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Arnold M. Knightly Gaming Guru - Page 3Wynn Resorts increases payroll despite layoffs16 June 2010
LAS VEGAS, Nevada -- Wynn Resorts Ltd. is restoring nearly 3,700 workers to full-time work schedules and pay, but announced that it will lay off 261 workers at its two Strip resorts, casino executive Steve Wynn said.
Wynn said full 40-hour workweeks will be restored at Wynn Las Vegas and Encore and all salaried employees making less than $200,000 will return to full wages. ... (read more)
Hard Rock Hotel hires new CEO14 June 2010
LAS VEGAS, Nevada -- New Hard Rock Hotel Chief Executive Officer Joe Magliarditi was the first of nearly two dozen candidates interviewed for the niche property's top job. But immediately after interviewing him, the people running interviews knew they'd found their man. "My gut told me I had met the right ... (read more)
Penn National gets early approval for gaming license4 June 2010
LAS VEGAS, Nevada -- Penn National Gaming took a "modest first step" Wednesday toward realizing the company's goal of acquiring a Las Vegas casino.
The Wyomissing, Pa.-based casino operator received preliminary approval from the Nevada Gaming Control Board to acquire 1 percent of a small slot machine manufacturer and distributor. ... (read more)
Tropicana Las Vegas reports $9.9 million loss4 June 2010
LAS VEGAS, Nevada -- Construction disruptions at the Tropicana Las Vegas and the economic downturn drove one of the Strip's oldest properties to a significant loss in the first quarter, property officials said. The 53-year-old hotel-casino posted a $9.9 million loss in the first quarter ended March 31, according to a filing with the Securities and Exchange Commission. ... (read more)
Tropicana Las Vegas redone in South Beach motif1 June 2010
LAS VEGAS, Nevada -- The new owners of the Tropicana Las Vegas are hoping millions of dollars in renovations and on-site owners can restore some of the luster to the property once known as the Tiffany on the Strip. The Tropicana building, some of which dates back to the 1950s, is being redone in a South Beach Miami motif by the new owners -- Toronto-based Onex Corp. ... (read more)
Station Casinos posts $53 million loss18 May 2010
LAS VEGAS, Nevada -- Station Casinos continued to post quarterly losses because of a continued decline in revenue, costs associated with the company's bankruptcy and various interest expenses, a Monday filing with the Securities and Exchange Commission shows.
Station Casinos posted a net loss of $53.3 ... (read more)
Hooters Hotel still worried about cash17 May 2010
LAS VEGAS, Nevada -- Hooters Hotel owners reiterated on Friday they don't believe they have sufficient cash to meet all financial obligations this year as the property continues to miss interest payments while operating at a loss. The owners did say in a federal filing, however, they have enough money to meet operational obligations, which traditionally include payroll and payments to vendors. ... (read more)
Boyd Gaming posts $8.4 million profit in first quarter7 May 2010
LAS VEGAS, Nevada -- Boyd Gaming Corp.'s first quarter was a mixed bag of news with the company surpassing analysts' expectations on some points but disappointing on others.
One category that peaked Wall Street's interest was the company's performance in the Las Vegas locals market, even though it posted a double-digit cash flow decline when compared to last year's first three months. ... (read more)
Revamped Vegas casino a hit for first weekend3 May 2010
LAS VEGAS, Nevada -- The Oasis at Gold Spike may be the most aptly named property introduced this year. Sitting on the downtown corner of Las Vegas Boulevard and Ogden Avenue, the renovated 50-room boutique hotel is across the street from empty lots and in the shadow of three financially troubled projects: the nearly empty Streamline Tower condominiums, Neonopolis and the vacant Lady Luck. ... (read more)
Harrah's mum on possible Rio sale27 April 2010
LAS VEGAS, Nevada -- Harrah's Entertainment on Monday declined to comment on new rumors that the off-Strip Rio may be for sale. Bloomberg News on Friday cited unnamed sources as saying that Harrah's is seeking bids for the 89-acre property and Starwood Capital Group and Colony Capital are weighing bids for the property. ... (read more)
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