Casino Gambling Tips and Information
The father of the man who died from an apparent fentanyl overdose at Connecticut’s Mohegan Sun casino is putting much of the blame on employees at the gaming property. [Read more…] about Mohegan Sun Blackjack Player Dies from Fentanyl Overdose, Father Sues Casino
An Iowa man who joined the state’s self-exclusion program was arrested after he tried to claim a jackpot at the Isle Casino in Waterloo, Iowa, while pretending to be someone else. [Read more…] about Isle Casino Gambler Claims Jackpot with Fake Name, Gets Double-Busted
The poker world has been gripped by controversy following Jonathan Tamayo’s $10 million win at the World Series of Poker’s (WSOP) Main Event on Wednesday. [Read more…] about WSOP CONTROVERSY: Winner May Have Consulted Poker Program During Play
A blackjack dealer and two players at Pennsylvania’s Hollywood Casino were charged after they allegedly participated in a fraudulent plot on the gaming floor over the weekend.
The trio stole about $16K in the scheme. The dealer was identified as Yadav Bhandari, 22 while the players were named as Shankar Karki, 37, and Prakash Thapa, 24. The three conspired in the game between Saturday and early Sunday, according to Pennsylvania TV station WHTM.
Pennsylvania State Police said the trio used sleight of hand, capping, and illicit card payouts/dealing, according to the news report.
After viewing surveillance video, state troopers revealed that $16,555 was paid improperly to Karki and Thrpa.
The cases were turned over to local prosecutors.
A man was arrested last week after he allegedly dropped a bag containing 111 suspected fentanyl pills at Idaho’s Clearwater River Casino.
Shortly after the incident, Charlie P. Sherman, 43, of Orofino, Idaho, was apprehended at a Nez Perce Express gas station.
The plastic bag was found by a casino employee at about 5:30 p.m. Thursday on the casino’s gaming floor. The Nez Perce County Sheriff’s Office was alerted and a deputy seized the narcotics.
Sherman dropped the bag as he walked near a restroom by a casino entrance, authorities said.
Sherman was booked at the Nez Perce County Jail and appeared in court on Friday where his bail was set at $25K. His next court date is on July 22.
He was charged with trafficking in fentanyl, according to Big Country News. Sherman has yet to enter a plea on the trafficking charge.
The pills in the bag were sent to a lab to be tested. Given the number of pills, the charge relates to trafficking of the illegal drugs rather than just a possession charge.
Under a new state law, those convicted on a fentanyl trafficking charge, who had in their possession between 100 and 240 fentanyl pills, face three years in prison and at least $10K in fines.
Idaho House Bill 406 took effect on July 1. It was approved by the Idaho House of Representatives by a 55-13 vote, and by the Idaho Senate by a 29-7 vote.
The measure has stiffer penalties for larger amounts of fentanyl. The state will sentence a guilty defendant to five years in prison and order the payment of at least a $15K fine for between 250-499 fentanyl pills. For 500 or more pills, a guilty defendant will be sentenced to 10 years in prison and be forced to pay at least a $25K fine.
The post Casino Crime Roundup: Blackjack Dealer, Players Arrested in $16K Scheme appeared first on Casino.org.
Rephrased by The Mystic Gambler
A New York State visitor to Las Vegas won $436K during a stop at the Paris Las Vegas on July 2.
The mystery guest from Middle Village, New York, hit the jackpot with a royal flush. He was playing three-card poker. [Read more…] about Jackpot: Paris Las Vegas Player Wins $436K With Royal Flush
With the Tropicana shuttered in April and with the Mirage heading for a temporary closure starting July 17, it doesn’t take an expert to figure out that room supply on the Las Vegas Strip is declining. [Read more…] about Strat Could Be Mirage Closing Winner, Says Analyst
As highlighted by a year-to-date loss of 3.11%, MGM Resorts International (NYSE: MGM) stock has spent much of 2024 dithering, but a 7.66% jump over the past month indicates the shares have some momentum. Some analysts concur.
In a new report to clients, BTIG analyst Clark Lampen initiated coverage of the casino giant with a “buy” rating and a $52 price target, which implies upside of 20.14% from today’s closing price of $43.28. The analyst believes it’s possible the stock could build on recent momentum with the assistance of upward earnings and revenue estimates.
Those catalysts would be sourced via ongoing strength on the Las Vegas Strip and in Macau as well as capital return efforts, including the possibility of a dividend from the MGM China unit. That entity is 56%-owned by the Las Vegas-based parent and runs two integrated resorts in Macau.
Likewise, MGM remains one of the most dedicated buyers of its own shares of any company in the US. Since 2021, the operator has pared its shares outstanding tally by 36% due to multiple share buyback plans.
BTIG’s Lampen sounded a constructive tone on MGM’s digital operations and its Las Vegas Strip footprint. MGM is the largest operator in the US casino center.
With Vegas implied at ~8x ’24 earnings before interest, taxes, depreciation, and amortization (EBITDA) within our sum-of-the-parts (or ~5x when lease liabilities are capitalized at 8x cash rent, rather than full BS liability), the current fundamental story doesn’t seem appropriately discounted, and we’d expect the multiple to expand as Vegas concerns fade and numbers move higher,” observed the analyst.
Lampen also noted MGM’s digital business is an unfolding story that may not be getting the credit it deserves among market participants. Last week, the company said its LeoVegas will acquire the US operations of Tipico Sportsbook in a move aimed at bolstering its tech stack.
The analyst called MGM’s digital operations a marquee driver of “growing delta between BTIG’s estimates” and consensus forecasts stretching out over several years.
In addition to the possibility of a dividend MGM China dividend and the parent company’s domestic shareholder return efforts, Lampen added it’s possible that the stock could be sparked by the sale(s) of regional casinos.
In March, rumors surfaced that MGM was mulling the sale of MGM Northfield Park, a racino near Cleveland, and its eponymous casino hotel in Springfield, Mass. The operator has yet to publicly confirm it’s considering divesting those or any of its regional casinos nor did Lampen mention specific properties the operator could sell.
While it’s possible MGM is evaluating sales of some of its regional casinos, the current interest rate environment is hard on prospective buyers that need financing, meaning the most desirable suitors are those that can execute transactions with minimal need for additional capital. That diminishes the pool of would-be buyers for regional casinos.
The post MGM Stock Has Makings of a Winner, Says Analyst appeared first on Casino.org.
Rephrased by The Mystic Gambler
