Featured Articles Archive - Page 175

INSIDE GAMING: Deconstructing the Harmon Hotel mess

LAS VEGAS -- On paper, it appeared MGM Resorts International lost the construction defect lawsuit over CityCenter’s mistake-riddled Harmon Hotel.The reality is the casino giant won the war by making this 4-year-old legal mess go away.As 2014 draws to a close, MGM Resorts is on an upswing.Analysts view the company as an investment opportunity, primarily because of its new properties under development on the East Coast and in Macau...read more

Deal Me In: The illusion of skill

Dear Mark: I like to play on slot machines that allow me to stop the reels from spinning. Does having control of the outcome make any difference? Kate S.Whether you stop the reels yourself or allow the machine to do it, both ways, Kate, produce random results...read more

Deal Me In: Yo Levine the Dancing Queen

Dear Mark: When playing craps, I will occasionally toss in a bet for the dealers. Normally, it is a two-way “Yo,” or a Horn bet if I am making the same. What are your thoughts on these two bets for the dealer, or is there another bet that dealers appreciate even more? Chase D.All dealers welcome ANY wager made on their behalf, but they definitely prefer bets made by the player that have a low house edge, such as the Pass, Come, Don't Pass, Don't Come and Placing the 6 or 8...read more

Gaming regulators approve buyout of Multimedia Games by Global Cash Access

LAS VEGAS -- The $1.2 billion buyout of slot machine maker Multimedia Games, Inc. by Global Cash Access was approved Thursday by the Nevada Gaming, which allowed the transaction to clear its final regulatory hurdle.Global Cash Access provides casinos with ATMs, point-of-sale and debit-card transactions and offers slot-machine ticket redemption and jackpot kiosks...read more

Nevada Gaming Commission OKs $1.73B Cosmopolitan sale

LAS VEGAS -- The Cosmopolitan of Las Vegas could be under new management as soon as Friday.The Nevada State Gaming Commission Thursday signed off on the $1.73 billion purchase of Strip resort by Blackstone Real Estate Partners VII, a division of New York City-based Blackstone Group, a multinational private equity investment fund.The deal could close by Friday and is expected to breath new life into the 2,995-room hotel-casino that has never turned an annual operating profit since opening in December 2010.Gaming commissioners commended Blackstone for its investment on the Strip...read more

Nazarian issues apologies, and gaming regulators OK limited license

LAS VEGAS -- SLS Las Vegas Hotel & Casino part-owner Sam Nazarian apologized for everything Thursday at the Nevada State Gaming Commission.He said he was sorry for past dealings with Derrick Armstrong, a convicted felon from Los Angeles who allegedly extorted $3 million from him by threatening his family and SBE employees...read more

Gaming exec McBeath tapped as new CEO of Cosmopolitan of Las Vegas

LAS VEGAS -- The new owners of The Cosmopolitan of Las Vegas have tabbed long time gaming executive Bill McBeath as CEO of the Strip resort.McBeath will take over the property once Blackstone Real Estate Partners VII takes ownership of the resort, possibly as soon as Friday.The 2,995-room Cosmopolitan is being sold to the division of New York City-based Blackstone for $1.73 billion.The Nevada State Gaming Gaming Commission on Thursday will consider the Nevada State Gaming Control Board’s recommendation that Blackstone be licensed to own and operate the hotel-casino.Last week, current Cosmopolitan CEO John Unwin announced his resignation.McBeath most recently served as the president of CityCenter for MGM Resorts International...read more

Southern Nevadans weigh benefits, opportunities in Cuba

LAS VEGAS -- People in Southern Nevada had mixed reactions Wednesday to the United States normalizing relations with Cuba.The news also had gaming analysts speculating on what the change could mean for casinos that once existed in Havana.Some believe that President Barack Obama’s restoration of diplomatic relations with the communist country after those ties were cut 50 years ago and opening embassy offices in both countries is a “mistake.” Others were glad and said the decision will lead to improved relations between the two nations.Tony Alamo, who came to the United States from Cuba in 1961 when he was 20 years old, said Obama’s decision was not in the best interest of the American people nor those living on the island.“It’s a horrible situation that he has created,” he said Wednesday...read more

SEC filing: Perini to receive approximately $189.5 million on lien claims

LAS VEGAS -- Tutor Perini Corp., the general contractor behind CityCenter and a party in a massive construction defect case involving the development’s Harmon Hotel, said Wednesday it would receive “total net settlement proceeds” of approximately $189.5 million on its lien claims.None of the lawsuit parties have commented on the settlement because of a nondisclosure agreement, but the contractor, in a filing with the U.S...read more

Inside Gaming: Crumbled buildings, cannons symbolize current status of Macau

Visitors to Macau can capture spectacular images of the city’s downtown peninsula skyline from the Ruins of St. Paul, a hillside area that includes the stone facade remnants of a 16th century cathedral.Above the church site is Mount Fortress, which was built by Jesuits to protect the Portuguese colony...read more