Featured Articles Archive - Page 198

SLS builds future of its own on Sahara's past

LAS VEGAS -- After the final hand of blackjack was played and the last customers were ushered out of the Sahara on May 16, 2011, operator Sam Nazarian taped a handwritten note to the hotel-casino’s padlocked front doors: “Be back soon!”Standing there 39 months later, Nazarian gazed toward the remodeled casino and resort now called SLS Las Vegas Hotel Casino — a $415 million, 18-month transformation of the 59-year-old Rat Pack-era property into a modern hotel-casino built for the audience of today.The SLS Las Vegas will be christened the Strip’s newest resort in a lavish Friday-night VIP reception, with the property unveiled to the public shortly after midnight Saturday.Nazarian, 39, is CEO of Los Angeles-based SBE Entertainment, LLC, a privately held nightclub, restaurant and hotel company...read more

Deal Me In: Even at even-steven, the house still has an edge

Dear Mark: I got into a card-cutting game with a friend with no distinct advantage to either side. We alternated going first. As the cutting of the cards ensued, we both concluded that with all 50/50 propositions, no one has the upper hand...read more

IGT deal may open Asian market to company slots

A deal between IGT - International Game Technology and a Macau-based game distributor could further open the Asian market to the company’s slot machines.Financial terms were not disclosed for the three-year distribution agreement between IGT and LT Game Ltd., a subsidiary of Paradise Entertainment Ltd.Under the arrangement, LT Game will distribute IGT slot machines and game content to casinos in Macau.IGT will serve as a U.S...read more

Affinity Gaming sees revenue, cash flow drop

LAS VEGAS -- Casino operator Affinity Gaming saw a decline in both revenue and cash flow during the second quarter, the Las Vegas-based company said Thursday.Overall revenue of $99.6 million was a decline of less than 1 percent while cash flow fell 28.8 percent to $12.7 million for the period that ended June 30.Las Vegas-based Affinity, which owns 11 casinos in four states, is not publicly traded but has publicly held debt.In Nevada, Affinity said its overall revenue declined 2.2 percent, which included a 6.6 percent decline in casino revenue...read more

Cosmopolitan of Las Vegas trims loss, sees revenue grow

LAS VEGAS -- The Cosmopolitan of Las Vegas, which is in the process of being sold, grew revenue almost 17 percent in the second quarter and trimmed its quarterly loss.The Strip resort, which operates as Nevada Property 1, LLC, said in a filing with the Securities and Exchange Commission Thursday it lost $13.6 million in the quarter that ended June 30...read more

Nongaming revenue helps Stratosphere, Arizona Charlie's parent

LAS VEGAS -- Stratosphere and Arizona Charlie's parent company said Wednesday nongaming revenue helped fuel the company’s second-quarter results.American Casino & Entertainment Properties, LLC said its overall net revenue for the quarter that ended June 30 increased 1.1 percent to $89.4 million...read more

Station Casinos says customers still hesitant to spend

LAS VEGAS -- Station Casinos, Inc. executives said Tuesday all signs point toward improvements in the Southern Nevada economy.But the benefits of those results haven’t materialized inside casino drop boxes.Still, the company said it increased revenue and cash flow in the second quarter despite the struggles of a challenging market.“The big picture is that the economic indicators are better,” Station Casinos Chief Financial Officer Marc Falcone told investors on a conference call to discuss the company’s results for the quarter that ended June 30.“Visits are stable, but customers are hesitant to spend,” Falcone said...read more

Recent mergers a relief to investors

LAS VEGAS -- The combined $11.5 billion in lottery company-slot machine company mergers in the past few weeks has the investment community relieved.The gaming equipment sector, in the eyes of some analysts, has been bloated.A soft replacement market for new games left slot machine manufacturers with a backlog.In the past few years, many new products never made it from the Global Gaming Expo trade show floor to a casino.A shake-up was needed.In July, Italian lottery company GTECH Holdings announced it would buy slot machine giant IGT - International Game Technology for $6.4 billion...read more

Top-10 bets to make on the beach

This column represents my return to reality after a week relaxing on the beach at Cape Cod. So my mind isn't completely off the sun, sand and surf.As a result, I'm easing my way back into the gambling world with a beach-themed column. Here are 10 great bets you can make on your next pilgrimage to the beach.10...read more

Inside Gaming: Alamo brings fresh approach

In his first meeting as chairman of the Nevada Gaming Commission, Tony Alamo Jr. turned the Sawyer Building conference room into a doctor's office.Alamo, a specialist in internal medicine, is the first non-attorney to head the part-time regulatory panel.Using a bedside manner similar to how he would address a patient, Alamo attempted to calm the jittery emotions of a restricted gaming license applicant seeking approval for five slot machines in his Las Vegas restaurant.Two weeks earlier, the Gaming Control Board spent two hours in heated discussion on the application, grilling the 30-year-old applicant over a laundry list of legal matters that were later resolved.Alamo watched the hearing from the audience...read more