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Resorts World Las Vegas President Scott Sibella speaks during the opening of Resorts World Las Vegas on June 24, 2021 in Las Vegas, Nevada. The former president of the MGM Grand casino in Las Vegas is set to be sentenced Wednesday afternoon on a federal criminal charge related to his failure to report millions of dollars in wagers by an illegal bookmaker at his casino. Sibella's lawyers have asked that he be sentenced to probation, as have prosecutors. Sibella admitted knowing that a patron of his casino, Wayne Nix, ran an illegal bookmaking business, according to the Department of Justice. "Despite this knowledge, Sibella allowed Nix to gamble at MGM Grand and affiliated properties with illicit proceeds generated from the illegal gambling business without notifying the casino's compliance department," the DOJ said in January.
Persons: Scott Sibella, Sibella, Wayne Nix, Nix Organizations: Vegas, Resorts, MGM, Court, Department of Justice, MGM Grand, DOJ Locations: Vegas, Las Vegas , Nevada, Las Vegas, U.S, Los Angeles
Why do we toss coins into fountains?
  + stars: | 2024-03-30 | by ( Samantha Murphy Kelly | ) edition.cnn.com   time to read: +5 min
CNN —All over the world, and for centuries, people have thrown coins into fountains, wishing wells and rivers for good luck. Some fountains collect thousands, or even millions, of dollars worth of coins each year. George Rose/Getty ImagesWhere the money goesSome well-known fountains can collect thousands of dollars in coins each year. According to an NBC report from 2016, the Trevi Fountain accumulated about $1.5 million in coins that year. A spokesperson for the Mall of America in Minneapolis told CNN the fountains collect about $25,000 each year.
Persons: It’s, , Trevi, Bill Maurer, Maurer, “ It’s, , Stefan Krmnicek —, , Pen Rhys, Ganesha, George Rose, Basil E, ” Maurer Organizations: CNN, UC Irvine, University of California Irvine’s School of Social Sciences, Century Fox, University of Tuebingen, Bellagio, Casino, NBC, Trevi, The Metropolitan Museum of Art, New York City, of, Disney Parks Locations: Rome, England’s Northumberland County, England, Turkey, Rome's, Germany, East Asia, Shanghai, Oxford, Las Vegas , Nevada, New York, of America, Minneapolis, America
ATLANTIC CITY, N.J. (AP) — Internet gambling revenue continues to soar in New Jersey, where online casinos are accounting for a growing share of the betting pie: Atlantic City's casinos and their online partners won $182 million in internet bets in February. But the news was not all good: Atlantic City's nine casinos won $211.5 million from in-person gamblers, down 1.6% from a year earlier. Bally's won nearly $19 million, up nearly 5%; Harrah's won $18.7 million, down 11%; Caesars won $16.2 million, down 15.5%; and Resorts won $12.1 million, down 4.3%. In terms of in-person revenue, Borgata won $53.6 million, down 6.7%; Hard Rock won $41.1 million, up 9.6%; Ocean won over $31 million, up over 18%; Harrah's won $18.2 million, down 14.7%; and Tropicana won $16.6 million, down 3.1%. Caesars won $16.4 million, down 13.7%; Resorts won $12.2 million, down 3.6%; Golden Nugget won $11.6 million, up 4:, and Bally's won $10.6 million, down over 13%.
Persons: , Jane Bokunewicz, Bally's, Harrah's, Borgata, Wayne Parry Organizations: CITY, of Gaming Enforcement, Atlantic, Atlantic City, Golden, Ocean, Tropicana, Caesars, Resorts, Resorts Digital, Caesars Interactive Entertainment Locations: N.J, New Jersey, www.twitter.com
That is why the casinos consider their core business to be money won from in-person gamblers. The in-person total continues to decline, still lagging the levels seen before the COVID19 pandemic began in early 2020. Golden Nugget won $63.5 million, up over 23%; Hard Rock won $51.5 million, up 19%; Ocean won $39.1 million, up more than 13%, and Tropicana won $26.1 million, up 4.5%. Bally's won $18.9 million, up 15.3%; Harrah's won $16.5 million, down 17.5%; Caesars won $15.1 million, down 7.6%; and Resorts won $10.8 million, down less than 1%. Golden Nugget won $11.2 million from in-person gamblers, up 2.3%; Resorts won $10.9 million, down 1.4%; and Bally's won $10 million, down nearly 13%.
