Featured Articles Archive - Page 306

Nevada casinos lose a combined $1.21 billion in fiscal 2012

LAS VEGAS -- When does a net loss of more than $1.21 billion not seem so bad?When it's compared with a net loss of almost $4 billion in the previous year.Nevada's casino industry suffered through its fourth straight fiscal year net loss despite 4.4 percent growth in total revenues over the 12-month period, according to the annual Gaming Abstract, which the Nevada State Gaming Control Board Gaming Commission released Wednesday.The report compares revenues and income produced by casinos generating more than $1 million in gaming revenues during the fiscal year, which ended June 30.In 2012, the abstract included results from 265 casinos statewide...read more

IGT reports growth in most areas of its core business

Slot machine manufacturer IGT - International Game Technology, facing a looming proxy fight with its former chairman, said Tuesday it grew most areas of its core business during the first quarter.On a conference call with analysts, IGT Chief Executive Officer Patti Hart asked that questions be directed toward the company's first quarter results rather than the looming proxy fight...read more

Borgata parents could benefit if New Jersey legalizes Net bets

It hasn't been the best of times for Atlantic City.The question now is whether intrastate online gaming is the panacea that revives the Boardwalk.Union Gaming Group managing director Bill Lerner believes the state's Internet gambling bill sitting on Gov...read more

Top-10 ways to bet on hockey

The NHL season got underway on Saturday night after a four-month-long lockout. The lockout has created labor peace (we hope) and a 48-game shortened season. Hockey fans in North America and around the world celebrated the return of the game they love Saturday, and even beleaguered Toronto Maple Leaf fans like me could celebrate, if only for a night, as the Leafs beat the Montreal Canadiens 2-1 to open the season.Hockey isn't the most popular sport to bet on in the sportsbooks (brick and mortar or online), and there are several reasons for that...read more

There's free agency - even in gaming

LAS VEGAS -- If the casino industry were Major League Baseball, the current crop of big-name executives that have been cut loose since December would constitute a high-priced free-agent market.The only difference?These guys aren't going to see the Albert Pujols or Josh Hamilton-sized pay hikes shelled out over the past two years by the Los Angeles Angels of Anaheim.In the casino business, high-six-figure-a-year salaries are not in tremendous demand, especially on the Strip.The two highest-profile positions on the market are top executive jobs with Canadian-based Gateway Casinos in Vancouver, British Columbia, and the Seneca Nation of Indians, which owns casinos in upstate New York and Ontario, Canada."I'm telling these guys, there are only two or three jobs that pay in the $650,000- to $700,000-a-year range," said Mark Wayman, a gaming industry executive placement recruiter."And those big jobs? We're only seeing maybe two or three a year come open," Wayman said.The names in the current free-agent pool are somewhat surprising.In early December, Aria President Bill McBeath, who had been with the CityCenter flagship hotel-casino through its construction and opening, resigned to "step back and reassess his career goals," according to a statement from MGM Resorts International...read more

Nevada Gaming Control Board members travel to Macau on fact-finding mission

LAS VEGAS -- Nevada's three Gaming Control Board members traveled to Macau this week in an effort to re-establish the relationship with their regulatory counterparts in the world's largest gambling market.Nevada State Gaming Control Board Gaming Commission Chairman A.G...read more

What's the difference between taking bets "down" or "off" at craps?

Question: A long-time craps player told me to take my place bets "off on the next roll" but not "down" if one or both of the dice go off the table. He said shooters throw more sevens than normal in this situation. What's the difference between "off" and "down," and is there more chance of a seven when this happens?Answer: Taking bets "off" means leaving your checks on the layout but out of action...read more

Deal Me In: Slots held on a very short leash

Dear Mark: Before a machine is placed on the casino floor, who tests the machines to see if they are working properly? Brad H.Every gaming jurisdiction, Brad, has its own set of guidelines about testing the reliability of a slot machine before you get a crack at it.Being most familiar with Nevada, I can tell you that Nevada was but one of just a few states that maintained its own testing lab...read more

Loveman-led panel suggests sweeping changes to Social Security, Medicare

An association of influential chief executive officers, which includes Caesars Entertainment Inc. Chairman and CEO Gary Loveman, suggested several changes Wednesday to Social Security and Medicare that would protect both programs.Loveman, chairman for the Washington, D.C.-based Business Roundtable's health and retirement committee, outlined the recommendations during a news conference at the organization's offices...read more

Wall Street likes PokerStars deal to buy Atlantic Club, but what will New Jersey say?

Wall Street is sold on the parent company of online gaming giant PokerStars taking ownership of a downtrodden casino in Atlantic City.The question that remains is whether or not New Jersey gaming regulators will sign off on the deal.On Tuesday, Isle of Man-based The Rational Group, which owns PokerStars.eu and Full Tilt Poker, filed papers with the New Jersey Division of Gaming Enforcement, seeking approval to purchase The Atlantic Club - Atlantic City, NJ from Resorts International Holdings.There is now a 90-day period in which the Division of Gaming Enforcement will conduct an investigation and then report its findings to the New Jersey Casino Control Commission...read more