Featured Articles Archive - Page 193

Caesars to trim nationwide workforce by less than 1 percent

LAS VEGAS -- Casino giant Caesars Entertainment Corporation attempted to clarify planned cost-saving measures Thursday, saying it will reduce its 68,000-person workforce nationwide by less than 1 percent.The company, which operates nearly 40 casinos in 14 U.S...read more

Operating income, cash flow recede at Affinity Gaming

LAS VEGAS -- Affinity Gaming saw its operating income and cash flow slip in the third quarter due what the casino operator termed as “unusual” corporate expenses over the three-month period.The Las Vegas-based company said its corporate expenses grew 128.3 percent as it successfully fought a Colorado casino referendum, hired a new CEO, reconstituted its board and worked to “remediate” a recent data breach.Affinity, which operates 11 casinos in four states, including five in Nevada, grew revenue in the quarter that ended Sept...read more

Caesars weighs layoffs, but Strip might be spared

LAS VEGAS -- Caesars Entertainment Corporation expects to create an extra $250 million to $300 million in cash flow in 2015 through various cost-savings measures.Much of the increase could come through expense reductions, such as layoffs and other efforts at the company...read more

Station Casinos grows third-quarter revenue, cash flow

LAS VEGAS -- Station Casinos, Inc. increased revenue and cash flow in the third quarter but reported a net loss because of interest expenses.The casino operator on Wednesday said its overall revenue for the quarter that ended Sept. 30 was $311 million, a 2.1 percent increase and the company’s largest third-quarter figure since 2008.On a conference call to discuss the results, Station Casinos Chief Financial Officer Marc Falcone said the Las Vegas locals gaming market remains challenged by consumer spending habits still muted following the economic downturn.Casino revenue was flat during the quarter, but Falcone said the company has outperformed the competition...read more

AGA making its voice heard on major gaming issues

A few years ago, the American Gaming Association (AGA) would have stayed away from the recent Massachusetts ballot referendum matter, where voters had a chance to kill the state’s nascent casino industry before the first hand of blackjack was dealt.The Washington, D.C.-based association wanted states and cities to decide whether gaming expansion was right for their own backyards without any influence from the trade association.It still does.American Gaming Association CEO Geoff Freeman, however, would like to believe the trade group had a small role when Massachusetts residents overwhelmingly voiced support for casinos by a 60-40 margin.He’s probably correct.Using findings from a month-old economic impact study, the association targeted a series of “Get to Know Gaming” advertisements in the Boston area in the weeks leading up to the vote.Casino companies with skin in the Massachusetts game — MGM Resorts International, Wynn Resorts, Limited and Penn National Gaming, Inc...read more

Report: Prearranged bankruptcy for key Caesars unit as soon as January

LAS VEGAS -- Wall Street analysts have all but written off Caesars Entertainment Corporation until the casino operator straightens out its balance sheet.The company, which operates nine resorts on or near the Strip, is carrying almost $23 billion in debt...read more

Union Gaming Group expands research division, adds analysts

LAS VEGAS -- Las Vegas-based Union Gaming Group has expanded it research division, adding three analysts.The company, which is as an investment bank dedicated to the gaming industry, named Chris Jones as managing director and head of equity research in North America...read more

Hard work pays off for top-three at 2014 WSOP

LAS VEGAS -- When you become a member of the World Series of Poker November Nine, you face a myriad of decisions. What are you going to do with the money? What kind of sponsorships might you try to work out prior to the final table?But perhaps the most important choice you can make is how you're going to prepare for what could be the most important poker tournament of your entire life.The players in this year's crop took a few different approaches...read more

Martin Jacobson wins WSOP Main Event title and $10 million

LAS VEGAS -- Martin Jacobson beat Felix Stephensen heads up Tuesday night to win the World Series of Poker Main Event title and $10 million. Stephensen won $5.1 million for finishing in second. Jorryt van Hoof finished third to win $3.8 million.Jacobson began heads-up play with 142 million in chips and steamrolled Stephensen, who began heads-up play with 58.5 million...read more

European domination of WSOP likely to continue

LAS VEGAS — For the first time in the 45-year history of the World Series of Poker, none of the final three players in the Main Event were Americans.Sweden's Martin Jacobson, who won the event and the $10 million first-place prize on Tuesday night, Norway's Felix Stephensen (who was second for $5.1 million) and the Netherlands' Jorryt van Hoof (third, $3.8 million) survived more than nine and a half hours of play to advance to the final day of play...read more