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Howard Stutz

Gaming exec McBeath tapped as new CEO of Cosmopolitan of Las Vegas

18 December 2014
LAS VEGAS -- The new owners of The Cosmopolitan of Las Vegas have tabbed long time gaming executive Bill McBeath as CEO of the Strip resort. McBeath will take over the property once Blackstone Real Estate Partners VII takes ownership of the resort, possibly as soon as Friday. The 2,995-room Cosmopolitan is being sold to the division of New York City-based Blackstone for $1.73 billion. ... (read more)

Nazarian to step back from SLS Las Vegas daily duties

17 December 2014
LAS VEGAS -- SLS Las Vegas Hotel & Casino part-owner Sam Nazarian will step away from all day-to-day operations of the north Strip resort, the hotel-casino’s managing partner said Tuesday. The move comes two days before Nazarian, 39, considered the visionary behind the SLS Las Vegas, meets with the Nevada State Gaming Commission over his request for a gaming license for the Strip resort. ... (read more)

Inside Gaming: Crumbled buildings, cannons symbolize current status of Macau

17 December 2014
Visitors to Macau can capture spectacular images of the city’s downtown peninsula skyline from the Ruins of St. Paul, a hillside area that includes the stone facade remnants of a 16th century cathedral. Above the church site is Mount Fortress, which was built by Jesuits to protect the Portuguese colony. ... (read more)

Caesars skips $225 million interest payment

16 December 2014
LAS VEGAS -- Caesars Entertainment Corporation made good on previous predictions and skipped a $225 million interest payment Monday while the casino operator continued debt reduction talks with lenders. The interest payment, due on second-tier debt covering its Caesars Entertainment Operating Co., business unit, has a 30-day grace period. ... (read more)

Caesars expected to miss $224 million interest payment

15 December 2014
LAS VEGAS -- Caesars Entertainment Corporation is expected to miss a $224 million interest payment owed to bondholders as the company prepares to file Chapter 11 bankruptcy on its largest operating division next month. The overdue payment plan was revealed by JP Morgan & Chase gaming analyst Susan Berliner in an overall report on the High Yield gaming outlook for next year. ... (read more)

Goldstein appointed president of Las Vegas Sands, replacing retiring Leven

15 December 2014
LAS VEGAS -- Las Vegas Sands Corp. selected longtime company executive Rob Goldstein as president and chief operating officer on Thursday, replacing the retiring Mike Leven. Goldstein, 59, has been with Las Vegas Sands since 1995 and has served in numerous executive positions for the company, including ... (read more)

Caesars says several creditors leave talks over restructuring debt

15 December 2014
LAS VEGAS -- Caesars Entertainment Corporation said Friday several creditors exited discussions with the casino operator over a large portion of the company’s gaming industry high debt, leaving investors doubting the success with talks that have been ongoing since September. Shares of Caesars, traded in Nasdaq, fell $2.03 or 13.66 percent to close at $12.83. ... (read more)

CG Technology in sports wagering deal with Baha Mar in the Bahamas

15 December 2014
LAS VEGAS -- Sports betting company CG Technology announced a deal Friday with the $3.5 billion The Baha Mar Casino & Hotel in the Bahamas to provide the under-construction hotel-casino development with a mobile sports wagering system. Terms of the deal were not announced. According to a statement, Las ... (read more)

Inside gaming: Some advice for Nazarian: Be contrite, honest, forthright

15 December 2014
LAS VEGAS -- Sam Nazarian hasn’t asked me for advice. But I’ll give it to him anyway. When he appears Thursday at the Nevada State Gaming Commission meeting, Nazarian — the visionary behind SLS Las Vegas Hotel & Casino — should accept the Dec. 3 recommendation by the Gaming Control Board for a one-year limited gaming license with about a half-dozen conditions. ... (read more)

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