Featured Articles Archive - Page 215

For revitalizing cities it's the gaming - and a lot more

BALTIMORE, Maryland -- Chad Barnhill carefully maneuvered visitors through an active construction site Monday that is quickly becoming the $442 million The Horseshoe Casino Baltimore.He paused in front of floor-to-ceiling windows on the second floor.In clear view was M&T Bank Stadium, home of the National Football League’s Baltimore Ravens, seemingly as close as a couple of Joe Flacco passes...read more

Caesars completes sale of Harrah's New Orleans

LAS VEGAS -- Caesars Entertainment Corporation completed sale Tuesday of Harrah’s New Orleans Casino to Caesars Growth Partners after receiving approval from the Louisiana Gaming Control Board.The transaction was approved Monday.In conjunction with the closing, Caesars Growth Partners refinanced the loan secured in connection with the purchase of three Las Vegas properties — Bally’s - Las Vegas, The Cromwell and The Quad Resort and Casino — with $2 billion in financing...read more

Inside Gaming: Revival not fueled by gaming

LAS VEGAS -- Just as the recession began to grip Las Vegas in 2008, gaming executive Terry Lanni made a prediction.During an interview at his offices in the Bellagio, Lanni said a Las Vegas market recovery was not going to be like any other time tourism and gaming businesses experienced a downturn.After the terrorist attacks of Sept...read more

N.J. sends cease and desist letter to affiliates promoting sites not licensed by the state

The New Jersey Division of Gaming Enforcement (DGE) has warned six online poker affiliate websites to cease and desist from promoting online gaming sites that are not licensed and regulated by the state of New Jersey.A letter obtained by onlinepokerreport.com (OPR) to Raketherake.com, a large online poker affiliate, states that the site, "by offering links to sites which may be offering unauthorized online gaming, may be promoting activity that is contrary to New Jersey and federal law."The letter goes on request that the site remove any links to online gaming sites that "are not authorized under federal law or under the law of any State."Sites that received the letter, according to OPR, include Raketherake.com, CardsChat.com, PokerSource.com, RakeBrain.com, Pokersites.com and one unnamed site...read more

Top-10 running prop bets

Yesterday I ran my first 5K in about five years. I was happy with the performance overall, but still have a hard time getting used to the fact that I'm nowhere near as fast as I was when I ran for my high school and college cross country and track teams...read more

Deal Me In: Simple rule change squashes chances of winning

Dear Mark: Is video blackjack the same as a live game? Is each new hand dealt a new game? Is the strategy the same as live blackjack? I have tried playing the casino’s blackjack machines and I don't seem to do very well. Dave S.Your problem, Dave, is that the rules of the video blackjack machine in the casino where you play might have one little deviation that will definitely turn a winning visit into a losing one: what you get paid for a blackjack.Most video blackjack machines that you will find in a casino pay even money on natural 21s instead of the true value of a blackjack (3 for 2)...read more

Cosmopolitan of Las Vegas sold to Blackstone Group for $1.73 billion

LAS VEGAS -- After nearly six years, Deutsche Bank announced Thursday it was parting ways with The Cosmopolitan of Las Vegas, the stylish — but unprofitable — Strip hotel-casino and the last megaresort to open after the recession tore apart the gaming industry.Germany’s largest bank, which took ownership of the unfinished property in 2008 after its original developer defaulted on a loan, announced an agreement to sell The Cosmopolitan to a subsidiary of the Blackstone Group, a multinational private equity investment firm, for $1.73 billion in an all-cash transaction.The deal is subject to approval of Nevada gaming regulators.Analysts quickly praised the sale of the 2,995-room hotel-casino as a positive sign for the Las Vegas market.JP Morgan gaming analyst Joe Greff told investors Blackstone is paying almost 17 times The Cosmopolitan’s 2013 cash flow of $103 million, which bodes well for the valuation of other upscale Strip casino companies, including Wynn Resorts Ltd...read more

Bally Technologies ousts CEO, taps former CEO for post

LAS VEGAS -- Bally Technologies, Inc. Chairman Richard Haddrill returned to the slot machine manufacturer’s CEO position Thursday, replacing Ramesh Srinivasan in a move that surprised the investment community.In a statement released shortly after the stock markets closed, Bally said Haddrill would cede the chairman’s role but would remain on the company’s board of directors.No reason was given for the sudden departure of Srinivasan, who became CEO in December 2012 after overseeing the slot machine manufacturer’s systems division...read more

Cannery Casino Resorts sells Pennsylvania racetrack casino

LAS VEGAS -- Las Vegas-based Cannery Casino Resorts, LLC has sold its Pennsylvania racetrack casino for $465 million to Penn National Gaming, Inc.’s real estate investment trust spin-off.The transaction, announced Wednesday, is subject to regulatory approval and expected to close by the end of the year...read more

Pure nightclub to close, reopen with new name, concept

The high-profile Pure nightclub at Caesars Palace will soon dis­appear.Hakkasan Group announced Wednesday it will close the nearly 10-year-old club May 26 for an extensive renovation and expansion that will open in 2015.Hakkasan Group President Nick McCabe said Pure will reopen under a new name and concept.“Pure had a huge amount of success and it truly was a pioneer in the industry,” McCabe said...read more