Debt Archives - Keno Wizard https://kenowizard.com/tag/debt/ The Ultimate Keno Destination for Odds, Tips & Tricks Wed, 20 Mar 2024 07:42:08 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 https://i0.wp.com/kenowizard.com/wp-content/uploads/2023/02/cropped-keno-wizard-icon.png?fit=32%2C32&ssl=1 Debt Archives - Keno Wizard https://kenowizard.com/tag/debt/ 32 32 230792155 MGM Resorts Dispels Bruno Mars Gambling Debt Rumors https://kenowizard.com/2024/03/20/mgm-resorts-dispels-bruno-mars-gambling-debt-rumors/ https://kenowizard.com/2024/03/20/mgm-resorts-dispels-bruno-mars-gambling-debt-rumors/#respond Wed, 20 Mar 2024 07:42:08 +0000 https://kenowizard.com/2024/03/20/mgm-resorts-dispels-bruno-mars-gambling-debt-rumors/ Amid swirling rumors of Bruno Mars accumulating massive gambling debts, MGM Resorts has stepped forward to quash the speculations, asserting that the acclaimed singer-songwriter is not indebted to the casino giant. MGM Resorts Clarifies Bruno Mars’ Financial Status Responding to recent claims from media outlet NewsNation, MGM Resorts dismissed reports suggesting that Mars owed up [...]

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Amid swirling rumors of Bruno Mars accumulating massive gambling debts, MGM Resorts has stepped forward to quash the speculations, asserting that the acclaimed singer-songwriter is not indebted to the casino giant.

MGM Resorts Clarifies Bruno Mars’ Financial Status

Responding to recent claims from media outlet NewsNation, MGM Resorts dismissed reports suggesting that Mars owed up to $50 million in gambling losses. The company, in a statement issued March 18, emphasized its enduring partnership with Mars, labeling any insinuation of financial indebtedness as “completely false.”

MGM Resorts commented to The Las Vegas Review-Journal that they were proud of their relationship with Bruno Mars, emphasizing that his brand of entertainment, from his energetic performances at Dolby Live at Park MGM to the newly opened Pinky Ring lounge at Bellagio, has a global appeal.

The statement elaborated that the partnership between MGM and Mars is founded on mutual respect. It asserted that any speculation suggesting otherwise is unfounded, reiterating that Mars does not owe any debt to MGM. 

The rumors, originating from an unnamed source cited by NewsNation, alleged that Mars was using earnings from his performances to offset substantial gambling losses. The source purported that Mars earns around $90 million annually from his residency deals with MGM, but after tax deductions, his net earnings amount to roughly $1.5 million per show.

Contrary to these claims, MGM Resorts firmly denies Mars’ indebtedness, emphasizing that his collaboration with the company spans multiple ventures, including his ongoing residency at Park MGM and the recent partnership on the Pinky Ring lounge at Bellagio.

Bruno Mars’ Influence Remains Strong Amidst Casino Speculations in Las Vegas

Mars, whose affinity for the casino tables has been previously noted, has not publicly addressed the recent rumors. However, past interviews have showcased his candidness about gambling experiences, highlighting the lessons learned from occasional losses.

The Grammy-winning artist has been a fixture in the Las Vegas entertainment scene since 2016, captivating audiences with his chart-topping hits and dynamic stage presence. His enduring partnership with MGM Resorts underscores his significant contribution to the city’s vibrant entertainment landscape.

As mentioned above Bruno Mars recently launched The Pinky Ring at Bellagio Resort & Casino. The new venture debuted with an exclusive party and performance, attended by celebrities like Lady Gaga and T-Pain, featuring surprise acts from Janelle Monáe and others.

The venue, curated by Bruno himself, promises an immersive experience in timeless glamour and remarkable artistry, with The Hooligans as the resident house band for the initial weeks.As MGM Resorts and Bruno Mars continue to collaborate on innovative ventures, the casino giant reaffirms its commitment to providing unparalleled entertainment experiences for its patrons, dispelling any notions of financial discord with the celebrated performer.

