Featured Articles Archive - Page 179

Analyst: Philadelphia doesn't need another casino

Pennsylvania gaming regulators this month drove another nail into the coffin containing Atlantic City’s gaming market.At the same time, they unwittingly damaged their own state’s casino industry.Stadium Casino, LLP, a joint venture of The Cordish Company of Baltimore and Greenwood Gaming, was awarded the rights to build the $425 million Live! Casino & Hotel in South Philadelphia.Analysts, however, don’t believe a fifth Philadelphia-area casino can thrive in what’s becoming an over-saturated market.As for Atlantic City, which has seen four casinos cease operations this year and a fifth scheduled to close in December, more competition in Philadelphia means fewer customers on the Boardwalk...read more

Regional casino markets show renewed life

There is life in the regional casino markets.Several states posted their best gaming revenue months in more than a year during October, fueling a boost in the stock prices of regional gaming operators.As a whole, share prices of regional casino companies — including Boyd Gaming Corporation, Pinnacle Entertainment, Inc., Penn National Gaming, Inc., and Isle of Capri Casinos, Inc...read more

Deal Me In: Husband penalized for canny play

Dear Mark: I play penny slots, and my husband plays $5 blackjack. If that is unavailable he will play on a $1 slot machine. We each use our own comp cards. What is interesting is that we do not equal out on comp points. I always get more points than my husband does...read more

Nevada gaming revenue dips, but positive note seen in slots

LAS VEGAS -- Despite Nevada and the Strip’s third straight monthly gaming revenue decline — fueled by a more than 35 percent drop in baccarat totals — analysts found a bright spot in what was otherwise a dismal October.After all, it is the start of the Thanksgiving holiday.Statewide, casinos saw revenue fall almost 4.3 percent to $913.6 million during the month...read more

Internet gambling bill not yet a priority

A congressional hearing on a bill to restore the Interstate Wire Act has lost steam in the current lame-duck session.Pro-Internet gaming folks, however, aren’t taking the silence for granted.The Justice Department ruled in December 2011 that the Wire Act applies only to sports wagering, paving the way for legal online gaming in the U.S.Online wagering proponents worry the “Restoration of the Wire Act” legislation — introduced in March and supported by rabid Internet gaming foe Sheldon Adelson — will be added to an otherwise innocuous bill just before the session adjourns.“The fight is not over,” Poker Players Alliance Executive Director John Pappas warned in a statement last week.The measure most likely won’t be taken up until Congress convenes in January.That view has online gambling proponents preparing for an all-out assault by forces backed by Adelson, chairman of Las Vegas Sands Corp...read more

MGM Resorts raises $1.15 billion of new debt

LAS VEGAS -- MGM Resorts International said Tuesday it completed transactions that raised $1.15 billion of new debt.The casino operator said the funds will be used primarily for development costs surrounding the company’s casino projects in Massachusetts and Maryland.MGM Resorts already carries $11.7 billion in long-term debt...read more

Caesars calls latest default notice 'meritless'

LAS VEGAS -- Caesars Entertainment Corporation, which has been embroiled in debt reduction talks with its lenders, said Monday one of its banks filed a notice of default against the casino operator.In a filing with the Securities and Exchange Commission, Caesars called the default notice, “meritless.”The company, which has $22.8 billion in long-term debt, said in a recent SEC filing that Caesars Entertainment Operation Co., which controls the largest portion of the company’s nearly 40 casino nationwide, is running out of cash.The division, which operates Caesars Palace, Caesars Atlantic City and many of the company’s regional properties, needs to be restructured to manage its debt payment, which are roughly 80 percent of Caesars’ overall total, analysts say.On Monday, Caesars said it received a default notice last week from UMB Bank related to its senior-secured notes covering CEOC...read more

Top-10 Thanksgiving themed betting games

Nothing says "I'm American" more than celebrating the harvest with a meal of pure gluttony, aka Thanksgiving. Thanksgiving is also a time to reflect on the blessings of family, friends and good health (so long as that gluttony is confined to the Thanksgiving feast).Casino game makers are fond of turning our favorite things into opportunities to gamble...read more

Analysts favor Caesars move to put key unit into REIT

LAS VEGAS -- Two analysts support Caesars Entertainment Corporation placing its largest operating division into a real estate investment trust to deal with its gaming industry-high debt load, though the company might have backed away from the concept.Fitch Ratings Service said in a report, however, the spinoff won’t prevent Caesars from having to go through bankruptcy reorganization to restructure its $22.8 billion debt.Caesars revealed the idea of a real estate investment trust — commonly referred to as a REIT — in a filing with the Securities and Exchange Commission last week.Caesars, which has been in talks with banks and lenders to reduce the debt, said it would place Caesars Entertainment Operation Co...read more

Inside Gaming: Internet poker in California shapes up as coveted prize

California is shaping up as the nation’s Internet poker battleground in 2015.Everyone wants a piece of the potentially lucrative pie.With 38 million residents, California has an Indian casino industry that produces almost $7 billion in annual gaming revenue — one-fourth of the nation’s total...read more