Featured Articles Archive - Page 262

Gambling and the Law: Cuba needs casinos

“I crapped out” -- Meyer Lansky, quoted in T.J. English’s HAVANA NOCTURNE: HOW THE MOB OWNED CUBA...AND THEN LOST IT TO THE REVOLUTIONFidel Castro is gone.He may not be dead. But on a recent trip to Cuba, I was told by both American and Cuban experts that he is beyond retired...read more

Nevadan at work: Executive prepares to lead Caesars into real-money online gaming

LAS VEGAS -- As an associate with global management consulting firm Bain & Co., Geoffrey Stewart grew accustomed to offering advice to high-level executives of Fortune 500 corporations.Now, as he prepares to lead Caesars Entertainment Inc.’s launch into regulated, real-money online gaming, Stewart is adjusting to being on the receiving end.“I’m in a role where I have to act on my own advice,” Stewart, 34, said during a break in play in the World Series of Poker at the Rio...read more

Bullish on Detroit gaming despite bankruptcy

Back in 1996, when Michigan voters authorized three casinos in downtown Detroit, opponents said legal gambling would destroy the city.Detroit is now bankrupt.Ironically, gaming tax revenues are helping the Motor City avoid a total meltdown.In the municipality’s Chapter 9 bankruptcy filing on July 19, Detroit disclosed that the $11 million a month it gets from MGM Grand Detroit Casino, Greektown Casino and the MotorCity Casino “is roughly the equivalent of 30 percent of the city’s total available cash on hand as of June 30.”Gaming taxes could pay for Detroit’s entire fire department or half of the city’s police department, and the city said it needs continued access to the funds “to ensure public safety.”Michigan taxes gaming revenues at 19 percent — 10.9 percent of which goes to Detroit...read more

Station Casinos launching mobile sports wagering app in time for football season

LAS VEGAS -- Station Casinos, Inc. is launching a sports wagering application for mobile devices, but the casino operator doesn’t believe the activity will take away business from the company’s sports books.The application, Sports Connection Mobile, allows Station Casinos’ customers to place wagers on sporting events through mobile phones and tablet PCs.The application recently completed a field trial with Nevada gaming regulators...read more

Do casinos monitor how much you get when you “cash out” at the slots?

Question: Is it true you can remove your players' card from the slot machine reader before you press the "cash out" button, and the casino won't know how much you won or lost?Answer: Slot player "tracking" systems normally do work this way...read more

Pinnacle Entertainment sells Louisiana casino project to Golden Nugget

LAS VEGAS -- Pinnacle Entertainment, Inc. announced a deal Thursday to sell an under-construction hotel-casino complex in Lake Charles, La., to the company that owns the Golden Nugget.The transaction satisfies a portion of a settlement reached with the Federal Trade Commission to avoid any antitrust issues in the Las Vegas-based company’s $2.8 billion buyout of Ameristar Casinos, Inc.Golden Nugget, which is owned by Houston-based Landry’s Inc., will pay for all the development costs spent on Ameristar Lake Charles, up until the closing date of the sale...read more

Gaming Commission OKs plans for Caesars spinoff

LAS VEGAS -- Nevada gaming commissioners on Thursday approved Caesars Entertainment Inc.’s plan to spin Planet Hollywood Resort, its interactive gaming business and a planned Baltimore casino into a separate company majority owned by the gambling giant.Caesars officials said the transaction could close by the fall...read more

Gaming Commission OKs Penn National's plan to split into two

LAS VEGAS -- Penn National Gaming, Inc.’s plan to split the regional casino giant into two publicly traded companies was approved on Thursday by the Nevada Gaming Commission and Control Board.The concept would separate 19 of the company’s 29 casinos and racetracks, including the M Resort, into a real estate investment trust, often referred to as a REIT.Penn National would continue to operate the casinos...read more

Ultimate Gaming wins final OK from regulators; 9.1 million poker hands dealt

LAS VEGAS -- Ultimate Gaming gained final approval Thursday from the Nevada Gaming Commission and Control Board to operate what is currently the state’s only legal Internet poker website.The company, which is majority owned by Station Casinos, Inc., launched Ultimate Poker on April 30 and then began a field trial to prove the website meets state regulations covering interactive wagering.The field trial is now complete.Ultimate Gaming Chief Technology Officer Chris Derossi provided commissioners with a detailed report on the system...read more

Zynga won't pursue Nevada gaming license

Social gaming giant Zynga Inc. said Thursday it would no longer pursue a Nevada gaming license.The San Francisco-based technology company had filed an application with state gaming regulators for a finding of suitability, the initial step in obtaining Nevada gaming license.The company made the announcement in its second-quarter earnings statement.“Zynga is making the focused choice not to pursue a license for real money gaming in the United States,” the company said...read more