts & Entertainment Limited, a prominent player in the integrated resort sector in Asia and Europe, is currently assessing various strategic alternatives for its Philippine venture, City of Dreams Manila. This review is part of a broader strategy to realign Melco’s asset portfolio in response to changing market dynamics and corporate objectives. Exploring new opportunities: As stated in the company’s...
As Macau approaches the culmination of a critical three-year transition period in 2025, the fate of its satellite casinos hangs in balance. Secretary for Security, Wong Sio Chak, during a press briefing on the city’s crime statistics for 2024, emphasized the stable security landscape within this segment but acknowledged the looming uncertainties as the transition period draws to a close. The transition’s implications: Satellite casinos in Macau,...
In a notable legal confrontation within the casino gaming industry, The Talisman Group, LLC, known for its creation of the no-commission baccarat game EZ Baccarat, achieved a pivotal victory in its ongoing legal tussle with LNW Gaming, Inc., a subsidiary of the major gaming entity Light & Wonder, Inc. This legal battle, adjudicated in the Eighth Judicial District Court of Clark County, Nevada, revolved around allegations of contractual...
The Big Fresno Fair has decided to postpone all live horse racing in 2025, citing ongoing uncertainties within California’s horse racing industry. The fair’s Board of Directors and Fair Management announced the decision, highlighting concerns over the availability of horses, increased financial risks, and the absence of a cohesive racing management structure for Northern California fairs. According to officials, this...
Gambling service product and service supplier Light & Wonder has announced its decision to move away from its live casino business, choosing to focus on other aspects of its business that will provide greater returns on investment. The Las Vegas-based gambling giant’s decision will leave Playtech and Evolution as the only US live casino suppliers. However, US consumers will still...
PointsBet has received two competing takeover offers, with its board unanimously backing an AU$353 million all-cash bid from Japanese digital entertainment company Mixi. Meanwhile, Australian-based bookmaker BlueBet has proposed an alternative deal, valued between AU$340 million and AU$360 million, that includes both cash and a scrip component. The Mixi offer, presented through its Australian subsidiary, includes AU$1.06 per share in...
Vadim Komissarov, the former CEO of Trident Acquisitions Corp. (TDAC), is facing serious federal charges, including securities fraud, obstruction of justice, and perjury. Prosecutors allege he orchestrated a scheme to deceive investors by reporting false revenue figures to secure a merger with Lottery.com. The indictment, unsealed in the Southern District of New York, details an elaborate plan involving fabricated financial...
In a bold move to expand its footprint in the Australian casino and hospitality sector, Iris Capital, led by Sam Arnaout, has proposed a significant acquisition of the Reef Casino Trust. This initiative is part of a larger strategy by Iris Capital to consolidate its presence in key markets, evidenced by the group’s recent $130 million-plus offer for the trust. This proposal aims to secure...