Featured Articles Archive - Page 273

Las Vegas Sands plans to repurchase $2 billion in shares

LAS VEGAS -- Las Vegas Sands Corp. told investors the company plans to repurchase $2 billion on the company’s outstanding shares over a multi-year period, but analysts said investors might be disappointed by the figure.The company announced the buy-back program following its annual meeting in New York City late Wednesday...read more

Culinary plans demonstration to draw attention to labor issues

LAS VEGAS -- Local union leaders are stepping up efforts to keep ongoing contract talks in the public eye after labor agreements covering more than 40,000 Las Vegas hotel and restaurant workers expired late last week.Culinary Workers Local 226 said the union is planning to demonstrate on the Strip on front of The Cosmopolitan of Las Vegas on June 14 to bring attention to the labor issues.The Culinary has been attempting to negotiate a contract with the Cosmopolitan but has been unsuccessful...read more

Blame game: Fahrenkopf, Reid's office point fingers for failure to legalize Internet poker

LAS VEGAS -- Two of Nevada’s longtime political power players — gaming lobbyist Frank Fahrenkopf Jr. and Senate Majority Leader Harry Reid — took turns blaming each other for the failure for Congress to legalize Internet poker last year.The dust-up surprised many because the longtime Nevadans had always been complimentary to each other.Fahrenkopf, chief executive of the Washington, D.C.-based American Gaming Association, is retiring at the end of the month.In an interview with online publication Gambling Compliance that was published Thursday, he said the failure of Reid and now-retired Arizona Sen...read more

Federal legislation introduced to regulate iGaming

A New York congressman introduced federal legislation on Thursday to legalize Internet wagering by establishing a system of licensing and regulation at the federal level.The bill, dubbed the “Internet Gambling Regulation, Consumer Protection and Enforcement Act of 2013,” was introduced by Rep...read more

MGM Resorts, Hyatt Hotels agree to collaborate on customer loyalty programs

LAS VEGAS -- A collaboration of loyalty programs between MGM Resorts International and Hyatt Hotels Corp. will allow customers to earn points and redeem credits at properties owned by both companies.The agreement links M life Tier Credits and Hyatt Gold Passport and allows members of both programs to benefit starting June 20.The relationship connects Hyatt’s more than 450 hotels and resorts worldwide, and MGM Resorts 12 properties in Las Vegas, which covers 40,000 hotel rooms.The participating MGM Resorts properties in Las Vegas are Bellagio, Aria, Vdara, MGM Grand, The Signature at MGM Grand, Mandalay Bay, THEhotel at Mandalay Bay, The Mirage, Monte Carlo, New York-New York, Luxor and Excalibur.“The new alliance with Hyatt provides M life members with access and added benefits to destinations around the world,” said MGM Resorts President Bill Honrbuckle.MGM Resorts announced a similar collaboration on Monday with Southwest Airlines...read more

Las Vegas Sands approved to sell apartments in Macau

LAS VEGAS -- Las Vegas Sands Corp. gained approval from Chinese officials to sell 300 co-op style apartments at the Four Seasons Macau. Analysts said sales proceeds could be worth from $775 million to more than $1 billion to the company.The long-awaited approval was announced Wednesday by the Macau government...read more

Profits for SHFL entertainment rise 22 percent

LAS VEGAS -- Gaming equipment supplier SHFL Entertainment grew profits 22 percent in the second quarter thanks in part of sales of products to casinos in Australia and Asia.Las Vegas based SHFL said Tuesday that its net income for the quarter that ended April 30 was $11.8 million, or 21 cents per share...read more

Macau gaming revenues up 13.5 percent in May

Macau gaming revenues grew 13.5 percent in May to $3.7 billion as the Chinese casino market recorded its second-largest single-month collection.Analysts said the improving Chinese economy and May holidays fueled the increase in the world’s largest gaming market.The Macau Gaming Inspection and Coordination Bureau released the figures Monday.In March, the Chinese gaming enclave shattered the region’s monthly gaming revenue mark with casinos collecting more than $3.92 billion from gamblers.Susquehanna International Group gaming analyst Rachael Rothman said a large amount of mass market play in Macau during April probably helped push the action from high-end customers into May.“The faster-growing mass market segment tends to peak during holiday periods, while VIP stays home or gambles elsewhere to avoid the crowds,” Rothman said.Union Gaming Group analyst Grant Govertsen said the May figure could have been higher if not for severe weather during the third week of the month, when Macau and nearby parts of Guangdong province recorded their heaviest rainfall in more than 30 years.Through May, Macau gaming revenues are up 14 percent over the same five months of 2012...read more

Top-10 predictions for this year's World Series of Poker

The World Series of Poker is underway at the Rio All-Suite Hotel & Casino, and there have already been some great story lines. First, a guy brings his dog to the final table and wins. And then the "Millionaire Maker" draws 6,343 players, a record for a single-day entry event...read more

Ultimate Poker is laughing last - at least for now

LAS VEGAS -- Sometimes karma can bite you in the butt.World Series of Poker Executive Director Ty Stewart just experienced that pain.Recently, Stewart made light of early troubles that befell Ultimate Poker, the first legal pay-to-play online gambling website in the U.S., which launched April 30.First, Ultimate was caught using an unlicensed and much maligned service provider to identify new players...read more