Featured Articles Archive - Page 311

Gaming stocks end 2012 on high note

LAS VEGAS -- Gaming stocks were oblivious to investor worries that the lack of a year-end agreement in Congress to avoid wide-ranging tax increases and spending cuts would push the economy over the edge.The sector closed out 2012 on a positive note in December.Of the 12 gaming companies followed by Las Vegas financial adviser Applied Analysis, 11 showed marked increases in their average daily stock prices during the month.Eight of the companies finished 2012 with a higher average daily stock price than in 2011.Applied Analysis principal Brian Gordon told the firm's clients Monday in a research report that investors believed a compromise would likely take place in Congress concerning federal revenue enhancements and other measures."Uncertainty remained a dark cloud on equities, including gaming companies, but the overall impact appears to be modest throughout the month," Gordon said.Casino operators Las Vegas Sands Corp...read more

Top-10 New Year's gambling resolutions for 2013

The end of one year and the beginning of another is always a great time for reflection. New Year's Day is a time to aspire to be a better person. For me, some of those aspirations are related to bets I might make, or betting opportunities I haven't taken in the past...read more

Labor leader climbed ladder

LAS VEGAS -- Geocanda Arguello-Kline arrived in Miami in 1979 at the age of 24 as a political refugee from Nicaragua looking to escape the war-torn Central American country's revolution.She had a small child and few job prospects.Fast-forward to today and Arguello-Kline, who drove trucks in South Florida and made beds in downtown Las Vegas hotels, is now one of Nevada's top organized labor officials.Earlier this month she was elected the leader of Culinary Workers Local 226, the state's largest union.Arguello-Kline spent seven years as a hotel housekeeper at the Fremont Street hotel-casino originally known as the Sundance...read more

Chances weak for online gaming

A year ago this past Sunday, the Justice Department gave Internet poker proponents an early holiday present.Politicians and gaming interests turned the gift into a lump of coal.Senate Majority Leader Harry Reid ended debate Dec. 14 on a bipartisan online gaming bill in Congress.The move, which wasn't unexpected, pushed the U.S...read more

Investor community reacts positively to Pinnacle's $869 million deal to acquire Ameristar

LAS VEGAS -- The investment community had a favorable reaction to Pinnacle Entertainment, Inc.’s surprise announcement that it would acquire regional gaming rival Ameristar Casinos, Inc. for $869 million.The merger will create a regional gaming giant with 17 properties in nine states.Shares of Pinnacle rose more than 20 percent on the day of the announcement.Fitch Ratings Service gaming analyst Michael Paladino said gave the deal a positive outlook, reflecting the company’s overall favorable view of the transaction for Pinnacle.“This transaction is consistent with our overall sector outlook, in which we indicated that gaming operators have turned their focus to generating returns through growth and capital-allocation initiatives,” Paladino told investors...read more

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