Featured Articles Archive - Page 309

Las Vegas-based Pinnacle Entertainment to acquire rival Ameristar Casinos for $869 million

LAS VEGAS -- Regional casino operator Pinnacle Entertainment announced Friday it agreed to acquire rival Ameristar Casinos for $869 million in a merger between two Las Vegas-based companies.The deal, which is subject to regulatory approval in nine states, would more than double the size of Pinnacle Entertainment, giving the company 17 gaming properties plus one resort now under development...read more

Side bets: cheap at the price or expensive in the end?

Many casino table games now feature “side bets.” These long shots usually give the bosses a big edge. But they tempt players with huge progressive jackpots. And wagers are small relative to what must be risked for lower-edge, more regularly hit, smaller returns on the primary action.Caribbean Stud Poker affords a classic illustration...read more

Top-10 gambling miracles

In just a few days, depending on your religious beliefs, you may be celebrating perhaps the most remarkable miracle in our planet's history: the birth of Jesus Christ.While this isn't exactly a religious column, it seems like a good time to explore the 10 greatest miracles the gambling world has seen.10...read more

Regulators' chief signed onto Caesars system to see how it worked

LAS VEGAS -- The most surprising revelation to come out of the Nevada Gaming Commission and Control Board hearing Thursday into the licensing of Caesars Interactive Entertainment wasn't the company's eventual approval.Gaming Commission Chairman Pete Bernhard, the state's top regulator, said he signed onto the Caesars Interactive-owned Playtika social gaming website recently to familiarize himself with how the business operates.The commission approved Caesars Interactive, which is owned by Caesars Entertainment Inc., to operate an online poker website in Nevada under the World Series of Poker brand.The company, which won't launch the website until its European business partner 888 Holdings Plc is licensed in Nevada, becomes the 17th casino operator or technology provider licensed under the state's interactive gaming regulations.Caesars Interactive manages the promotion and advertising aspects of the annual World Series of Poker...read more

Affinity Gaming shareholder defends questioning of $300,000 payment

LAS VEGAS -- The president of Affinity Gaming's largest shareholder on Thursday defended his questioning of a $300,000 payment made to the casino operator's board chairman, telling the Nevada Gaming Commission and Control Board that the 2011 action was "very uncommon."James Zenni, whose Illinois-based private equity firm Z Capital Partners owns roughly 25 percent of Affinity, was found suitable along with his company by the commission to invest in Affinity.During the hearing, gaming commission member Joe Brown asked Zenni about his criticism of the payment to Affinity Board Chairman David Kornstein, who helped negotiate a three-way asset swap and sale between the company, Golden Gaming and JETT Gaming...read more

MGM Resorts raises more than $8 billion, completes "landmark refinancing"

LAS VEGAS -- Casino operator MGM Resorts International raised more than $8 billion in long-term financing during 2012 and expects to take a "substantial charge" in the fourth quarter related primarily to fees and other expenses associated with the refinancing transactions.In a statement Thursday the company, which operates 10 Strip resorts, including Bellagio, MGM Grand, Mandalay Bay, The Mirage and the CityCenter complex, completed what it termed a "landmark refinancing."MGM Resorts, which has more than $13 billion in long-term debt, said it entered into a $4 billion amended credit agreement, issued $1.25 billion in new debt and retired older debt."This transformational transaction has been executed earlier than original expectations and at extremely attractive rates," MGM Resorts Chairman Jim Murren said in a statement...read more

Imperial Palace fading into sunset of Strip redevelopment

LAS VEGAS -- The Imperial Palace Hotel & Casino officially disappears on Friday.That's when the Strip resort will officially be operating as the Quad, Caesars Entertainment Inc. announced Wednesday.Renovations of the 2,543-room hotel-casino began recently, and the changes are expected to be completed by late 2013.Interior and exterior renovations to the property already are underway, including the exterior facade, lobby and front desk area, casino and retail and restaurant levels...read more

Bally Technologies to supply VLTs to fifth Canada province

Slot machine maker Bally Technologies, Inc. signed an agreement Wednesday to provide the provincial lottery in Saskatchewan with 650 of the company's video lottery terminals.Terms were not announced for the contract, which was awarded after a competitive procurement process.Atlantic Lottery Corpora...read more

Poker player Lederer agrees to forfeit millions to settle civil lawsuit

Poker superstar Howard Lederer, facing a $42.5 million civil lawsuit filed by the U.S. Department of Justice over his leadership role with a tarnished online gambling company, agreed Tuesday to settle the case, forfeiting more than $2.5 million in cash and assets.In a stipulated settlement filed at the U.S...read more

Mirage President Felix Rappaport will resign

LAS VEGAS -- Felix Rappaport, president of The Mirage, announced on Tuesday plans to resign from his position, becoming the second MGM Resorts International Strip property high-level executive to leave the company this month.On Dec. 3, Aria President Bill McBeath resigned.In a memo to employees, Rappaport, who has been president of The Mirage since September 2010, said he was leaving the resort at the end of the year."This will be my first New Year's Eve off in more than 30 years," said Rappaport, 60, who didn't give any indication of future plans."While it is difficult to leave the company, I am enthused to be opening a new chapter in my life," Rappaport said...read more