Featured Articles Archive - Page 417

Lots of questions, few answers in online poker draft legislation

Since news broke Friday that Senate Majority Leader Harry Reid (D-Nev.) was trying to attach online poker legislation to a must pass bill, I've been asked two questions repeatedly: "Is Reid's online poker bill going to pass? And if it does pass, what will happen to Full Tilt and PokerStars?"And even though I've read a draft of the bill and talked to a number of stakeholders, my answer to both of those questions is the same: "I don't know."I don't know the answer to those questions, in spite of the fact the Las Vegas Sun has a weirdly worded quote from Reid saying it's not going to happen, but they're working on it...read more

Gaming analyst boosts MGM Resorts prospects

LAS VEGAS, Nevada -- Sterne Agee gaming analyst David Bain has given a boost to MGM Resorts International. In research note to investors, Bain upped his prospects for the Strip casino giant ahead of Thursday's release of Nevada's October statewide casino revenues by the Gaming Control Board. "Our checks with Nevada operators lead us to believe the report will show at least pockets of strength in terms of gaming volume, and not just win statistics," Bain told investors...read more

Caesars Entertainment gets mixed reviews from Fitch Ratings

LAS VEGAS, Nevada -- Fitch Ratings service offered a mixed view of Caesars Entertainment's capital structure, calling the Las Vegas-based casino operator "highly leveraged" but also having a "solid liquidity position." Fitch analysts said Caesars, which changed its name from Harrah's Entertainment last month, had a "weak free cash flow profile, deteriorating asset quality, a limited organic growth profile, and a poor near-term market exposure profile." However, Fitch analyst Michael Paladino said the company, which was taken private in a $29 billion buyout by private equity firm Texas Pacific Group and Apollo Management Group in January 2008, has taken steps to extend out maturity dates and repurchase portions of its debt. Fitch applied a series of ratings to the debt covering several of Caesars' various subsidiaries...read more

Betting "$32 across" in craps

Every so often, you'll notice a craps player who routinely avoids the Pass line and bets "32 across." This is actually a set of six Place bets: $5 each on four, five, nine, and 10 along with $6 each on six and eight. To be sure, the bet could also be in multiples of $32 – $64, $96, and so on...read more

Animosity threatens to spoil Maloof/Morton alliance

LAS VEGAS, Nevada -- Palms owner George Maloof and N9NE Group principal Michael Morton took part in the "Legends of Gaming" during the 2009 Global Gaming Expo, a panel discussion hosted by Union Gaming Group.They sat a few seats apart at the event inside the Playboy Club atop the Palms.Their partnership turned the Palms, with its trendy restaurants and nightclubs, into a place to be seen and where stars from Hollywood and professional sports partied the night away.Maloof and Morton recounted some business tips for the benefit of the gaming industry investors in attendance.Apparently, they are pretty good actors.According to recent court filings, Maloof hired attorney Donald Campbell a few months before the event to investigate Morton, his business partner who manages the joint venture overseeing the venues.Campbell, a former federal prosecutor, was asked to look into Morton's alleged "serial acts of misconduct, including both theft and embezzlement."Today, Maloof and Morton would like to throw each other off the top of the hotel's Fantasy Tower.They have traded lawsuits and countercharges over the past few months and the partnership appears headed toward a nasty unraveling...read more

Herbst Gaming expects to exit bankruptcy by next year

LAS VEGAS, Nevada -- The reconstituted Herbst Gaming is expected to exit bankruptcy by the end of the year as new management and owners focus on operating the casino company and slot machine route operator. The Gaming Control Board gave preliminary approval to the company's new makeup Wednesday during a hearing in Carson City...read more

Deal Me In: On the up-and-up

Dear Mark: You often talk about each pull of a slot machine having the same odds, regardless of its recent history. But somewhere along the line somebody has to make sure the machine does pay what it claims. Who does this? Richard M.Because this column is syndicated nationwide, Richard, accept a generalized, in-a-nutshell answer to your question...read more

Reid pursuing backdoor route for online poker legislation

According to several media reports, staffers for Senate Majority Leader Harry Reid (D-Nev.) are trying to build support for a bill that would license and regulate Internet poker in the United States. The goal, according to the reports, is to pass the legislation during this month's lame duck session of Congress.The Wall Street Journal reports that the bill is backed by large casino interests, and would allow only "existing casinos, horse tracks and slot-machine makers to operate online poker websites for the first two years after the bill passes."That language gives Caesars Entertainment (formerly Harrah's Entertainment), which owns the World Series of Poker brand, an early advantage in the U.S...read more

California senator attempting to halt Indian gaming expansion

WASHINGTON, D.C. -- Sen. Dianne Feinstein, D-Calif., has proposed changes in federal law that would make it harder for Indian tribes without land to open casinos. The changes proposed by Feinstein, California's senior senator, would make it tougher for tribes to take new lands into trust. The change could have implications for just about any tribe that wants to build a casino in an urban area. According to an article in the Sacramento, Calif.,-based Capitol Weekly, Feinstein's changes would force an Indian tribe to show both a "substantial direct aboriginal connection to the land" and "substantial direct modern one." Tribes have argued a historical connection to lands they wish to acquire and use for gaming...read more

Macau denies Las Vegas Sands application

MACAU -- Investors grew concerned Thursday that Las Vegas Sands Corp.'s ambitious Asian development plans were dealt a blow by the Macau government. The company voluntarily halted trading of shares of its Sands China subsidiary on the Hong Kong Stock Exchange after Macau authorities denied the company's application to build casinos on two Cotai Strip parcels. The news caused Las Vegas Sands' shares, listed on the New York Stock Exchange, to tumble more than 6 percent at one point Thursday after the company disclosed the action in a brief filing with the U.S...read more