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Featured Articles Archive - Page 123

  • Latest Articles     1221 - 1230

 
Articles by Howard Stutz

Pinnacle to move stock listing to NASDAQ

5 November 2015
Regional casino operator Pinnacle Entertainment said Wednesday it will move its stock listing from the New York Stock Exchange to the NASDAQ on Nov. 17.The Las Vegas-based company did not provide a reason for the switch. Pinnacle will continue to trade on the New York market until the change and the company's stock symbol will continue to be PNK.Pinnacle is in the process of selling the real estate and buildings of its 14 casinos to Gaming and Leisure Partners in a $4.75 billion transaction...read more
 
Articles by Howard Stutz

Caesars' bankrupt operating division makes $29.4 million in September

5 November 2015
The casinos managed by Caesars Entertainment Corp.'s bankrupt operating division reported a net profit of $29.4 million in September, the casino company said in securities filing Wednesday.Caesars Entertainment Operating Co., which filed for Chapter 11 bankruptcy reorganization in January, is required to file monthly financial reports covering the division's nearly two dozen casinos...read more
 
Articles by Howard Stutz

Nazarian gets temporary OK to sell stake in SLS Las Vegas

5 November 2015
Nevada gaming regulators granted temporary approval Wednesday for SLS Las Vegas visionary Sam Nazarian to sell his company's 10% stake in the Strip resort to majority owner Stockbridge Capital Partners.Nazarian, who was granted a one-year limited gaming license last December for the SLS but wasn't allowed to have any involvement in the resort's operations, appeared at the Gaming Control Board hearing in Las Vegas, flanked by his attorney, former Gaming Commission Chairman Peter Bernhard.Nazarian, CEO of Los Angeles-based SBE Entertainment, made just a few brief remarks to the gaming regulators, thanking the panel "for giving me a chance" last year after two contentious regulatory hearings."More importantly, I heard your message," Nazarian said.The panel also allowed Nazarian to withdraw his application for a key employee gaming license he had filed for the SLS Las Vegas.Control Board Chairman A.G...read more
 
Articles by Howard Stutz

Golden Gate majority owner to acquire remaining 35%

5 November 2015
Golden Gate Hotel & Casino majority owner Derek Stevens was approved Wednesday to acquire the remaining 35 percent of the downtown Las Vegas landmark from Mark Brandenburg, whose family founded the casino.Stevens told the Gaming Control Board the deal was a transfer of interest and didn't disclose a sales price...read more
 
Articles by Howard Stutz

Golden Entertainment reports profit in first quarter as public company

5 November 2015
Las Vegas-based Golden Entertainment, in its first two months as a public company, hopes its initial quarterly results foreshadowed the business's potential for investors.The company — the result of a $341 million merger between Lakes Entertainment and Golden Gaming — said Wednesday its net income for the third quarter was $3 million, or 16 cents per share...read more
 
Articles by Howard Stutz

Inside Gaming: East Fremont development helps downtown casinos boom

4 November 2015
Downtown Las Vegas is outshining the Strip.Through September, downtown casinos have seen gaming revenue increase almost 6% compared to 2014. During those same nine months, the Strip is down 1.5%.Boyd Gaming Corp., the only downtown casino operator that publicly reports financial results, said last month its casino-hotels produced three consecutive quarters of revenue growth and five straight quarters of cash flow increases."Each our three downtown properties (Main Street Station Casino Brewery and Hotel, Fremont Hotel & Casino and California Hotel & Casino) generated (cash flow) gains of 20% or more," said Boyd Gaming CEO Keith Smith.Wells Fargo Securities gaming analyst Cameron McKnight told investors downtown Las Vegas "is one of the fastest growing (casino) markets in the U.S...read more
 
Articles by Howard Stutz

Merger costs send Everi Holdings to quarterly loss

4 November 2015
The effects of last year's $1.2 billion buyout of slot machine maker Multimedia Games is still being felt by Everi Holdings.The Las Vegas-based company — formerly known as Global Cash Access — reported a net loss of $6.1 million in the third quarter Tuesday, due primarily to merger costs...read more
 
Articles by Howard Stutz

Political watchdog group wants Sheldon Adelson investigated

4 November 2015
A progressive political watchdog group wants Congress and the Federal Election Commission to investigate alleged ties between Las Vegas Sands Corp. Chairman Sheldon Adelson and reputed Chinese organized crime figures.A spokesman for Las Vegas Sands immediately dismissed the initiative by the Washington D.C.-based Campaign for Accountability as an "obvious political propaganda stunt" aimed at Adelson, who is a prolific financial contributor to Republican candidates and conservative causes.The group asked the chairman of the Senate Committee on Homeland Security and Governmental Affairs and the Federal Election Commission to investigate whether foreign money is illegally fueling campaign contributions to American politicians.Anne Weismann, the Campaign for Accountability's executive director, said in a statement that "federal authorities have long been concerned about the reach of the tentacles of Chinese organized crime." The organization pieced together almost 500 pages of documents — including internal Las Vegas Sands documents — court filings and news reports, describing relationships between Las Vegas Sands and junket businesses operated by alleged organized crime members.Much of the information submitted by the group surfaced long ago in the wrongful termination lawsuit filed against Las Vegas Sands by the former head of the company's Macau operations...read more
 
Articles by Howard Stutz

Station Casinos looking to sell Strip land parcel for $40 million

4 November 2015
Station Casinos is trying to sell nearly 57 acres of undeveloped land on the far south end of the Strip for $40 million although one of the sale requirements is that the land not be used for gaming.The casino operator listed the 56.63-acre site with CBRE Las Vegas...read more
 
Articles by Howard Stutz

Macau gaming revenue dips for the 17th straight month

3 November 2015
Macau's casino market saw gaming revenue dip for the 17th straight month during October, despite the opening of a multibillion dollar hotel-casino and the lucrative Golden Week holiday.The good news?The 28.4 percent decline snapped an eight-month winless streak by Macau casino operators of 30 percent or higher gaming revenue decreases, including an all-time record drop of 49 percent in February.For the record, Macau's Gaming Inspection and Coordination Bureau said Monday the region's 36 large and small casinos produced $2.5 billion in gaming revenue in October, which included five days of revenue from Melco-Crown's newly opened $3.2 billion Macau Studio City complex.Through October, Macau gaming revenue is down 35.5 percent for the year, following 2014's 2.6 percent decline, the first annual decrease reported by the market ever since casino gaming was expanded in 2003."October came in slightly weaker than we had anticipated," said Deutsche Bank gaming analyst Carlo Santarelli.Las Vegas Sands Corp., Wynn Resorts Ltd., and MGM Resorts International operate casinos in Macau and are building new resorts.Macau has been in a free-fall since last year, primarily because of the Chinese government's crackdown on corruption that ensnared operators of junket businesses tasked with bringing high-end gamblers to Macau casinos' private gambling salons...read more

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