Featured Articles Archive - Page 185

One-time charge hurts Penn National fourth quarter results

An impairment charge in the fourth quarter sent M Resort owner Penn National Gaming, Inc. to a net loss for the three month period, the company said Thursday.Penn National, which operates 26 casinos and racetracks in 16 states and a Canadian province, said its net loss of $250.4 million for the quarter that ended Dec...read more

Adelson defends Macau even as troubled market crimps Sands' earnings

LAS VEGAS -- Las Vegas Sands Corp. said Wednesday its Macau business was more than just gaming.The troubled market, which has experienced seven straight monthly gaming revenue declines, hurt Las Vegas Sands' fourth-quarter earnings.But company Chairman Sheldon Adelson spent much of the casino operator's quarterly conference call defending the market."Everything we have invested in Macau to date and everything we will invest in the future is predicated on delivering our promise to help Macau in its economic diversification," Adelson said.Las Vegas Sands' net revenue from its four resort developments in Macau declined 16.2 percent to $2.12 billion in the quarter that ended Dec...read more

Judge's ruling on Chicago court seen as win for Caesars

LAS VEGAS -- A bankruptcy judge in Delaware ruled Wednesday the reorganization of Caesars Entertainment Corporation's largest operating union will take place in Chicago, where the company filed a prepackaged Chapter 11 earlier this month.Allowing the case to proceed in Chicago is considered a victory for the company and its private equity backers, Apollo Global Management and TPG Capital.A group of hedge fund creditors led by Appaloosa Management filed an involuntary bankruptcy against Caesars and wanted the case to proceed in Delaware.Creditor attorneys had said that Caesars filed in Illinois partly because it will be easier to shield company officials there from lawsuits over what they allege were improper transfers to shield the operating unit’s assets from creditors, The Associated Press reported.According to news reports, U.S...read more

Inside Gaming: Bets make Super Bowl even bigger

LAS VEGAS -- Imagine for a moment that Las Vegas-style sports wagering was legal in other states.Maybe the NFL's negative attitude toward betting would be relaxed.That way, Strip casinos could advertise their Sunday events as Super Bowl parties, rather than hiding behind the term "Big Game," out of fear of trademark lawsuits by NFL attorneys.The hoopla and festivities surrounding the 49th Super Bowl wouldn't be any more heightened.Wagering aside, Sunday's game between the defending champion Seattle Seahawks and the New England Patriots sells itself.Controversy around New England's underinflated footballs, the silence of Seahawk Marshawn Lynch versus teammate Richard Sherman's constant motor mouth, and the "love him or hate him" attitude regarding Patriots coach Bill Belichick make the game a must-watch for football fans and nonfans alike.In Nevada — especially on the Strip — gambling enhances the action.Last year's Super Bowl was a milestone, according the Nevada State Gaming Control Board...read more

Burnett, Reid reappointed to Gaming Control Board

LAS VEGAS -- Nevada State Gaming Control Board Chairman A.G. Burnett and Member Shawn Reid were reappointed to new four-year terms Tuesday by Gov. Brian Sandoval.A spokeswoman for the governor confirmed the reappointments.Burnett, 45, has headed the regulatory panel since 2012...read more

Sartini calls Golden Gaming merger ‘good strategic fit’

LAS VEGAS -- Blake Sartini said Golden Gaming, Inc.'s planned transition into a publicly traded company was about timing.So far, the CEO's sense of timing has never been questioned.The merger with Minnesota-based Lakes Entertainment, Inc. will result in the company — recognized as Nevada's largest slot machine route operator and tavern owner — acquiring a casino in Maryland and assuming Lakes' listing on the Nasdaq.As part of the transaction, Sartini and his family — 100 percent owners of Golden Gaming — will be given 35.7 percent ownership in the newly formed Golden Entertainment...read more

IGT reports revenue, earnings down in first quarter

Slot machine giant IGT - International Game Technology said Tuesday revenue and earnings fell in the first quarter despite double-digit increases from the company's social gaming business.IGT, which is in the process of being acquired by lottery provider GTECH Corporation in a $6.4 billion transaction, said its net income of $35 million in the quarter that ended Dec...read more

Golden Gaming to merge with Lakes Entertainment, acquire Maryland casino

LAS VEGAS -- Slot machine route operator Golden Gaming, Inc. announced Monday it will merge with Minnesota-based Lakes Entertainment, Inc., giving the Las Vegas-based company ownership of a Maryland casino while transitioning into a publicly traded corporation.The newly named company will be called Golden Entertainment and will be traded on the Nasdaq replacing Lakes' current listing...read more

Top-10 2015 Super Bowl prop bets

One of my favorite columns to write is my annual Super Bowl bets column. There are plenty of reasons for this, but the main one is that there are just so many options. Online sportsbooks roll out more betting opportunities than you can imagine, and if you look hard enough, you just might find one where the oddsmakers get it wrong.Paddy Power Sportsbook, for instance, offered punters a bet last year that paid 33/1 if an interception was returned for a touchdown...read more

Gaming Insider: Analysts split on impact of mergers among gaming manufacturers

LAS VEGAS -- The past 18 months were a transformative period for Nevada's slot machine industry.The next 18 months won't contain the fireworks associated with five multibillion-dollar corporate mergers, but the time period could foretell the manufacturing industry's future.The five transactions placed a large swath of Nevada's gaming equipment manufacturing business into the hands of the lottery industry.According to Stifel Nicolaus Capital Markets gaming analyst Steven Wieczynski, the mergers created larger conglomerates focused heavily on "human capital management and business efficiency enhancement efforts."While the companies sort through their integration efforts, Wieczynski worries the transition "could serve to the detriment of content and hardware innovation."To recap, in October 2013, lottery provider Scientific Games Corporation spent $1.5 billion to buy slot machine maker WMS Industries Incorporated...read more