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Featured Articles Archive - Page 195
Articles by Howard Stutz
![]() Inside Gaming: Once ignored, Multimedia Games now may see other suitors17 September 2014 Four years ago, Multimedia Games was all but kaput.CEO Anthony Sanfilippo fled for a similar role with casino operator Pinnacle Entertainment and the slot machine manufacturer was headed for the scrap heap.Austin, Texas-based Multimedia put itself up for sale but couldn’t attract a buyer.Six months later, the company changed direction...read moreMonmouth Park betting sports wagers will soon be legal in New Jersey15 September 2014 Monmouth Park is going all-in on the future of sports betting in New Jersey.The Garden State race track has invested more than $1 million in renovating its facilities to open the state's first sportsbook. Monmouth has partnered with William Hill, which operates several sportsbooks in Nevada...read moreTop-10 gambling endurance adventures15 September 2014 Two years ago, I wrote a top-10 column outlining all the things poker players could learn from runners.As a runner, I enjoy adding an element of endurance to many of the things I do. I've organized and played in 24-hour poker games; when I was in graduate school, I rode my bicycle 360 miles to a summer teaching job over the course of six days, rather than driving; and I once drove all the way from Helena, Ark., to Rochester, N.Y., without stopping except to put gas in the car...read moreArticles by Howard Stutz
![]() Gaming Insider: Social casino revenue headed above $2.7 billion15 September 2014 LAS VEGAS -- Eilers Research gaming analyst Adam Krejcik estimates the expanding social casino phenomenon in the U.S. will eclipse $2.7 billion in revenue this year.That’s a pocketful of virtual gaming tokens.The growing activity is one reason Station Casinos, Inc...read moreArticles by Howard Stutz
![]() Inside Gaming: Industry is not facing slots of fun15 September 2014 LAS VEGAS -- The outlook for U.S. slot machine industry continues to be bleak.Analysts said this month the replacement market — in which slot machine manufacturers sell casinos newer games to change out older products — has fallen from previous estimates.Eilers Research founder Todd Eilers said slow demand from casinos in the United States and Canada through June could result in a 28.6 percent decline in North American slot sales for all of 2014...read moreArticles by Howard Stutz
![]() Caesars moves to restructure $24 billion debt15 September 2014 ATLANTIC CITY, N.J. -- Caesars Entertainment Corporation said Friday it would begin discussions with its senior bondholders in efforts to restructure the largest portions of the company’s gaming industry-high $24.2 billion debt.In a filing with the Securities and Exchange Commission, Caesars announced “non-disclosure agreements with certain beneficial holders” to discuss restructuring debt due in 2020.Bloomberg News reported Monday that the talks would involve at least five senior bondholders: Pacific Investment Management Co., Elliott Management Corp., BlackRock Inc., Brigade Capital Management LLC and Beach Point Capital Management LP.The companies have agreed to enter confidentiality agreements with Caesars to formally begin talks.In an interview with the Las Vegas Review-Journal in Atlantic City, Caesars Entertainment Chairman Gary Loveman said the company “had made progress” with its unsecured creditors and talks with the first lien holders “was an important step” in moving forward with healing the company’s balance sheet.Loveman was encouraged the company would talk directly with the bondholders and not advisers.“I believe constructive discussions will occur,” Loveman said...read moreArticles by Howard Stutz
![]() Atlantic City mayor has a mess on his hands15 September 2014 ATLANTIC CITY, N.J. -- Don Guardian won election as mayor of this seaside city last year by telling voters that fixing a government budget crisis requires a three-year-to-four-year plan.He didn’t count on a rash of casino closings on the Boardwalk before the ink was dry on his mayoral business cards.Guardian said the timetable has been dramatically moved up.“We have to put something on the plate by January,” said Guardian, 60, a Republican who took office nine months ago after defeating incumbent Democratic Mayor Lorenzo Langford.The bankrupt Atlantic Club closed less than month after Guardian moved into his seventh-floor office at City Hall — which offers scenic views of the Boardwalk casinos and looks north toward Atlantic City’s historic Absecon Lighthouse.The Showboat and Revel closed Labor Day weekend.On Tuesday, Trump Plaza will cease operations, leaving the city with eight casinos...read moreDeal Me In: Sloppily placed chips might not cut it12 September 2014 Dear Mark: After a Saints preseason game the other night I went to Harrah's in New Orleans. I played poker most of the night but as I was leaving I played a little roulette. It was late, and there were only two other people playing at the table...read moreArticles by Howard Stutz
![]() New Jersey gaming chief says Vegas shows the way11 September 2014 ATLANTIC CITY, N.J. -- (PRESS RELEASE) -- Struggling U.S. gaming markets must broaden their appeal or prepare to for the same fate as this troubled seaside community, New Jersey’s top gaming regular said Tuesday.David Rebuck, director of the New Jersey Division of Gaming Enforcement, said Atlantic City in recent years has seen challenges “not faced anywhere else in the U.S.”By next week, one-quarter of the city’s casinos that were open at the start of the year will be closed...read moreArticles by Howard Stutz
![]() Claridge finds way to survive in struggling Atlantic City10 September 2014 ATLANTIC CITY, N.J. -- (PRESS RELEASE) -- The Claridge is the past and the future of the Boardwalk.The 1920s-era hotel was once the toast of Atlantic City, sitting at the famous intersection of Boardwalk and Park Place. It earned the market’s fourth gaming license, back when developer Del Webb owned the building.But the Claridge hasn’t seen a slot machine handle pull or a toss of the dice since 2005.Park Place Entertainment bought the property in 2001, shut down the gaming in 2005 and used the 500-room Claridge as a Bally’s - Atlantic City annex.Some of the property’s unused slot machines sat collecting dust for nine years.The building’s fortunes changed Memorial Day weekend.Florida hotel developer TJM Properties paid $12.5 million for the historic hotel and spent millions more to convert the brick building into a boutique-style nongaming property.During the summer months, Claridge guests spent anywhere from $100 a night at midweek, to $300 a night on weekends to stay at the refurbished hotel, which didn’t even have its own restaurant...read more |
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