Featured Articles Archive - Page 392

Full Tilt Poker claims Ivey owes site "a large sum of money"

The breakup between Phil Ivey and Full Tilt Poker appears to be mutual, but neither side is going away quietly. A day after Ivey announced he was suing the site — which owes American online poker players an estimated $150 million — the site gave a terse response, accusing Ivey of derailing the companies efforts to repay those players."In an effort to further enrich himself at the expense of others, Mr...read more

Gaming stocks show modest increases in May

LAS VEGAS, Nevada -- A smattering of good news coming from the gaming industry during May boosted the spirits of investors. Gaming stocks as a whole showed modest increases in their average daily prices during May, the fourth such occurrence in the first five months of 2011. In a report to clients, Las Vegas-based financial consultant Applied Analysis said the gaming industry seems to be rebounding from the nearly two-year-long recession. "Key tourism indicators continued to track upwards during the month, suggesting increased stability may prevail within the sector, particularly in Las Vegas," Applied Analysis principal Brian Gordon said. Growth in air traffic in and out of Las Vegas and increasing occupancy and hotel room rates, coupled with 13 straight months of increased visitation, have given a boost to publicly traded companies with holdings in Las Vegas. Eight of the 10 gaming companies followed by Applied Analysis for the company's index showed increases in their average daily stock prices. The index, which takes into account more than 300 market variables, grew to 493.08 points, a 1.5 percent increase over April and 48 percent higher than a year ago. Regional gaming operator Ameristar Casinos, which is headquartered in Las Vegas, saw its average daily stock price jump more than 17 percent, while the average daily share price of MGM Resorts International climbed almost 11 percent. MGM Resorts, which completed a listing of 20 percent of its Macau hotel-casino last week on the Hong Kong Stock Exchange, impressed investors by reporting improvement in revenue and its Las Vegas hotel operating statistics during the first quarter. On Tuesday, Jefferies & Co...read more

Ivey suing Full Tilt, says he will sit out WSOP

Phil Ivey, considered by many to be the best poker player in the world, has announced that he has filed a lawsuit against Tiltware, the software and marketing company behind Full Tilt Poker, and that he will not play any events at this year's World Series of Poker.The news comes as millions of Americans await payment from Full Tilt after the company stopped allowing U.S...read more

Victory Poker calls it quits, becomes affiliate marketing site

After a little more than a year in the online poker business, and just over a month after deciding to leave the U.S. market in the wake of the indictment of the owners of PokerStars, Full Tilt Poker and Absolute Poker, Victory Poker CEO Dan Fleyshman has decided to fold his online poker room and convert his site to an affiliate site for Cake Poker.Victory Poker players received an e-mail on Tuesday announcing that their accounts would become Cake Poker accounts as of June 1, and all funds, Gold Cards and Gold Chips and tournament tickets will be transferred."The brand will continue doing strategy, news (and) videos as an affiliate site," Fleyshman posted on his Facebook page...read more

MGM IPO raises $1.4 billion in Macau

MACAU -- A long-anticipated stock sale by MGM Resorts International on the Hong Kong Stock Exchange raised $1.4 billion in Asian markets Friday and left the Las Vegas gaming company with a controlling 51 percent stake in the MGM Grand Macau.The initial public offering, under the subsidiary MGM China, was priced at the top of its indicative range...read more

Crackdown on Internet sites could hurt WSOP

LAS VEGAS, Nevada -- Since Caesars Entertainment (formerly Harrah's Entertainment) acquired the World Series of Poker in 2004, participation at the annual tournament has grown almost 10-fold. The prize pool over the past five years is $861 million, more than double the total prize pool of the tournament's first 36 years.But this year's World Series of Poker, which begins Tuesday, kicks off under a cloud.The federal government's crackdown on Internet poker, beginning with the April 15 indictments that shut down the access of American players to three of the world's largest online wagering sites, could dampen attendance at the 42nd annual tournament.Event officials acknowledge that poker players, who can't retrieve funds they have on account with the shuttered poker websites, might be forced to stay home.No one wants to predict whether overall attendance will fall for the first time under Caesars stewardship...read more

Kassela hopes to repeat success in this year's WSOP

LAS VEGAS, Nevada -- Frank Kassela is a throwback among poker players.He didn't learn the intricacies of the game from a computer screen in the comfort of his own home, like many of today's Internet poker prodigies.Instead, Kassela, 43, picked up his poker skills at casinos in Tunica, Miss.The lessons paid off.Kassela earned the World Series of Poker's Player of the Year honor in 2010, winning two events and almost $1.26 million by cashing in six events.He attributed much of his success to a change in his style of play, as well as growing self confidence in his game and experience in live cash games.Kassela didn't sign an Internet poker sponsorship deal last year...read more

Top-10 storylines to watch for in this year's WSOP

The World Series of Poker gets underway in Las Vegas at the Rio All-Suite Hotel & Casino on Tuesday. Thanks to the indictment of the owners of PokerStars and Full Tilt Poker and the subsequent seizures of their sites’ domains, there are a myriad of questions about how the series will shake out...read more

Pinnacle to develop Vietnamese resort

HO CHI MINH CITY, Vietnam -- Pinnacle Entertainment, known for its hotel-casinos in Louisiana and St. Louis, surprised investors Thursday by becoming involved in a resort development in Vietnam.Las Vegas-based Pinnacle said it would spend $95 million to acquire a 26 percent interest in the company developing the Ho Tram Strip project, approximately 80 miles southeast of Ho Chi Minh City...read more

Station Casinos seeks control of Nevada casino

LAS VEGAS, Nevada -- Station Casinos Inc. today will ask a bankruptcy court judge in Reno to sign off on its plan to take control of Green Valley Ranch Resort, Spa and Casino.The Las Vegas-based gaming company last month filed a prepackaged Chapter 11 bankruptcy reorganization plan for Green Valley Ranch Resort and other joint ventures and subsidiaries as the company emerges from almost two years in bankruptcy.Station Casinos has said the filings are needed to complete the overall restructuring in which lenders and members of Station Casinos' founding Fertitta family are acquiring most of the properties out of bankruptcy.The new, postbankruptcy gaming company, Station Casinos LLC, will be owned by Deutsche Bank AG, JP Morgan, Fertitta Gaming and former bondholders.The Nevada Gaming Control Board and Nevada Gaming Commission will hold back-to-back hearings Thursday on relicensing of Station Casinos executives, along with approving plans for the company's 18 properties.Unsecured creditors of Green Valley Ranch Resort in Henderson, however, are challenging the sale...read more