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Howard Stutz

MGM Resorts seeking to raise $1 billion in new debt

21 November 2014
LAS VEGAS -- MGM Resorts International said Thursday it hopes to raise $1 billion in new debt to help pay for some of the development costs surrounding the company’s hotel-casino projects in Massachusetts and Maryland. The company, which already carries $11.7 billion in long-term debt, said the new debt would come due in 2023. ... (read more)

Bally shareholders approve $5.1 billion buyout

20 November 2014
LAS VEGAS -- Bally Technologies, Inc. shareholders late Tuesday approved the slot machine manufacturer’s $5.1 billion buyout by lottery giant Scientific Games Corporation, paving the way for the acquisition to be completed by the end of the year. New York-based Scientific Games is paying $83.30 per share to acquire all outstanding shares of Las Vegas-based Bally, valued at $3.3 billion. ... (read more)

Caesars studying placing largest operating division into REIT

20 November 2014
LAS VEGAS -- Caesars Entertainment Corporation is considering placing its largest operating division into a real estate investment trust as a way of dealing with its gaming industry-high debt, according to a filing Wednesday with the Securities and Exchange Commission. Caesars, which has been in talks with ... (read more)

Fitch analysts join others in cautioning on Macau

19 November 2014
Now they are just piling on. Analysts at Fitch Ratings Service Tuesday joined the chorus of cautionary investment advice toward the Macau gaming market, which has seen five straight monthly revenue declines and facing a sixth in November. The bond advisement service predicted zero growth in Macau’s gaming revenue by the time 2014 is concluded, and an overall decline of 1 percent in 2015. ... (read more)

Caesars Interactive Entertainment taps new general manager

19 November 2014
LAS VEGAS -- Caesars Interactive Entertainment named a new general manager Tuesday to oversee the company’s regulated online gaming business in Nevada and New Jersey. Leon Thomas will work out of the company’s headquarters and report to Caesars Interactive CEO Mitch Garber. Caesars Interactive, which also ... (read more)

Gaming industry embraces Silver's view of sports betting

19 November 2014
Nevada’s virtual monopoly on legalized sports wagering could be in danger. But is that bad for business? In a New York Times op-ed piece last Thursday, National Basketball Association Commissioner Adam Silver wrote the league should reconsider its stance against the expansion of legal sports gambling. ... (read more)

To win locals' hearts, Boyd renews appeal to stomachs

18 November 2014
LAS VEGAS -- Boyd Gaming Corporation plans to revamp its restaurant offerings throughout its locals-oriented properties. The company began the effort recently at the Suncoast Hotel and Casino by opening The Game, a sports bar and grill near the property’s race and sports book. The space replaced TGI Friday’s and offers a new restaurant menu and bar items. ... (read more)

Stratosphere parent reverses quarterly loss, grows revenue

18 November 2014
LAS VEGAS -- Stratosphere parent American Casino & Entertainment Properties, LLC reversed third-quarter net loss and grew revenue 4.1 percent, the company said. American Casino, which also owns the two Arizona Charlie’s properties and the Aquarius Casino Resort in Laughlin, said its had a net income of $600,000 in the quarter that ended Sept. ... (read more)

Online poker's Ultimate Gaming folds after 19 months

17 November 2014
LAS VEGAS -- Ultimate Gaming, the nation’s first legal and regulated real money online wagering website, said Friday it was ending its Nevada-based operation, citing a lack of profitability from the 19-month-old business. Station Casinos, Inc. is the majority owner of Ultimate Gaming and has marketed the Ultimate Poker website through its Southern Nevada casinos. ... (read more)

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