Featured Articles Archive - Page 203

Las Vegas Sands: Strong growth in Q2 profit

LAS VEGAS -- Maybe the investment community is expecting too much from Las Vegas Sands Corp.The casino operator Wednesday credited another strong quarter from the company’s casinos in Macau with producing double-digit increases in both revenues and earnings.But the figures didn’t meet analyst projections.Las Vegas Sands said its net income for the second quarter increased 26.7 percent, to $671.4 million...read more

IGT-GTECH deal called plus for industry

LAS VEGAS -- IGT - International Game Technology’s $6.4 billion buyout at the hands of lottery giant GTECH Corporation was all about timing.After years without consolidation of the manufacturing side of the gaming industry, the deal between Italy-based GTECH and Nevada-based IGT marked the fourth major transaction in the sector since late last year.It also creates the largest supplier and manufacturer to service both casino and lottery industries.IGT CEO Patti Hart viewed the transaction, announced late Tuesday night, as part of the natural cycle of fragmentation and consolidation experienced by all industries.She said consolidation on the manufacturing side will spur heightened innovation in the gaming industry, which is lacking when there are too many players in the market.“This opportunity comes along once in a CEO’s lifetime,” Hart said in an interview Wednesday...read more

IGT sold in $6.4 billion deal with lottery giant GTECH

Slot machine manufacturer IGT - International Game Technology has been sold for $6.4 billion to lottery giant GTECH Corporation in a merger that will create the world’s largest gaming equipment provider.Under terms of the agreement, IGT and GTECH will combine under a newly formed holding company organized in the United Kingdom...read more

Inside Gaming: Prospects growing bleaker for Boardwalk

The damage to Atlantic City associated with Superstorm Sandy in 2012 amounted to a few broken windows compared to the economic tornado tearing through the Boardwalk this year.Four casinos could be closed by fall, displacing more than 8,000 workers — 25 percent of the city’s workforce — and leaving the famous seaside resort looking more like a boarded-up slum.Since 2006, Atlantic City’s annual gaming revenue has tumbled roughly 55 percent, a reflection of the sour U.S...read more

Slot route operator "blindsided" by Gaming Control Board ruling

LAS VEGAS -- The primary owner of a slot machine route operation, whose wife is an investor in a potential Clark County medical marijuana dispensary, said state gaming regulators “blindsided” him when they told owners of a Las Vegas restaurant — where he was set to manage five slot machines — to find a new partner.In an interview Monday, Nevada Gaming Partners owner Bruce Familian said several of his current clients have been told by state gaming agents they need to find another route operator because of Thursday’s ruling...read more

International Mob-connected ring linked to illegal World Cup betting at Caesars

LAS VEGAS -- An FBI-led raid has shut down a multimillion-dollar illegal sports betting operation at Caesars Palace that authorities say was run by Malaysian and Chinese nationals who were taking wagers on the World Cup soccer tournament.Authorities have linked one of the ringleaders, Paul Phua, to a well-known Chinese crime syndicate.Phua, 50, a prominent poker player and wealthy Malaysian businessman, and his son Darren Wai Kit Phua, 22, were among eight people arrested by FBI agents over the weekend.In a criminal complaint unsealed Monday, Las Vegas FBI Agent Minh Pham said the elder Phua, who was charged under the name Wei Seng Phua, was “known by law enforcement to be a high-ranking member of the 14K Triad,” one of the largest criminal syndicates in the world...read more

Hacienda to transform into Hoover Dam Lodge

Ally Estey grew up in Oregon, spending many weekends in rustic lodges at several of the state’s destinations, including Crater Lake.When it came time to help redesign the run-down Hacienda near Boulder City, which was purchased in December by Nevada Restaurant Services, Inc...read more

United Coin Machine changes name to Century Gaming Technologies

LAS VEGAS -- Slot route operator United Coin Machine Company has changed its name to Century Gaming Technologies to reflect the name of its corporate parent and capitalize on changes made to the company’s product offerings.Under United Coin, the company operates 3,250 slot machines in 440 bars, taverns, restaurants and other locations in Southern Nevada...read more

Back to November: Newhouse won't settle for ninth again

LAS VEGAS -- Mark Newhouse is defying the odds.Johnny Moss, Doyle Brunson, Stu Ungar and Johnny Chan have all won back-to-back World Series of Poker Main Event championships. Dan Harrington made consecutive Main Event final tables in 2003 and 2004...read more

Mark Newhouse reaches second straight November Nine

LAS VEGAS -- The 2014 November Nine is set, and a familiar face is back chasing the gold bracelet.Mark Newhouse made his second straight World Series of Poker Main Event final table Monday night. In 2013, Newhouse entered the final table eighth in chips and finished in ninth place for $733,224.But this time around, the Los Angeles pro is one of the favorites to win the $10 million first-place prize...read more