Shares of Las Vegas-based casino operator Wynn Resorts ended Thursday’s trading day up over 7%, making it TheStreet’s Move of the Day. The reason was merger speculation. TheStreet’s Jim Cramer, portfolio manager of the Action Alerts PLUS Charitable Trust Portfolio, noted on CNBC there is speculation of a Wynn merger with Las Vegas-based competitor MGM Resorts International. Wynn’s first-quarter earnings, released in late April, included earnings per share of 70 cents, falling short of the consensus estimate. Revenue slumped almost 28% year over year to $1.09 billion. Revenue from Wynn’s Macau properties, a major casino hub in China, dropped nearly…

Gaming and hospitality firm MGM Resorts International has announced that its MGM Grand Detroit subsidiary has entered into a long-term agreement with NFL American football team the Detroit Lions. Under the deal, the terms of which were not disclosed, the two parties will work together to build a luxurious space at the team’s Ford Field home stadium. The ‘MGM Grand Detroit Tunnel Club’ will accommodate more than 100 fans and guests of the casino during Lions’ home matches and stadium events. Those in attendance at the new facility will have access to an up-close view of Lions players leaving and…

A recent report that found federal employees improperly used government credit cards at casinos could have unnecessary consequences for the gaming industry, the American Gaming Association warned today. In a May 19 report, the Department of Defense Inspector General’s Office said it discovered hundreds of thousands of dollars in transactions where department card holders probably used their cards at gambling halls and “adult entertainment establishments” for personal purposes. The report made several recommendations, including that the government consider blocking cards from being used at specific casinos or adult entertainment businesses. The gaming association is taking issue with that recommendation. Geoff…

The U.S. government’s attempt to crack down on Internet gambling is widely seen as a convoluted mess. Yet, more controlled and defined regulation would likely benefit the $41 billion industry and protect consumers alike, finds a new study by Michigan State University business scholars. The study is the first to estimate the costs and benefits of the Unfair Internet Gambling Enforcement Act, which was signed into law by President George W. Bush in 2006. Despite ongoing uncertainty and confusion stemming from the law, the industry has reacted positively, with the value of publicly traded online gambling firms increasing nearly 3…

A new research review from Southern Cross University indicates there is little evidence to support the fear that online betting may increase the likelihood of gambling problems, although vulnerable gamblers remain most at risk. The review of existing literature was conducted by Dr Sally Gainsbury from the University’s Centre for Gambling Education and Research to provide an overview of significant trends and developments in research relating to problematic online betting. The results were published recently in the paper, Online Gambling Addiction: the Relationship Between Internet Gambling and Disordered Gambling. “Although studies have found higher rates of gambling problems among internet…

If there’s one thing that is hard to ignore in this world, it is sports. Over the past several years especially, sports, and subsequently sports gambling, have become even more popular. It is hard to go anywhere without hearing someone talking about it, or seeing it on the TV. It seems that sports are really starting to hit their peak, with more people interested in it than ever before. But just how popular are sporting events, and what impact are they having on other related industries? The fact that sports are getting more popular each year is hard to argue….