Featured Articles Archive - Page 202

Nevadan at work: 'Strategic' move by PR pro leads to his own business

LAS VEGAS -- Reggie Burton called it his “if not now, then when?” moment.In the middle of 2009, MGM Mirage Hospitality, LLC was downsizing its communications staff as the recession tightened its grip on the company, the gaming industry and the community.Burton, 47, who oversaw corporate and community affairs, decided to start his own boutique public relations and consulting business.“Our department was going through some changes, such as reducing staff size,” Burton said...read more

Caesars will talk with bank creditors to address debt

LAS VEGAS -- Caesars Entertainment Corporation said Friday it would begin talks with bank creditors to rework part of its $24.2 billion debt.The move follows a similar announcement last month in which the Las Vegas-based coasino operator said it was in discussions with its senior bond holders in efforts to restructure the largest portions of what has become the highest debt in the gaming industry.The announcement was viewed positively by stockholders, who are hopeful a settlement at the negotiating table between Caesars and its creditors would keep the company out of bankruptcy court.Shares of Caesars, traded on Nasdaq, closed at $11.71 Friday, up $1.32, or 12.7 percent.One analyst, however, believes Caesars — which operates more than 50 casinos in the United States, including nine on or near the Strip — still will have to go through a bankruptcy court-monitored reorganization to fix the company’s balance sheet.Fitch Ratings Service gaming analyst Alex Bumazhny said earlier this year Caesars’ debt was “unsustainable.”In a phone interview from New York on Friday, Bumazhny said “it was likely” that the company would have to resolve its issues through bankruptcy.He said “there were too many stakeholders” involved for the talks to be successful.“The forces are not seeing eye-to-eye,” Bumazhny said...read more

Deal Me In: Never shortchange yourself with this betting opportunity

Dear Mark: Is there an appropriate time to “double for less” at blackjack? I do it occasionally, but I am beginning to feel that it isn’t worth the hassle that I get from fellow players and sometimes even the dealer. Doug D.When players double for less, they are doubling down for under their original wager...read more

MGM Resorts sells Gold Strike to JETT Gaming

LAS VEGAS -- MGM Resorts International said Thursday it agreed to sell the Gold Strike Hotel & Gambling Hall in Jean to JETT Gaming, a company owned by members of the Herbst family.A sales price was not disclosed.The transaction, which needs approval by Nevada gaming regulators, is the second sale of a small casino by MGM Resorts this year...read more

Report: U.S. authories seeking to extradite Bodog founder Calvin Ayre

Bodog founder Calvin Ayre, who for years allowed U.S. gamblers to make online bets on sports, casino games and poker despite the fact that U.S. authorities maintained its actions were illegal, has been targeted for extradition by U.S. authorities, according to a recent story by the The Calgary Herald.Last week, the U.S...read more

Revenue down, but profits up for Las Vegas Sands Corp.

LAS VEGAS -- Las Vegas Sands Corp. shrugged off the declining Macau gaming market during the third quarter, saying Wednesday that companywide net income increased 7.2 percent.The earnings announcement comes as Macau has suffered through four straight monthly gaming revenue declines.Most analysts expect the market to show a fifth straight decrease in October, following a less-than-impressive Golden Week holiday.Still, Las Vegas Sands Chairman Sheldon Adelson was undeterred.Las Vegas Sands said its total company revenue was $3.53 billion in the quarter that ended Sept...read more

Scientific Games-Bally deal may lead to 21 percent cut in workers

LAS VEGAS -- The $5.1 billion buyout of slot machine giant Bally Technologies, Inc. by lottery provider Scientific Games Corporation could lead to a 21 percent reduction in the combined companies’ nonmanufacturing and production workforce.The number of jobs eliminated would provide a cost savings of $83 million — 57 percent of the anticipated $144 million in reductions expected in the merger’s first year.The information is part of a presentation officials from Scientific Games and Bally made to prospective lenders being sought to fund the transaction...read more

Lee sees something in Full House Resorts — opportunity

LAS VEGAS -- Anyone who has followed Dan Lee over the years understands his motivation in launching a proxy fight for control of regional casino operator Full House Resorts, Inc.He sees opportunity.Lee, 56, is one of five shareholders controlling 6.2 percent of Las Vegas-based Full House...read more

Layoffs at recently opened SLS Las Vegas

LAS VEGAS -- The recently opened SLS Las Vegas Hotel & Casino laid off less than 2 percent of its workforce after evaluating its staffing needs, a spokesman for the property said Monday.The hotel-casino, a $415 million renovation of the former Sahara, opened August 23 with some 3,400 workers for the 1,600-room hotel-casino...read more

Full House Resorts calls proxy fight "disruptive"

LAS VEGAS -- Casino operator Full House Resorts, Inc. said Monday that it has been “evaluating strategic alternatives for several months” and called a proxy fight by a group of shareholders “inappropriate and disruptive.”The Las Vegas-based company said in a statement it was exploring options, such as “potential merger or sale of the company.”The statement followed a proxy solicitation filed last week with the Securities and Exchange Commission by a group of Full House shareholders...read more