Featured Articles Archive - Page 183

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

Nevadan at work: Konami exec, others relay message: Nothing has changed

LAS VEGAS -- Konami Gaming, Inc. isn’t a party in the multibillion-dollar buyouts involving Nevada’s two largest slot machine manufacturers.That doesn’t mean Konami Senior Vice President Thomas Jingoli hasn’t felt effects of the mergers.Konami, which is headquartered in Japan but houses its North American offices in Las Vegas, has been increasing its share of slot machine floors controlled by the larger, American-based gaming equipment companies.Meanwhile, the slot machine landscape is changing through GTECH Holdings’ pending $6.4 billion purchase of IGT - International Game Technology and Scientific Games Corporation’s completed $5.1 billion buyout of Bally Technologies, Inc.Jingoli, 47, and Konami officials have spent the summer explaining its standing with casino operators...read more

Wynn Resorts: No federal investigation despite published reports

LAS VEGAS -- Wynn Resorts, Limited said it doesn’t believe it is under federal investigation despite published reports the casino operator is being targeted for potential money-laundering violations.The Wall Street Journal reported Thursday that Las Vegas attorney Donald Campbell, who represents Wynn as an outside counsel, was sent a letter by the Internal Revenue Service seeking a list of the company’s top 100 customers from North America and the top 50 customers from Asia, Europe and Latin America.But legal sources said Wynn Resorts would be required to make a public filing with the Securities and Exchange Commission if the company knew it was under investigation.“We are not aware of any investigation of the company and no agency has notified the company that it is under any investigation,” Wynn spokesman Michael Weaver said in an e-mail Thursday.According to the Journal, the letter asked for birth dates, Social Security numbers and other information, as well an organizational chart of Wynn Resorts senior management and specifics about internal money-laundering safeguards.“The fact that information is requested from us by a governmental agency in no way implies the accusation of any wrongdoing by the company,” Weaver said in an email.Campbell could not be reached for comment.On Thursday, Wynn filed a notice with the SEC that it was seeking to borrow $1 billion to help with construction of the company’s $1.6 billion hotel-casino development outside Boston.The gaming industry has come under fire by Financial Crimes Enforcement Network, known as FinCEN, which is overseen by the Treasury Department, to comply with anti-money-laundering regulations found in the Bank Secrecy Act.In June, FinCEN Director Jennifer Shasky Calvery said the casino industry has the same responsibility as traditional financial institutions to police and report any suspicious customer activity, which includes investigating the source of large gambling funds.She made her remarks to room full of attorneys and gaming leaders at the Bank Secrecy Act Conference at Red Rock Casino, Resort & Spa...read more

Scientific Games completes $5.1 billion acquisition of Bally

LAS VEGAS -- Scientific Games Corporation completed its $5.1 billion acquisition of slot machine giant Bally Technologies, Inc. on Friday, finalizing the buyout is less than four months.Las Vegas-based Bally, now considered the gaming industry’s largest gaming equipment provider based on market share, will become a wholly owned subsidiary of New York-based Scientific Games, which is one the world’s largest lottery system and equipment providers.Scientific Games CEO Gavin Isaacs also announced a new executive management structure for the company, which is now the gaming 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.The transaction completes a 19-month makeover of Scientific Games, which is more than 30 percent owned by New York financier Ronald Perelman.Last year, Scientific Games bought slot machine maker WMS Industries for $1.5 billion...read more

Deal Me In: Who watches them? Them being the casino

Dear Mark: I know that you have clearly stated multiple times in your column that casinos do not cheat. I am still leery of your belief. I guess my question is, who monitors the casino that their slot machines are on the up-and-up? Jared J.Every state that offers land-based casinos has some form of gaming regulatory agency that provides you, the casino patron, with protection from playing on a rigged machine.Let’s begin with the machine itself...read more

MGM Resorts seeking to raise $1 billion in new debt

LAS VEGAS -- MGM Resorts International said Thursday it hopes to raise $1 billion in new debt to help pay for some of the development costs surrounding the company’s hotel-casino projects in Massachusetts and Maryland.The company, which already carries $11.7 billion in long-term debt, said the new debt would come due in 2023.In a statement, MGM Resorts said proceeds from the debt sale would also be used to repay $1.3 billion of the company’s debt that is due next year.Two high yield bond ratings services, Moody’s and Fitch, had positive views of the MGM Resorts transaction.The company is developing the $800 million MGM Resorts International Springfield in Massachusetts and the $1.2 billion MGM National Harbor in Maryland...read more

Regulators approve Scientific Games $5.1 billion buyout of Bally

LAS VEGAS -- A year ago, New York financier Ronald Perelman was adding a slot machine division to his Scientific Games Corporation, one the top lottery providers in the U.S.As early as Friday, Scientific Games will become the gaming industry’s most diversified global business with 10 different components that touch all aspects of legalized gambling — lotteries, slot machines, table games, casino and lottery management systems, and interactive gaming.Nevada gaming regulators signed off on Scientific Games’ $5.1 billion purchase of slot machine giant Bally Technologies, Inc...read more