Featured Articles Archive - Page 158

Millions owed top Caesars execs may be lost forever

Caesars Entertainment Corp. owes Chairman Gary Loveman a lot of money he may never collect.Loveman is one of 279 current and former Caesars executives and directors owed more than $78.6 million through a deferred compensation program now classified as unsecured debt in the Chapter 11 reorganization of Caesars Entertainment Operating Co.In a bankruptcy, unsecured creditors wait at the end of the line for a share of whatever money, if any, is left after secured debt is covered.According to filings with the U.S...read more

Macau casino revenue declines 39 percent in March

At least it wasn’t another record decline.Macau’s troubled casino market saw gaming revenue fall 39 percent in March, the region’s 10th straight monthly decrease, according to the Macau Gaming Inspection and Coordination Bureau.The three dozen large and small casinos in Macau — including resorts operated by Las Vegas Sands Corp., Wynn Resorts Ltd., and MGM Resorts International — collected $2.69 billion in revenue during the month.The 39 percent dip follows February’s single-month record 49 percent drop...read more

Inside Gaming: Controversial law last thing Indiana casinos needed

A heated debate over religious freedom and gay rights was not what Indiana’s challenged gaming industry needed.The state’s 13 casinos experienced a 10 percent decline in gaming revenue in 2014 due in large part to new competition in neighboring Ohio and Illinois siphoning away gambling customers.Possible boycotts of the Hoosier state by convention organizers and other tourism groups and mountains of bad publicity over a controversial “religious freedom” law weren’t helping matters.Disaster might have been averted Tuesday...read more

High Roller marks year of revolution

The High Roller — Caesars Entertainment Corp.’s observation wheel at the center of the Strip — marked its one-year anniversary Tuesday evening with company officials calling the attraction a success despite the attraction falling below the original ridership projections.The 550-foot-tall wheel, which anchors the $550 million The Linq Hotel & Casino retail, dining and entertainment development, is averaging 5,000 people per day, the company said during its quarterly earnings conference call on March 2.Originally, Caesars hoped to attract 11,000 riders per day willing to pay up to $35 for a 30-minute trip that offers views of the Strip and the Las Vegas Valley.“New marketing initiatives have broadened customer awareness and visitation to The Linq and High Roller,” Caesars Chairman and CEO Gary Loveman said.After receiving the Las Vegas Icon Award,” a special designation and tribute from the Clark County Commission after a brief ceremony, Loveman said the High Roller, as well as The Linq, have attracted increased business to the company’s adjoining casinos, the Flamingo and Linq, which had been known as the Quad.“This development has brought new customers to any area through its added attractions,” Loveman said...read more

Nevada and Strip gaming revenues decline in February

Maybe it was baccarat. Maybe the calendar was to blame.In other words, analysts looked to make sense out of February’s gaming revenue results in Nevada where Strip casinos declined 4.4 percent and every reporting market in the state saw either a gaming revenue increase or flat results.The Strip’s down month led to a statewide gaming revenue total of $916.1 million in February, a decline of almost 1.1 percent...read more

Amaya Gaming hopes to launch PokerStars site in New Jersey

Canada-based Amaya Gaming, which spent $4.9 billion to acquire PokerStars last year, said Tuesday it hopes to launch an American-based PokerStars site in New Jersey by the fall.During a conference call to discuss the company’s fourth quarter earnings, Amaya CEO David Baazov said the company, which is headquartered near Montreal, “expects to be up and running” with PokerStars in New Jersey later this year.The company has a deal to be the online presence for Resorts Atlantic City and PokerStars has been going through the New Jersey licensing process.Also, Baazov said Amaya has been actively lobbying for online gaming legislation in California and Pennsylvania.Amaya is also planning to release a daily fantasy sports product that will be marketed to former PokerStars players in America...read more

Interblock Gaming selects president for North American division

Slovenia-based gaming equipment provider Interblock Gaming has named Rob Bone as president of the company’s North America division where he will oversee sales and strategies in the U.S. and Canada.Interblock has its North America offices in Las Vegas.Bone has nearly 20 years of experience in the gaming industry, working in both the gaming equipment and casino operations sides of the business...read more

Scientific Games to provide 5,000 video lottery terminals to Greece

Las Vegas-based Scientific Games Corp. said Tuesday it signed a deal with the company that manages the lottery in Greece and will provide 5,000 slot machinelike video lottery terminals to the country’s gaming market.The games — which operate through a central server — are part of 16,500 video lotte...read more

Wynn Resorts wants a woman on board, just not Elaine

LAS VEGAS -- Wynn Resorts, Limited reiterated its position Monday that it will have at least one woman on the company’s board by the end of the year — preferably not ousted board member Elaine Wynn.Meanwhile, one gaming analyst suggested Wynn stockholders not vote in favor of the proxy fight Elaine Wynn is waging to regain that seat.Both Wynn Resorts and Elaine Wynn, the ex-wife of company chairman and CEO Steve Wynn, are seeking shareholder support for the make-up of the company’s board...read more

Top-10 grocery store prop bets

Over the weekend, I went on an unplanned trip to the grocery store. I just happened to be passing by, so I figured I'd go in and get all the items we needed for the week.My wife and I split trips to the store on a roughly 50/50 basis, but she's much more efficient than I am...read more