..

Lender HBOS Played Major Role In Lending to Struggling Casino Sector

Written by:
C Costigan
Published on:
Oct/15/2010
HBOS

HBOS, now part of Lloyds Banking Group, has been identified as one of the biggest lenders to the struggling Las Vegas casino industry.  HBOS is the holding bank of the Bank of Scotland. 

The full extent of its involvement came following a loss of more than $500m last week on loans it provided to M Resort Spa Casino in Las Vegas .  It is the second time in so many months that Lloyds has taken a beating in America. 

 

From The Guardian:

 

The level of the bank's involvement in the US gaming sector has emerged after it made a loss of more than $500m last week on loans it provided to M Resort Spa Casino in Las Vegas – the second massive financial hit Lloyds has taken in America in as many months. Loans to casino groups accounted for 35% of the value of all US deals on which HBOS acted as an agent between 2004 and 2007, according to data held by financial information group Thomson Reuters.

It is not clear how much HBOS lent to US casinos in total, although it will be only part of the $18bn as most of the loans would have involved a syndicate of banks. However, in 2004 and 2005, the US division of HBOS was one of the main banks in a syndicate arranging loans of $1bn and $2bn to Station Casinos, which filed for Chapter 11 bankruptcy protection last year, as well as the bank being involved in a 2007 loan of $430m to Aliante Gaming, a Station subsidiary.

Business/Financial News

'Sophisticated' Hacker Plunders $450,000 From Defi Protocol Balancer

'Sophisticated' Hacker Plunders $450,000 From Defi Protocol Balancer

In two separate transactions, an attacker targeted two pools containing Ethereum-based tokens with transfer fees – or so-called deflationary tokens.

Lobbyist Abramoff Charged in Cryptocurrency Fraud Case

Lobbyist Abramoff Charged in Cryptocurrency Fraud Case

Jack Abramoff, a once-powerful lobbyist who spent time in federal prison for fraud and corruption, has been charged in a San Francisco court in an investor fraud case involving cryptocurrency and lobbying disclosure, federal authorities announced Thursday.

New Zealand Seizes $90M From Russian Bitcoin Fraud Suspect

New Zealand Seizes $90M From Russian Bitcoin Fraud Suspect

New Zealand police said Monday they have seized $90 million from Alexander Vinnik, a Russian bitcoin fraud suspect who is in French custody but is also wanted in the United States.

Canadian Crypto Firm Collapsed Due to Ponzi Scheme by Late Founder, Regulator Says

Last year’s collapse of Canadian cryptocurrency trading platform Quadriga CX was due to a Ponzi scheme operated by founder Gerald Cotten, who died suddenly in December 2018, the country’s biggest securities regulator said on Thursday.

FC Barcelona vs. Real Mallorca Preview Betting Preview

FC Barcelona vs. Real Mallorca Preview Betting Preview

La Liga returns this weekend and we will have a very interesting game when Real Mallorca hosts FC Barcelona on Saturday. There will be many safety protocols in place, just like the Bundesliga did.

Syndicate