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Featured Articles Archive - Page 217
Deal Me In: Simple rule change squashes chances of winning16 May 2014 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 moreArticles by Howard Stutz
![]() Cosmopolitan of Las Vegas sold to Blackstone Group for $1.73 billion16 May 2014 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 moreArticles by Howard Stutz
![]() Bally Technologies ousts CEO, taps former CEO for post16 May 2014 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 moreArticles by Howard Stutz
![]() Cannery Casino Resorts sells Pennsylvania racetrack casino16 May 2014 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 moreArticles by Howard Stutz
![]() Pure nightclub to close, reopen with new name, concept15 May 2014 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 moreArticles by Howard Stutz
![]() Removal of Fontainebleau construction crane signals doom for ill-fated Strip hotel15 May 2014 LAS VEGAS -- Construction workers this week began dismantling a large crane that has sat unused atop the mothballed Fontainebleau on the north end of Strip for more than five years.The activity is the latest chapter in the sad history of the shuttered Fontainebleau, which was to have been a 3,889-room hotel-casino with a price tag of $3 billion before the development went bankrupt...read moreArticles by Howard Stutz
![]() Don't bet against more growth in Macau gaming15 May 2014 Anytime the investment community gets downwind of a potential hiccup in the Macau gaming market, a slash-and-burn mentality sets in.The victims are often MGM Resorts International, Las Vegas Sands Corp. and Wynn Resorts Ltd. The Las Vegas-based companies have subsidiaries listed on the Hong Kong Stock Exchange and those stock prices usually take a beating...read moreArticles by Howard Stutz
![]() Weather issues tied to Affinity Gaming's revenue slide15 May 2014 Weather issues that have played havoc with regional gaming markets were blamed for Affinity Gaming’s revenue decline during the first quarter.The Las Vegas-based company said Wednesday its revenue for the three months ended March 31 fell 4.4 percent to $96.6 million...read moreArticles by Howard Stutz
![]() Stratosphere parent reverses loss, sees revenue rise13 May 2014 LAS VEGAS -- Stratosphere Casino Hotel and Tower owner American Casino & Entertainment Properties, LLC reversed a first-quarter net loss and grew revenue 3 percent, due in part to nongaming spending by customers at the property at the edge of downtown Las Vegas.American Casino said Monday the company had a net income of $4.5 million for the quarter that ended March 31...read moreArticles by Howard Stutz
![]() New feel, new story as The Hotel becomes Delano13 May 2014 LAS VEGAS -- When MGM Resorts International announced plans in 2013 to rebrand The Hotel into Delano Las Vegas, company officials said the 11-year-old property would be given a new look from top to bottom.Details of the $80 million renovation were announced in late April and when the project is completed by September, nearly every square foot of public space inside the 1,100-room nongaming hotel will be enhanced.The transformation is a collaboration between MGM Resorts and the Morgans Hotel Group, which owns the Delano brand...read more |
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