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Arnold M. Knightly Gaming Guru - Page 21Station Casinos rejects Boyd offer4 March 2009
LAS VEGAS, Nevada -- Station Casinos' board of directors on Tuesday officially rejected Boyd Gaming Corp.'s unsolicited $950 million offer for a majority of Station's assets.
It is "in the best interest of the company and its stakeholders to proceed with the company's restructuring plan," Station said in ... (read more)
Station Casinos granted extension3 March 2009
LAS VEGAS, Nevada -- Station Casinos' bankruptcy plans have been put on hold — for now.
The locals casino company and debt holders reached an agreement that will give the gaming company another five weeks to negotiate a restructuring plan under terms of agreements scheduled to be released early ... (read more)
Station deadline on debt vote looms2 March 2009
LAS VEGAS, Nevada -- The clock is ticking on Station Casinos' latest attempt to restructure its debt.
Bondholders controlling nearly $2.3 billion in company debt have until midnight EST Monday to accept a debt swap that would presage a Chapter 11 bankruptcy.
If enough bondholders approve the plan, announced Feb. ... (read more)
Crown exits bid for casino license26 February 2009
The sister of Crown Ltd. Chairman James Packer and three investors have asked gaming regulators to withdraw their names from an application seeking a license to operate casinos in Pennsylvania.
Gretel Packer and three unnamed company investors recently filed petitions with the Pennsylvania Gaming Control ... (read more)
MGM, Deutsche Bank discussing CityCenter financing24 February 2009
LAS VEGAS, Nevada -- MGM Mirage and Deutsche Bank are in discussions that could give the casino company additional financing it needs to complete its CityCenter project in exchange for operating or taking ownership of the troubled Cosmopolitan project, sources said.
Both parties declined to ... (read more)
Hard Rock project thriving despite economy23 February 2009
LAS VEGAS, Nevada -- The following is not a misprint: A local hotel-casino construction project has benefited from the economic slowdown and plans to open some components ahead of schedule this year.
The Hard Rock Hotel's $760 million expansion is capitalizing on the slowing construction ... (read more)
Station Casinos misses another debt payment18 February 2009
LAS VEGAS, Nevada -- Station Casinos skipped a $15.5 million debt payment Tuesday, the second payment the company has missed this month.
The local casino company made the announcement in a morning filing with the Securities and Exchange Commission.
Station Casinos skipped a $14.6 million debt payment due Feb. ... (read more)
Harrah's move might preclude bankruptcy17 February 2009
LAS VEGAS, Nevada -- Harrah's Entertainment's recent moves, including a request to draw down the $740 million remaining on its $2 billion credit line, could point the company toward a financial restructuring, a local finance professor said.
The casino giant is asking lenders to tap the money "in light of the continuing uncertainty in the credit market and general economic conditions ... ... (read more)
Rio rolling out mobile marketing campaign16 February 2009
LAS VEGAS, Nevada -- R U looking 4 deals @ resort tonite? Must b 21+.
The Rio is testing an opt-in mobile marketing campaign that sends customers text message alerts for real-time promotions to their cell phone during their stay at the hotel-casino.
Here is how it works: Visitors to the Rio text message the word "Rio" to a phone number posted throughout the property. ... (read more)
Harrah's suspending 401(k) contributions13 February 2009
LAS VEGAS, Nevada -- Harrah's Entertainment on Wednesday revealed that the company will suspend matching employees' 401(k) contributions.
The company also confirmed that it was cutting managers' salaries in an effort to help the company navigate the economic downturn.
Harrah's joins Wynn Resorts Ltd. ... (read more)
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