Featured Articles Archive - Page 176

Nazarian to step back from SLS Las Vegas daily duties

LAS VEGAS -- SLS Las Vegas Hotel & Casino part-owner Sam Nazarian will step away from all day-to-day operations of the north Strip resort, the hotel-casino’s managing partner said Tuesday.The move comes two days before Nazarian, 39, considered the visionary behind the SLS Las Vegas, meets with the Nevada State Gaming Commission over his request for a gaming license for the Strip resort.Nazarian — CEO of Los Angeles-based nightclub operator SBE Entertainment Group, LLC — was grilled for three-and-a-half hours in Carson City on Dec...read more

Caesars skips $225 million interest payment

LAS VEGAS -- Caesars Entertainment Corporation made good on previous predictions and skipped a $225 million interest payment Monday while the casino operator continued debt reduction talks with lenders.The interest payment, due on second-tier debt covering its Caesars Entertainment Operating Co., business unit, has a 30-day grace period.Missing the payment is viewed by analysts as the first step toward taking CEOC in a prepackaged Chapter 11 bankruptcy reorganization.CECO is the largest of the Las Vegas-based company’s divisions and controls the flagship Caesars Palace, Harrah’s Reno Casino and Hotel, Caesars Atlantic City, and several regional properties.According to a filing with the Securities and Exchange Commission Monday, Caesars had $1.5 billion in cash as of Sept...read more

Top-10 office holiday party prop bets

It's the most wonderful time of the year. No, not because Santa is making his final preparations to invade your home and trade decoratively wrapped gifts for a few sugar cookies. It's the best time of year because offices around the world are holding their annual office holiday parties.There's something about seeing all of your colleagues outside of the confines of work that changes the way people behave...read more

Inside gaming: Some advice for Nazarian: Be contrite, honest, forthright

LAS VEGAS -- Sam Nazarian hasn’t asked me for advice. But I’ll give it to him anyway.When he appears Thursday at the Nevada State Gaming Commission meeting, Nazarian — the visionary behind SLS Las Vegas Hotel & Casino — should accept the Dec...read more

CG Technology in sports wagering deal with Baha Mar in the Bahamas

LAS VEGAS -- Sports betting company CG Technology announced a deal Friday with the $3.5 billion The Baha Mar Casino & Hotel in the Bahamas to provide the under-construction hotel-casino development with a mobile sports wagering system.Terms of the deal were not announced.According to a statement, Las Vegas based CG will provide Baha Mar with the technology for guests to download the company’s sports wagering application in order to make wagers on a smart phone, tablet computer and other mobile devices...read more

Caesars says several creditors leave talks over restructuring debt

LAS VEGAS -- Caesars Entertainment Corporation said Friday several creditors exited discussions with the casino operator over a large portion of the company’s gaming industry high debt, leaving investors doubting the success with talks that have been ongoing since September.Shares of Caesars, traded in Nasdaq, fell $2.03 or 13.66 percent to close at $12.83.Much of the drop-off came after Bloomberg News reported Friday morning that the company’s top creditors had with withdrawn from discussions concerning Caesars Entertainment Operating Co., the business unit that holds more than 80 percent of the company’s overall $22.8 billion debt total.In a filing with the Securities and Exchange Commission, Caesars several first-lien bank lenders had left the talks, but said it “believed an oral agreement in principle had been reached between certain parties.”The company said any additional talks would be “with respect to finalizing the material economic terms of a restructuring.”Sources said a framework to a restructuring agreement includes a prepackaged bankruptcy covering CEOC and moving the casinos controlled by CEOC into a real estate investment trust.Caesars will have to determine if the company will move forward with the bankruptcy — expected sometime in January — without its highest-ranking lenders signing off on the package...read more

Goldstein appointed president of Las Vegas Sands, replacing retiring Leven

LAS VEGAS -- Las Vegas Sands Corp. selected longtime company executive Rob Goldstein as president and chief operating officer on Thursday, replacing the retiring Mike Leven.Goldstein, 59, has been with Las Vegas Sands since 1995 and has served in numerous executive positions for the company, including president of The Venetian Resort-Hotel-Casino and The Palazzo Resort Hotel Casino, the company’s two Strip resorts...read more

Caesars expected to miss $224 million interest payment

LAS VEGAS -- Caesars Entertainment Corporation is expected to miss a $224 million interest payment owed to bondholders as the company prepares to file Chapter 11 bankruptcy on its largest operating division next month.The overdue payment plan was revealed by JP Morgan & Chase gaming analyst Susan Berliner in an overall report on the High Yield gaming outlook for next year.Berliner said said Caesars would missed the payment covering second lien creditors that is due Monday, “which will technically count as a default.”The analyst said the bonds would not be removed from the investment bank’s index, “but its yield and spreads will not be included, just the dollar price.”Caesars spokesman Gary Thompson declined comment Thursday on the JP Morgan report.The move is another step as the casino giant seeks to restructure its gaming industry-high $22.8 billion debt.Caesars has been in debt reduction talks with banks and creditors since September...read more

Deal Me In: A freebie can be had just by asking

Dear Mark: About 25 years ago I met you when you were a pit boss on the South Shore at a Lake Tahoe casino. I remember asking you if I could have a deck of cards and you said, OK, just so long as you answer a trivia question correctly. I do not remember what the question was, but I do remember that I did NOT get it right...read more

Scientific Games officially appoints Haddrill as executive vice chairman

LAS VEGAS -- Scientific Games Corporation officially appointed former Bally Technologies, Inc. CEO Richard Haddrill as executive vice chairman of the gaming equipment manufacturer, a move announced this summer.In a filing with Securities and Exchange Commission on Wednesday, Scientific Games said Haddrill, 61, was given a three-year contract with a base salary of $1.5 million per year, along with stock options.Last month, lottery provider Scientific Games completed its $5.1 billion buyout of slot machine giant Bally.The deal transformed Scientific Games into the industry’s most diversified global business with 10 components that touch all aspects of legalized gambling — lotteries, slot machines, table games, casino and lottery management systems and interactive gaming.In the SEC filing, Scientific Games said Haddrill would focus on the company’s “business and financial objectives in connection with the integration of Bally.”Haddrill will help also with new business development and provide “general strategic guidance” to management.Haddrill was CEO of Bally from 2004 through 2012...read more