Featured Articles Archive - Page 414

MGM Resorts moves towards Hong Kong IPO

LAS VEGAS, Nevada -- MGM Resorts International took its first steps toward an initial public offering on the Hong Kong Stock Exchange by filing a proposed listing application this morning. In a filing with the U.S. Securities and Exchange Commission, MGM Resorts said that MGM China Holdings Ltd., a Cayman Islands company formed by MGM Resorts and Hong Kong businesswoman Pansy Ho, the company's joint venture partner in the MGM Grand Macau. The company said that if the proposed listing occurs, MGM China Holdings would control MGM Grand Macau. "There have not been any decisions made regarding the timing or terms of any such listing or whether MGM China Holdings Limited will ultimately proceed with such a transaction or whether the proposed transaction will ultimately be approved by the Hong Kong Exchange," the company said in its SEC filing. MGM Resorts has been contemplating an IPO on the Hong Kong exchange...read more

Top-10 most well-known pros never to win a WSOP bracelet

Golf fans are familiar with the moniker "Best player to never win a major." For years Phil Mickelson held that dubious distinction, until he finally broke through and won the 2004 Masters.A select number of poker players have held the distinction of "Best player to never win a World Series of Poker bracelet." Michael Mizrachi, Gavin Smith, Phil Laak and Gus Hansen were on that list...read more

Despite tough times, casinos bullish on expansion in New England

UNCASVILLE, Conn. — The running joke at the first New England Gaming Summit last week was the front-page headline announcing that the recession was over in that morning's USA Today.With the gaming industry still reeling from revenues far below numbers seen a few years ago, and the announcement a week earlier that the summit's host casino, Mohegan Sun, was laying off 475 people, it hardly seemed that the economy was growing again to most of the 200 people in attendance .But in spite of the rough patch that the industry is facing, speakers at the summit generally seemed very bullish on expansion of the industry, most notably in Massachusetts."We strongly believe that the current setbacks in our industry not withstanding, we need to continue to plan for growth that will occur as the economy eventually rebounds and spending increases," said Mitchell Grossinger Etess, president and CEO of Mohegan Sun.While the Massachusetts House, Senate and Governor Deval Patrick were unable to reconcile differences in proposed gaming legislation before the legislature went on recess prior to the November elections, all three were on board to expand gaming — including resort casinos."In 2011 we will revisit the issue because we have to revisit the issue," said Sen...read more

Elaine Wynn lands spot of Forbes list

LAS VEGAS, Nevada -- Divorce was profitable for Elaine Wynn. The ex-wife of Wynn Resorts Ltd. Chairman Steve Wynn landed a spot on the Forbes 400 List of Wealthiest Americans, due in large part to the monetary settlement that ended her marriage earlier this year. Elaine Wynn is one of eight Nevadans listed on the annual ranking...read more

IGT chosen to replace Quebec video lottery terminals

QUEBEC, Canada -- A Canadian province has awarded Reno-based International Game Technology a contract to replace at least half of the government-run video lottery terminals in an agreement analysts touted as one of the largest gambling equipment deals available this year. IGT will share the replacement of 12,000 VLTs in Quebec with Canadian-based Spielo, which will also provide Lotto-Quebec a central operating system for the games...read more

Landry's might make move into Atlantic City

ATLANTIC CITY, New Jersey -- The Golden Nugget name could return to Atlantic City's Boardwalk.Landry's Restaurants, which owns the downtown Las Vegas and Laughlin casinos, is reportedly trying to acquire the Atlantic City Hilton Casino Resort, which may be taken over by a bank that holds its mortgage.The Press of Atlantic City reported Houston-based Landry's might grab the resort if it is forced into receivership.U.S...read more

Penn National buys 50 percent stake in Texas racetrack operation

HOUSTON, Texas -- Penn National Gaming announced Wednesday it was forming a joint venture partnership with Texas racetrack operator Sam Houston Park which will give the regional casino operator 50 percent interest in two tracks and a planned track.Financial terms were not disclosed but Wall Street viewed the move as a preemptive strike should Texas move to legalize slot machines or full-scale gaming at the state's racetracks."Texas represents the largest untapped gaming market in North America," Stifel Nicolaus Capital Markets gaming analyst Steven Wieczynski told investors...read more

Deal Me In: When they say, "No thinking allowed," just smile

Dear Mark: Are there any secrets to winning at blackjack? Craig S.Secrets, Craig? Yes, and one that's been around for almost five decades: Counting cards.Counting cards is nothing more than wagering more money when the cards remaining in the deck are rich in 10s and aces...read more

Hard Rock chain owner says "Rehab" hurts image

LAS VEGAS, Nevada -- Are pool parties at the Hard Rock Hotel free publicity for the Hard Rock name? Or an example of "drunken debauchery" and excess that casts the Hard Rock name in a negative light?Owners of the Orlando-based Hard Rock Cafe restaurant chain have sued owners of the Hard Rock Hotel and Casino in Las Vegas over its name, saying the casino's party image has damaged the name enough to justify ending a 14-year-old licensing agreement.Lawyers for Hard Rock Cafe International Inc...read more

Microstakes player wins over $56,000 in PokerStars 50 billionth hand

PokerStars player 'tbvle' won the biggest $.02/$.05 no limit Hold'em hand in Internet poker history on Wednesday, claiming $56,140 in prize money on top of the $46.25 he won for taking down the hand.All six players at the six-handed table moved all-in before the flop, with tvbie's pocket queens having the best chance to win (about 41 percent)...read more