Featured Articles Archive - Page 163

Golden Nugget to mark $6.5 million convention center upgrade

LAS VEGAS -- Golden Nugget Las Vegas will hold a ceremony Friday to mark its $6.5 million upgrade of 20,000 square feet of convention space.Renovations included new flooring, lighting and wall coverings along with upgraded technology and a state-of-the-art digital signage system, officials said in a statement.Developers at Landry’s Gaming, Inc., Golden Nugget’s parent company, led the project.The convention center now houses 13 breakout rooms, which can be customized for individual group needs, as well as the 5,000-square-foot Bel Air Room, which includes a pre-function foyer.“This area provides what meeting planners are looking for … easy access, flexibility, and meeting space that is easy to navigate...read more

Lower trigger for jackpots seen as costly for casinos

A Wall Street gaming analyst calculated that individual casinos could lose roughly $530,000 per year under a proposed Internal Revenue Service change that would lower the reporting rules for casino customer winnings.The suggested move to reduce the trigger from $1,200 to $600 on jackpots for slot machines, keno and table games, was soundly criticized by gaming industry leaders as unnecessary and burdensome...read more

Bally transaction plays a part in Scientific Games net loss

LAS VEGAS -- The last three months of 2014 gave the investment community a partial look at the financial potential of gaming equipment giant Scientific Games Corporation.Company CEO Gavin Isaacs said Wednesday it will take a few more quarters to get a better handle on the operation, which purchased slot machine giant Bally Technologies, Inc...read more

Caesars attorney says company 'looking seriously' at lost pension payments

LAS VEGAS -- An attorney for a bankrupt division of Caesars Entertainment Corporation told the Nevada State Gaming Control Board on Wednesday that the casino operator was “looking seriously” at the issue surrounding retired company employees who lost their pension checks because of the Chapter 11 filing.During a discussion about the bankruptcy of Caesars Entertainment Operating Co., Control Board member Terry Johnson asked Caesars attorney Steven Pesner about former employees who were told in January the company would no longer make payments under a Supplemental Employee Retirement Plan.“The issue will be addressed in a manner that is legal, fair and equitable by the company,” said Pesner, who is from New York City and is a partner with Akin Gump Strauss Hauer & Feld...read more

Gloves set to come off in Wynn proxy fight

LAS VEGAS -- The brewing proxy fight at Wynn Resorts, Limited might be more entertaining than “Steve Wynn’s ShowStoppers,” the production of Broadway and movie songs now playing in the Encore Theater.The boardroom extravaganza is a Las Vegas version of “The First Wives Club,” with Steve Wynn as one of the co-stars.Less than a week after being removed from consideration for another term as a member Wynn Resorts board, Elaine Wynn announced she was undertaking a costly and potentially nasty proxy fight to retain her seat.As a company co-founder with four decades of gaming industry experience, Elaine Wynn is going to leave Wynn Resorts only on her own terms.There is an argument to be made that she deserves that right...read more

Global Cash Access's deal for Multimedia Games affects quarterly results

LAS VEGAS -- Global Cash Access owned slot machine maker Multimedia Games, Inc. for just 13 days in December, but the business had an impact on the company’s fourth-quarter results.The Las Vegas-based provider of payment processing products to casinos said its net loss of $5.7 million in the quarter that ended Dec...read more

REIT offers to buy real estate of Pinnacle Entertainment

LAS VEGAS -- A real estate investment trust spun off from Penn National Gaming, Inc. on Monday offered to buy the real estate owned by rival regional operator Pinnacle Entertainment, Inc. of Las Vegas for $4.1 billion.Gaming and Leisure Properties Inc...read more

Some ex-Caesars employees lose retirement income because of bankruptcy

LAS VEGAS -- An undisclosed number of former Caesars Entertainment Corporation employees have lost their retirement income because of the casino company’s bankruptcy restructuring of its largest operating division.The retired employees were notified by the company through a form letter/memorandum that was sent Jan...read more

Gaming Insider: Adding Buffalo a runaway hit for bar-top gaming

LAS VEGAS -- One game could change the landscape of Nevada’s slot machine route business.At least, that’s the hope of Century Gaming, Inc.The company struck a deal with Australian slot machine manufacturer Aristocrat Technologies to place three of its popular game titles within Century’s multigame bar-top slot machines.One of the games is Buffalo, which has been ranked as the best-earning slot machine game in the U.S...read more

Inside Gaming: Real estate investment trust concept could happen for MGM Resorts

LAS VEGAS -- By next year, at least three casino companies will have traveled the path into the real estate investment trust market.Now, a fourth may join them on the trail.Last month, MGM Resorts International CEO Jim Murren said his company had no plans to split some or all of its nearly two dozen U.S.-based casinos and resorts into a REIT.But he didn’t dismiss the idea outright.Here’s a portion of what Murren told Bank of America/Merrill Lynch gaming analyst Shawn Kelley during the company’s fourth-quarter conference call when he asked whether a REIT transaction made sense:“We look at this all the time...read more