Featured Articles Archive - Page 214

Billionaire Packer linked to key Strip parcel

LAS VEGAS -- The long dormant site that once housed the New Frontier and was subject of the Strip’s most expensive real estate could become active once again.Bloomberg News Service reported Thursday that Australian billionaire James Packer had acquired a portion of the loan covering the 34.5-acre site and would consider building a hotel-casino on the land.Gaming sources declined comment on the potential project.Union Gaming Group analyst Robert Shore told investors in a research note Thursday that “discussions, proposals, and even speculation around large-scale projects speak to ongoing and increasing interest in Las Vegas assets.”Packer is majority owner of casino operator Crown Resorts Limited in Australia and jointly owns Melco Crown Entertainment Limited, a Hong Kong company that has casinos in Macau.In April, his name surfaced as a potential buyer of The Cosmopolitan of Las Vegas...read more

Boyd Gaming Corp. profits, revenues decline

LAS VEGAS -- Boyd Gaming Corporation’s profits and revenue declined in the second quarter because of continued weakness in many regional markets.The Las Vegas-based company said Thursday its net income for the quarter that ended June 30 was $700,000, or earnings of 1 cent per share...read more

Multimedia Games sees profits decline in third quarter

LAS VEGAS -- Slot machine maker Multimedia Games, Inc. suffered a decline in profits during the third quarter despite a slight revenue increase.The company, which is headquartered in Austin, Texas, but has a sales and marketing office in Las Vegas, said Wednesday its net income for the quarter that ended June 30 was $7.6 million, or earnings of 25 cents per share...read more

Speakers lineup for G2E announced

LAS VEGAS -- Attendees of this year’s Global Gaming Expo (G2E) in Las Vegas have the opportunity to hear from the CEOs of the gaming industry’s largest casino companies and equipment manufacturers.Producers of the G2E, scheduled from Sept. 30-Oct...read more

Caesars installs separate management in operating entity

LAS VEGAS -- Caesars Entertainment Corporation continued its efforts to address its gaming industry-high $23 billion in long-term debt Wednesday by installing separate management in one of the company’s operating entities with the intention for a public listing of the business.The effort is part of an overall restructuring plan announced in May that eliminated more than $1 billion in debt that was due next year while providing a different ownership structure to pieces of the company...read more

Nevada 150: The World according to Stupak

LAS VEGAS -- Editor’s Note: Nevada 150 is a yearlong series highlighting the people, places and things that make up the history of the state.Casino ownership in Las Vegas has attracted its share of characters, from the mob-backed era of the 1960s and 1970s to reclusive billionaire Howard Hughes to the publicly traded corporate titans of today.Then there was Bob Stupak.He owned just one casino in his gaming career, and he eventually lost it in bankruptcy.But his impact went far beyond slot machines and table games.Stupak was a rare combination of a carnival barker and publicity hound, but also a casino owner who thrived by catering to the lower-end of the gaming market.“If P.T...read more

Las Vegas casinos save Wynn Resorts quarterly results

LAS VEGAS -- Wynn Resorts, Limited’s second-quarter results were saved by the company’s Las Vegas resorts.Company Chairman Steve Wynn said Tuesday that won’t happen again.During an early morning conference call with analysts and investors — Wynn handled the call from his offices in Macau — the casino executive said the Chinese gaming enclave as a whole was bouncing back after suffering its first monthly gaming revenue decline in June.Wynn said his company’s two Macau casinos — Wynn Macau and Encore at Wynn Macau — were enjoying a record July...read more

Wynn's verbal gems can spice earnings calls

LAS VEGAS -- There is a reason why Wynn Resorts, Limited quarterly earnings conference calls are never boring.You never know when Company Chairman Steve Wynn is going to drop a few verbal gems.Take Tuesday’s second-quarter call.At one point, Wynn used the word “inexorable,” to describe the Chinese economy as unstoppable.“I love that word,” Wynn said, adding that it was the “kind of thing you might see on (Fox News personality) Bill O’Reilly’s word of the night.”Nomura Securities gaming analyst Harry Curtis told Wynn he was giving him the (Caesars Entertainment Corporation Chairman) Gary Loveman prize for vocabulary.“I am not sure I like Gary Loveman,” Wynn said...read more

IGT grows Q3 profits despite revenue decline

LAS VEGAS -- Slot machine maker IGT - International Game Technology said Tuesday it grew profits in the third quarter despite a double-digit decline in revenue.The Las Vegas-based manufacturing giant is being sold to lottery provider GTECH Holdings for $6.4 billion...read more

WSOP helps Nevada crack $1 million revenue mark for online poker

LAS VEGAS -- Analysts have long speculated about the coexistence of online poker and live casino poker rooms in Nevada.The recent World Series of Poker at the Rio showed the marriage might last.In June, Nevada’s three online poker websites — WSOP.com - Nevada, Ultimate Poker and Real Gaming — collected a combined $1.037 million in gaming revenue...read more