Featured Articles Archive - Page 118

Scientific Games CFO announces retirement

Scientific Games Corp. Chief Financial Officer Scott Schweinfurth will retire at the end to the year, the slot machine and lottery giant announced Monday.Schweinfurth, 61, was CFO at WMS Industries when Scientific Games acquired the slot machine manufacturer in 2013 for $1.5 billion...read more

Stratosphere owner reports third quarter loss despite increases in revenue

Stratosphere Casino Hotel and Tower owner American Casino & Entertainment Properties lost money in the third quarter despite a 6.6% increase in revenue across the company's Southern Nevada casinos.American Casino, which also owns the two Arizona Charlie's properties (Arizona Charlie's Boulder and Arizona Charlie's Decatur) and the Aquarius Casino Resort in Laughlin, said on Monday its net loss for the quarter that ended Sept...read more

Z Capital makes fourth attempt to acquire Affinity Gaming

Illinois-based investment group Z Capital, the largest shareholder in casino operator Affinity Gaming, has made its fourth offer in the past two years to acquire the Las Vegas-headquartered company in a deal valued at $700 million.Z Capital CEO James Zenni said Monday he would pay $13 a share to acquire the remaining shares of Affinity, which operates 11 casinos in four states, including the off-Strip Silver Sevens Hotel & Casino and the three Primm resorts...read more

Top 10 questions and answers from the WSOP Main Event final table

It's been almost a full week since Joe McKeehen was crowned the 2015 World Series of Poker Main Event champion. We've had enough time to digest everything and reflect on what we witnessed during a six-day stay in Las Vegas at the Rio All-Suite Hotel & Casino.So, as we close the books on another WSOP Main Event, here are 10 questions and answers from what was an anticlimactic – yet still compelling – final table.Joe McKeehen may not be the most media-friendly poker player, but that shouldn't take away from his status as the new WSOP Main Event champ...read more

Inside Gaming: Pieces falling into place for Scientific Games

A year ago, Gavin Isaacs was the dog who actually caught the car he'd been chasing.Scientific Games Corp. spent almost $8 billion in corporate acquisitions to create a gaming equipment provider and manufacturer with 10 divisions touching all aspects of the legalized gambling industry.It was Isaac's job to make all the pieces fit.The company's board gave its CEO a vote of confidence this month.Isaacs' management agreement was extended by one year to June 2018, according to a securities filing that credited him with achieving "key business objectives, including integration milestones" in bringing the former WMS, Bally and SHFL companies under one corporate roof.The financial terms of the employment agreement were unchanged...read more

Cosmopolitan makes $4.7 million in third quarter

The Cosmopolitan of Las Vegas on Friday reported its second straight quarterly profit, reversing a net loss from a year ago.The Strip resort, which was purchased late last year by an affiliate of the New York-based Blackstone Group for $1.73 billion, said its net income for the quarter that ended Sept...read more

SLS Las Vegas loses $38.7 million in third quarter

SLS Las Vegas Hotel & Casino lost $38.7 million in the third quarter and has lost more than $122.7 million in the first nine months of the year, according to a securities filing Friday.There was a bright spot from the raw financial numbers for the Strip resort, which is owned by Stockbridge Capital Partners...read more

IGT reports net profit in third quarter

Slot machine giant International Game Technology, which merged with lottery provider GTECH earlier this year, said Thursday the combined company recorded a net profit of $7.1 million in the third quarter.IGT, which is now headquartered in London but maintains a separate corporate office in Las Vegas, said the combined company grew revenue 30% to $1.22 billion in the quarter that ended Sept...read more

Deal Me In: Show me your ID, please!

Dear Mark: I have asked around, but nobody can give me a direct answer. If you get a taxable jackpot, will an expired driver's license be sufficient as an ID? Mary P.Whenever someone wins $1,200 or more, an ID is required for tax purposes because Uncle Sam claims a piece of the action...read more

American Gaming Association to investigate 'rational alternative' to sports betting laws

The gaming industry's largest trade group said Wednesday it will spend 2016 determining if "a rational alternative" exists to the nation's current sports wagering laws, which legally allows the activity to take place in just four states.In a statement, the Washington, D.C.-based American Gaming Association issued several recommendations while calling for "a major shift" in the casino industry's position on sports wagering...read more