Persons: Jane Bokunewicz, Lloyd Levenson, , , James Plousis, Bally's, Harrah's, Borgata, Ocean, Wayne Parry Organizations: CITY, of Gaming Enforcement, Atlantic, Stockton University, Atlantic City, New Jersey Casino Control, Meadowlands, Jersey Shore, Freehold Raceway, Golden Nugget, Ocean, Tropicana, Caesars, Resorts, Resorts Digital, Caesars Interactive Locations: N.J, New Jersey, East Rutherford, New York City, Monmouth, Oceanport, Jersey, www.twitter.com
Already the United States' biggest sporting party, Las Vegas is promising a Super Bowl supernova around the Kansas City Chiefs and San Francisco 49ers showdown on Feb. 11. Last year's game featuring the Chiefs and Philadelphia Eagles holds the Super Bowl record for most viewers with 115 million. "The amount of events that are going on over the course of the week leading up to the Super Bowl is unlike anything we have ever seen." "We will get another Super Bowl again without question because no one throws a party like Vegas." (Reporting by Steve Keating in Las Vegas; Editing by Ken Ferris)
Persons: Steve Keating, Lombardi, Travis Kelce, Taylor Swift, Swift, Neil Armstrong, Neal Pilson, Nancy Lough, Mark Bucher’s Travis, Taylor, James Gibson, Ken Ferris Organizations: Steve Keating LAS VEGAS, NFL, Kansas City Chiefs, San Francisco 49ers, Chiefs, 49ers, Pittsburgh Steelers, New England Patriots, United States, Las Vegas, Philadelphia Eagles, Cincinnati Bengals, CBS, Pilson Communications, Reuters, Super, University of Nevada, Gronk's Beach Party, Super Bowl, National Hockey League, Golden Knights, NFL's Raiders, Major League Baseball, NBA, MLS Locations: Vegas, United States, Las Vegas, Tokyo, United, Las, Sin, University of Nevada Las Vegas, Nevada, Clark, Sin City
The casino sued and defeated an attempt by the insurers to dismiss the case. The high court agreed to take the case in order to resolve the legal question of what constituted loss or damage. “Based on the plain terms of the policies, we conclude that in order to show a ‘direct physical loss’ of its property or ‘direct physical . It concluded that the casino's pleadings “do not support a finding that it is entitled to insurance coverage.”The casino declined comment Wednesday. He said 14 state Supreme Courts around the nation have held that the mere interruption of business activity during the pandemic does not constitute physical losses.
Persons: Stephen Orlofsky, David Roth, Phil Murphy, Wayne Parry Organizations: CITY, AIG Specialty Insurance, Insurance, Co, Ocean, American, Democratic Gov Locations: N.J, Atlantic City, California, Los Angeles, Pennsylvania, New Jersey, www.twitter.com
Hard Rock posted a gross operating profit of $44.3 million in the third quarter, up less than 1% from a year earlier. Gross operating profit reflects earnings before interest, taxes, depreciation, and other expenses, and is a widely accepted measure of profitability in the Atlantic City casino industry. “In keeping with the experiences of many resort communities along the New Jersey shore, Atlantic City saw a bit of a cooling off in summer 2023 compared to the pent-up post-pandemic energy seen in 2021 and 2022, said Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City casino industry. ”That said, it did outperform pre-pandemic 2019 for both net revenue and gross operating profit, suggesting that this could be part of a cycle of stabilization." The Tropicana had a profit of $36.7 million, down 11.5%; Harrah's had a $30 million profit, down over 13%; Caesars had a $21.1 million profit, down nearly 18%; Golden Nugget had an $11 million profit, nearly 4%; Bally's had a $7.3 million profit, down over 32%; and Resorts had a $7.2 million profit, down nearly 43%.
Persons: Gross, Jane Bokunewicz, Lloyd Levenson, James Plousis, Harrah's, Bally's, Wayne Parry Organizations: CITY, of Gaming Enforcement, Atlantic City, Stockton University, New Jersey Casino Control, Tropicana, Caesars, Golden, Resorts, Caesars Interactive Entertainment, Resorts Digital, Twitter Locations: N.J, New Jersey, Atlantic City, www.twitter.com
Red Bull driver Max Verstappen, of the Netherlands, drives past the Sphere during the Formula One Las Vegas Grand Prix auto race, Saturday, Nov. 18, 2023, in Las Vegas. Max Verstappen hated everything about the Las Vegas Grand Prix from the moment he arrived in Sin City. "Viva Las Vegas! Viva Las Vegas!" Verstappen had slammed Saturday night's spectacle at every chance, yet raced in an Elvis-inspired firesuit and took the victory on the famed Las Vegas Strip.
