Featured Articles Archive - Page 289

Christie signs New Jersey online gambling bill

New Jersey Governor Chris Christie signed into a law Tuesday a bill that makes the Garden State the third state in the U.S. to license and regulate the online gambling. Christie's stamp of approval comes just 19 days after he conditionally vetoed similar legislation."This was a critical decision, and one that I did not make lightly," Christie said in a statement...read more

Leader of dissident IGT shareholder group offers to meet with management

LAS VEGAS -- The leader of a dissident group of IGT - International Game Technology shareholders has offered to meet with the slot machine manufacturer's chairman in an effort to resolve the company's heated proxy fight before next week's annual stockholders meeting.In a letter to IGT Chairman Phil Satre that was sent Monday, Ader Investment Management CEO Jason Ader said the IGT shareholders he has met with in recent weeks "indicated their respective belief that a reconstitution of the IGT board would be best accomplished through a negotiated settlement."Ader and former IGT Chairman Charles Mathewson lead a group seeking to gain election to three seats on IGT's eight-person board of directors and have been soliciting proxy support from shareholders.Ader has meetings scheduled with IGT shareholder representatives this week in New York and other parts of the country...read more

Caesars loss doubles due to charges, business lost to Sandy

LAS VEGAS -- Caesars Entertainment Inc. said Monday that its fourth-quarter net loss more than doubled from a year earlier primarily because of noncash impairment charges and lost business in Atlantic City caused by Superstorm Sandy.Caesars, which operates 10 resorts on or near the Strip, reported a net loss of $469.7 million for the three months ended Dec...read more

Strip gambling still far behind Macau but maintains lead over Singapore

LAS VEGAS -- Despite predictions two years ago, Singapore did not surpass the Strip as the world's No. 2 gaming market in 2012.And it might not happen this year, according to one gaming analyst.The island nation's two casinos produced $5.85 billion in gaming revenues in 2012, an 8 percent increase over 2011...read more

Top-10 unfortunate poker tournament results

Apparently, there's a bit of controversy surrounding the World Series of Poker's decision to increase the buy-in for the Ladies Event tenfold, then offer a 90 percent discount to women.The people who are the most upset by this seem to be searching for controversy where there is none...read more

Streak of bad news persists on Boardwalk

Atlantic City can't catch a break.The gaming market has seemingly been covered by dark clouds for much of the past six years. Last week's announcement that Revel Casino Resort, the Boardwalk's newest resort, was filing for bankruptcy less than a year after opening didn't shock anyone.Bad news has become expected.Atlantic City gaming revenues have declined more than 40 percent over the last six years...read more

Former poker champ Ferguson settles with federal prosecutors

Former World Series of Poker champion Chris Ferguson, whose career has been derailed for almost three years following the U.S. government's crackdown on Internet poker, has settled with federal prosecutors.According to court documents, Ferguson agreed to forfeit millions of dollars he earned as a founder and principal in Full Tilt Poker, one of three online gambling businesses whose access to American customers was cut off in April 2011 following a slew of criminal indictments.The eight-page settlement was signed by Ferguson and his attorneys and federal prosecutors on Tuesday...read more

How often can you expect to win one, two, or three bets at Let It Ride?

Question: A friend introduced me to Let It Ride on my last casino visit. I played for over three hours, at two different tables. I had very few winning hands. Neither did anybody else. The dealers said this was unusual. Were they telling the truth, or is this game just hard to win?Answer: Let It Ride has what the casinos call a low "hit rate." But this is counterbalanced by the fact that most losses are a single betting unit, while wins are typically multiples of the base wager...read more

MGM Resorts chairman won't rule out selling Las Vegas properties

LAS VEGAS -- MGM Resorts International Chairman Jim Murren said the casino operator wouldn't be opposed to selling one or more of its properties in Las Vegas or elsewhere if the numbers were to pencil out."We have no plans, but I wouldn't rule it out," Murren said Wednesday in an interview following the company's fourth-quarter earnings conference call...read more

IGT, shareholder group tout findings of independent firm in proxy fight

LAS VEGAS -- A proxy voting advisory firm has recommended shareholders of slot machine giant IGT - International Game Technology re-elect five of the company's eight board members along with a candidate nominated by a dissident group of shareholders.Stockholders are on their own in deciding who should fill the other two seats on IGT's board as a proxy fight over control of the gaming industry's largest manufacturer draws to a close.Analysts from Institutional Shareholder Services issued its 31-page report late Tuesday after reviewing proxy statements from both IGT and a group headed by analyst-turned-investor Jason Ader and former IGT Chairman Charles Mathewson.The firm suggested shareholders reject IGT's entire slate of director candidates, but support five individually, including IGT Chairman Phil Satre, CEO Patti Hart and longtime IGT board member Bob Miller, a former two-term Nevada governor.ISS also suggested shareholders elect Daniel Silvers, a partner in Ader Investment Management and one of three candidates for the board nominated by Ader and Mathewson...read more