Featured Articles Archive - Page 312

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

Revenues, profits rise for SHFL Entertainment

LAS VEGAS -- SHFL Entertainment grew revenues and profits over the fourth quarter and all of fiscal 2012 and the gaming equipment supplier awarded its chief executive with a contract extension.Las Vegas-based SHFL, formerly known as Shuffle Master, announced Monday revenue grew 12 percent to $73.6 million in the quarter that ended Oct...read more

Paris to host 2013 World Series of Poker Europe

The 2013 World Series of Poker Europe will take place in Paris inside the oldest casino in France.Tournament officials announced Monday the seventh annual event will take place Oct. 11-24 in the lakefront Casino Barrière d'Enghien-les-Bains in greater Paris.The casino has gone through several remodeling projects and includes a large convention facility to handle the tournament and a 500-seat theater to host the televised final tables...read more

IGT confirms Megabucks winner at M Resort

LAS VEGAS -- A gambler wishing to remain anonymous hit the statewide Megabucks slot machine jackpot, totaling more than $17.3 million, over the weekend at M Resort.International Game Technology officials confirmed the jackpot Monday.M Resort officials posted notice of the win on the hotel-casino's Facebook page.IGT operates the Megabucks system, which is located on slot machines inside casinos throughout Nevada.The slot machine player, who reportedly went to M Resort with a free play and food voucher, didn't realize he had won the top prize until another player pointed it out, according to IGT.In total, the customer won $17,329,817...read more

Bally's new CEO a familiar face who assures Wall Street of the company's continued success

Bally Technologies, Inc.’s new chief executive officer has been making the rounds with the analyst community, although Ramesh Srinivasan happens to be a familiar face in a new role.Srinivasan was named CEO last month, replacing Richard Haddrill, who will become the company’s chairman...read more

Top-10 gift calls on televised poker

My oldest child is almost six years old, and the anticipation of Christmas morning is growing to a fever pitch in our house. For kids, the best part of the holidays is receiving gifts. For most adults, the saying "'Tis better to give than receive" holds true...read more