Featured Articles Archive - Page 149

Eldorado Resorts sees profits up but revenues down

Reno-based Eldorado Resorts grew its profits in the second quarter, but saw overall revenue decline slightly.The casino operator, which is buying Circus Circus Hotel Casino - Reno and a 50% stake in the Silver Legacy Resort Casino from MGM Resorts International, said Wednesday its net income for the quarter that ended June 30 was $4.8 million, or 10 cents per share...read more

Caesars reverses net loss, reporting 17.4% revenue increase

Caesars Entertainment Corp. said Tuesday its net revenue increased 17.4% in the second quarter, crediting the openings of The Cromwell on the Strip and the Horseshoe Casino Baltimore and the $223 million renovation of The Linq Hotel & Casino for the boost in results.The Las Vegas-based company, which operates more than 50 resorts nationwide, said its net income for the quarter that ended June 30 was $15 million, or 10 cents per share, reversing a net loss from a year ago...read more

MGM CEO says The Mirage is "not on the market"

MGM Resorts International did not announce a real estate investment trust structure for the company Tuesday and top executive Jim Murren shot down reports that The Mirage was about to be sold.But a "seminal internal transformation" of the casino giant is underway that Murren said will increase annual cash flow by $300 million through various corporate initiatives.During a conference call with analysts to discuss MGM's second quarter earnings, Murren, MGM's chairman and CEO, unveiled plans for a "Profit Growth Plan" initiative...read more

Inside Gaming: Global Cash changes name as focus shifts to slot machines

Global Cash Access Holdings is disappearing.Sort of.The gaming industry's top provider of payment processing equipment will unveil a new name, logo and New York Stock Exchange ticker symbol later this month that reflects the Las Vegas-based company's place within the casino equipment manufacturing sector.That's what last year's $1.2 billion purchase of rising slot machine manufacturer Multimedia Games will do for a business.The new corporate moniker will receive a proper roll-out at the Global Gaming Expo in Las Vegas at the end of September."Our new brand will provide us with the unique identity that conveys our intention to be a full-service supplier of casino gaming equipment and payment solutions," Global Cash CEO Ram Chary said last week on the company's second-quarter earnings conference call.The reasoning is that Global Cash wants the investment community to focus on Multimedia Games, which has design and manufacturing facilities in Austin, Texas.Global Cash is best known for providing the casino industry with ATMs, point-of-sale and debit card transaction devices, as well as slot machine ticket redemption kiosks...read more

Revenue and net loss both increase for Scientific Games

Scientific Games Corp. said Monday a second quarter net loss of $102.2 million was the result of costs and charges associated with the company's acquisition and integration of slot machine manufacturers WMS Gaming and Bally Technologies in the past 24 months.Scientific Games said the net loss translated into a per-share loss of $1.10 in the quarter that ended June 30...read more

Caesars creditors would control proposed real estate trust

Creditors owed billions by Caesars Entertainment Corp.'s largest operating division will control the board of the planned real estate investment trust the company plans to set up through a bankruptcy court-administered reorganization.In a filing with the Securities and Exchange Commission Monday, Caesars revealed new details from an amended restructuring support agreement announced over the weekend.The plan remains the same: Caesars is asking a federal bankruptcy judge in Chicago to convert Caesars Entertainment Operating Co...read more

Macau casinos experience 14th straight monthly revenue decline

Macau gaming revenue fell 34.5 percent in July, the Chinese casino market's 14th straight monthly decline and the sixth straight month the region has experienced drops of 30 percent or higher.The Gaming Inspection and Coordination Bureau said Monday Macau's nearly three-dozen large and small casinos collected $2.3 billion from gamblers in July...read more

Golden Entertainment finalizes $341 million gaming industry merger

Golden Gaming's $341 million merger with Minnesota-based Lakes Entertainment was finalized Monday, creating a publicly traded casino, tavern and slot machine route operation with business interests in Nevada and Maryland.The transaction, announced in January, turned family-owned Golden Gaming into Golden Entertainment.Under terms of the merger, Lakes was valued at $9.57 per share, which represented a 37 percent premium to its closing price in late January...read more

Top 10 qualities every poker room should have

I've been playing in casino poker rooms since I was 18 years old, and in the last eight years, I've been in my fair share of poker rooms across the country.I still remember my first time playing poker at a casino, when my college roommate and I drove two hours from his Detroit-area home to visit Soaring Eagle Casino & Resort in Mount Pleasant, Michigan, a tribal casino with an 18+ age limit...read more

Caesars reaches amended agreement with its largest creditors

Caesars Entertainment Corp. said late Friday it reached an "amended restructuring support agreement" with its largest lenders as the company attempts reduce the bulk of its gaming industry-high $22.8 billion in long-term debt.In a statement filed just before midnight (PST), Caesars said the agreement "reaffirms" the support of the largest creditors for the restructuring of the company's largest operating division, which was placed into bankruptcy in January...read more