Featured Articles Archive - Page 167

Pinnacle Entertainment rejects union proposals

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 more

Key shareholder urges that Affinity Gaming be sold

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 more

Teamsters picket as SLS Las Vegas

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 more

Analysis: 'Net gambling bill accidentally criminalizes some Nevada sports bets

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 more

Inside Gaming: Purchase of Tropicana Las Vegas keeps alive Rat Pack-era name

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 more

Shareholder ends proxy fight with MGM Resorts

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 more

IGT to sell Las Vegas complex as company consolidates

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

Gambling and the Law: Are daily fantasy sports legal?

Technology is speeding up changes in the world of gaming. It took almost two centuries for poker to evolve from Straight Poker – five paper cards dealt face down with no draw – to Internet Hold ‘Em linking players using computers in different states and even on different continents...read more

Analyst sees no 'silver bullets' to Macau turnaround

A Wall Street investment house downgraded the prospects for the three Nevada-based casino operators with expanding developments in the cratering Macau gaming market.In a research report to investors Monday, Goldman Sachs gaming analyst Steven Kent said Macau’s downturn, which has seen 11 straight monthly gaming revenue declines, was “much more than everybody feared, and we do not see a turnaround for months, possibly quarters.”The analyst downgraded his stock price projections for Wynn Resorts Ltd., Las Vegas Sands Corp...read more

Top 10 Twitter accounts to follow during the 2015 WSOP

The countdown to the 2015 World Series of Poker is down to single digits. The WSOP gets underway next week, and poker players, media and fans are chomping at the bit to return to the Rio All-Suite Hotel & Casino to start the hunt for the 68 bracelets up for grabs this summer.If you can't be in Las Vegas for the entire seven weeks of the series, you can follow the action online on WSOP.com, including live streams of most final tables...read more