Featured Articles Archive - Page 206

Gaming regulators OK ownership change, talk medical marijuana

LAS VEGAS -- The Nevada State Gaming Commission on Thursday approved an ownership change in the Mountain View Recreation Center in Pahrump, which returned a member of the Herbst family to the gaming industry. But the discussion was more about medical marijuana.A group headed by Timothy Herbst was approved for a 50 percent ownership in the small property, which will be renamed to carry the Terrible’s moniker...read more

Former MGM executive McBeath joins Affinity Gaming shareholder

LAS VEGAS -- Former MGM Resorts International executive Bill McBeath was named managing director of Illinois-based Z Capital Partners, the largest shareholder of casino operator Affinity Gaming.McBeath, who once oversaw Bellagio and CityCenter’s centerpiece Aria Resort & Casino, joins the private equity firm that controls 33.7 percent of Las Vegas-based Affinity, owner of 11 casinos in four states.“Bill brings to this role nearly 30 years of experience in starting, building, growing and improving the profitability, performance and value of companies within the gaming and resort industry,” Z Capital CEO James Zenni said in a statement Wednesday.Zenni said McBeath’s background would be helpful as the firm “actively continue(s) to operate assets in the gaming and resort sector.”McBeath, who left Aria in December 2012, serves as chairman of Las Vegas Events...read more

Macau mired in cold streak

The situation has gone from bad to worse in Macau.Last week, the investment community used a news event a world away to prop up the stock of one Macau casino operator.On Monday, the Chinese gaming market was red-flagged when Wells Fargo Securities gaming analyst Cameron McKnight became the latest Wall Street researcher to post warning signals.McKnight told investors Macau could see another six months to a year of declining gaming revenue, in part because of Chinese government maneuvers, economic uncertainty and market pressuring factors.Still, he wasn’t willing to write off Macau.The analyst projects the market will produce $100 billion in annual gaming revenue in the next five years — more than double the record-setting $45.2 billion produced in 2013.“We remain positive on the long-term outlook,” McKnight said...read more

IGT, GTECH Holdings amend part of merger agreement

LAS VEGAS -- Slot machine giant IGT - International Game Technology and GTECH Holdings amended a portion of the companies’ merger agreement Tuesday with hopes of keeping the planned closing date on track for $6.4 billion transaction.Las Vegas-based IGT, which has a manufacturing headquarters in Reno, and Italy-based GTECH hope to close the deal in the first half of 2015.The amendments cover how shareholders of IGT will be paid...read more

Boyd Gaming launches sports wagering app

LAS VEGAS -- Boyd Gaming Corporation launched a sports wagering application for mobile devices Tuesday, allowing customers in Nevada to bet on college and professional games and events.The application — B Connected Sports — is now available as a mobile app on iOS devices through the iTunes Store and on Android devices at BConnectedSports.com...read more

Top-10 reasons the Massachusetts Gaming Commission got it right in Boston

Last week, the Massachusetts Gaming Commission announced that it would award Steve Wynn the lone Boston-area casino license, as the Wynn Resorts proposal in Everett beat out a proposal by Mohegan Sun to build a property at Suffolk Downs in Revere.While I am not convinced that the path to the decision was as straightforward as it could have been, I do believe the decision was the right one...read more

Inside Gaming: MGM Resorts puts New Jersey regulators' nerves to rest

ATLANTIC CITY - New Jersey Division of Gaming Enforcement Director David Rebuck had one fear in restoring MGM Resorts International’s gaming license for its 50 percent interest in the Borgata.He worried that the Las Vegas-based casino giant was going to take its $86 million from a trust account and flee the state.MGM Resorts Chairman Jim Murren put those fears to rest after a nearly five-hour hearing in front of the Casino Control Commission on Sept...read more

Instead of boom, a whimper from New Jersey Internet gambling

ATLANTIC CITY, N.J. -- Internet gaming hasn’t provided the windfall New Jersey officials had hoped would come and that analysts had predicted.Through August, online wagering revenue was $83.6 million for the six casinos operating the state’s websites, less than half once imagined for the market.PokerStars could change the outlook.The Isle of Man-based online gaming giant has a deal to operate online gaming with Resorts Atlantic City."We think PokerStars will help grow the market and provide New Jersey with the best product online," Resorts President Mark Giannantonio said.PokerStars was bought this year by Amaya Gaming Group, Inc., of Canada for $4.9 billion.The website controls 54 percent of global online gaming traffic outside the United States and could be a boost to New Jersey.However, casino operators want to keep PokerStars on the sidelines...read more

Atlantic City looks to define its gaming future

ATLANTIC CITY, N.J. -- Four years ago, the obituaries for Resorts Atlantic City were being written.The city’s oldest hotel-casino — the first U.S. gaming hall ever licensed outside of Nevada — was in disrepair. The aging resort was bleeding money...read more

Ultimate Gaming ending agreement with Trump Taj Mahal

LAS VEGAS -- Ultimate Gaming, one of just two companies operating in both the Nevada and New Jersey Internet wagering markets, said Friday it was ending its agreement with the Trump Taj Mahal Casino Resort in Atlantic City after less than a year.The Las Vegas-based company, which is majority owned by Station Casinos, Inc., said in a statement that its contract with the financially troubled Boardwalk hotel-casino was being “terminated due to multiple breaches by Trump Taj Mahal Associates.”Ultimate Gaming operates Ultimate Poker in Nevada.Station Casinos Chief Financial Officer Marc Falcone told the Associated Press the company hadn’t yet determined when it will cease its New Jersey operations...read more