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Macau Casinos Navigate Debt Maturities Amidst Positive Revenue Outlook https://kenowizard.com/2024/02/05/macau-casinos-navigate-debt-maturities-amidst-positive-revenue-outlook/ https://kenowizard.com/2024/02/05/macau-casinos-navigate-debt-maturities-amidst-positive-revenue-outlook/#respond Mon, 05 Feb 2024 23:21:50 +0000 https://kenowizard.com/2024/02/05/macau-casinos-navigate-debt-maturities-amidst-positive-revenue-outlook/ Macau’s gaming operators are facing the challenge of upcoming debt maturities, with significant obligations slated for 2025. However, amidst the financial landscape shaped by the COVID-19 pandemic, these operators seem prepared to handle the situation with cautious optimism. Macau Casinos Delay Debt Refinancing for 2025, Eyeing Improved Cash Flow According to recent insights from S&P [...]

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Macau’s gaming operators are facing the challenge of upcoming debt maturities, with significant obligations slated for 2025. However, amidst the financial landscape shaped by the COVID-19 pandemic, these operators seem prepared to handle the situation with cautious optimism.

Macau Casinos Delay Debt Refinancing for 2025, Eyeing Improved Cash Flow

According to recent insights from S&P Global Ratings, Macau’s gaming operators are strategizing to delay refinancing plans for their 2025 debt maturities. This delay is primarily aimed at capitalizing on potential reductions in interest rates and anticipating improved cash flow from the Macau market in the coming quarters.

Melissa Long, director of corporate ratings at S&P Global, highlighted that operators are likely to wait before addressing these 2025 maturities, expecting a favorable shift in interest rates and enhanced cash flow generation from the Macau market. Long emphasized the operators’ intention to prudently manage larger maturity needs while actively seeking to preserve liquidity positions.

While some operators are expected to face current debt obligations in the near term, S&P Global remains optimistic about its ability to maintain sufficient cash resources to sustain liquidity positions.

The agency also anticipates continued support from banks, buoyed by the market’s robust recovery and operators’ improved cash flow and leverage metrics.

MGM China and Wynn Macau Set to Weather 2024 Debt Maturities

MGM China and Wynn Macau, specifically mentioned in S&P Global’s analysis, are deemed well-positioned to handle their 2024 maturities without the need for immediate refinancing. This financial stability is attributed to their existing cash reserves and access to revolving credit facilities.

The debt landscape in Macau’s gaming sector reflects the broader trend of recovery in the region’s gambling industry. Despite the challenges posed by the pandemic, Macau’s casino revenue is projected to surpass pre-COVID levels for the first time in 2024. Factors such as increased outbound Chinese travel and strong performance during the Lunar New Year break contribute to this optimistic outlook.

The shift towards mass-market gambling following regulatory crackdowns on VIP junkets indicates a strategic adaptation among casino operators. This transition, coupled with ongoing improvements in cash flow and market share, underscores the resilience of Macau’s gaming industry.

Looking ahead, the positive trajectory of Macau’s casino revenue and the gradual easing of pandemic-related restrictions bode well for the sector’s long-term stability. While challenges persist, including looming debt maturities and competitive pressures, Macau’s gaming operators appear poised to navigate these obstacles with resilience and adaptability.

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Lottomatica to Issue €500M in Debt Bonds and Borrow €50M to Fund the SKS365 Deal https://kenowizard.com/2023/11/28/lottomatica-to-issue-e500m-in-debt-bonds-and-borrow-e50m-to-fund-the-sks365-deal/ https://kenowizard.com/2023/11/28/lottomatica-to-issue-e500m-in-debt-bonds-and-borrow-e50m-to-fund-the-sks365-deal/#respond Tue, 28 Nov 2023 22:30:13 +0000 https://kenowizard.com/2023/11/28/lottomatica-to-issue-e500m-in-debt-bonds-and-borrow-e50m-to-fund-the-sks365-deal/ Earlier this month, Lottomatica, an Italian gaming giant, announced its plans to acquire 100% of SKS365’s share capital. The deal, which values the latter business at €639 million ($702 million) was signed recently and, if cleared by all relevant regulators, is set to close in the first half of 2024. As a result of this [...]