Persons: Red, Max Verstappen, Justin Bieber, Verstappen, firesuit, Charles Leclerc, Leclerc, Sergio Perez, Martin Garrix, Brad Pitt, Rihanna, Usain Bolt, Shaquille O'Neal, ", Verstappen —, impersonators, Jacques Villeneuve, Liberty, Carlos Sainz Jr, Lewis Hamilton, Mercedes, Logan Sargeant, Williams, Sainz, Ferrari, Bull, Perez, Red Bull, Hamilton, Abu Dhabi, Lando Norris, McLaren Organizations: Las, Las Vegas, Bellagio, Liberty Media, Liberty, Ferrari Locations: Netherlands, Las Vegas, Sin City, Vegas, Bellagio, United States, Abu
ATLANTIC CITY, N.J. (AP) — Steve Norton, who ran the first U.S. gambling facility outside Nevada — Resorts casino in Atlantic City — and gave advice around the world on how to set up and operate casinos, has died. His son, Rob, president of Cordish Gaming, said Norton died Sunday following an accident in his Oceanside, California, home. “Steve was an early and influential gaming executive in Atlantic City and at Resorts,” said the casino's current president, Mark Giannantonio. “He was an important leader in the Atlantic City market dating back to the 1970s. Norton used his experience as an Atlantic City casino pioneer to advise state governments — including in Louisiana, Illinois and Indiana — on how to adopt riverboat gambling, and in 1998 founded his own gambling consultancy company based in Indiana.
Persons: Steve Norton, Rob, Norton, Steve, , Mark Giannantonio, ” Norton, , Sheldon Adelson’s, ___, Wayne Parry Organizations: CITY, Nevada — Resorts, Atlantic City —, Cordish, Resorts, Boardwalk, Associated Press, ” Resorts, Atlantic, Vegas Sands Corp, Gold River Gaming, Argosy Gaming, Indiana —, American Gaming Association Locations: N.J, Nevada, Atlantic City, Oceanside , California, Atlantic, New Jersey, Bahamas, Las Vegas, Louisiana , Illinois, Indiana, Singapore, South Korea, Kazakhstan, Andorra, Netherlands, www.twitter.com
Debt-ridden retailer Casino Q3 sales down 5.3% as France weighs
  + stars: | 2023-10-31 | by ( ) www.reuters.com   time to read: +1 min
[1/2] A logo of French retailer?Casino?is pictured on a shopping trolley outside a?Casino?supermarket in Nantes, France, May 10, 2023. REUTERS/Stephane Mahe/File Photo Acquire Licensing RightsPARIS, Oct 31 (Reuters) - Debt-burdened retailer Casino (CASP.PA) said on Tuesday group sales fell 5.3% in the third quarter, as weakness in its core French market outpaced robust growth in Brazil. Consolidated group net sales fell 5.3% on a same-store basis in the third quarter to 4.562 billion euros ($4.83 billion), the retailer said in a statement. Last week, Casino reported French retail sales fell 5.6% in the third quarter year on year on a same-store basis, reflecting an 18.6% fall in hypermarket sales and an 11.5% fall in supermarket sales. At September-end, Casino's group net debt stood at 6.2 billion euros, of which 5.6 billion euros was in France and 600 million euros in Brazil.
Persons: Stephane Mahe, Daniel Kretinsky, France's, Dominique Vidalon, Tassilo Hummel, Christopher Cushing Organizations: REUTERS, Rights, Consolidated, Casino, Thomson Locations: Nantes, France, Brazil, Czech
A logo of French retailerÊCasinoÊis pictured outside aÊCasinoÊsupermarket in Nantes, France, July 27, 2023. REUTERS/Stephane Mahe/File Photo Acquire Licensing RightsPARIS, Oct 16 (Reuters) - Indebted French supermarket chain Casino (CASP.PA) said on Monday it had agreed an initial deal to sell its stake in Latin American retailer Almacenes Exito (IMI.CN) to Grupo Calleja. Casino's board on Friday approved a pre-agreement to sell its entire stake in Almacenes Exito to Grupo Calleja, a leading grocery retailer in El Salvador, it said. Casino is in the midst of a restructuring after years of debt-fuelled acquisitions had brought it to the verge of default. The price per share may be reduced by extraordinary dividend distributions, asset transfers or similar transactions made by Exito, Casino added in a statement.
