Featured Articles Archive - Page 159

Report: Indian gaming revenue hits record $28.3 billion in 2013

The nation’s Indian gaming industry grew revenue for the fourth consecutive year in 2013, although the less than 1 percent uptick was the lowest jump since the recession and far below the double-digit annual increases that became commonplace a decade ago.California’s tribal gaming market — the nation’s largest Indian gaming state with 69 casinos producing $7 billion in revenue — accounted for a quarter of the nation’s total figure of $28.3 billion.Casino City’s Indian Gaming Report, produced annually by California economist Alan Meister, was released Monday and covered the financial results from 479 tribal gaming facilities operating in 28 states...read more

Inside Gaming: Optimistic CEO Dan Lee sees opportunities for Full House that are invisible to others

LAS VEGAS -- On his first quarterly earnings conference call as CEO of Full House Resorts, Inc., Dan Lee compared himself to the little boy who came downstairs one Christmas morning hoping to find a pony.Instead, he discovers a giant pile of horse manure next to the tree.But the little boy, Lee said, was still optimistic...read more

Cosmopolitan of Las Vegas sees casino revenue rise in latest quarter

LAS VEGAS -- In its final quarter under the ownership of Deutsche Bank, The Cosmopolitan of Las Vegas grew net revenue 13.2 percent, which included a nearly 31 percent increase in casino revenue.The hotel-casino, which was sold to a division of the Blackstone Group at the end of December for $1.73 billion, said the Strip resort had $86.3 million in net revenue during the quarter that ended Dec...read more

Affinity Gaming increases revenue, cash flow in final quarter of 2014

LAS VEGAS -- Casino operator Affinity Gaming ended 2014 on a positive note, growing both revenue and cash flow for the three-month period that ended Dec. 31.The Las Vegas-based company said Friday its net revenue for the fourth quarter was $92.3 million, a 2.6 percent increase over the 2013 fourth quarter...read more

Stratosphere parent grows revenue, reverses net loss

LAS VEGAS -- The operator of the Stratosphere Casino Hotel and Tower and the two Arizona Charlie’s properties reversed a net loss and grew revenue in the fourth quarter.American Casino & Entertainment Properties, LLC said Thursday its net income of $200,000 for the quarter that ended Dec...read more

Deal Me In: Only Nostradamus can predict when a machine is due to hit

Dear Mark: I always look forward to reading your answers and thoughts on the casino world. I do have one question that I have always wanted to ask and your recent answer to the fellow complaining that he always loses at the slots has stimulated me to ask...read more

Culinary, Bartenders unions say tentative deal reached with MGM Grand

LAS VEGAS -- The Culinary and Bartenders unions said Thursday a tentative contract agreement covering 4,000 workers at the MGM Grand Las Vegas had been reached with the Strip resort.The four-year contract, which covers porters, bellmen, guest room attendants, cocktail servers, bartenders, food serv...read more

Caesars official says company can't fund some pension payouts

LAS VEGAS -- Caesars Entertainment Corporation General Counsel Tim Donovan said Thursday that the company asked its bankruptcy lawyers about finding a way to make pension payments to 63 former employees whose checks were halted in the reorganization of its largest operating division, but the idea was rejected.Donovan told the Nevada State Gaming Commission in Las Vegas that bankruptcy law does not allow a company in a Chapter 11 reorganization to separate supplemental employee retirement plans from other unsecured creditors.He said the company was told the bankruptcy judge in Chicago overseeing the case “would not look favorably” upon a motion to pay the retired workers $33 million.“Caesars is not the villain here,” Donovan said...read more

Proponents of online gambling ban serve "demon rum" at House hearing

WASHINGTON, D.C. -- "Demon Rum."Two simple words uttered by Rep. Ted Poe (R-Tex.) perfectly summed up the farcical testimony offered by proponents of federal legislation to ban online gaming in front the House Subcommittee on Crime, Terrorism, Homeland Security, and Investigations on Wednesday."I don't think the issue is whether or not government should regulate gaming because it's bad," Poe said...read more

Elaine Wynn defends fight to retain board seat

LAS VEGAS -- Elaine Wynn was asked why she undertook a costly and nasty proxy fight to regain her seat on the Wynn Resorts, Limited board of directors. Instead of answering directly, she refocused the question.“Maybe that’s something you should ask the company,” Wynn, 72, said Wednesday in a telephone interview from New York with the Las Vegas Review-Journal.She had 10 minutes between meetings with Wynn Resorts shareholders and investment groups to discuss her effort to remain on the board despite being ousted by the panel’s nominating committee.“I’m the one who has been put on the defensive by the company to do something,” Wynn said...read more