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Howard Stutz
 
 

Caesars reaches amended agreement with its largest creditors

3 August 2015
Caesars Entertainment Corp. said late Friday it reached an "amended restructuring support agreement" with its largest lenders as the company attempts reduce the bulk of its gaming industry-high $22.8 billion in long-term debt. In a statement filed just before midnight (PST), Caesars said the agreement ... (read more)
 

GLPI grows revenue, but profits decline

31 July 2015
Gaming and Leisure Properties grew revenue 1.9 percent in the third quarter but saw a slight dip in profits. The Pennsylvania-based real estate investment trust said Thursday the revenue from properties it leases back to casino operators — primarily Penn National Gaming — increased 4.6 percent. Revenue from casinos GLPI manages through a subsidiary fell 5.9 percent. ... (read more)
 

Pinnacle reverses quarterly loss

31 July 2015
Regional casino operator Pinnacle Entertainment reversed a net loss in the second quarter, crediting results from the Las Vegas-based company's Midwest properties. Pinnacle, which announced this month it was selling the land and buildings associated with 14 of the company's casinos to a real estate ... (read more)
 

Bankruptcy judge denies Caesars bid to appeal ruling

30 July 2015
The bankruptcy judge overseeing the reorganization of Caesars Entertainment's largest division said Wednesday the company could not pursue a fast appeal to his ruling that allows bondholder lawsuits to proceed. Caesars wants to overturn the ruling last week by U.S. Bankruptcy Judge Benjamin Goldgar of Chicago. ... (read more)
 

Wall Street analysts predict MGM may sell The Mirage

30 July 2015
Two Wall Street analysts said in research notes Wednesday that MGM Resorts International may be considering selling The Mirage to focus on other development aspects for the Strip casino giant. The reports said MGM Resorts could sell the hotel-casino to Starwood Capital for between $1 billion and $1.5 billion. ... (read more)
 

Wynn Resorts sees reduced profits from Macau market slump

30 July 2015
Macau's slumping casino market contributed to a 72 percent decline in profits at Wynn Resorts Ltd. in the second quarter. Company Chairman Steve Wynn said the weakness in high-end baccarat business, which has caused Macau's overall gaming revenue to decline in each of the past 13 months, is starting to hurt the company's business in Las Vegas. ... (read more)
 

Revenue rises at Global Cash Access

29 July 2015
Global Cash Access, which provides financial transaction equipment to the casino industry, grew revenue 42 percent in the second quarter to $206.4 million, thanks to its purchase of slot machine maker Multimedia Games at the end of last year. However, the Las Vegas-based company said it lost $12.7 million ... (read more)
 

Inside Gaming: One-time Resorts World exec to reopen shuttered Indian casino

29 July 2015
Christian Goode traded away the prospects of pandas on the Strip to oversee the reopening of a central California Indian casino that was shut down last fall by federal agents. It's an interesting choice. Goode walked away in January from the $4 billion Resorts World Las Vegas for "personal reasons." He has ... (read more)
 

Decline in baccarat play deals a blow to Nevada casino revenues

29 July 2015
Baccarat results on the Strip sunk statewide gaming revenue in June. How bad? Baccarat revenue was $64.7 million for Strip casinos during the month, down 53.7 percent from June 2014. For the first six months of the year, baccarat revenue is down almost 20 percent. The $616.7 million wagered by gamblers on baccarat was a decline of more than 43 percent. ... (read more)

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