Featured Articles Archive - Page 129

Three Strip casino operators get OK to leave Nevada Power

State regulators on Wednesday gave their approval to three major Strip gaming companies to leave as customers of Nevada Power Co. to secure their own electricity supplies on the open market.But the three members of the Nevada Public Utilities Commission also required MGM Resorts International, Wynn Resorts Ltd., and Las Vegas Sands Corp., to collectively pay $126.6 million in exit fees for the privilege of doing so, a move that didn't sit well with the gaming companies.The three casino operators, which between them control more than a dozen Strip resorts, are all expected to leave NV Energy by Feb...read more

Inside Gaming: Northeast casino expansion good for slot companies, bad for Atlantic City

Eight casino projects in the Northeast that are under construction or in planning is great news for Nevada's slot machine industry, which will have to fill orders for some 20,000 games as the developments come on line over the next three years.For Caesars Entertainment Corp...read more

Cosmopolitan, Culinary union agree on four-year labor deal

The Cosmopolitan of Las Vegas and Culinary Workers Local 226, after years of hostility, announced an agreement Tuesday on a four-year contract covering some 2,000 of the Strip resort's employees in the food, beverage, housekeeping, bar and lounge and bell desk departments.Terms of the contract were not publicly announced, but Culinary spokeswoman Bethany Khan said in an e-mail the contract "is standard to the rest of the Strip...read more

Macau suffers 18th straight month of gaming revenue decline

Macau's 18th straight monthly gaming revenue decline wasn't a surprise, but the November results were worse than expected.Casinos collected $2.1 billion from gamblers during the month, 32.3% less than a year ago, Macau's Gaming Inspection and Coordination Bureau said Tuesday.The percentage decline was the ninth month this year that Macau gaming revenue fell 30% or higher."November came in weaker than modeled," said Deutsche Bank gaming analyst Carlo Santarelli.It also appears the monthly declines aren't going away anytime soon even as Macau adds more casinos.Las Vegas Sands Corp., Wynn Resorts Ltd., and MGM Resorts International operate casinos in Macau and are building multi-billion dollar resorts that are expected to open next year.In October, Hong Kong-based Melco Crown opened the $3.2 billion Macau Studio City development...read more

Reno casinos shine in October as rest of Nevada suffers

Maybe there is something to this Reno resurgence.Nevada and Strip gaming revenue fell during October, the fourth time in the last five months that the results showed declining numbers, according to figures released Monday by the Gaming Control Board.However, Northern Nevada's casino market increased during the same time period.Reno, which is part of Washoe County along with casinos in Sparks and North Lake Tahoe, saw its gaming revenue jump about 6% in October to $50 million...read more

Inside Gaming: Macau adding casinos despite prolonged revenue slide

Macau's casino industry is down more than 35% from a year ago, but that doesn't mean the gaming market is slowing expansion plans.Casino operators have budgeted almost $27 billion on new developments in Macau, including properties owned by Wynn Resorts Ltd., Las Vegas Sands Corp...read more

Affinity Gaming reaches 'exclusivity' sales agreement with Z Capital

The largest shareholder in casino operator Affinity Gaming said Friday it reached an exclusivity agreement with the company's board to purchase all outstanding shares of the Las Vegas-based company.According to U.S. Securities and Exchange Commission filings, Illinois-based investment group Z Capital — which already owns 40.5% of Affinity — has until Dec...read more

Moody's backs Penn National's San Diego Indian casino

Moody's Investors Service has praised a San Diego-area Indian casino being developed by Tropicana Las Vegas owner Penn National Gaming, which is a key property in the regional gaming company's western push.The $390 million Hollywood Casino Jamul in San Diego is expected to open in July...read more

Timeshare developer Diamond Resorts acquires rival for $85 million

Las Vegas-based timeshare developer Diamond Resorts International acquired a small rival for $85 million, giving the company ownership of nine properties primarily in Canada, California, Florida and Mexico.Diamond Resorts said the acquisition of Intrawest Resort Club Group is expected to be completed in the first three months of next year."We are acquiring a business with a very strong member base and a set of high quality resorts that will complement our portfolio, and we look forward to building a mutually beneficial relationship with Intrawest beyond this transaction," Diamond Resorts CEO David Palmer said in a statement.The purchase follows October's acquisition of five East Coast properties owned by Gold Key Resorts."We are confident that acquisitions such as these will enhance our financial profile and create long-term shareholder value," Palmer said.The deal will give Diamond Resorts more than 100 properties worldwide.J.P...read more

Moody's upgrades opinion of Affinity Gaming

Moody's Investor Service upgraded its view of Las Vegas-based Affinity Gaming Wednesday, crediting the casino operator's third-quarter results.In a statement, Moody's gaming analyst Peter Trombetta said Affinity's increased cash flow of 32% was came about despite the company's "modest" revenue growth of 2%.Affinity, which operates 11 casinos in four states, including the three Primm resorts and the off-Strip Silver Sevens Hotel & Casino, is not publicly traded but has $382.7 million in publicly owned debt.Trombetta said the outlook revision from negative to stable "reflects Affinity's strong earnings improvement" in the quarter."Earnings improvement has been driven by the company's efforts to cut costs and manage promotional spending and marketing programs," Trombetta said.During the quarter that ended Sept...read more