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Featured Articles Archive - Page 340

  • Latest Articles     3391 - 3400

 
Articles by Howard Stutz

Stratosphere parent trims net loss

23 March 2012
LAS VEGAS, Nevada -- Officials for the company that operates the Stratosphere Casino Hotel and Tower and the two Arizona Charlie's casinos reduced their net loss in the fourth quarter that ended Dec. 31.American Casino & Entertainment Properties, which also owns the Aquarius Casino Resort in Laughlin, on Thursday reported a fourth-quarter net loss of $7 million, compared with a net loss of $17.4 million in the same quarter a year ago.Net revenues in the quarter grew to $81.3 million, compared with $79 million in the fourth quarter of 2010.The Stratosphere's net revenue increased 8.1 percent on a 7.3 percent increase in casino revenue and a 22.1 percent increase in hotel revenue during the quarter.The company said renovated hotel rooms and a new player rewards program helped the resort increase average daily room rates and occupancy, casino revenues and food and beverage revenues.Net revenue at the Arizona Charlie's Boulder and Arizona Charlie's Decatur properties fell 24 percent in the quarter with most of the declines coming from decreased casino, and food and beverage revenues at the Boulder Highway property.Company officials said heavy promotional activity from competitors dominates the Las Vegas local market, which continues to be affected by high unemployment and declining home values.The Aquarius was hurt by construction along Laughlin's Casino Drive during 2011, the main road through the resort corridor...read more
 
Articles by Howard Stutz

Moody's: Las Vegas Strip gaining traction in recovery

20 March 2012
LAS VEGAS, Nevada -- The Strip is "gaining traction" in its economic recovery, but rising fuel costs could set back any financial healing in the market, an analyst for bond rating agency Moody's Investors Service said. In a report released Monday, Moody's gaming analyst Peggy Holloway said increased visitor volume and improving gaming revenues during 2011 have improved the prospects for casino companies that rely on the Strip for the bulk of their gaming revenues, including MGM Resorts International and Caesars Entertainment Corp. Last year, Las Vegas drew 38.9 million visitors, which neared the city's record of 39.2 million visitors in 2007...read more
 
Articles by Howard Stutz

Ameristar Casinos acquires Louisiana project

20 March 2012
LAS VEGAS, Nevada -- The acquisition of a proposed hotel-casino project in Lake Charles, La., by Las Vegas-based Ameristar Casinos all but assures the estimated $500 million development will be completed, analysts said Wednesday.The regional casino operator announced it had bought all of the equity interests of Creative Casinos, a company owned by longtime gaming executive Dan Lee, for $32.5 million.Lee was moving forward with Mojito Pointe, a hotel-casino complex on a 242-acre site under a lease from the Lake Charles Harbor & Terminal District adjacent to the existing L'Auberge du Lac, which is owned by rival regional casino operator Pinnacle Entertainment.Ameristar announced it would increase the scope of the development to 700 hotel rooms, expand the deadline to start construction by 120 days, to July 20.Analysts speculated Lee was having trouble securing financing for the Mojito Pointe, which had a $400 million budget...read more
 
Articles by Aaron  Todd
Articles by Aaron Todd

Top-10 innovations that changed casino gambling

19 March 2012
I started writing about the gambling industry in 2006, and over the last six years, there have been a number of developments that have revolutionized the industry, changing the way gamblers bet and the way games are played.But many of the industry's biggest changes and innovations came before I started writing about the industry...read more
 
Articles by Alan  Krigman
Articles by Alan Krigman

Why not all unresolved craps bets can be changed once they've been at risk

19 March 2012
Most casino bets are resolved by winning, losing, or pushing in every coup or round. After a push, money that’s been at risk can be recovered as well as increased, left the same, or decreased and bet again. Even-money “flat” bets on Don’t Pass, Don’t Come, Pass, and Come at craps may not be settled after a roll, yet are restricted as to what can be done with them once they’ve been up for grabs...read more
 
Articles by Howard Stutz

MGM Resorts raises $1 billion in unsecured 10-year bonds

16 March 2012
LAS VEGAS. Nevada -- MGM Resorts International issued $1 billion in unsecured 10-year bonds Thursday at the lowest interest rate the company has seen since 2007. The transactions marked the first time since the recession the company did not have to use its casinos as collateral. A source said the issuance was the largest unsecured bond offering accomplished in the company's history...read more
 
Articles by Mark  Pilarski
Articles by Mark Pilarski

Deal Me In: Brightening the cloudy slots scene

16 March 2012
Dear Mark: On a three-day casino trip, I was playing quarter slots and was down to my last $200 dollars. Instead of playing nickels, I played dollars, losing the remaining two hundred in just a few minutes. I thought that by increasing to dollars, especially on a machine with a sign above touting “best paybacks in the house,” I would get a better return...read more
 
Articles by Howard Stutz

Las Vegas the epicenter of madness

16 March 2012
LAS VEGAS. Nevada -- There was a time when Greg Devitt of California had to wake up at 3:30 a.m. just to secure a seat in the Caesars Palace sports book to watch the opening rounds of the NCAA Tournament.One year, he didn't tell his friend, Doug Roberts of New York, that sleeping in the sports book was frowned upon, especially at that time of morning."I kept on getting kicked awake by my friends every time security walked by," Roberts recalled.That was back in the 1990s.Today, the two friends, along with Kevin Frank of Cincinnati, command a spacious booth at Red Rock Casino, Resort & Spa, complete with its own television monitor and unobstructed view of the sports book's multiple large television screens.They won't leave that booth for much of the weekend."We won't see sunlight for a few days," Frank said.March Madness, the term used to describe the annual NCAA Tournament, has a much different meaning in Las Vegas.Resort operators and sports book directors say the first weekend of 48 basketball games, when the field of 64 teams is cut down to the Sweet 16, is one of the most lucrative wagering weekends of the year."The volume is tremendous," MGM Grand Las Vegas President Scott Sibella said...read more
 
Articles by Howard Stutz

Gaming industry staying away from Las Vegas Strip

13 March 2012
LAS VEGAS, Nevada -- The gaming industry has written off resort expansion along the Strip for the rest of the decade.The focus is on nongaming attractions, such as the $550 million Project Linq, which is being developed by Caesars Entertainment Corp...read more
 
Articles by Aaron  Todd
Articles by Aaron Todd

Top-10 betting alternatives to an NCAA bracket

12 March 2012
On Thursday, when the NCAA Division I men's basketball tournament begins, millions of Americans who haven't watched more than 10 minutes of college basketball this year will be watching tournament games with great interest.The reason? Brackets...read more

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