Featured Articles Archive - Page 178

Isaacs can thank Perelman for his exodus from exile

LAS VEGAS -- The irony was not lost on Gavin Isaacs.On Nov. 21, 2013, Isaacs sat in the audience of the Nevada State Gaming Commission hearing in the Sawyer Building. He watched as SHFL entertainment, where he was CEO for 32 months, was sold to slot machine giant Bally Technologies, Inc...read more

Global Cash Access edges closer to buyout of Multimedia Games

LAS VEGAS -- Global Cash Access on Thursday moved a step closer to completing its $1.2 billion buyout of slot machine maker Multimedia Games, Inc.The Nevada State Gaming Control Board unanimously recommended approval of the deal following a hearing in Carson City...read more

Regulators recommend Nazarian for one-year limited license

LAS VEGAS -- SBE Entertainment Group, LLC CEO Sam Nazarian, the visionary behind the SLS Las Vegas Hotel & Casino, nearly found himself on the outside looking in at the Strip resort Wednesday.Nazarian, 39, was recommended for a one-year, limited license by the Nevada State Gaming Control Board following a more-than-3½-hour public hearing in Carson City that included testimony over drug use earlier this year and his dealings with an extortion suspect who cost him $3 million.The Nevada State Gaming Commission will make a final ruling on the recommendation on Dec...read more

Blackstone gets preliminary nod to acquire Cosmopolitan of Las Vegas

LAS VEGAS -- The Cosmopolitan of Las Vegas moved a step closer to new ownership Wednesday.The Nevada State Gaming Control Board recommended that Blackstone Group, a multinational private equity investment fund, be licensed to acquire the 4-year-old Strip hotel-casino, which has never turned an annual profit.The Nevada State Gaming Commission will take up the matter on Dec...read more

Many come to bury Caesars, not to praise the casino company

LAS VEGAS -- “O mighty Caesar! dost thou lie so low? / Are all thy conquests, glories, triumphs, spoils, / Shrunk to this little measure?”These words were written in 1599 by William Shakespeare for his tragedy “Julius Caesar.”But they actually have meaning today when it comes to the tragedy of Caesars Entertainment Corporation.The nation’s largest casino operator — with almost 40 properties in 14 U.S...read more

County delays vote on changes to slot-machine regulations

LAS VEGAS -- Tavern owners won’t know until today if their locations comply with changes proposed for a Clark County regulation governing the operation of slot machines.The requirements are directed at a business model operated by the Dotty’s tavern chain.Following more than three hours of public testimony Tuesday, Clark County commissioners put off a vote on the regulation for 24 hours so that various amendments introduced just before the hearing could be incorporated into a final version.Tavern industry representatives complained they didn’t have enough time to review proposed amendments and called the process confusing.One of the owners of Jackpot Joanie’s — a tavern modeled after Dotty’s — told commissioners that if the ordinance passes, he would be forced to “seek legal relief.”At issue is the Dotty’s business model — which has come under fire by state gaming regulators, rival tavern operators and local elected officials — over the past few years...read more

Macau facing first-ever annual gaming revenue dip

Macau is poised for its first-ever yearly gaming revenue decline following the market’s 19.6 percent nose dive in November.The Macau casino industry recorded its sixth straight gaming revenue drop during the month, the longest downward stretch in more than five years.Analysts are predicting another double-digit drop in December, sending gaming revenue down as much as 2 percent for all of 2014...read more

Full House proxy fight ends, Lee named CEO

LAS VEGAS -- Veteran gaming executive Dan Lee was named CEO of regional casino operator Full House Resorts, Inc. Monday, ending a two-month proxy fight for control of the Las Vegas-based company.Lee, 58, who led an investor group that controlled 6.2 percent of Full House shares, wanted to increase the size of the board and direction of the company that operates three casinos and manages a fourth.Full House said CEO and Chairman Andre Hilliou will step down and the board will almost double to nine members.“When I got involved, I understood that shareholders were looking for a change in direction,” Lee said Monday.Lee’s group received Securities and Exchange Commission permission in October to approach other company stockholders about a special meeting to vote on a board restructuring.Lee, who spent seven years as CEO of Pinnacle Entertainment, Inc...read more

Top-10 weather bets

The weather plays an important role in our lives. Think about what you’re wearing right now -- odds are it was influenced by the weather. Winter coats, sweaters and sweatshirts come out during cold weather. It’s shorts and sandals during warm weather...read more

Macau gaming revenue declines for sixth straight month

Macau’s casino industry suffered its sixth straight monthly gaming revenue decline during November with analysts predicting another double digit drop this month.The Macau Gaming Inspection and Coordination Bureau said Monday casinos in the Chinese gambling market collected $3.04 billion in gaming revenue during the month, down 19.6 percent from a year ago.In October, Macau’s casino market experienced a 23.2 percent gaming revenue decline, the largest single-month drop since American-owned casinos began operating in the Chinese enclave in 2004.November marked the third straight double-digit gaming revenue decline in Macau.Macau produced a record $45.2 billion in gaming revenue in 2013...read more