Featured Articles Archive - Page 139

Wall Street analysts predict MGM may sell The Mirage

Two Wall Street analysts said in research notes Wednesday that MGM Resorts International may be considering selling The Mirage to focus on other development aspects for the Strip casino giant.The reports said MGM Resorts could sell the hotel-casino to Starwood Capital for between $1 billion and $1.5 billion.A spokesman for Starwood, which sold the Riviera Hotel and Casino to the Las Vegas Convention and Visitors Authority in February for $182.5 million, declined comment.Wells Fargo Securities gaming analyst Cameron McKnight told investors a possible transaction "makes sense to us." He said MGM "has taken its international marketing team and players out of (The Mirage)."Analysts said a sale of The Mirage was possible because MGM Resorts has focused most of its recent attention and development dollars on the Strip's southern end, where it is building the Park project between the New York-New York Hotel & Casino and Monte Carlo Resort and Casino, a $350 million sports arena, and is expanding the Mandalay Bay convention complex...read more

Bankruptcy judge denies Caesars bid to appeal ruling

The bankruptcy judge overseeing the reorganization of Caesars Entertainment's largest division said Wednesday the company could not pursue a fast appeal to his ruling that allows bondholder lawsuits to proceed.Caesars wants to overturn the ruling last week by U.S...read more

Decline in baccarat play deals a blow to Nevada casino revenues

Baccarat results on the Strip sunk statewide gaming revenue in June.How bad?Baccarat revenue was $64.7 million for Strip casinos during the month, down 53.7 percent from June 2014. For the first six months of the year, baccarat revenue is down almost 20 percent...read more

Inside Gaming: One-time Resorts World exec to reopen shuttered Indian casino

Christian Goode traded away the prospects of pandas on the Strip to oversee the reopening of a central California Indian casino that was shut down last fall by federal agents.It's an interesting choice.Goode walked away in January from the $4 billion Resorts World Las Vegas for "personal reasons." He has since formed Ivory Gaming, a casino management company, with New York-based marketing, political and investment strategist Bradley Tusk.In Las Vegas, Goode was the face of the Resorts World development for Malaysia-based Genting Berhad...read more

Revenue rises at Global Cash Access

Global Cash Access, which provides financial transaction equipment to the casino industry, grew revenue 42 percent in the second quarter to $206.4 million, thanks to its purchase of slot machine maker Multimedia Games at the end of last year.However, the Las Vegas-based company said it lost $12.7 million in the three-month period that ended June 30 because of adjustments from the $1.2 billion transaction.Global Cash said the net loss translated into a loss per share of 19 cents...read more

bwin.party investor tells online gaming rival to increase its bid

The second-largest shareholder in Gibraltar-based bwin.party Digital Entertainment said Monday a rival firm will have to increase an offer if it wants to out-bid online gaming giant 888 Holdings in a takeover battle.bwin.party accepted a $1.4 billion offer from 888 last week...read more

Horsford firm to handle marketing efforts for MGM National Harbor

A firm headed by former Nevada Congressman Steven Horsford will oversee brand marketing efforts for the $1.3 billion MGM National Harbor development, a resort under construction near Washington, D.C.The contract was awarded to R&R Resources+ through its status as an independently owned Minority Business Enterprise...read more

Top 10 lessons learned from a five-day bike and poker trip

Last week, I took a five-day, four-night bicycle trip around Massachusetts and New Hampshire. On three of those nights, I stayed at friends' houses and played in their home poker games.It might sound like a strange idea to a lot of people, but for about a decade, I've dreamed about taking a cross-country bike trip and playing in home poker games along the way...read more

U.S. tribal casinos see fifth straight year of revenue increases

The U.S. Indian casino market recorded its fifth consecutive annual gaming revenue increase in fiscal year 2014, collecting more than $28.5 billion, according to figures released this week by the Washington, D.C.-based National Indian Gaming Commission."Overall, the Indian gaming industry remains stable," commission Chairman Jonodev Chaundhuri said of the 1.5 percent increase over fiscal 2013.The commission breaks out the revenue by seven regions, not individual states...read more

Investors show new love for regional casino markets

The Lake Charles, Louisiana casino market is the best example why the investment community has done a 180-degree turn on the U.S. gaming operators.Moody's Investors Service said the casino industry's cash flow prospects could climb as much as 4 percent over next 12 to 18 months...read more