Featured Articles Archive - Page 295

Foxwoods reaches online gaming deal

The owner of North America's largest casino, Foxwoods Resort Casino, has agreed to work with the GameAccount Network to deliver online gaming solutions to the U.S. market, Casino City has learned.The Mashantucket Pequot Tribal Nation (MPTN), which owns and operates Foxwoods, is expected to announce the agreement today.The agreement includes both B2B and B2C components and will initially focus providing play-for-fun online gaming opportunities...read more

Why can you take 6X odds on some numbers at craps but not others at a 5X table?

Question: I played craps where the casino allowed five-times odds on the Pass line. On my first bet, the point was a six; I had $5 on the line and put down $25 odds. On my next bet, the point was a nine. I put down $25 odds but the dealer said it had to be an even amount – up to $30...read more

Penn National grows quarterly revenues, but profits decline

M Resort owner Penn National Gaming, Inc. said Thursday it grew revenues more than 8 percent in the first quarter, but saw year-over-year declines in net income and earnings per share.The regional casino giant, which announced plans recently to build an Indian casino near San Diego, said its overall revenues for the quarter that ended March 31 were $798.2 million, an increase of 8.4 percent compared with the first quarter of 2012.However, net income was $65.3 million, down from $78.6 million from a year ago...read more

Toronto casino passes first test, but still faces uphill battle

A committee of Toronto City Council members Wednesday approved a single casino-resort complex to be located in Canada’s largest city, but the proposal faces an uphill battle in front of the full panel.The development, which has drawn interest from MGM Resorts International, Caesars Entertainment Corp., and Las Vegas Sands Corp., is backed by Toronto Mayor Rob Ford.Ontario Lottery and Gaming Corporation suggested placing a casino in downtown Toronto, but the project needs approval from elected leaders and Toronto residents...read more

American Gaming Association selects new president

The American Gaming Association (AGA) on Wednesday named just its second president to lead the nearly 20-year-old Washington, D.C.-based organization that serves as the industry’s voice on Capitol Hill.Geoff Freeman, 38, who has 16 years of association leadership and public affairs experience, including the past seven years with the U.S...read more

MGM has grand plans with trendy plaza, sports arena

LAS VEGAS -- MGM Resorts International will spend $100 million to transform land along the Strip and surrounding the New York-New York and Monte Carlo resorts into an outdoor plaza and pedestrian mall with trendy shops, restaurants and a public park.The plaza will serve as a gateway into a 20,000-seat sports arena, which the company will build behind the two resorts with national arena developer AEG.The facades of New York-New York Hotel & Casino and Monte Carlo Resort and Casino will be renovated as part of the retail, dining and entertainment district...read more

Investment firm makes offer for Laughlin casino operator Archon Corp.

A Boston-based investment management company has proposed a $101.5 million buyout of Laughlin casino operator Archon Corporation.Esplanade Capital, which says it is the second-largest outside shareholder in Archon, proposed the buyout offer last month to Archon’s board of directors.The company offered $17.50 per share in a negotiated transaction for all 5.8 million shares of Archon, which owns the Pioneer Hotel & Gambling Hall in Laughlin; a 27-acre site on the north end of the Strip on which the Wet ’n’ Wild water amusement park once stood; and office buildings in Maryland and suburban Boston.However, Archon Chairman Paul Lowden, whose family owns more than 85 percent of the company, said Monday that he has “no intentions” of selling the business...read more

Chad Elie, convicted in Internet poker scheme, sues lawyer

LAS VEGAS -- The only Las Vegas resident charged in the federal government’s two-year-old “Black Friday” crackdown on Internet poker is suing his former attorney.Chad Elie, who is serving time in federal prison, said in a 22-page lawsuit filed in Clark County District Court that his former lawyer committed “professional malpractice” by misleading him about the legalities of processing poker business.Elie was sentenced to five months in federal prison after pleading guilty last year to charges of conspiring to commit bank fraud and operating an illegal gambling business.Elie reportedly helped facilitate payments between poker players on PokerStars and Full Tilt Poker and Utah-based Sun First Bank.He claimed in the lawsuit that he paid his attorney, Washington D.C.-based Jeff Ifrah, $4 million, including $1 million in commission payments from Elie’s payment processing company.Elie is seeking damages of more than $50,000 in the lawsuit but hopes to recover an “exact amount of which will be determined at trial.”After accepting his plea deal, Elie went public on his belief that he was a scapegoat in the Internet poker crackdown...read more

Top-10 observations from a charity casino night

From time to time, my wife informs me that she's hired a babysitter and we're going to a fundraiser for some cause in our town. I usually go begrudgingly, then am pleasantly surprised when I actually have a great time.But last week, there was no hesitation on my end when she told me about the latest event: Casino night to raise money for our son's school.Now this was a fundraiser I could get behind...read more

Penn National joining party in Indian gaming market

Penn National Gaming, Inc. is not the first commercial casino company to jump into the Indian gaming market.It probably won’t be the last.Tribal gaming operations and Nevada casino operators are finding coexistence.On April 5, Penn National said it would partner with the Jamul Indian Village of San Diego to build a $360 million hotel-casino on tribal land roughly 20 miles east of downtown San Diego...read more