Featured Articles Archive - Page 198

Cosmopolitan of Las Vegas trims loss, grows revenue

LAS VEGAS -- The Cosmopolitan of Las Vegas reduced its net loss and grew revenue in the third quarter, operators of the Strip resort said Friday.The hotel-casino, which operates as Nevada Property 1, said in a filing with the Securities and Exchange Commission that it lost $15.3 million in the quarter that ended Sept...read more

Deal Me In: Is Chuck-a-luck worth chucking?

Dear Mark: I have some recollection of a casino table game that featured a metal cage in the shape of an hourglass that contained three large dice. The dealer would invert the cage causing the dice to tumble and come to rest, revealing the winning combination...read more

Pinnacle Entertainment plans to split off casinos into a REIT

Pinnacle Entertainment, Inc. ended gaming industry speculation Thursday by announcing plans to split off the regional casino company’s properties into a real estate investment trust.If successful — Las Vegas-based Pinnacle said the process could take up to a year to complete — the company will become two publicly traded entities.Pinnacle would serve as the operating company and manage the casinos through lease agreements...read more

IGT sees profits rise despite revenue dip

Slot machine giant IGT - International Game Technology grew profits in the fourth quarter, despite a decline in revenue, the company announced Thursday.IGT, which is being bought by Italian lottery provider GTECH Holdings for $6.4 billion, said net income for the quarter that ended Sept...read more

Full House Resorts narrows loss, still pursuing sale

Regional casino operator Full House Resorts, Inc. reduced a quarterly net loss from a year ago while telling investors it would continue to pursue a sale of the Las Vegas-based company.During a conference call Thursday, Full House Chairman and CEO Andre Hilliou asked stockholders to ignore overtures from a shareholder group headed by gaming executive Dan Lee that is seeking to remake the company’s board.Hilliou wouldn’t answer questions about the proxy fight.“Given the sensitivity and fluidity of this situation, we will not be taking any questions regarding the consent solicitation effort,” Hilliou said in his prepared remarks...read more

MGM officially awarded Massachusetts gaming license

Massachusetts gaming regulators officially awarded MGM Resorts International a gaming license Thursday to develop an $800 million hotel-casino complex in Springfield.The process was been put hold until a ballot question that sought to repeal the state’s casino law was decided...read more

Indian tribe backed by Station Casinos loses referendum

A Station Casinos, Inc.-backed Indian tribe lost its California ballot referendum Tuesday, leaving a casino project on a site near Fresno in limbo.Proposition 48 asked statewide voters to approve the North Fork Rancheria of Mono Indians’ casino project that was OK’d by lawmakers and Gov...read more

Web gaming backers face bleak prospects after election, analysts say

Supporters of federal legalization of Internet gaming could be the biggest losers following the 2014 midterm elections, according to analysts.The issue is not expected to gain traction in Washington, D.C., come January, after the new Congress is seated.With Republicans taking control of the U.S...read more

Possible Boyd spinoff into REIT excites investors

It’s unclear if Boyd Gaming Corporation will ultimately spin off all or a portion of the company’s casinos into a real estate investment trust.But the idea certainly piqued the interest of the investment community.Shares of Boyd jumped almost 5 percent in value on the New York Stock Exchange last Friday, the day after the company said it spent $3 million on advisers to evaluate the idea of a REIT.Analysts, however, were skeptical.Several factors work against Boyd...read more

Macau casino revenue dips record 23.2 percent in October

Macau’s casino market experienced a 23.2 percent decline in gaming revenue during October, the largest single-month drop since American-owned casinos began operating in the Chinese market in 2004.Total casino revenue was $3.5 billion in October — Macau’s fifth straight monthly decline, the Macau Gaming Inspection and Coordination Bureau said Tuesday.Analysts now expect Macau’s downward trend to continue into 2015 as high rollers skirt the market because of a government crackdown on corruption.Through October, Macau gaming revenue is still up 2.3 percent over 2013...read more