Featured Articles Archive - Page 228

Caesars sees quarterly net loss increase 78 percent

LAS VEGAS -- Caesars Entertainment Corporation increased its net loss 78 percent in the first quarter, the casino operator said Wednesday.The company, which operates more than 50 casinos nationwide, including 10 on or near the Strip, said it lost $386.4 million in the quarter that ended March 31, or a loss of $2.82 per share...read more

Genting Strip project may house studio tour-type theme park

LAS VEGAS -- There may not be pandas, but the Strip may house a studio tour-type theme park once Malaysia-based Genting Malaysia Berhad finishes developing an 87-acre site for Resorts World Las Vegas.The Nevada State Gaming Control Board on Wednesday recommended Genting be given a preliminary finding of suitability to hold a state gaming license...read more

$4 billion Resorts World licensing looks like a sure thing

LAS VEGAS -- The next phase of Las Vegas starts today in, of all places, the Sawyer Building.Nearly a dozen representatives and executives from Genting Malaysia Berhad, the Malaysia-based company that acquired the unfinished Echelon project on the Strip for $350 million 14 months ago, will face questions from the Nevada State Gaming Control Board.The corporation and several of its entities seek a finding of suitability from Nevada casino authorities...read more

Las Vegas casino icon Burton Cohen dies

LAS VEGAS -- Gaming industry icon Burton Cohen, who managed some of the Strip’s most iconic resorts during a career that spanned multiple decades, died Tuesday morning at his home in Las Vegas.Cohen managed the now-demolished Desert Inn on three separate occasions...read more

Caesars Entertainment restructures debt to avoid $1 billion in 2015 payments

LAS VEGAS -- Caesars Entertainment Corporation announced a multipronged debt restructuring effort to deal with the most pressing portion of the company’s gaming industry-high $23 billion of long-term debt.Under the plan, announced Tuesday after stock markets closed, the company won’t reduce any of its total debt.However, the moves will eliminate more than $1 billion in obligations that are due in 2015.Caesars plans to raise $1.75 billion in new debt that will have longer maturity dates, with the proceeds used to pay the 2015 figure...read more

Sorry, IGT, just like McKayla, investors are not impressed

LAS VEGAS -- Remember the photo from the 2012 Summer Olympics of U.S. gymnast McKayla Maroney, standing on the medal podium after taking silver in the vault finals, arms crossed, lips pursed to the side, with a look of disappointment?The image became a viral Internet sensation known as “McKayla is not impressed.”The investment community might give giant IGT - International Game Technology the same disdainful look.In April, the company reported a 66 percent decline in earnings and a 15 percent decline in net revenue for the second quarter...read more

Affinity Gaming reports second data breach

LAS VEGAS -- Casino operator Affinity Gaming reported a second breach into its system that processes customer credit and debit cards, but the Las Vegas-based company said it currently has “no evidence to indicate that information was stolen.”Affinity, which operates 11 casinos in four states including the off-Strip Silver Sevens and the three Primm resorts, reported the breach on its website April 28.In December, Affinity said the same system had been hacked between March 14 through Oct...read more

Gaming board bans casino licensees from medical marijuana trade

LAS VEGAS -- The Nevada State Gaming Control Board told its license holders Tuesday they cannot participate in the state’s potential medical marijuana business.In an industry notice posted to the Control Board’s website, the agency, which is charged with licensing and regulating the state’s casinos and gambling equipment providers, said the federal government views distribution, possession and sale of marijuana as a crime.“Accordingly, unless the federal law is changed, the board does not believe investment or other involvement in a medical marijuana facility or establishment by a person who has received a gaming approval or applied for a gaming approval is consistent with the effective regulation of gaming,” Gaming Control Board member Terry Johnson wrote in the notice.“Further, the board believes that any such investment or involvement by gaming licensees or applicants would tend to reflect discredit upon gaming in the state of Nevada,” Johnson said.In an interview last month, Control Board Chairman A.G...read more

What is the Russian for 'Sin City'?

Somehow, “What happens in Crimea, stays in Crimea,” doesn’t seem like an appropriate catchphrase.In April, a month after Russia forcibly annexed the Black Sea peninsula away from Ukraine, President Valdimir Putin said he wants to turn the territory into his own version of Las Vegas.He wasn’t talking about replacing “Thunder From Down Under” with the “Shirtless Putin Dancers.”Putin crusaded against gambling in 2006, leading to the closure of most Russian casinos and slot machine parlors...read more

Big summer ahead for Bally's new WSOP-themed poker room

ATLANTIC CITY, N.J. -- Early on a Thursday afternoon in late April, the new World Series of Poker room at Bally's Atlantic City's Wild Wild West casino felt a bit empty. The 42-table room, which also features a large section for tournaments and an additional, closed-off "high limit" area, had six live cash games running...read more