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Arnold M. Knightly Gaming Guru - Page 19Elvis investors default on mortgage16 April 2009
LAS VEGAS, Nevada -- A group of investors who had planned to build an Elvis-themed resort on the Strip could be forced to sell their property because of a default on a $475 million mortgage loan.
New York-based FX Real Estate and Entertainment, which owns 18 acres across from CityCenter, said its lenders ... (read more)
Creditors grant Station Casinos extention15 April 2009
LAS VEGAS, Nevada -- Station Casinos has secured an extension until May 15 to continue negotiations on a prepackaged bankruptcy with its lenders and bondholders, the company announced late Tuesday.
The terms of the proposal, which asks investors holding $2.3 billion in bonds to accept between 10 cents and ... (read more)
Harrah's may need more relief14 April 2009
LAS VEGAS, Nevada -- Harrah's Entertainment will need to negotiate further debt relief if it hopes to avoid bankruptcy, bond analysts said Monday after examining results of the company's latest debt swap program.
The company's debt swap offer, which expired last week, cut Harrah's debt by nearly $2.3 billion, but Wachovia Capital Markets analyst Dennis Farrell Jr. ... (read more)
Former PartyGaming CEO rumored to join Harrah's14 April 2009
LAS VEGAS, Nevada -- The blogosphere was alive early Monday morning with news that Harrah's Entertainment has hired Mitch Garber, the former chief executive of the online gaming company PartyGaming, to oversee a new subsidiary focused on developing the company's online gaming.
Garber left the ... (read more)
Zen Gaming taking new approach to poker13 April 2009
LAS VEGAS, Nevada -- When former marketing executive Mark Brown heard about a social networking Web site proposal that would feature poker and be able to target ads to specific partners, he thought it sounded like a good -- and potentially profitable -- idea.
He liked the idea so much that he formed a ... (read more)
Harrah's lowers debt by $2.3 billion13 April 2009
LAS VEGAS, Nevada -- Harrah's Entertainment was able to reduce its debt load by $2.3 billion in a program that ended Tuesday, although industry analysts Thursday were unable to determine if that will be enough to keep the company out of bankruptcy court.
The gaming giant, which reported a $23.1 billion debt load on Dec. ... (read more)
M Resort facing labor complaint7 April 2009
LAS VEGAS, Nevada -- The National Labor Relations Board has issued a complaint against M Resort, alleging unfair labor practices related to the firing of six security workers late last year.
The federal labor board said the resort illegally retaliated against the workers because they raised ... (read more)
Wet 'n Wild land sale off6 April 2009
LAS VEGAS, Nevada -- Another deal to sell a prime gaming-entitled parcel in the resort corridor collapsed this week and such sales are likely to continue being tough to close for some time, a top local real estate firm said Friday.
That's because buyers are going to find it almost impossible to develop a ... (read more)
Riviera may be forced into bankruptcy1 April 2009
LAS VEGAS, Nevada -- The parent company of the Riviera could be the third local gaming company to be forced to file for bankruptcy within the past 12 months, possibly as early as this week.
Riviera Holdings Corp. announced Tuesday that it didn't make a $4 million interest payment that was due ... (read more)
CityCenter workers thrilled to remain employed30 March 2009
LAS VEGAS, Nevada -- Friday was a very special day for CityCenter's 8,500 construction workers: It wasn't their last day of work.
"Everybody was wondering what was going to go on, were we going to have jobs," Todd Greeley, a union laborer, said about the general feeling among workers when they arrived for work at 4 a.m. ... (read more)
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