..

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

Dogecoin Tumbles After Musk Calls it a "Hustle" on SNL

Dogecoin Tumbles After Musk Calls it a "Hustle" on SNL

Plus Ethereum promoter explains why he believes Dr. Craig Wright Satoshi claims

Hillarious Elon Musk SNL Host Betting Odds

Hillarious Elon Musk SNL Host Betting Odds

Bet on Elon Musk as SNL host.  Everything from what he mentions first, Dogecoin, Tesla, SpaceX and even whether he lands in trouble with the SEC.   Should be a great show.

Elon Musk Dubs Himself the "Dogefather" for SNL Promo Tweet

Elon Musk Dubs Himself the "Dogefather" for SNL Promo Tweet

Oddsmakers doubt an SEC investigaton will be launched following Elon Musk's SNL appearance this coming Saturday night, but you can still bet on it.

Gemini Acceptance of Dogecoin Suggests Cryptocurrency Here to Stay

Gemini Acceptance of Dogecoin Suggests Cryptocurrency Here to Stay

Plus Dr. Craig Wright's master class on the variety of ways to extend Bitcoin addresses.

Cryptocurrency ether rose to a fresh record peak on Tuesday before dropping sharply as some investors pulled profits from a white-hot market bulging with questionable new entrants.

'Speculative Excess': Ethereum Finds New Peak in Sizzling Crypto Market

Cryptocurrency ether rose to a fresh record peak on Tuesday before dropping sharply as some investors pulled profits from a white-hot market bulging with questionable new entrants.

Syndicate