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Earlier this month, Lottomatica, an Italian gaming giant, announced its plans to acquire 100% of SKS365’s share capital. The deal, which values the latter business at €639 million ($702 million) was signed recently and, if cleared by all relevant regulators, is set to close in the first half of 2024.

As a result of this major move, Lottomatia announced its plans to issue €500 million (approximately $549.1 million) in debt notes to fund the agreement. A first row of floating rate senior secured notes will be issued, followed by a second tranche of fixed rate senior secured notes. The latter notes will have a fixed rate of 7.125%. The move is also part of a €565 million 7.125% Senior Secured Notes due 2028 bond.

The division between the two bonds is yet to be announced and will likely be communicated once Lottomatica closes the deal or around the date of the completion.

In addition to that, Lottomatica has secured revolving credit cash borrowing of €50 million (roughly $55 million), under an existing revolving credit agreement.

The money Lottomatica secures through the notes and borrowings will allow it to fully fund the SKS365 purchase deal and cover all applicable fees and costs.

Lottomatica Is Looking Forward to Closing the Deal

Lottomatica will acquire SKS365 through its wholly-owned subsidiary CBO Spa. The successful deal comes in the wake of a failed takeover attempt by Playtech, which gave up on acquiring SKS365 recently. At the time, Flutter Entertainment was also rumored to be eyeing a takeover of SKS365’s business.

Guglielmo Angelozzi, Lottomatica’s chief executive officer, believes that the acquisition of SKS365 will provide CBO and Lottomatica with a major boost in Italy. As a company with over 1,000 shops and a significant online presence, SKS365 is an undeniably popular brand among local customers.

Angelozzi praised SKS365 as a top performer and lauded the efforts of its management team, which turned it into a local powerhouse.

Alexander Martin, SKS365’s CEO, also commented on the matter earlier, saying that his team is glad to join the Lottomatica family and believes that it could not have found a better acquisition partner.

For reference, SKS365 operates brands such as PlanetWin365 and PlanetPay365 in addition to running retail operations. Furthermore, the company has been decorated as one of Italy’s top employers for 2023.

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Bond Investors Double Down on Macau Casino Debt https://kenowizard.com/2023/11/20/bond-investors-double-down-on-macau-casino-debt/ https://kenowizard.com/2023/11/20/bond-investors-double-down-on-macau-casino-debt/#respond Mon, 20 Nov 2023 12:27:26 +0000 https://kenowizard.com/2023/11/20/bond-investors-double-down-on-macau-casino-debt/ Bond investors from Asia and beyond are taking the risk and doubling down on investments in Macau casino debt. This move carries certain uncertainties but has the potential to be more lucrative than investments in corporate debt. At the moment, investing in Macau casino debt might be less risky than investing in shares too. The [...]

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Bond investors from Asia and beyond are taking the risk and doubling down on investments in Macau casino debt. This move carries certain uncertainties but has the potential to be more lucrative than investments in corporate debt. At the moment, investing in Macau casino debt might be less risky than investing in shares too.

The debt issued by Macau’s gambling and entertainment companies is now even more tempting to investors amid the recovering gross gaming revenue. The special administrative region had struggled with the pandemic and China’s Zero-COVID policy for a while but is finally showing signs of recovery.

The rebounding gross gaming revenues have attracted the attention of a number of investors and consultancies who believe that the region’s future is bright.

Bonds May Be Securer Than Shares

In addition, the share prices of Macau’s six concessionaires are yet to rebound to pre-pandemic levels. In fact, most companies’ stock continues to fluctuate or even decline. While some experts believe that the Macau stocks deserve better, considering their strong recovery, investing in shares at the moment seems risky. Amid the stock-related uncertainties, investing in bonds seems to be somewhat safer for investors.

Furthermore, the trust in Macau casino bonds has led to Sands China’s bonds getting lifted to investment grade by S&P. Melco, on the other hand, just had its credit rating upgraded to stable, further confirming that investing in bonds might be the way to go.

