Featured Articles Archive - Page 135

Gulf Coast casino workers call area's recovery 'amazing'

BILOXI, Miss. — Hurricane Katrina wiped out the nation's third-largest gaming market along the Mississippi Gulf Coast 10 years ago today, washing away 13 casinos and 17,000 gaming industry jobs.Some casino workers, who lost their homes and all their possessions, left the Gulf Coast forever.Many others chose to remain, anticipating that casino, hotel, restaurant and service industry jobs would return.Today, as communities in southern Mississippi mark a decade since the Gulf's worst-ever natural disaster, not all of those workers are employed in similar roles they held before Katrina landed...read more

Caesars Entertainment receives favorable ruling from federal judge

A New York federal judge on Thursday denied a legal request by Caesars Entertainment Corp. bondholders that could have sent the entire casino company into bankruptcy.Bondholders claimed in a lawsuit that Caesars broke federal law when it moved the ownership of several casinos and resorts into a separate holding company.According to Bloomberg News, U.S...read more

Nevada gaming revenue falls less than 1% in July

Nevada gaming revenue in July fell for the second straight month, continuing the state's up-and-down year in the casino market.The Gaming Control Board said Friday casinos statewide collected $922.8 million from gamblers during the month, a drop of just under 1 percent...read more

Paddy Power, Betfair to merge

Another massive online gambling partnership hit the books Wednesday morning, as sportsbook giants Betfair and Paddy Power reportedly agreed to merge in a £5 billion deal.Final details of the merger are still being worked out, but Paddy Power shareholders will retain 52% of the combined business, while Betfair investors will own the remaining 48%, according to BBC News...read more

2015 NFL Betting Preview, Part 1: Top 10 degenerate tips for betting the NFL this season

This is part 1 of 3 of Casino City's 2015 NFL betting preview. Other articles in the series include:Part 2: Top 10 tips for the novice daily fantasy football playerPart 3: Top 10 futures bets for the 2015 NFL seasonIt's finally here. It's the time of year when we can stop talking about deflated footballs and start talking about inflating our bankrolls...read more

Caesars strikes a deal with largest lenders over restructuring efforts

Caesars Entertainment Corp. said late Friday it reached agreement with its largest lender group over the restructuring of the company's bankrupt operating division.In a statement, Caesars said the agreement allows the company to focus on gaining support from the last major debt holder group that has yet to agree on the restructuring plan for Caesars Entertainment Operating Co.Caesars said the company now has support for the CEOC restructuring from both first lien bank lenders and first lien bondholders...read more

Gambling and the Law: Court gets New Jersey sports betting wrong again

Last year, I wrote an article explaining why the federal Court of Appeal was incorrect in ruling New Jersey could not regulate sports betting.The same court has now got it wrong again, this time ruling that the Garden State cannot even deregulate sports betting.In other words, when it comes to sports betting, New Jersey may not regulate, and it may not not regulate.The main problem is the federal Professional and Amateur Sports Protection Act.PASPA is one of the most radical federal laws ever enacted...read more

Top 10 names for a Las Vegas hockey team

Las Vegas sports fans are starting to get excited at the prospect of having a National Hockey League team in their city.Billionaire businessman Bill Foley and the Maloof brothers, the former owners of pro basketball's Sacramento Kings, are working together to bring a professional hockey team to Las Vegas...read more

Inside Gaming: R&R's D.C. division to oversee MGM National Harbor marketing

"What happens in D.C., stays in D.C.," probably won't fly.Las Vegas-based marketing firm R&R Partners will play a role in launching the $1.3 billion MGM National Harbor development, a resort complex under construction across the Potomac River from the nation's capitol.The contract to oversee brand marketing efforts for the project, which will be operated by Las Vegas-based MGM Resorts International, was awarded to R&R Resources+...read more

Stratosphere owner increases quarterly profits and revenue

Stratosphere Casino Hotel and Tower owner American Casino & Entertainment Properties quadrupled its net income in the second quarter, saying the company was driven by higher revenue across all business segments.American Casino, which also owns Arizona Charlie's Boulder and Arizona Charlie's Decatur and Aquarius Casino Resort in Laughlin, said its net income for the quarter that ended June 30 was $7.4 million compared with $1.7 million in the same quarter last year.Overall revenue increased 7 percent to $95.7 million.At the Stratosphere, total revenue increased 11.1 percent to $45.9 million, which included a 20.3 percent jump in hotel revenue and a 7.1 hike in gaming revenue...read more