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Featured Articles Archive - Page 177
Articles by Howard Stutz
![]() Nevada Gaming Commission OKs $1.73B Cosmopolitan sale19 December 2014 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 moreArticles by Howard Stutz
![]() Nazarian issues apologies, and gaming regulators OK limited license19 December 2014 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 moreArticles by Howard Stutz
![]() Gaming exec McBeath tapped as new CEO of Cosmopolitan of Las Vegas18 December 2014 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 moreArticles by Howard Stutz
![]() Southern Nevadans weigh benefits, opportunities in Cuba18 December 2014 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 moreArticles by Howard Stutz
![]() SEC filing: Perini to receive approximately $189.5 million on lien claims18 December 2014 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 moreArticles by Howard Stutz
![]() Inside Gaming: Crumbled buildings, cannons symbolize current status of Macau17 December 2014 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 moreArticles by Howard Stutz
![]() Nazarian to step back from SLS Las Vegas daily duties17 December 2014 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 moreArticles by Howard Stutz
![]() Caesars skips $225 million interest payment16 December 2014 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 moreTop-10 office holiday party prop bets15 December 2014 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 moreArticles by Howard Stutz
![]() Inside gaming: Some advice for Nazarian: Be contrite, honest, forthright15 December 2014 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 |
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