Many investors may also be interested in a number of other boons provided by the Macau casino operator bond, including Asia’s low default rates and the departure of many Chinese firms from the bond market, which has decreased the overall supply.

In other news, five concessionaires that previously sought compensation from Suncity Group and Alvin Chau have now dropped their claims. This decision followed Chau’s imprisonment in October when the Court of Second Instance in Macau handed the junket mogul an 18-year sentence.

For reference, Chau and his junket were involved in a number of illicit activities, including fraud, criminal association, money laundering and illegal gaming.

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Ex-Employee Forced to Sell Assets to Pay $2M Gambling Fraud Debt https://kenowizard.com/2023/05/07/ex-employee-forced-to-sell-assets-to-pay-2m-gambling-fraud-debt/ https://kenowizard.com/2023/05/07/ex-employee-forced-to-sell-assets-to-pay-2m-gambling-fraud-debt/#respond Sun, 07 May 2023 15:21:12 +0000 https://kenowizard.com/2023/05/07/ex-employee-forced-to-sell-assets-to-pay-2m-gambling-fraud-debt/ Karen Brailsford, a former employee of Derbyshire firm Urban Design and Development, has been ordered to sell her house, Mercedes car, personalized number plate, and designer goods to pay back a portion of the £1.6 million ($2 million) that she stole from her employer.  Former Employee Forced to Sell Assets to Pay for Fraudulent Actions [...]

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Karen Brailsford, a former employee of Derbyshire firm Urban Design and Development, has been ordered to sell her house, Mercedes car, personalized number plate, and designer goods to pay back a portion of the £1.6 million ($2 million) that she stole from her employer. 

Former Employee Forced to Sell Assets to Pay for Fraudulent Actions

Financial investigators at Derbyshire police discovered that the 53-year-old only has £130,314.59 ($164,242) left to her name, which will come from the sale of the items she still owns, The Derbyshire Telegraph reported. The Proceeds of Crime Act (POCA) allows the police to seize cash from criminals who have made their money from illegal gains. In this case, the judge ordered the sum to be paid as compensation to her former employer. If Brailsford comes into money later in life that she does not currently have, police can still apply to have it seized.

At her sentencing hearing last year, it was revealed that Brailsford falsified invoices to fund her gambling impulses. At its peak, she took £300,000 ($378,106) from the company in one year, and she had already taken £29,000 ($36,542) in 2021 before being caught. 

Brailsford claimed her actions were an error, but the directors were unsatisfied with her response. When confronted, Brailsford confessed to what she had been doing and that she had been stealing from them for some time. Brailsford pleaded guilty to a single count of fraud by abuse of position, telling the police that she was desperate for the money, which was why she did it in such an obvious way.

Woman Steals from Company to Fund Gambling Addiction and Buy Holiday Caravans

Police found that Brailsford had spent £298,867.36 ($376,658) on gambling, sent some of the money to her children, and bought two-holiday caravans. 

The company’s managing director, Mr. Dawson, stated that the business had lost out financially and that he had struggled to keep his work and home life separate because of the incident. 

According to Nicola Hornby, who was representing Brailsford, there were no significant assets that could be traced and Brailsford had nothing to present as evidence. She also noted that Brailsford had made admissions when charged, had been suffering from depression, for which she takes medication, and that her imprisonment would have an impact on her children and elderly father.

When sentencing Brailsford, recorder Tim Spruce acknowledged that her methods were not unsophisticated and that she had access to critical financial control. He noted that Brailsford had planned the fraud to go unnoticed and ordered her to sell her assets to repay her former employer.

