Featured Articles Archive - Page 168

Deal Me In: A decent game, for those running the casino

Dear Mark: I happened to come across a game called 3-5-7 Poker. Could you please share some information regarding this game, and if it is a reasonable game for the player who follows your rule of “only make casino bets that have less than a 2 percent house edge.” Jeff J.The game 3-5-7 Poker is a simple poker-based hybrid found both in table and video poker form in many casinos today...read more

Boyd Gaming narrows net loss in fourth quarter

LAS VEGAS -- Boyd Gaming Corporation narrowed its net loss in the fourth quarter as results from its regional markets and Las Vegas locals properties grew in the final months of 2014.Following a conference call with analysts Thursday, Boyd Gaming CEO Keith Smith said he isn’t ready to declare the locals market completely recovered...read more

Gaming industry to launch outreach initiative for presidential campaign

LAS VEGAS -- The American Gaming Association (AGA) will launch a national initiative in conjunction with the 2016 presidential campaign aimed at showing the industry’s economic benefits to candidates for the nation’s highest office.The effort, dubbed “Gaming Votes,” is twofold — to educate casino industry employees, vendors and other stakeholders on candidate positions on gaming, and to ensure candidates understand the industry’s economic contributions.The organization wants to make gaming issues a topic for discussion during the campaign and change “false” perceptions about the casino industry.During a presentation on the effort in Las Vegas on Thursday, the association cited a new Oxford Economics report on the broad base of jobs gaming companies provide and diversity in the industry’s workforce.American Gaming Association President Geoff Freeman said public policy hasn’t kept up as the industry expanded beyond Nevada and New Jersey into 40 states where legal gaming is allowed...read more

Profits decline slightly for Pinnacle in the fourth quarter

LAS VEGAS -- Regional casino operator Pinnacle Entertainment, Inc. saw a slight decrease in profits in the fourth quarter but made progress toward its planned real estate investment trust spinoff, the company said Thursday.Pinnacle said its net income was $14.5 million, or 24 cents per share, for the quarter ended Dec...read more

Small merger may signal big changes

LAS VEGAS -- By numbers alone, the merger of Golden Gaming, Inc. and Lakes Entertainment, Inc. doesn’t equal any one of the combined $18.5 billion in gaming equipment manufacturing buyouts that have happened in the past 18 months.But the transaction between Nevada’s largest tavern owner/slot machine route operator and the Minnesota-based casino company might signal consolidation in the regional gaming market.At the very least, small casino companies could use the Golden-Lakes deal as a guide in accessing public capital markets, which could help finance buyouts, refinance debt or enhance capital improvement budgets.“We’ll see some movement as these companies look to raise capital,” one analyst said.Gaming manufacturing companies gobbled up each other six times since 2013, starting with the $1.5 billion buyout of WMS Industries Incorporated by Scientific Games Corporation...read more

Bettman: NHL may soon have to address legal sports betting

LAS VEGAS -- The National Hockey League has not taken a position on legalizing sports wagering, but it’s an issue it may have to address, league Commissioner Gary Bettman said Tuesday in Las Vegas.“We’re not as big a factor in betting as football or basketball,” said Bettman, 62, following prepared remarks at the MGM Grand Las Vegas during the launch of a ticket deposit drive for a Las Vegas NHL franchise.His remarks come several months after National Basketball Commissioner Adam Silver wrote in a New York Times op-ed piece the league should reconsider its opposition to expansion of legal sports gambling.Last week, new Major League Baseball Commissioner Rob Manfred told ESPN the sport needs to give “fresh consideration” to legal betting.Bettman said he has not spoken with other professional sports league commissioners about a move toward legalized and regulated sports wagering...read more

GTECH obtains financing to complete IGT acquisition

LAS VEGAS -- Italy-based lottery provider GTECH Holdings said Tuesday it completed $5 billion in high yield financing needed to complete its buyout of slot machine giant IGT - International Game Technology.The transaction, expected to close in the spring, is valued at $6.4 billion.Shareholders of International Game Technology were expected to vote on the buyout Tuesday.The pricing of the high yield notes included $3.2 billion in American dollars and 1.6 billion in Euros.GTECH CFO Alberto Fornaro said in a statement the financing will not have any “significant maturity” dates before 2018.“It is the inaugural issuance in the U.S...read more

Gaming Insider: The future of gaming is already here

LAS VEGAS -- Tables that resemble giant smart phones inside The Mirage and MGM Grand Las Vegas are the future of gaming.You just can’t gamble on them quite yet, at least not for real money.The InteractivePro tables, manufactured by an Australian company, have quickly developed a following from MGM Resorts International customers...read more

Inside Gaming: With its latest deals, Scientific Games is the new IGT - minus the baggage

LAS VEGAS -- Scientific Games Corporation is Nevada’s new International Game Technology — without the baggage.Over the past 18 months, the lottery provider spent $7.6 billion to acquire the gaming industry’s No. 2 and No. 3 slot machine manufacturers.Last month, Scientific Games said it will move its corporate headquarters from New York City to offices off the 215 Beltway...read more

Nevadan at Work: Affinity Gaming CEO finds happiness managing casinos in smaller markets

LAS VEGAS -- After managing casinos in exotic locales such as New Zealand, the United Kingdom and Uruguay, Michael Silberling opted to become CEO of a gaming company whose flagship properties are in the Interstate 15 community of Primm at the California-Nevada border and the Denver suburb of Black Hawk, Colo.And he couldn’t be happier.Silberling was named CEO of Las Vegas-based Affinity Gaming in August...read more