Featured Articles Archive - Page 426

Nevada regulators recommend Cosmopolitan for license approval

LAS VEGAS, Nevada -- The $3.9 billion Cosmopolitan of Las Vegas won't be looking to compete for high-end gamblers with Wynn Las Vegas, The Venetian or MGM Grand when it opens to the public on Dec. 15.But state gaming regulators were told Thursday the once troubled property, which will finally be unveiled after more than five years of construction, would fill an important segment on the Strip when it opens with two-thirds of its hotel rooms."We believe there is an opportunity for the Cosmopolitan to operate in the upper tier of the premium luxury segment of the hotel-casinos in Las Vegas," Cosmopolitan Chief Executive Officer John Unwin told the Gaming Control Board in Carson City during a presentation and question-and-answer session that lasted more than 90 minutes.Unwin said the Cosmopolitan's casino would offer customers some credit play "comparable" to other casinos on the Strip...read more

Wynn softens stance on iGaming

LAS VEGAS, Nevada -- Maybe Harrah's Entertainment won't have to go at it alone. There seems to be a thawing in the ice-cold reception the casino industry once gave toward the notion of legalizing forms of Internet gaming. Harrah's is online wagering's most vocal proponent within the gaming industry. The casino operator backs a bill written by U.S...read more

Deal Me In: So, to shield her from embarrassment, I took the money

Dear Mark: My last time playing blackjack I happened upon a brand new dealer just out of dealer school. She was paying pushes, and even paid a couple losers. I took the money, but is it illegal to do so? Bob H. Let me guess, Bob. When she underpaid you, you were all over her derriere? Just sayin'.Most newbie dealers develop their knack for pitching cards by going to a local dealing school and then auditioning...read more

Nevada gaming revenues jump 11.5 percent in August

LAS VEGAS, Nevada -- Nevada gaming revenues jumped 11.5 percent in August, reversing a five-month slide and giving Las Vegas' largest casino operators a boost on Wall Street. The statewide increase was fueled by a 21.1 percent jump on the Strip, the fourth time in eight months Strip casinos either had a gaming revenue increase or were flat in comparison to the same month a year ago. Nevada casinos collected $944.5 million from customers in August, compared with almost $847 million in August 2009...read more

Penn National buys M Resort for $230.5 million

LAS VEGAS, Nevada -- Regional casino operator Penn National Gaming has acquired the 19-month-old M Resort for $230.5 million, the Wyomissing, Pa.,-based company announced this morning.In a statement, Penn National said it purchased all of the M Resort bank debt, plus $160 million of subordinated debt formerly held by MGM Resorts International, from Bank of Scotland, a unit of Lloyds Banking Group.M Resort was built by Anthony Marnell III and his family at a cost of $1 billion...read more

Why PokerStars abandoned Washington, and why others will too

Last week, PokerStars announced that it would block residents of the state of Washington from its real-money games. It was the first time that the world's largest Internet poker room has blocked U.S. residents from any state.The action stands in stark contrast to the company's response to the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA) in 2006, when it proclaimed that it would stay open to all U.S...read more

Is Full Tilt the next to leave Washington?

Last week, PokerStars announced that it would no longer allow residents of the state of Washington to play real-money games on its site. Full Tilt Poker, the world's second-largest Internet poker site, may soon be following PokerStars' lead.Full Tilt, designed and played by professional players Howard Lederer, Chris Ferguson and Phil Ivey, among others, has remained relatively quiet on the subject...read more

Gaming stocks see gains in September

LAS VEGAS, Nevada -- With two exceptions, the gaming sector had an upward bounce during September. Eight of the 10 publicly traded casino operators and slot machine manufacturers that financial consultant Applied Analysis follows for its gaming index experienced increases in their average daily stock prices during the month. The results helped the index achieve its highest level in nearly two years. Brian Gordon, a principal in Applied Analysis, said investors are bullish on the prospects for casino operators with properties in Asia...read more

MGM Resorts aims to pay off debt

LAS VEGAS, Nevada -- The chief executive of gaming giant MGM Resorts International said Friday signs are pointing toward an economic turnaround for its Las Vegas hotel-casinos, but any profits will go toward eliminating the $13 billion in long-term debt the company accumulated during the downturn. MGM Resorts Chairman and Chief Executive Officer Jim Murren said paying down debt has become the primary mission of the company, which operates 10 Strip resorts, including the giant CityCenter development. "As the parent of MGM Resorts, we are extremely focused on deleveraging this company," Murren said in an interview following a ceremony celebrating the 10th year of the company's corporate diversity initiative...read more

Former Pinnacle exec sees potential in Louisiana

LAS VEGAS, Nevada -- If you believe former Pinnacle Entertainment chief executive Dan Lee wants to acquire Louisiana's last available gaming license as a way of getting back at the company that forced his resignation nearly a year ago, think again. For Lee, it's simply an opportunity to make what he believes could be "a whole lot of money." Lee's newly formed Creative Casinos is one of four companies that submitted a bid for the state's 15th and final riverboat casino license. Ironically, the license belonged to Pinnacle and was intended for Sugarcane Bay, a proposed hotel-casino to be built adjacent to the company's flagship L'Auberge du Lac in Lake Charles...read more