Featured Articles Archive - Page 141

New Caesars CEO blamed for Hertz accounting failures

Mark Frissora, the three-week-old CEO of Caesars Entertainment Corp., was accused by Hertz Global Holdings of having a "management style and temperament that created a pressurized operating environment" during his tenure as the top executive of the automobile and equipment rental car company.Hertz said the lack of oversight by Frissora led to "material misstatements" in the company‘s 2011, 2012, and 2013 financial reports totaling $207 million.Hertz made the comments through an explanatory note in the company‘s year-end financial filing with the Securities and Exchange Commission late Thursday...read more

Inside Gaming: Eldorado deal for MGM casinos makes company king of Reno

The Carano family, through its Eldorado Resorts Inc., has bet the house on Reno. The odds are seemingly tipped in their favor.An announced $72.5 million acquisition of Circus Circus Hotel Casino - Reno and 50 percent of the Silver Legacy Resort Casino -- Eldorado already owned the other half -- from MGM Resorts International cemented the Caranos as the first family of downtown Reno.The company already controls the flagship Eldorado Reno, giving it the three largest downtown resorts."This a great bet for Reno," said Reno-based gaming industry consultant Ken Adams.Reno‘s casino market is on an upswing...read more

Sale of Bwin.party to 888 could impact Nevada

Gibraltar-based 888 Holdings won the takeover battle for Bwin.party Digital Entertainment, agreeing Friday to pay $1.4 billion for the company and creating an online gaming conglomerate.The transaction, which requires regulatory and shareholder approval, could reverberate throughout the fledgling U.S...read more

Top 10 things to keep an eye on at the WSOP Main Event final table

LAS VEGAS -- When Daniel Negreanu busted out of the World Series of Poker Main Event in 11th place, it felt like the air had been sucked out of the room. The fans in attendance had poured all their energy into supporting and rooting for the popular pro...read more

Deal Me In: Most loss leaders are long gone

Dear Mark: I have been practicing my Deuces Wild video poker skills, looking to accomplish that perfect play. The online casino I was practicing at today has the suggested card(s) hold feature by default. You can't shut it off. Here is my problem...read more

MGM Resorts to build 5,000-seat theater at Monte Carlo

MGM Resorts International said Wednesday it will spend $100 million to build a 5,000-seat theater at the Monte Carlo Resort and Casino, creating another entertainment attraction as part of the company's Park development.The theater is expected to open at the end of 2016...read more

Inside Gaming: Atlantic City to pay Borgata $63 million in tax refunds -- but how?

A property tax refund for Boyd Gaming Corp. could spell additional trouble for financially challenged Atlantic City.A New Jersey appellate court this month upheld a lower court reassessment of how the city taxed the market-leading Borgata Hotel Casino and Spa, awarding Boyd $63 million in property tax refunds covering 2009 and 2010.The figure comes on top of $88 million in tax refunds Atlantic City agreed to pay to Boyd under a June 2014 settlement covering 2011 through 2013.For those keeping score, that's $151 million coming to Boyd Gaming, which operates the Borgata and owns the resort in a 50-50 partnership with MGM Resorts International.It may be a while, however, before Las Vegas-based Boyd sees the money.Struggling Atlantic City has to first figure out how to pay the casino operator."The enormous amount of refunds that the city must pay back on successful tax appeals is simply unsustainable," Mayor Don Guardian told The Associated Press in an e-mailed statement...read more

Scientific Games to develop slot machine based on Tetris

Slot machine maker Scientific Games Corp. will develop a slot machine based on the popular building block-style Tetris video game that is currently played on mobile devices and home computers.In a statement, Las Vegas-based Scientific Games said it signed an agreement to create a slot machine based on the Tetris game for use in casinos...read more

Moody's revises U.S. gaming market outlook to 'stable'

Moody's Investors Service changed its overall outlook of the U.S. gaming industry from a negative to a stable rating, saying it expects states to increase revenue over the next 12 to 18 months.In a report to investors, Moody's Senior Vice President Keith Foley said gaming industry cash flow will increase 3 percent to 4 percent over the same time frame.Moody's said 18 U.S...read more

Negreanu falls short of WSOP Main Event final table

LAS VEGAS -- The World Series of Poker Main Event final table is set, and Joe McKeehen is your chip leader with 63.1 million in chips. Joining the McKeehen at the final table is Zvi Stern (29.8 million), Neil Blumenfield (22 million), Pierre Neuville (21.075 million), Max Steinberg (20.2 million), Thomas Cannuli (12.25 million), Joshua Beckley (11.8 million), Patrick Chan (6.225 million) and Frederico Butteroni (6.2 million).The Main Event champion will win $7.68 million...read more