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Former Canadian Lawmaker Cleared of Using Position to Meet Gambling Debt https://kenowizard.com/2023/03/16/former-canadian-lawmaker-cleared-of-using-position-to-meet-gambling-debt/ https://kenowizard.com/2023/03/16/former-canadian-lawmaker-cleared-of-using-position-to-meet-gambling-debt/#respond Thu, 16 Mar 2023 05:53:06 +0000 https://kenowizard.com/2023/03/16/former-canadian-lawmaker-cleared-of-using-position-to-meet-gambling-debt/ This comes as welcome news to Raj Grewal who faced mounting scrutiny over the past year over his alleged involvement in lobbying for businessmen in front of Canadian Prime Minister Justin Trudeau. Grewal was also accused of helping with immigration application proceedings in exchange for loans. Gambling Habits That Do Not Suggest Abuse of Power [...]

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This comes as welcome news to Raj Grewal who faced mounting scrutiny over the past year over his alleged involvement in lobbying for businessmen in front of Canadian Prime Minister Justin Trudeau. Grewal was also accused of helping with immigration application proceedings in exchange for loans.

Gambling Habits That Do Not Suggest Abuse of Power

None of these charges held up in court. The only part that is true, though, is Grewal’s proclivity for gambling to great lengths. He reportedly spent considerable sums, running in the millions of dollars, at the Casino du Lac-Leamy over the period of several years from 2015 through 2018, court documents state.

Because of his gambling habits, the Royal Canadian Mounted Police launched an investigation into his gambling habits and the source of his money. While the investigation did not prove any wrongdoing beyond a reasonable doubt, Grewal stepped down from his party post and did not go up for reelection in 2019.

Justice Sylvia Corthorn of Ontario did not find any evidence to suggest that Grewal had in any way abused his power to secure loans and sustain his gambling habit. In fact, Corthorn dismissed the case outright and did not find it necessary for the defense to deliver its arguments.

Should shove came to push, though, Grewal’s lawyer, Nader Hasan, would have simply stated that the loans were given by members of the local Sikh community, which Grewal has been a long-time member of.

Police Did Not Bother to Investigate, Says Lawyer

Hasan called the entire case based on flimsy evidence, but more importantly on a grave cultural misunderstanding. Essentially, the Royal Canadian Mounted Police misconstrued the relationships between Grewal and his fellow community members and sought to find evidence of wrongdoing where there was essentially none.

Hasan insisted that the police could have saved the Crown and itself considerable resources if it had gone to Grewal directly and collected evidence, or looked into the ties between him and his benefactors. The lawyer insisted that at no point did the police approach his client and demand a straightforward explanation of the loans.

They simply jumped to the conclusion that Grewal had abused power, which has now cost him his political career.

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Bally Sports Owner Files for Bankruptcy, Seeks to Shed $8B Debt https://kenowizard.com/2023/03/15/bally-sports-owner-files-for-bankruptcy-seeks-to-shed-8b-debt/ https://kenowizard.com/2023/03/15/bally-sports-owner-files-for-bankruptcy-seeks-to-shed-8b-debt/#respond Wed, 15 Mar 2023 14:31:40 +0000 https://kenowizard.com/2023/03/15/bally-sports-owner-files-for-bankruptcy-seeks-to-shed-8b-debt/ The broadcaster behind Bally Sports regional sports networks (RSN), Diamond Sports Group (DSG) announced Tuesday it is in the process of finalizing a Restructuring Support Agreement (RSA) with companies that hold the majority of its debt, as well as Sinclair Broadcast Group. This is a strategic move that ultimately seeks to eliminate a debt of [...]

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The broadcaster behind Bally Sports regional sports networks (RSN), Diamond Sports Group (DSG) announced Tuesday it is in the process of finalizing a Restructuring Support Agreement (RSA) with companies that hold the majority of its debt, as well as Sinclair Broadcast Group. This is a strategic move that ultimately seeks to eliminate a debt of more than $8 billion that is outstanding for the company.

However, in order to implement the RSA, DSG confirmed that it filed for Chapter 11 protection with the US Bankruptcy Court within the Southern District of Texas. Ultimately, the company’s plan is to strengthen its balance sheet by implementing the restructuring and using the proceedings. At the same time, DSG plans to continue the broadcasting of high-quality sports content in the US.

