Featured Articles Archive - Page 261

Deal Me In: Don’t Walk Away Renee

Dear Mark: I was playing roulette, and because I was going to return after a quick bathroom break, I took my remaining 20 $5 chips with me. I then got sidetracked by a couple "paying" slot machines, then went to dinner. After a few hours, I went to the cashier’s cage to cash the chips in and was told they don’t take roulette chips, and that I must exchange them for casino chips on the roulette table where I was playing...read more

Macau gaming revenues up 20 percent in July, 16 percent for 2013

Macau’s casino market during July recorded its second straight month of a 20 percent or better increase in gaming revenues.The Macau Gaming Inspection and Coordination Bureau said Thursday that casinos in the Chinese region collected $3.5 billion in gaming revenues during the month, a 20 percent increase compared with the revenues collected in July 2012.The growth surprised some prognosticators who expressed concerns of an economic slowdown in Asia.“Despite all the negative headlines out of China, we have yet to see a meaningful slowdown in Macau gaming revenue,” Susquehanna International Group gaming analyst Rachael Rothman told investors.For the first seven months of the year, Macau gaming revenues are up 16 percent over 2012 when the market reported record-setting gaming revenues of $38 billion.Analysts said the increase was in line with most projections.“We believe Macau fundamentals remain strong across all relevant segments and we have strong conviction that these trends are likely to continue through the balance of the year,” said Union Gaming Group principal Grant Govertsen, who is based in Macau.The market is expected to see some $22 billion in new investments over the next four years.Wynn Resorts, Limited, Las Vegas Sands Corp...read more

Diamond Resorts acquires two rival firms

LAS VEGAS -- Las Vegas-based vacation ownership firm Diamond Resorts acquired two rival firms following the company’s initial public stock offering, which closed a week ago.Diamond Resorts said in a statement late Wednesday it bought seven properties in Florida operated by Island One and acquired seven properties in Las Vegas, California and Mexico owned by Pacific Monarch Resorts.Last year, Diamond Resorts acquired most of Pacific Monarch management agreements.The company did not disclose financial details for the transactions.“These types of acquisitions represent an excellent strategic growth platform for our business,” Diamond Resorts Chief Executive Officer David Palmer said in a statement...read more

Boyd Gaming announces stock sale

LAS VEGAS -- Boyd Gaming Corporation announced a stock sale Wednesday in which the casino operator will list 15 million shares of common stock, with proceeds from the sale used to pay down a portion of the company’s long-term debt.The announcement came after the close of trading on the New York Stock Exchange and the day after the company reported better-than-expected quarterly earnings.The move took some analysts by surprise.Macquarie Securities gaming analyst Chad Beynon said Boyd’s stock price has grown 135 percent in the past 12 months, largely a result of operating leverage potential, the company’s online gaming opportunity in New Jersey and the $1.3 billion acquisition of Peninsula Gaming last year.“We believe the company wants to take advantage of current valuation as well as strong momentum and reduce the leverage at the parent company,” Beynon said.Shares of Boyd Gaming closed at $13.31 on Wednesday, up 46 cents, or 3.58 percent.Boyd Gaming, which operates casinos in downtown Las Vegas and the Coast casinos brand, said the underwriters of the stock sale have a 30-day option to purchase an additional 2.25 million shares.Boyd Gaming has 90.3 million shares outstanding, and the stock offering reflects 17 percent increase...read more

Regional casino deal helps Boyd Gaming boost profits; shares soar

LAS VEGAS -- Last year’s acquisition of a regional casino operator helped Boyd Gaming Corporation grow profits and results in the second quarter, the company said Tuesday.Las Vegas-based Boyd said its net income for the quarter that ended June 30 was $11.6 million, or 13 cents per share...read more

Multimedia Games reports rise in third-quarter profits

Slot machine manufacturer Multimedia Games, Inc. said Tuesday the company grew third-quarter profits after generating the company’s first sales into Atlantic City, while expanding its presence in Las Vegas.Multimedia Games, which is headquartered in Austin, Texas, with a sales and marketing office in Las Vegas, said its net income for the quarter than ended June 30 was $8.4 million, or 28 cents per share.In the same quarter a year ago, Multimedia Games reported net income of $7.2 million or 28 cents per share.Analysts polled by Thomson Financial Network expected earnings of 24 cents per share.The company said its third-quarter revenues grew 19 percent to $48.1 million.During the quarter, Multimedia Games placed almost 1,100 new slot machines in various U.S...read more

Caesars offers look at The Linq

LAS VEGAS -- Caesars Entertainment Inc. showed off its $550 million vision of urban renewal Tuesday.The casino operator is still seven months from finishing The Linq, which was designed as an eclectic urban streetscape suggested by New York City’s trendy Meatpacking District.The project transforms an eastside Strip area between The Quad and Flamingo that until last year housed a dilapidated parking garage, an underused alleyway and a tiny casino favored by the beer pong crowd.When it fully opens in February, The Linq’s open-air promenade will encompass 300,000 square feet of stylish retail offerings, trendy restaurants and hip entertainment venues, all anchored on its east end by a 550-foot-tall observation wheel.“I think people will be surprised at the excitement we’re creating,” Linq General Manager Jon Gray said while touring the active construction site with a crowd of media.“It’s a contemporary place and it feels right for this city,” Gray said.The Linq space isn’t large — roughly 1,250 feet separate the Strip from the observation wheel, named the High Roller.However, the streetscape is patterned after outdoor retail attractions such as Southern California’s The Grove and 3rd Street Promenade.The Linq aims to draw in some of the 20 million or more pedestrians who stroll past the Flamingo each year...read more

Officials select 18-year control board veteran to oversee division

LAS VEGAS -- Karl Bennison, who has headed enforcement for the Gaming Control Board’s Northern Nevada, was named chief of the entire division Tuesday.Bennison, who has spent 18 years with the control board, will replace Jerry Markling, who is retiring at the end of August to accept a position at The Venetian.“Having an experienced and respected individual, ready to step into the chief’s role, allows the board to continue maintaining high standards in regulating the gaming industry,” Control Board Chairman A.G...read more

Caesars considers other ways to grow results

LAS VEGAS -- Caesars Entertainment Inc. is looking at other ways to grow results after reporting another quarterly net loss.The casino operator, which has more than 50 gambling properties across the U.S. and Canada, including 10 on or near the Strip, is developing new resorts with an emphasis on nongaming amenities...read more

Top-10 WSOP quotables

The editorial staff at Casino City has said it before and we'll say it again: We can't get enough Nolan Dalla.We look forward to the World Series of Poker in large part because we get a big dose of Dalla during the series. So we were a little disappointed when we started reading the World Series of Poker write-ups this year, as the WSOP's Media Director appeared to have been reined in Caesars officials.In previous years, Dalla's prose typically included gems like this: "On June 26th, 2010, when the local clock ticked to midnight, the shiny glass slipper fit...read more