Featured Articles Archive - Page 160

Nevada, Delaware launch online poker network

LAS VEGAS -- Nevada and Delaware formally launched their online poker network Wednesday, connecting players between the two states.A Multi-State Poker Network was agreed upon in February 2014 by the states’ two governors in which players from Nevada and Delaware could share poker tables and tournaments...read more

Optimal Payments agrees to buy Skrill for $1.2 billion

Optimal Payments wrapped its arms further around the online gaming payment processing world Tuesday when it agreed to purchase one of its top competitors, Skrill, for $1.2 billion.Together, the two companies will combine to form the Enlarged Group, giving the new firm greater reach across the globe and market leadership in several online gaming jurisdictions."We now become significantly more relevant to the industry as the consolidation strengthens our position around the world," Optimal Payments CEO Joel Leonoff told the GPWA.While Optimal Payments currently does business in more than 200 countries and territories, the acquisition of Skrill brings the company more diversity in geography, technology and product line...read more

Inside Gaming: Macau top official's speech not the message Las Vegas wanted to hear

A policy address by Macau’s top government official this week wasn’t an uplifting and positive message the casino industry and the investment community were hoping to hear.Macau Chief Executive Fernando Chui told lawmakers on Monday the Special Administrative Region had entered an “adjustment” period of slower and stable growth...read more

Company: Elaine Wynn had conflicts in Strip land deal

LAS VEGAS -- Wynn Resorts, Limited accused ousted board member Elaine Wynn of several conflicts of interest, including her participation in company discussions over potentially buying the vacant New Frontier site, which was subsequently acquired by a group that included her nephew.The casino operator sent a letter to shareholders Tuesday, asking them to support the company’s two board nominees and ignore Elaine Wynn, company Chairman and CEO Steve Wynn’s ex-wife, who launched a proxy fight to regain her seat.In a slide presentation for investors posted to the company’s website Tuesday, the company said Elaine Wynn “participated in board meetings in which Wynn Resorts’ plans to acquire property in Las Vegas were discussed at length.”One property the company looked at was the nearly 35-acre New Frontier site, across from Wynn Las Vegas...read more

Caesars retiree bitter after flow of pension checks stops

LAS VEGAS -- Kenneth Houng became one the Strip’s first Asian casino hosts when he joined Caesars Palace in 1982.He never wanted to work anywhere else. He spent 32 years at the resort, retiring as an executive vice president.“Caesars was the place to work...read more

Resorts World Las Vegas groundbreaking announced

LAS VEGAS -- Malaysia-based Genting Malaysia Berhad will break ground on the $4 billion Resorts World Las Vegas on May 5, a company spokesman said Monday.The Strip development, which has been in planning for two years, is projected to include 3,000 hotel rooms and a casino with a combined 3,500 slot machines and table games in its initial phase...read more

Long-term, negative side of REITs argued

Not everyone associated with the casino industry has caught REIT fever.Several analysts and insiders aren’t sold on the notion that real estate investment trusts — where casinos are spun-off into a separate publicly traded company and leased by back to an operator — as being a good move for all gaming companies.The short-term gains — tax benefits, a boost in stock prices and potentially lower debt — can be overshadowed by long-term issues...read more

Gaming group: Rank Las Vegas higher for security funding

LAS VEGAS -- The American Gaming Association (AGA) wants the Homeland Security Department to rank Las Vegas higher for the city — primarily the Strip — to better fund programs that protects the state’s $53 billion a year casino industry.During a Monday telephonic news conference, in which the Washington-based trade organization announced new members, association CEO Geoff Freeman said Homeland Security has not ranked gaming as a priority industry.“Las Vegas is a potential threat (target) and we have had productive conversations with the Nevada (congressional) delegation to ensure the unique characteristics of Las Vegas, and gaming in general, are taken into consideration,” Freeman said.Earlier this month, Freeman thanked the Nevada delegation for its efforts and asked that it continue to ensure that Las Vegas remains a priority for Homeland Security...read more

Top-10 things I learned as a charity poker tournament director

Last Saturday, I had the honor of serving as tournament director for a charity poker event to benefit a local non-profit organization that my wife is involved in. Everyone involved left feeling like the event was a success; players and event staff went home smiling and we raised a little money for the charity.I was surprised just how exhausted I was at the end, however...read more

Inside Gaming: Global Cash Access rings up winner with small Texas manufacturer

LAS VEGAS -- A year ago, the gaming investment community didn’t pay much attention to Global Cash Access.The Las Vegas-based company did a quiet and exceptional job providing casinos with ATMs, point-of-sale and debit card transaction devices, slot machine ticket redemption kiosks and other payment processing equipment.Then, Global Cash Access stole the best little slot machine manufacturer in Texas.Stole is probably a misnomer.Global Cash Access paid $1.2 billion for Multimedia Games, Inc., which had its corporate headquarters, manufacturing facilities and development offices in Austin, Texas...read more