The latest announcement reveals that DSG plans to keep Bally Sports operational during the complex Chapter 11 process. Moreover, DSG said that it currently has some $425 million in cash which can help with the restructuring and boost its business.

The RSA Diamond is finalizing with creditors and Sinclair provides that Diamond will separate its business from Sinclair and become a standalone company,

reads a statement released by Diamond Sports Group

The RSA Represents a Strategic Move

David Preschlack, DSG’s CEO, explained: “The DSG Board of Managers has been evaluating strategic opportunities with the support of its advisors and in coordination with creditors to position the Company for long-term success and has determined that the best path forward for the Company and its stakeholders is to restructure through a Chapter 11 process.”

The CEO added that the company is engaging in this process in an effort to strengthen its balance sheet, reset its capital structure and eliminate some $8 billion in debt. Preschlack added: “The financial flexibility attained through this restructuring will allow DSG to evolve our business while continuing to provide exceptional live sports productions for our fans.”

According to Preschlack, DSG will not stop broadcasting games that ultimately help connect sports teams and leagues with their fans. Finally, he said that the company hopes to be revitalized by the restructuring and become even stronger than before.

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Crown London Aspinalls Goes on the Offensive to Collect $720K Debt https://kenowizard.com/2023/03/14/crown-london-aspinalls-goes-on-the-offensive-to-collect-720k-debt/ https://kenowizard.com/2023/03/14/crown-london-aspinalls-goes-on-the-offensive-to-collect-720k-debt/#respond Tue, 14 Mar 2023 10:35:55 +0000 https://kenowizard.com/2023/03/14/crown-london-aspinalls-goes-on-the-offensive-to-collect-720k-debt/ This is why Crown London Aspinalls has now decided to go after one of its high rollers, Lester Hui, who raked up almost £600,000 ($730,000) in gambling debt on the night of February 9, 2016. He has not made any efforts to honor this payment over the past years, prompting the luxury property to settle [...]

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This is why Crown London Aspinalls has now decided to go after one of its high rollers, Lester Hui, who raked up almost £600,000 ($730,000) in gambling debt on the night of February 9, 2016. He has not made any efforts to honor this payment over the past years, prompting the luxury property to settle matters in court.

Hui Seeks to Have Debt from Crown London Aspinalls Dropped

In a lawsuit filed by the property, Aspinalls alleges that Hui signed the casino a check which was ultimately bounced, prompting the property to seek a way to get its money back. Hui, though, has been willing to put up a fight. He argued that Aspinalls had not honored its obligations under the license issued to the property by the UK Gambling Commission.

He alleged that Aspinalls had broken its social responsibility pledge by purposefully getting him drunk all throughout the night while he played double chance baccarat, and continued to spiral further into debt. Hui even named the drink he was served repeatedly, Moutai, which is a preferred brew among Chinese people.

Hui added that the casino went to extreme measures to get him inebriated and ensure his lapse of judgement. Hui’s attorneys, cited by Evening Standard, argue that the casino made no effort to intervene and stop the gamblers from proceeding, despite his state of mind, which they characterized as “blackout drunk.”

The casino had no legal right to these losses, the attorneys argued. The casino said that this was not true. Hui is also contending that he had warned the casino and asked explicitly for his losses to be limited to no more than £30,000 ($36,000). Aspinalls has denied this charge as well.

Aspinalls May Have Broken New Rules, But Not Old Rules

Aspinalls has been caught in litigation in the past, losing a lawsuit over racial discrimination against an employee who said that customers were repeatedly abusive to dealers of color. The present case though remains an ongoing matter. Aspinalls is unlikely to back down and repeatedly denies wrongdoing, but so does Hui who will seek to prove that the club took advantage of his physical and mental state.

Of course, legislation has come a long way since 2016, and in new guidelines issued by the UK Gambling Commission that came into effect in September 2022, the regulator clearly states that the casino should always intervene in those cases when it suspects that a gambler is acting irrationally or not capable of making clear and logical decisions or is clearly playing outside of their means. This means that even if Aspinalls was a little slow to act in 2016, it did not seem to be breaking any rules.

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