Featured Articles Archive - Page 327

Pinnacle Entertainment acquires bankrupt operators of Epic Poker League and Heartland Poker Tour

Las Vegas-based Pinnacle Entertainment, Inc., which is owed $2 million by the bankrupt Federated Sports + Entertainment, said Friday it acquired the company and its two poker businesses, the Epic Poker League and Heartland Poker Tour. Pinnacle, which operates six casinos in St...read more

IGT to repurchase up to $1 billion of the company's stock

Analysts applauded a decision by slot machine maker International Game Technology (IGT) to repurchase up to $1 billion of the company's outstanding stock over the next three-to-four years, saying the move reflects a confidence in business trends and could boost the value of the manufacturing giant. Investors seemingly agreed. Shares of IGT jumped 10 percent on the New York Stock Exchange following the announcement of the buy-back program before the markets opened Thursday...read more

Las Vegas Sands president signs contract extension

Las Vegas Sands Corp. President Michael Leven celebrated the birth of his sixth grandchild in April. After 2014, Leven will have much more time to dote on his newest grandson. The company announced Wednesday that Leven, 74, signed an extension to his employment agreement that will keep him at the helm of the casino operator until the end of 2014. By that time, Leven said, Las Vegas Sands would have his eventual replacement ready to step in. During 2013, the company's board of directors will begin the search for the next president...read more

East, West to flavor Nobu Hotel at Caesars Palace

David Rockwell says the beauty of Las Vegas is its constant reinvention.He would know.Rockwell and his New York-based Rockwell Group had a hand in creating the interiors at several Strip resorts, most recently The Cosmopolitan of Las Vegas and Crystals at CityCenter.On Monday, the architect described the Nobu Hotel at Caesars Palace as a "distinctly Japanese experience with a Western sense of luxury," all tucked within the Roman Empire-themed resort.The Nobu Hotel allows Rockwell and his team to take their 20-year relationship with Nobu, the restaurant operator with 25 locations on five continents, and bring that sensibility to a Strip hotel."We went back to the early thoughts of the restaurants and what sets them apart," Rockwell said...read more

A sports bettor's top-10 nightmares

It was a roller coaster weekend for sports bettors. Between the Belmont Stakes, which Didn't Have Another, and the Manny Pacquiao-Timothy Bradley boxing match, a lot of money changed hands. Both stories were a bit of a nightmare for some sports bettors, however. Most fight watchers thought Pacquiao dominated the fight, and when the judges announced a split decision in favor of Bradley, people with money on the line must have been shocked. In the Belmont, horse bettors had the opportunity to take advantage of lots of public money flowing in on I'll Have Another, giving other horses a lot of extra value...read more

Phil Hellmuth Jr. wins record-setting 12th career World Series of Poker event

Poker superstar Phil Hellmuth Jr. won his record-setting 12th World Series of Poker individual event championship bracelet early Monday morning at the Rio, further separating the self-described "poker brat" from his two closest rivals. Hellmuth topped a field of 309 players to win the $2,500 buy-in Seven Card Razz event to earn the gold bracelet and $182,793...read more

Exit of CFO Halkyard may create scramble for Caesars Entertainment

To use a cooking analogy, you don't want to the see your head chef fleeing the kitchen just as the appetizers are headed to a table of food critics. But that's exactly what took place at the end of May in the offices of Caesars Entertainment Inc. Chief Financial Officer Jonathan Halkyard is departing the casino giant after nearly 13 years for a similar position with power utility NV Energy. Halkyard, who held corporate finance and casino operations roles with Caesars and its predecessor Harrah's Entertainment before he was named CFO in 2006, is leaving when the company's expansion and financial initiatives are cooking on the stove...read more

Is 2012 the start of a new chapter in the poker career of Phil Ivey?

Phil Ivey quietly returned to the World Series of Poker this month after spending a year out of the limelight.His comeback Friday night was anything but understated.Ivey, who owns eight World Series of Poker individual event championship bracelets, was in position to win his ninth Friday night at the Rio, reaching the final table of the Seven Card Stud Hi-Low Split-8 or Better event.However, Ivey fell short, finishing seventh and earning $34,595.Still, his return created a buzz at the Rio during the 43rd annual tournament.Considered one of the best poker players on the planet, Ivey disappeared from the poker public following the April 2011 crackdown on Internet poker by U.S...read more

Why and how edge at blackjack changes during the course of a shoe

Probabilities in most casino games don’t fluctuate from round to round. The chance a pair of dice will land with a total of five is four out of 36, regardless of what’s been thrown since the onset of recorded time. Analogously at double-zero roulette, the prospects the ball will come to rest in a red groove on the wheel are 18 out of 38 on every spin...read more

Gaming regulators back IGT interactive game licensing

Executives for International Game Technology (IGT) told Nevada gaming regulators Thursday they are in preliminary talks with U.S. Department of Justice officials concerning wagers placed before 2006 by American gamblers with Entraction, a Sweden-based online gaming operator. The slot machine developer spent $115 million last year to acquire Entraction, an online poker operator in Europe with more than 4 million players. The discussion with the Justice Department did not stop the Gaming Control Board from recommending that IGT be licensed as a manufacturer and provider of interactive gaming systems under Nevada's newly created online gaming regulations. In fact, the company's move was praised by regulators. Control Board Chairman Mark Lipparelli explained that many Nevada gaming licensees may find themselves in similar situations in dealings with Internet gaming companies. Lipparelli said online casino operators may have accepted wagers from American gamblers and will have "imperfect histories" in the eyes of regulators. "A policy for perfection will eliminate everybody from the landscape," Lipparelli said. He commended IGT for taking "proactive steps" when it purchased Entraction, including decisions that put the company "at a competitive disadvantage" against other online casino operators. "This should be a signal to those who come next," Lipparelli said...read more