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Arnold M. Knightly Gaming Guru - Page 5Harrah's posts profit, but revenues still decline25 February 2010
LAS VEGAS, Nevada -- Harrah's Entertainment posted a fourth-quarter profit of $298.3 million even though the company saw revenues continue to decline due to poor customer spending.
Revenues declined 7.9 percent to $2.1 billion in the fourth quarter ending Dec, 31, down from $2.28 billion posted the ... (read more)
Station Casinos, creditors reach reorganization agreement25 February 2010
LAS VEGAS, Nevada -- Station Casinos and key creditors holding nearly 67 percent of the company's secured debt have reached an agreement in principle on a comprehensive reorganization plan, the gaming company was to announce this morning.
Details of the proposal were not available beyond a ... (read more)
Ex-Planet Hollywood owner will stick around22 February 2010
LAS VEGAS, Nevada -- Restaurateur Robert Earl's 5½-year run as a Strip resort owner came to an end Friday when Harrah's Entertainment completed its acquisition of Planet Hollywood Resort.
While he will have no operational role, Earl still plans to be around to help the new owners ... (read more)
Harrah's acquisition of Planet Hollywood approved19 February 2010
LAS VEGAS, Nevada -- Harrah's Chief Financial Officer Jonathan Halkyard said Thursday the company anticipates tripling or even quadrupling the property's cash flow over the next few years.
Union Gaming Group analyst Grant Govertsen said he expects Planet Hollywood's casino revenues should be ... (read more)
Greenspun affiliate sues Station Casinos19 February 2010
LAS VEGAS, Nevada -- A longtime and normally profitable business partnership between two of Las Vegas' most prominent families has turned very ugly.
GCR Gaming, an affiliate of the Greenspun Corp., which owns and operates media, land development and gaming companies, filed a motion with ... (read more)
Hard Rock has Asia on mind18 February 2010
LAS VEGAS, Nevada -- The Hard Rock Hotel is hoping this week will offer some clues about whether the resort's new focus on Asian gaming will pay off.
The property has spent $770 million on its expansion to add hotel rooms and suites, a concert hall, restaurants and more -- but it is using the ... (read more)
Wynn tip-pooling ruling delayed until May16 February 2010
LAS VEGAS, Nevada -- Wynn Las Vegas dealers will now have to wait until at least mid-May for a ruling on whether or not the property's tip-pooling policy breaks state labor law.
Attorneys for the resort have asked Nevada Labor Commissioner Michael Tanchek for more time to file briefs in the ... (read more)
GV Ranch Station files for Chapter 1112 February 2010
LAS VEGAS, Nevada -- GV Ranch Station Inc., the Station Casinos subsidiary that manages and owns 50 percent of the Green Valley Ranch Resort, filed for Chapter 11 bankruptcy Wednesday evening.
GV Ranch Station filed for bankruptcy in Reno, where the gaming company filed for bankruptcy in ... (read more)
Harrah's gets approval to acquire Planet Hollywood4 February 2010
LAS VEGAS, Nevada -- Nevada's top gaming regulator Wednesday called Harrah's Entertainment's pending acquisition of Planet Hollywood Resort "beneficial for the state" because it will keep another hotel property from having to possibly file for bankruptcy.
"The existing Planet Hollywood was headed for ... (read more)
Harrah's rumors in Macau called nonsense3 February 2010
LAS VEGAS, Nevada -- The top executive of a Macau gaming company on Tuesday called rumors of Harrah's Entertainment's investment in his company "total nonsense."
Lawrence Ho, co-chairman and chief executive officer of Melco Crown Entertainment, made the comment in response to a question during the company's fourth-quarter earnings call.
... (read more)
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