Featured Articles Archive - Page 239

Moves by Caesars fail to ease debt worries on the Street

LAS VEGAS -- Nothing is simple when it comes to Caesars Entertainment Corporation.Take last week’s announcement that the company is selling four casinos to its Caesars Growth Partners subsidiary for $2.2 billion.Some analysts worried the deal would diminish the parent company’s results...read more

Slot machine keys available online — but who can use them?

LAS VEGAS -- Common slot machine reset keys — identical to one that caused a Reno casino to be hit with a $1 million gaming fine — are easily found for sale on various Internet sites.How simple?The Las Vegas Review-Journal purchased two of the keys — often referred to as the 2341 slot machine reset/attendant key — from an eBay seller in Winona, Minn., for $12.44, including shipping and handling.But was the transaction a waste of money?The key is a common tool used by slot machine technicians to gather information or reset a game following verification of a large jackpot...read more

Big rewards in China create flexibility for MGM Resorts

LAS VEGAS -- MGM Resorts International is showing investors what a 51 percent ownership stake in its publicly traded Chinese subsidiary means financially to the casino operator’s business back home.At least $320 million this month alone.The figure is MGM Resorts’ share of some $628 million in quarterly and special dividends that MGM China will award to shareholders this month...read more

Two Las Vegas Sands executives resign

LAS VEGAS -- Two high-level Las Vegas Sands Corp. executives have resigned from the company in recent weeks, including the casino operator’s top official for global operations.The company announced the departure of executive vice president of global operations Chris Cahill in a three-sentence filing with the Securities and Exchange Commission on Wednesday...read more

Ultimate Gaming to provide online poker for Peppermill, affiliated casinos

LAS VEGAS -- Ultimate Gaming was already attracting poker players from Northern Nevada to play the company’s Internet wagering platform.An agreement announced Thursday with the Peppermill Resort Spa Casino Reno and four Northern Nevada casinos operated by the same company could grow that customer base.Under the deal, UltimatePoker.com, the online poker room operated by Station Casinos, Inc.-owned Ultimate Gaming, will become the Internet poker destination for the five casinos in Reno, Sparks and Wendover.“The Peppermill has a pretty active poker room,” Ultimate Gaming CEO Tobin Prior said Thursday...read more

Tropicana reaches five-year deal with Culinary, Bartenders unions

LAS VEGAS -- The Tropicana Las Vegas said Thursday it reached tentative agreement on a new five-year labor contract with Culinary Local 226 and Bartenders Local 165, covering some 650 nongaming employees at the Strip resort.The deal with between the hotel and the negotiating committee still needs to be ratified by the employees.The Tropicana is the first independent hotel-casino to reach agreement with the unions on a new five-year contract to replace deals that expired in June 2013.The unions had previously reached deals covering casinos operated by MGM Resorts International and Caesars Entertainment that cover nearly 20 Strip resorts.The Tropicana deal comes as union members prepare to vote on a strike authorization that could lead to walkouts at several Strip and downtown hotel-casinos.“We are thrilled that our collaboration with Tropicana has resulted in reaching an agreement that is mutually beneficial,” Culinary secretary treasurer Geoconda Arguello-Kline said in a statement.The economic package, agreed to by both parties, mirrors what was agreed to with MGM Resorts and Caesars.Workers will keep their health insurance...read more

SLS Las Vegas to become part of Preferred Hotels & Guests loyalty program

LAS VEGAS -- The $415 million SLS Las Vegas Hotel Casino will become part of the Preferred Hotels & Resorts guest loyalty program, which includes a worldwide collection of 450 independent hotels and resorts.The 1,600-room hotel, which is expected to open Labor Day weekend, is the first Las Vegas property in the Preferred Hotels system, the company’s said in a statement Wednesday...read more

Boyd Gaming displays interest in Japan casino

LAS VEGAS -- Add Boyd Gaming Corporation to the race to operate a casino in Japan.CEO Keith Smith used a fourth-quarter conference call Wednesday to express Boyd Gaming’s interest in the potential Japanese casino market. The country is exploring casino legalization as a way to pay for infrastructure associated with being host of the 2020 Summer Olympic Games in Tokyo.“We’re always looking for ways to grow the business,” Smith said, adding that he and a development executive recently traveled to Tokyo to initially view the market.“We’re investigating .....read more

Celebration of new year helps Macau gaming revenue reach $4.8 billion in February

Macau shattered its single-month record for gaming revenue in February, collecting $4.8 billion from gamblers who were attracted to the market for the Chinese New Year celebration.The figure, released Monday by Macau’s Gaming Inspection and Coordination Bureau, was the third $4 billion gaming month in the last five months for the only market in China where casinos are legal.Last October, Macau’s casinos — including properties owned by MGM Resorts International, Las Vegas Sands Corp...read more

Caesars sells four properties, including three on Las Vegas Strip, to subsidiary

LAS VEGAS -- Caesars Entertainment Corporation announced a deal Monday to sell three of its Strip resorts and Harrah’s New Orleans to its Caesars Growth Partners subsidiary for $2.2 billion.The move is more akin to a transfer of assets to a company that was created last year to help the world’s largest casino operator expand its footprint while dealing with its gaming industry-high $23 billion of long-term debt.Caesars Growth Partners already owns two of the company’s casinos, a hotel tower and Caesars’ interactive gaming business...read more