Persons: Stephane Mahe, Almacenes, Exito, Sudip Kar, Olivier Sorgho, Jacqueline Wong, Lincoln Organizations: REUTERS, Rights, Grupo Calleja, Casino, Thomson Locations: aÊCasinoÊsupermarket, Nantes, France, El Salvador, Almacenes
A logo of French retailer Casino is pictured outside a Casino supermarket in Nantes, France, May 10, 2023. REUTERS/Stephane Mahe/File Photo Acquire Licensing RightsPARIS, Oct 5 (Reuters) - French supermarket group Casino (CASP.PA) said on Thursday that it had finalised a deal to avert bankruptcy through a debt restructuring agreed with its main creditors, led by Czech billionaire Daniel Kretinsky. Casino was brought to the verge of default after years of debt-fuelled acquisitions and recent losses in market share to rival supermarket operators. It said the binding debt deal was reached with the consortium led by Kretinsky's company EPGC alongside Casino's biggest creditor Attestor, its second-biggest shareholder Fimalac and the retailer's secured creditors. "Casino has reached a major milestone in its financial restructuring process by obtaining the agreement of its main creditors on a financial restructuring plan," Casino CEO and controlling shareholder Jean-Charles Naouri said in a statement.
Persons: Stephane Mahe, Daniel Kretinsky, Jean, Charles Naouri, Naouri, Dominique Vidalon, Sudip Kar, Gupta, Alexander Smith Organizations: REUTERS, Rights, Casino's, Fimalac, Thomson Locations: Nantes, France, Czech
A logo of French retailer Casino is pictured outside a Casino supermarket in Nantes, France, May 10, 2023. REUTERS/Stephane Mahe Acquire Licensing RightsPARIS, Oct 4 (Reuters) - Shares in French retailer Casino (CASP.PA) were suspended on Wednesday pending a statement, boosting speculation a final debt restructuring deal with creditors led by Czech billionaire Daniel Kretinsky to avert bankruptcy could be imminent. The deal, which massively dilutes shareholders, would bring an end to the 30-year reign of Casino CEO and controlling shareholder Jean-Charles Naouri, 74, who controls Casino via his listed holding company Rallye. On Sept. 29, Casino extended the deadline to Oct. 3, fuelling expectations an announcement was to come this week. The consortium led by Kretinsky would end up owning between 50.4% and 53% of Casino shares.
Persons: Stephane Mahe, Daniel Kretinsky, Jean, Charles Naouri, Kretinsky, Dominique Vidalon, Tassilo Hummel, Mark Potter, Elaine Hardcastle Organizations: REUTERS, Rights, Casino, Casino's, Thomson Locations: Nantes, France, Czech, France's
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCasino's have some of the worst cybersecurity, says TrustedSEC's David KennedyDavid Kennedy, TrustedSEC CEO, joins 'Power Lunch' to break down the latest casino hacks.
Persons: TrustedSEC's David Kennedy David Kennedy
SummaryCompanies Casino cut supermarket food prices by 10% on averagePARIS, July 27 (Reuters) - Cash-strapped retailer Casino (CASP.PA) swung to a loss of 233 million euros ($258.5 million) for the first half as falling sales and price cuts at its hypermarkets and supermarkets dented its core French business. The French retailer's group operating loss came after a profit of 166 million euros in the first half of 2022, with its operations in France posting a loss of 299 million euros. Consolidated group net sales fell 1.2% like for like in the second quarter to 5.5 billion euros, with retail sales in France down 4.2%. "We don't intend to go further," Lubek said when asked about possible further price cuts. Group net debt at end June-2023 was 6.1 billion euros against 6.0 billion at end June-2022.
Persons: Daniel Kretinsky, Jean, Charles Naouri, David Lubek, Lubek, France's, Dominique Vidalon, Kim Coghill Organizations: Casino, Finance, Consolidated, Thomson Locations: PARIS, French, France, Lincoln
It leaves Kretinsky, who submitted a revised offer over the weekend proposing the equity injection, as the only bidder. The cash injection plan would lead to a 4.7 billion-euro reduction in overall debt, Casino said. Casino is saddled with net debt of 6.4 billion euros and is teetering on the brink of default. The board meeting followed a separate meeting between Casino's creditors and CIRI - France's finance ministry body that helps distressed companies and their creditors draw up restructuring plans. Kretinsky and Ladreit de Lacharriere would control the investment vehicle behind the 1.2 billion-euro equity injection, a source said.
