New Bristol Casino rakes in $37.5 million during debut and more business news

Bristol Casino debut rakes in $37.5 million

Bettors at Virginia's first full-fledged casino preferred slots to table games in its first week of operation, and were also slightly more likely to win their money back at the one-armed bandits as well.

The Bristol Casino took in more than $37.5 million in wagers through July 14, according to the Virginia Lottery Board. The casino paid out more than $33.7 in winnings, about 90% of what was wagered.

The casino opened to the public July 8, but also held two soft openings for VIPs on July 5 and July 7.

The Bristol Herald-Courier reports that the action at the casino generated more than $673,000 in taxes for Virginia.

The Bristol Casino is the first of four approved by voters across the state to begin operations under a 2020 law passed by the General Assembly.

The casino employs about 600 workers now, the vast majority of whom are Virginia and Tennessee residents. A larger venue is expected to open in 2024 and employ twice as many workers.

Whirlpool losses total $371 million

Whirlpool Corp. on Monday reported a loss of $371 million, or $6.62 per share, in its second quarter. Earnings, adjusted for non-recurring costs, came to $5.97 per share.

Net sales in the quarter fell by 4.3%, from a year ago due to supply chain disruptions and demand slowdown, partially offset by favorable product price/mix.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $5.23 per share.

The maker of Maytag, KitchenAid and other appliances posted revenue of $5.1 billion in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $5.25 billion.

Whirlpool expects full-year earnings in the range of $22 to $24 per share, with revenue expected to be $20.7 billion.

EU struggles to wean nations of Russian gas

European Union nations struggled Monday to find common ground on how to wean the bloc off its reliance on Russian natural gas, seeking to appease wary, stressed consumers at home while upholding unity as Moscow turns down the tap.

Russian President Vladimir Putin has weaponized gas exports to pressure the bloc into reducing its sanctions over the war in Ukraine or to push other political aims. Ukrainian President Volodymyr Zelenskyy on Monday called Russia's cuts to gas deliveries "a form of terror" and urged European countries to respond by tightening sanctions on Moscow.

On the eve of an emergency meeting to discuss plans to cut EU gas use 15% over the coming months, envoys on Monday were still brokering a possible compromise that should keep all 27 nations in line by Tuesday night.

"This a still a work in progress," said a senior diplomat who asked not to be identified because the talks were still ongoing.

The bloc is bracing for a possible full Russian cutoff of natural gas supplies that could add a big chill to the upcoming winter, leaving nations like economic juggernaut Germany especially exposed. Russia has cut off or reduced gas to a dozen EU countries so far.

Gazprom cuts gas to only 20% capacity

Russian energy giant Gazprom said Monday that it would further reduce natural gas flows through a major pipeline to Europe to 20% of capacity, citing equipment repairs. The move ramps up fears that Russia may cut off gas as political leverage over the war in Ukraine just as Europe tries to shore up storage for winter.

The Russian state-owned company tweeted that it would reduce "the daily throughput" of the Nord Stream 1 pipeline to Germany to 33 million cubic meters as of Wednesday, saying it was shutting down a turbine for repairs. The head of Germany's network regulator, Klaus Mueller, confirmed that the flow was expected to be cut in half.

Deliveries were at 40% of capacity after Nord Stream 1 reopened last week following 10 days of scheduled maintenance. The German government said it rejected the notion that technical reasons would lead to further gas reductions.

Russian President Vladimir "Putin is playing a perfidious game," German Economy Minister Robert Habeck told news agency dpa. "He is trying to weaken the great support for Ukraine and drive a wedge into our society.