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Arnold M. Knightly Gaming Guru - Page 20Dragon City site faces auction block26 March 2009
LAS VEGAS, Nevada -- Local developer Andrew Lai's dream of turning an industrial stretch of Spring Mountain Road into a series of Asian-themed hotel-casinos near Chinatown appears to be teetering.
The 22-acre Dragon City resort site is scheduled to be auctioned May 16 at MGM Grand, during the ... (read more)
Tropicana could emerge from bankruptcy in April24 March 2009
LAS VEGAS, Nevada -- Tropicana Entertainment has reached agreements with creditors that could see the once-embattled casino company emerge from Chapter 11 bankruptcy in late April or May.
The Las Vegas-based gaming company began distributing ballots on its restructuring plan to its debt holders, who have ... (read more)
Wynn Vegas, dealers union remain stalled24 March 2009
LAS VEGAS, Nevada -- Representatives from Wynn Las Vegas and the dealers union will be facing the issue of "just cause" when they return to the bargaining table today.
Wynn Las Vegas attorney Greg Kamer said the resort is not willing to relinquish the final say of a firing to a third party, ... (read more)
Station Casinos to file for bankruptcy19 March 2009
LAS VEGAS, Nevada -- Station Casinos plans to file for bankruptcy by April 15, the gaming company said Monday in a federal court filing.
Station's filing came in response to a lawsuit filed by an individual bondholder challenging the gaming company's debt swap and prepackaged bankruptcy ... (read more)
Massive $23.1 billion debt hanging over Harrah's18 March 2009
LAS VEGAS, Nevada -- Harrah's Entertainment may not be able to generate enough cash flow or secure additional loans to service its $23.1 billion debt, the company said Tuesday in a filing with the Securities and Exchange Commission.
The world's largest casino company by revenue said Friday that its revenues last year dropped 10.3 percent to $10.13 billion from 2007. ... (read more)
Harrah's owners buying part of debt16 March 2009
LAS VEGAS, Nevada -- Harrah's Entertainment's owners are buying part of the company's debt to help ensure they remain in control of the company should it be forced into bankruptcy, Bloomberg News reported Friday.
The report came on the day that Harrah's announced fourth-quarter and 2008 earnings numbers. ... (read more)
Hard Rock posts $282.2 million net loss16 March 2009
LAS VEGAS, Nevada -- The Hard Rock Hotel posted a net loss of $282.3 million last year amid declining revenues, construction disruptions and a noncash write-down of $181.3 million on the property's value, the company reported Friday in a filing with the Securities and Exchange Commission.
The ... (read more)
Boyd continuing Station Casinos push10 March 2009
LAS VEGAS, Nevada -- Whether Boyd Gaming Corp. can complete its purchase of many of Station Casinos' assets rests in the hands of Station's bondholders, a local finance professor following the story said.
"This is a kind of a game we are in," said Michael Sullivan, a finance professor at the University of Nevada, Las Vegas. ... (read more)
Work stopped on west tower at Cosmopolitan9 March 2009
LAS VEGAS, Nevada -- Construction has stopped on a portion of the Cosmopolitan's west tower while some floors go through a redesign, sources familiar with the project said.
Also, a reliable source familiar with the industry said Deutsche Bank, which owns the $3.9 billion project, signed an agreement Thursday with Hilton Hotels Corp. ... (read more)
Analyst says Harrah's will be bankrupt by end of year6 March 2009
LAS VEGAS, Nevada -- A bond analyst said Thursday she doubts Harrah's Entertainment's latest debt swap offer will be successful and predicted the gaming company could end up in bankruptcy court before the year is out.
"We think this latest restructuring is an attempt to rearrange the deck chairs on the Titanic," Barbara Cappaert, a bond analyst with KDP Investment Advisors, said. ... (read more)
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