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Howard Stutz

S&P lowers corporate credit ratings on Caesars, cites outlook as 'negative'

9 April 2014
Standard & Poor’s rating services lowered its corporate credit ratings on Caesars Entertainment Corp., painting a dire picture for the casino company that carries a gaming industry-high $23 billion in long-term debt. In a statement Tuesday, Standard &Poor’s credit analyst Melissa Long said the company’s ... (read more)

Casinos shudder over possible federal requirement to divulge source of high rollers' gambling funds

9 April 2014
Word that the U.S. Treasury Department may soon require the casino industry to report the source of gambling funds used by their big spending high-rollers sent a few shock waves through corporate offices. It wasn’t so much a rumble as it was a magnitude 7.0 earthquake. The move is part of a stepped-up ... (read more)

CG Technology enters sports betting deal with Mexican casinos

9 April 2014
Las Vegas-based CG Technology announced an agreement Monday that will license the company’s sports wagering products with one of Mexico’s leading casino operators. The transaction is CG Technology’s first licensing agreement in Latin America. Financial terms were not disclosed. Under the agreement, CG ... (read more)

Another group of Caesars Entertainment Corp. lenders, bondholders wants details of company affiliate

7 April 2014
A second group of Caesars Entertainment Corp. lenders and bondholders said it wants to unravel the deals used to create the company’s growth-oriented affiliate. But in a filing Friday with the U.S. Securities and Exchange Commission, Caesars Entertainment said if the spin-offs of several Caesars ... (read more)

State lawmakers group opposes bill to ban online gaming

4 April 2014
LAS VEGAS -- An organization of state lawmakers said Thursday it opposes a bill in Congress that would restore a ban on online gaming. In a letter to the congressional leadership and copied to all members of Congress, the National Conference of State Legislatures said the organization expresses strong opposition to the Restoration of America’s Wire Act, which was introduced last month by Sen. ... (read more)

Las Vegas Sands unveils multimillion-dollar philanthropic effort

4 April 2014
LAS VEGAS -- Las Vegas Sands Corp. has unveiled a multimillion-dollar global philanthropic effort that signifies the gaming company’s presence internationally and aims to address needs in the casino operator’s home communities. The initial efforts of the corporate citizenship program, Sands Cares, are twofold. ... (read more)

'Cover-up' is over: Las Vegas Sands moving past 'million-dollar' tarp

4 April 2014
LAS VEGAS -- An unfinished Strip condominium tower between The Venetian and Palazzo may soon see a new life. But Las Vegas Sands Corp. President Michael Leven said it was still unclear what the company plans to do with the building that has been covered the past three years by a “million-dollar” tarp. ... (read more)

Macau casinos again top $4 billion in monthly gaming revenues

4 April 2014
Another month, another $4 billion in gaming revenue for Macau casinos. Macau’s gaming market didn’t show any slowdown in March after February’s Chinese New Year holiday, growing revenue 13.1 percent during the month, according to figures released Tuesday by the Gaming Inspection and Coordination Bureau. ... (read more)

As megaresort trend fades, companies focus on luxury in 'small' settings

2 April 2014
LAS VEGAS -- Las Vegas is getting smaller. That is, if you call 1,600-room and 1,100-room Strip hotels “boutique” properties. By the end of the year, Las Vegas will have about a half-dozen hotel-casinos that operators classify as “boutique,” “luxury” or “lifestyle” in their marketing efforts. It’s actually not a unique concept. ... (read more)

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