Persons: Daniel Kretinsky, Kretinsky's, Xavier Niel, Jean, Charles Naouri, Kretinsky, Niel, Matthieu Pigasse, Moez, Alexandre Zouari, Casino, Marc Ladreit de, Ladreit, Mathieu Rosemain, Mike Harrison, Rosalba O'Brien Organizations: Casino, 3F, Attestor, French, Monde, Fnac, Metro, Forbes, Thomson Locations: Czech, PARIS, French, Paris, Casino, Britain, France, Germany
PARIS, July 9 (Reuters) - Czech billionaire Daniel Kretinsky and his partners are prepared to hire former Metro (B4B.DE) and Lactalis executive Philippe Palazzi as the new boss of French supermarket chain Casino (CASP.PA), should their refinancing offer for the debt-laden company succeed, Les Echos reported on Sunday. Kretinsky could not immediately be reached for comment outside working hours. Kretinsky's offer is valid until Monday. It faces a rivalling offer led by telecoms maverick Xavier Niel, investment banker Matthieu Pigasse and businessman Moez-Alexandre Zouari, which Casino said had also been extended to the same day. Reporting by Tassilo Hummel; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.
Persons: Daniel Kretinsky, Philippe Palazzi, Les Echos, Kretinsky, Palazzi, Xavier Niel, Matthieu Pigasse, Moez, Alexandre Zouari, Tassilo Hummel, Lisa Shumaker Organizations: Metro, LinkedIn, Thomson Locations: Czech
The group will study this expression of interest and keep the market informed," Casino said in a statement on Wednesday. And the holding company through which Naouri controls Casino is also heavily indebted. Niel, Pigasse and Zouari said they would invest 200 million to 300 million euros themselves, with the rest coming from unspecified partners, including Casino creditors. The trio's proposal comes after Kretinsky, Casino's second-largest shareholder, offered in April to take control of the group through a 1.1 billion euro capital increase. A Casino spokesperson declined to comment beyond its statement on Wednesday or on behalf of Naouri.
Persons: Jean, Charles Naouri, Xavier Niel, Daniel Kretinsky, Casino, Kretinsky, Niel, Matthieu Pigasse, Moez, Alexandre Zouari, Clement Genelot, Garnier, Pigasse, Zouari, Casino's, Mathieu Rosemain, Chiara Elisei, Laura Lenkiewicz, Sudip Kar, Silvia Aloisi, Mark Potter, Alexander Smith Organizations: Casino, Monoprix, BNP, Credit Agricole, Carrefour, Reuters, France's, Naouri, Thomson Locations: PARIS, Czech, Natixis, Casino
Wynn Resorts (WYNN) delivered a much better-than-expected first quarter Wednesday, with the casino. It appears the miss could be attributed to individual wealthy gamblers frequenting Wynn Palace at the expense of Wynn Macao, which historically is more exposed to groups and tours. Las Vegas Wynn Las Vegas continues to post big results, generating an all-time record adjusted EBITDAR of $231.6 million. There may be a lot of talk out there about a pullback in consumer spending, but it isn't showing up at Wynn Las Vegas. On a hold normalized basis, Wynn Las Vegas' EBITDAR margins expanded 300 basis points year-over-year and 1,400 basis points from the first quarter of 2019.
The investors, who hold some Casino bonds maturing in 2026 and 2027, are seeking to move quickly before details of the tie-up are agreed, the sources added. Other debt being left out of the joint venture could have lower prospects to recover its full value. Casino does not require consent from bondholders to potentially push their holdings into the joint venture, according to two sources. Unrestricted status would allow the joint venture to potentially list on a stock exchange and receive capital from a third party. Casino and Teract said in a joint statement in March that discussions have already started with potential investors about providing the additional capital.
SAO PAULO, Dec 30 (Reuters) - Brazilian retailer GPA (PCAR3.SA) said on Friday it had taken the first steps towards spinning off its Colombian subsidiary Almacenes Exito SA (IMI.CN) and plans to distribute its shares to existing shareholders. In a securities filing, GPA said Exito had applied to be a publicly-held company in Brazil and list Brazilian Depositary Receipts (BDRs) on the Sao Paulo stock exchange. Exito also plans to list American Depositary Receipts (ADRs) in New York. Exito, which operates supermarkets and shopping malls in South America, has market value of some $925 million, according to Refinitiv data. Following the spin-off, GPA will retain a 13% stake in Exito, down from its current holding of nearly 97%.
Developer 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 would "accelerate economic recovery for surrounding businesses" in Times Square, as well as "create good-paying union jobs for New Yorkers." "We believe that Times Square offers the best location for a new resort casino that can attract tourists and benefit local businesses. Caesars Palace Times Square will be 100% privately funded, the SL Green and Caesars Entertainment said, with Caesars managing the casino's operation and brand.
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