Featured Articles Archive - Page 169

Caesars facing fine of up to $20 million to settle money laundering charges

Caesars Entertainment Corp. said it was in discussions with federal authorities to settle money laundering allegations at Caesars Palace and the casino company could pay a fine of between $12 million and $20 million.The company disclosed the talks with the Financial Crimes Enforcement Network of the U.S...read more

Station Casinos upbeat about jobs from new Strip project

Last week’s groundbreaking for the $4 billion Resorts World Las Vegas was celebrated in the offices of Station Casinos.The locals casino operator viewed the potential 30,000 construction jobs being created by the development as an expanded customer base.“The construction sector is already the fastest growing segment of Las Vegas employment,” Station Casinos Chief Financial Officer Marc Falcone said Monday on a conference call with analysts to discuss the company’s quarterly earnings.“The overall employment picture (in Las Vegas) continued to improve during the first quarter,” Falcone added.Station Casinos grew revenues 5 percent to $342.8 million in the quarter that ended March 31...read more

Top 10 players I'll be watching at the 2015 WSOP

The 46th Annual World Series of Poker kicks off in just 16 days, beginning with the $565 Casino Employees No-Limit Hold'em event on May 27. The series will feature 68 events (64 are fully open to the public) over just 49 days and will halt when the Main Event reaches its final nine players on July 14.I covered the WSOP Main Event for the first time last year and was left in awe of the circus that takes place inside the Rio All-Suite Hotel & Casino during the summer...read more

Revenue, cash flow increase for Affinity Gaming

Casino operator Affinity Gaming experienced a nearly 1 percent increase in the revenue in the first quarter, but saw its cash flow jump more than 30 percent.In a statement Friday, Las Vegas-based Affinity, which owns the three Primm Valley Resort and Casino resorts and the off-Strip Silver Sevens Hotel & Casino, said the cash flow jump in the quarter that ended March 31 was due to a “rationalization of promotional campaigns and the refinement in certain marketing programs.”Affinity CEO Michael Silberling said the Primm properties benefited from increased drive in traffic from California as well as operational changes.“The quarterly results reflect the early success of our previously announced initiatives designed to enhance efficiency and improve effectiveness of our promotional efforts,” Silberling said.In the quarter, Affinity said net revenue of $97.2 million was 0.7 percent higher than the net revenue of $96.6 million from a year ago...read more

Scientific Games nearly doubles revenue and net loss

Gambling equipment giant Scientific Games said Thursday company revenue nearly doubled in the first quarter, its first full three-month period since buying rival Bally Technologies for $5.1 billion.However, the manufacturer, which moved its headquarters to Las Vegas in January, said its net loss for the quarter that ended March 31 also nearly doubled, primarily due to costs associated with the Bally transaction.Scientific Games said it lost $86.4 million, or $1.01 per share in the quarter...read more

Macau gaming revenue down 39 percent in April, 11th straight monthly dip

Macau gaming revenue fell for the 11th straight month during April and analysts universally believe May will mark a year of declines for the world’s largest gambling market.The Macau Gaming Inspection and Coordination Bureau said earlier this week that Macau casinos collected $2.4 billion from gamblers, a 39 percent drop from April 2014...read more

Union Gaming Group establishes office in Hong Kong

Las Vegas based casino industry advisor Union Gaming Group has opened a second office in Asia to service a potentially growing market.The company, which established an equity research office in Macau in 2011, said it formally received approval to offer investment banking services in Hong Kong by the Special Administrative Region’s Securities and Futures Commission.In a statement, Union Gaming Managing Director Rich Moriarty said the focus for gaming industry expansion over “the next 20 years belongs to Asia.”Macau is the world’s largest gaming market with nearly three dozen large and small casinos, including properties operated by Wynn Resorts Ltd., Las Vegas Sands Corp., and MGM Resorts International...read more

Top-10 lessons from Betting Saturday

OK. Betting Saturday wasn't Saturday's official name. But with the Kentucky Derby, the boring but heavily bet-on Mayweather-Pacquiao fight, a Game 7 in the NBA playoffs and the NHL Stanley Cup playoffs entering the second round, May 2 might have been the most lucrative sports betting day we've ever seen...read more

Deal Me In: Think of keno as a spectator sport

Dear Mark: My wife has an upcoming convention in Las Vegas, and I have decided to tag along. As I am from Vermont, where at least for now there are no casinos, my experience in gambling is very limited: none! Considering this, and with me needing to kill time, along with an unwillingness to spend a lot of money, which game or games would you advise I can stay at for the longest period while having some fun? Johnny F.For the low, low roller and those on a limited budget, the keno lounge has always been an oasis in the Vegas sea of sand...read more

Top-10 bets for the greatest American sports Saturday ever

Saturday, May 2, 2015, is going to be one of those days that sports fans remember for a long, long time. And if you're a serious sports bettor, the day could make or break your bankroll for the foreseeable future.The fun starts at 11 a.m. EST with rounds 4-7 of the NFL Draft...read more