Penn National Gaming warns of permanent layoffs

Wyomissing, Pennsylvania-headquartered Penn National Gaming Incorporated has recently announced the reopening of more than 70 per cent of its casinos following corona virus-induced shutdown, but thousands of its employees will likely not be around long enough to celebrate as the entertainment giant has warned of permanent layoffs.

Lufthansa Management Could Consider Protective Shield Proceedings under Insolvency Law

German airline Lufthansa has informed that it might need protection from creditors if the shareholders of the company don’t approve the German-government backed bailout plan on the voting to be held on June 25. Lufthansa was among the first major European airlines to announce that the impact of COVID-19 pandemic on its finances would be difficult to manage. The airline announced initial jobs cuts and has indicated further job cuts even after the German government approved bailout package for the airline.

Yggdrasil Gaming’s new online slot game ‘Lightning Joker’ offers wins up to 10,000 times of stake

Malta-based innovative online gaming solutions provider Yggdrasil Gaming Limited’s newly launched Lightening Joker comes with turbo spin advance feature that offers a chance for players to win up to 10,000 times of their original stake in a single spin.

Health authorities concerned after manager at Morongo Casino Resort & Spa tested positive for COVID-19

The confirmation of a positive case of the potentially deadly corona virus at the Morongo Casino Resort & Spa in Southern California has triggered new concerns over public health safety, pushing many to predict that reopening of casinos could pave way for another wave of the deadly transmissions.

Wynn Resorts Macau unit losing $2 million daily, with revenue down 97.6% in Q2

Continuing to struggle in the wake of the COVID-19 shutdown, Wynn Resorts’ Macau hotel and casino business is suffering a loss of nearly $2 million per day with revenue down 97.6 per cent in the first two months of the second quarter of the current fiscal year.

AAR Ruling on Tiger Global’s Exit in Flipkart, Wal-Mart deal could impact PE exits

Wal-Mart acquired controlling stake in Indian online retail leader Flipkart in 2018 and Tiger Global’s Mauritian arm sold its stake to Luxembourg based entity. However, Tiger Global managed to get exemption on taxes under India-Mauritius double tax avoidance treaty. Now, the Authority on Advanced Ruling in India has passed an order on the deal and Tiger Global could be in for tax trouble.

Massachusetts Gaming Regulator may allow Encore Boston Harbor Casino to resume operations on June 29th

June 29th seems to be the earliest possible date for Massachusetts’s casinos, including Encore Boston Harbor, to resume operations as the state will soon enter the Phase 2 of reopening plan, with phase 3 scheduled to start late this month.