Featured Articles Archive - Page 239

Analysts wary of market-share erosion for slot maker IGT

There is a target on the back of slot machine manufacturer IGT - International Game Technology.Despite first-quarter results that were well received by investors, at least two analysts raised concerns in recent weeks that IGT could be bleeding away slot machine market share to the competition.Credit Suisse gaming analyst Joel Simkins said IGT’s stock price — which has fallen 28 percent since its 52-week high of $21.20 in September — could attract interest from private equity investors enticed by the company’s free cash flow.“Although valuation looks more interesting and the stock may look attractive to value investors,” Simkins said, “robust competition from more emerging players leaves IGT in the crosshairs of market-share erosion in its core businesses.”Janney Montgomery Scott gaming analyst Brian McGill said IGT is suffering along with casino operators in regional markets as gaming revenue declines monthly...read more

Inside Gaming: Fattest fines have come in a flurry

LAS VEGAS -- Million-dollar fines for violating Nevada gaming law used to be rare.But in the past 15 months, state casino regulators have accepted three separate seven-figure payments from gaming companies to settle Nevada State Gaming Control Board Gaming Commission disciplinary complaints...read more

Time helps change perspective of analysts on MGM Resorts

LAS VEGAS -- Earlier this month, MGM Resorts International Chairman and CEO Jim Murren participated in the annual J.P. Morgan Gaming, Lodging, Restaurant and Leisure Management Access Forum at the Mandarin Oriental.Murren spent roughly 40 minutes answering questions from clients of the international investment firm concerning MGM Resorts’ development projects in the U.S...read more

Top-10 Sweet Sixteen bets

The first week of the NCAA men's basketball tournament exceeded expectations with several upsets, drama and exciting action. Unfortunately, with all the upsets, no one will win the Quicken Loans Billion Dollar Bracket Challenge. No bracket emerged from the Round of 32 without at least one blemish.For the most part, I followed my own advice when filling out my bracket this year, and the strategy served me well...read more

Summer launch seen for Nevada gaming pact with Delaware

LAS VEGAS -- Nevada’s newly christened Internet gaming agreement with Delaware could launch this summer, and Gov. Brian Sandoval said he hopes to add more states to the compact.Sandoval said “it’s no secret” that he has spoken with New Jersey Gov...read more

Murren wants AGA to dial down the rhetoric on Web poker

LAS VEGAS -- MGM Resorts International Chairman Jim Murren wants the American Gaming Association (AGA) to dial down its lobbying and advocacy efforts on behalf of legalizing Internet poker because the activity is fracturing the membership of the Washington, D.C.-based trade organization.Murren, who began a two-year term as chairman of the AGA in January, said the group still supports passage of federal legislation that would legalize, regulate and tax Internet poker.However, with AGA company members on opposite sides of the issue, Murren said the organization should concentrate on other efforts.“I don’t want the AGA to find itself mired in a tremendous amount of controversy and infighting,” Murren said in an interview this week...read more

Deal Me In: Loose slots and loads of goodies

Dear Mark: Do you have a favorite place to play quarter slots in Las Vegas? What casino has the best returns? I am going there next month. Meri W.Unfortunately, Meri, when it comes to slot machines, there is no definitive return for slot paybacks at any one particular casino like those for video poker just by using one's noggin and analyzing a paytable...read more

Gaming Commission OKs $500k fine against Mandalay Bay, signals rest of industry

LAS VEGAS -- The Nevada State Gaming Control Board Gaming Commission on Thursday signed off on a $500,000 fine against Mandalay Bay but also used the penalty to send a warning to the rest of the casino industry.Representatives of Mandalay Corporation, the MGM Resorts International subsidiary that operates Mandalay Bay Resort & Casino, did not contest the findings of a five-count complaint that employees of the House of Blues Foundation Room provided illegal narcotics and prostitutes to undercover officers four times during a two-month period.In addition to the fine, the company agreed to a $17,000 reimbursement of investigative expenses.The commission unanimously approved the settlement after a hearing that lasted more than an hour...read more

Gaming regulators OK Caesars plan to sell resorts to affiliate

LAS VEGAS -- State gaming regulators signed off Thursday on Caesars Entertainment Corp.’s plan to sell four of its resorts to the company’s Caesars Growth Partners affiliate for $2.2 billion.The deal, which was announced 18 days ago, is akin to a transfer of assets from the parent company to a business that was created last year to help the world’s largest casino operator expand its presence while dealing with its gaming industry-high $23 billion of long-term debt.The casino operator will manage the properties — Bally’s - Las Vegas, The Quad Resort and Casino, the under-construction The Cromwell and Harrah’s New Orleans Casino — after the deal is finalized.Caesars Entertainment senior vice president Eric Hession told regulators that Caesars Growth Partners’ “strong balance sheet” will benefit the properties.He said Caesars Growth Partners will assume $185 million of debt associated with The Cromwell — formerly Bill’s Gamblin’ Hall — and will spend $223 million to finish redevelopment of The Quad, which had been the Imperial Palace.Hession said Caesars Growth Partners will remodel The Quad’s hotel rooms, hallways and pool area while adding entertainment attractions.“It completely transforms that property, which is at the 50-yard-line of the Strip,” said Craig Abrahams, chief operating officer of Nasdaq-traded Caesars Acquisition Co., which manages Caesars Growth Partners...read more

Golf course villa will now cost Steve Wynn $525,000 annually

LAS VEGAS -- Steve Wynn will have to come up with an extra $525,000 a year if he wants to continue to live at his golf course villa at Wynn Las Vegas.Wynn Resorts, Limited, in a filing with Securities and Exchange Commission Thursday, said the company chairman and CEO will now be responsible for leasing the villa after a change in his compensation plan.Previously, the company paid for the housing.A third-party appraiser determined the amount.A spokesman for Wynn said the changes were made to follow current best market practices.Wynn Resorts is modifying its executive pay to tie compensation to the company’s performance...read more