This Week in Gambling

Despite record breaking revenue numbers for Nevada and Las Vegas, Caesars Entertainment in hemorrhaging cash. While the company was able to generate $2.3 billion in revenue, which is up from $1.8 billion the year before, their net losses somehow increased from $423 in 2021 to $680 million this year. Part of the reason for the counterintuitive results lies in the fact that Caesars operational expenses are up over 45%. Those expenses came to $2.3 billion, which was their exact revenue that the company reported. Additionally, they lost $53 million from their digital segment, which had been profitable to the tune…

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The sale of the Cosmopolitan Casino in Las Vegas is moving forward, following the Nevada Gaming Control Board unanimously approving the transfer of interest and licensing to MGM. Now, the state Gaming Commission will weigh in on a final approval on May 19th. The Cosmopolitan Casino, in a prime location on the Las Vegas Strip, opened its doors in December of 2010. It was built for $3.9 billion, and now MGM will purchase the operations of the property for $1.6 billion.It sits beside the popular CityCenter complex and the Bellagio casino, both owned by MGM Resorts. Despite the positive move…

Having just celebrated their 75th Anniversary in November of last year, rumors that the Flamingo Las Vegas will be sold by Caesars for over $1 billion are now swirling. We’ve known that Caesars was looking to sell a Strip property for quite a while now. Here at This Week in Gambling, our suspicion was clearly on Planet Hollywood as the most likely casino to go. And it looks as if Caesars agreed with us, right up until they realized it had theater they could use to host concerts. Attention then shifted back to Flamingo Las Vegas as the next most…

We may never have all 50 states decide to regulate sports betting. But slowly and surely, more and more states are reaping the rewards of legalizing the activity, and Maine is just the latest. It looked like the state was going to pass sports betting legislation a couple of years ago, as both the State Senate and House passed legislation to do so. That bill was sent to the Governor, who vetoed the measure in a somewhat surprising move. This time around was different. This new bid to regulate sports betting in Maine gives the states Native American tribes exclusivity…

This week’s gambling news finds the Las Vegas Palms back up and running! Under new management! And becoming the first Tribal casino in Vegas! Plus, a casino billionaire is buying up land on Las Vegas Boulevard! Plus, two new game reviews just in time for Cinco de Mayo! The Las Vegas Palms is finally back up and running after closing for the pandemic, making them one of the last casinos in Sin City to reopen their doors. But the story here is not THAT the Palms is operating again, so much as WHO is operating the Palms!  While they may…