Featured Articles Archive - Page 178

Elaine Wynn files paperwork seeking to regain board position

LAS VEGAS -- Ousted Wynn Resorts, Limited board member Elaine Wynn isn’t giving up without a fight.The ex-wife of Wynn Resorts Chairman and CEO Steve Wynn — and the casino operator’s third-largest shareholder — filed paperwork with the Securities and Exchange Commission on Thursday, seeking to regain her seat less than a week after fellow board members chose not to renominate her.Wynn, 71, is asking shareholders to return her to the panel, where she has served since the company’s inception in 2002...read more

IRS suggests dropping casino winnings threshold to $600

The Internal Revenue Service may lower the reporting level for casino customers who win at slot machines, keno and bingo, a change that gaming and legal advocates say is not needed and only adds more paperwork to an overly regulated industry.The proposal, released this week by the IRS, suggests the reporting rules for winnings from gambling on slots, keno and bingo be reduced from $1,200 to $600...read more

Wynn Resorts to rake in $511 million dividend from Macau subsidiary

LAS VEGAS -- The Chinese subsidiary of Wynn Resorts, Limited plans to issue a special stock dividend this month, which will result in the parent company collecting $511 million.The move comes as Macau’s casino market is in an unprecedented gaming revenue nosedive...read more

Inside Gaming: IGT name among valued assets being acquired by GTECH

LAS VEGAS -- GTECH Holdings is paying $6.4 billion to acquire IGT - International Game Technology, but the Italy-based lottery giant is taking on more than just “Wheel of Fortune” and the company’s other slot machine titles and products.GTECH wants the name IGT.At last week’s Nevada gaming regulatory hearing, GTECH Chairman Lorenzo Pellicioli revealed the merged company will be known as IGT when the buyout closes in April...read more

Fahrenkopf joins San Jose, Calif., company as strategic adviser

Former American Gaming Association (AGA) CEO Frank Fahrenkopf Jr. has joined San Jose, Calif.-based Joingo as a strategic adviser to the mobile gaming company.Fahrenkopf, who retired from the Washington, D.C., trade organization after 19 years at the helm, will advise Joingo’s leadership as the tec...read more

Wynn Resorts adding two more acres to Boston-area casino site

Wynn Resorts, Limited added nearly 2 more acres to its planned casino site outside Boston where the company is planning to build a $1.6 billion hotel-casino.The company said Tuesday it closed on a 1.75-acre site that was purchased from the Massachusetts Bay Transportation Authority for $6 million.The land is adjacent to the 33-acre Wynn Resorts, Limited Everett Planned site located off Route 99 in Everett along the Mystic River...read more

Century Gaming wary of proposed new Nevada slot machine tax

LAS VEGAS -- Nevada slot machine route operator Century Gaming, Inc. doesn’t own the bars, taverns, restaurants or convenience stores where it manages more than 3,000 games.That might seem a bit unusual for the state’s second-largest slot route company.Most of Century’s main rivals provide slot machines to their own businesses, as well as distributing games and systems to the competition.“We’re probably the last traditional slot route model,” said Century Gaming CEO Steve Arntzen...read more

Feb. decline marks Macau's worst gaming revenue month since 2011

Maybe February was rock bottom in Macau.Macau casinos suffered a 49 percent decline in gaming revenue during February — the market’s single-worst monthly decline on record. Despite what is normally a lucrative time period, the annual Chinese New Year, the region reported an overall gaming revenue total of $2.44 billion, a figure not seen since 2011.“This would seem to be at the high end of the most recent consensus expectations and represented a volatile month that stepped outside of historical trends, which is a likely theme for 2015,” said Union Gaming Group principal Grant Govertsen.The gaming revenue decline was Macau’s ninth straight monthly drop, and most analysts expect the trend to continue into the summer.Sterne Agee gaming analyst David Bain tried to put the month into perspective for American investors...read more

Elaine Wynn: Removal from company's board 'extraordinarily disappointing'

LAS VEGAS -- Wynn Resorts, Limited director Elaine Wynn called a decision by the company to remove her from the board “extraordinarily disappointing,” and said she was considering her next move.In a proxy filing with the Securities and Exchange Commission on Friday, Wynn Resorts said it was reducing its Class I board members from three to two and said the board decided not to renominate Wynn to serve as a director.The board cited several reasons for the action, including a 2012 lawsuit she filed against her ex-husband, company Chairman and CEO Steve Wynn, to change a longstanding stockholders agreement.“I, as the co-founder of Wynn Resorts, have devoted my life to making this company a success,” Elaine Wynn said in statement Monday e-mailed from Southern California attorney and political strategist Mark Fabiani.“The decision excludes the last woman director from the board,” Wynn said...read more

Caesars narrows loss, offers little details on bankruptcy

LAS VEGAS -- Anyone hoping for extensive details Monday on the bankruptcy efforts covering Caesars Entertainment Corporation’s largest operating division was disappointed.Caesars Chairman and CEO Gary Loveman, at the outset of the casino operator’s fourth-quarter earnings call, said he wouldn’t answer questions regarding the status of the restructuring of Caesars Entertainment Operating Co.Nevertheless, Loveman did elaborate a little.“The financial restructuring for CEOC is part of a comprehensive plan to strengthen CEOC and all of Caesars Entertainment and position them for sustainable, long-term growth and value creation,” Loveman said in prepared remarks.Caesars, which placed CECO into bankruptcy in January, said Monday it lowered its net loss for the fourth quarter.The casino operator lost $1 billion in the quarter that ended Dec...read more