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Featured Articles Archive - Page 155
Articles by Howard Stutz
![]() IGT's losses reflect weakening state of US slot machine industry26 May 2015 The final quarterly earnings report this month by slot machine giant International Game Technology was more of a look inside the dwindling North American gaming equipment market, rather than the company.IGT’s sale to Italy-based lottery provider GTECH Holdings for $6.4 billion closed April 7...read moreTop-10 Biff bets25 May 2015 I finally got around to watching the season finale of The Flash this weekend and I was surprised by how badly the show handled the time travel plot. These characters live in a world that's already seen Back to the Future, The Terminator and Star Trek (in all of its incarnations)...read moreArticles by Howard Stutz
![]() Nevada adopts law allowing slots with skill factors22 May 2015 A bill backed by the Nevada gaming equipment industry was signed Thursday by Gov. Brian Sandoval and will allow state gaming regulators to adopt rules where slot machines can add a skill-based, arcade-style element to the game.Senate Bill 9 was proposed by the Association of Gaming Equipment Manufacturers and emerged from last year’s interim study committee that looked at the effect of technology on gaming.In a statement, Sandoval said the bill promotes opportunities for casinos to incorporate skill-based games that may be appealing to a new generation of visitors.“In order for our state to sustain its edge in an increasingly competitive gaming industry, we must continue to expand, evolve and embrace the potentials found in the 21st century,” Sandoval said.The idea was to create slot machines that have elements of skill and other features to attract younger gamblers...read moreArticles by Howard Stutz
![]() Pinnacle Entertainment rejects union proposals22 May 2015 Stockholders of Pinnacle Entertainment rejected seven proposals offered by hotel and restaurant workers union Unite Here that would have changed the regional casino company’s bylaws concerning shareholders' rights.The vote took place Tuesday at the Las Vegas-based company’s annual meeting...read moreArticles by Howard Stutz
![]() Key shareholder urges that Affinity Gaming be sold21 May 2015 An offer to acquire all outstanding shares of casino operator Affinity Gaming by its largest shareholder has expired, and the investment firm that made the offer believes the company that owns the Primm Valley Resort and Casino and Silver Sevens Hotel & Casino should be sold.In letter to Affinity’s board that was filed Wednesday with the Securities and Exchange Commission, Illinois-based Z Capital Partners said the company “has seen no meaningful board leadership or value creation for shareholders” since it was created in 2010 following the bankruptcy reorganization of Herbst Gaming.Z Capital already owns a 39.5 stake in the company, which operates 11 casinos in four states...read moreArticles by Howard Stutz
![]() Teamsters picket as SLS Las Vegas21 May 2015 The Teamsters Union set up picket lines at the SLS Las Vegas Hotel & Casino on Wednesday, complaining the hotel-casino is not allowing its valet parking attendants to form a union.Teamsters Local 986 organized the protest, which the union claims is supported by other labor organizations.“The picket signs went up at 4 a.m...read moreArticles by Howard Stutz
![]() Analysis: 'Net gambling bill accidentally criminalizes some Nevada sports bets21 May 2015 A bill in Congress that would ban Internet gambling would inadvertently criminalize Nevada’s booming mobile sports wagering business, which has been credited with turning the Silver State’s sports books into a $3.9 billion-a-year industry.The measure, backed by Las Vegas Sands Corp...read moreArticles by Howard Stutz
![]() Inside Gaming: Purchase of Tropicana Las Vegas keeps alive Rat Pack-era name20 May 2015 During the past decade, Penn National Gaming was named as a potential buyer of nearly every Strip resort that was for sale or rumored to be on the market.So it was no surprise when the regional gaming company announced on April 29 it would spend $360 million to buy the Tropicana Las Vegas.The transaction, which is expected to close by the end of the year, not only gives Penn its long sought-after address on the Strip, but keeps alive an historic name and a Rat Pack-era property.Most of those places from the 1960s and 1970s have been relegated to the Las Vegas history pages.“There is not a lot left of the hotel from when it first opened because of expansions, but it’s good for the city that we will still have the name Tropicana,” said David Schwartz, director of the Center for Gaming Research at the University of Nevada, Las Vegas.A week after Penn’s deal was announced, the Riviera Hotel and Casino closed and is scheduled for demolition this year...read moreArticles by Howard Stutz
![]() Shareholder ends proxy fight with MGM Resorts20 May 2015 New York based Land and Buildings Investment Management ended its proxy fight with MGM Resorts International Tuesday, saying that “substantial insider shareholders” were resistant to changing the company’s board.However, the real estate group, which owns less than 1 percent of MGM Resorts’ stock, took credit for steps the company recently took to address “persistent undervaluation and underperformance.”Land and Buildings wanted to convert a portion of the casino operator into a real estate investment trust and replace four of the company’s board members with its own slate of candidates.In a statement, the investors said MGM Resorts’ board had support from its biggest shareholders, including CityCenter partner Dubai World and hedge fund owner John Paulson.MGM’s largest individual shareholder, Los Angeles-based Tracinda Corp., said May 1 that it would vote its 19 percent stake in favor of the current company’s board...read moreArticles by Howard Stutz
![]() IGT to sell Las Vegas complex as company consolidates20 May 2015 Slot machine maker International Game Technology plans to sell its massive corporate Las Vegas campus as the company consolidates operations following its $6.4 billion merger with Italian lottery provider GTECH Holdings.During IGT’s quarterly earnings conference call last week, company CEO Marco Sala said plans were underway to sell the Las Vegas corporate headquarters in southwest Las Vegas at 6355 S...read more |
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