Featured Articles Archive - Page 286

Caesars Entertainment not a Wall Street superstar

LAS VEGAS -- Wall Street still isn’t sold on the efforts by Caesars Entertainment Inc. to get out from under more than $20 billion of long-term debt.Caesars, which operates 10 casinos on or near the Strip, reported a 2.9 percent decline in net revenue for the first quarter earlier this month...read more

Las Vegas Sands hires Deloitte & Touche as outside auditor

LAS VEGAS -- A month after parting ways with its long-time auditor, Las Vegas Sands Corp. has appointed Deloitte & Touche LLP to serve as the casino operator’s independent outside accounting firm.In a filing late Friday with the Securities and Exchange Commission, Las Vegas Sands said Deloitte & Touche would audit the company’s financial reporting through the end of the year.Las Vegas Sands reported that PricewaterhouseCoopers resigned as the company’s auditor in an SEC filing in April, saying there had not been any “reportable disagreements” with the auditing firm going back to 2011.Pricewaterhouse Coopers worked for Las Vegas Sands since 2004 and worked for company chairman Sheldon Adelson for 25 years.In March, Las Vegas Sands told investors in a regulatory filing that an internal audit concluded there were “likely violations of the books and records and internal provisions” of the Foreign Corrupt Practices Act.On Friday, the casino operator said it did not consult with Deloitte on any financial reporting matters during fiscal years 2011 and 2012 and through this month.Las Vegas Sands has been the subject of investigations by the U.S...read more

Inside gaming: Legal hangover: Another sequel to Las Vegas Sands trial could prove expensive

by Howard StutzLAS VEGAS, Nevada -- Sequels are never as good as the original.Just ask Las Vegas Sands Corp. Chairman Sheldon Adelson.Apparently, he wants to star in his own version of “The Hangover Part III.”Las Vegas Sands has lost the same breach of contract lawsuit twice in Clark County District Court.Despite two jury defeats in six years, Adelson is looking for another day in court on a case that now is 9 years old.Hong Kong businessman Richard Suen claims he helped Las Vegas Sands win a lucrative Macau gaming license in the early 2000s...read more

Why would anyone “take the bank” at Pai Gow Poker, rather than just bet more?

Question: At Pai Gow Poker, you can "take the bank" – facing off against everyone else at the table. This means you're in a position to win a lot on a single hand. But you could also lose a lot. Why would you do this, rather than just bet more money?Answer: Bankers, you or the house, have a slight edge at Pai Gow Poker...read more

Deal Me In: Smart play plus cash back makes for a positive-expectation game

Dear Mark: I am a little confused when you say that with comps, you can make video poker and blackjack a "positive expectation" game. Could you please explain how comps make up for the "built-in" house edge on the two games that I play? Jason G.Bless their hearts, casinos love to offer their patrons a wide variety of freebies ranging from small trinkets to first class, all-expenses-paid trips...read more

Management team led by ex-LV Sands boss to oversee Bahamas project

LAS VEGAS -- A management company headed by former Las Vegas Sands Corp. President Bill Weidner will oversee the centerpiece resort of a $3.5 billion hotel-casino complex in the Bahamas.Baha Mar Ltd. announced Tuesday night that Global Gaming Asset Management of Las Vegas will operate the Baha Mar Casino & Hotel, which is scheduled to open in December 2014.Weidner is CEO of Global Gaming, which recently opened the first phase of the $1.2 billion Solaire Manila, a full-scale resort and casino in the Philippines.Brad Stone is Global Gaming’s president and Garry Saunders is executive vice president.The three were involved in the opening and managing The Venetian and Palazzo in Las Vegas and the Venetian Macau, and the development of the Marina Bay Sands in Singapore while employed by Las Vegas Sands.Weidner was fired in March 2009 by Las Vegas Sands Chairman Sheldon Adelson after a highly publicized dispute between the two gaming executives over the company’s financial restructuring...read more

Thrill ride between two Rio towers planned

LAS VEGAS -- A zip line-like thrill ride will connect the two towers of the Rio All-Suite Hotel & Casino and send guests soaring more than 400 feet above the off-Strip hotel-casino.The attraction, dubbed the VooDoo Skyline, is expected to open this summer, officials with the project said Wednesday.Rides will start from the VooDoo Lounge, atop the Rio’s 50-story Masquerade Tower.Guests will travel 845 feet to the top of the 20-story Ipanema tower, reaching speeds of up to 33 mph...read more

Station Casinos fundraiser for California lawmaker canceled after timing questioned

LAS VEGAS -- A planned Station Casinos, Inc.-hosted fundraiser in Las Vegas on behalf of a California lawmaker was abruptly canceled Tuesday after a Sacramento newspaper raised questions about the timing of the event, which would take place before a vote over an Indian casino project.The fundraiser, which included rooms at the Red Rock Resort and tickets to an Ultimate Fighting Championship event Saturday, was to benefit California State Sen...read more

Toronto City Council votes to kill casino project

The Toronto City Council went ahead with a vote Tuesday to kill a casino project proposed for the downtown area that attracted interest from Nevada largest gaming companies.City Council members voted against the project, despite a move last week by the mayor to take the issue off the table...read more

Culinary votes to raise dues in event of strike

LAS VEGAS -- Culinary Workers Local 226 members voted overwhelmingly Monday to raise dues by $25 in the event of a strike this year against Strip and downtown resorts.About 92 percent of the Culinary members who participated in the vote supported the increase.Members also approved a permanent $4 increase to dues in 2014 and in 2015...read more