Featured Articles Archive - Page 435

Analyst questions Harrah's motives for regulatory filing

LAS VEGAS, Nevada -- A regulatory filing by Harrah's Entertainment to publicly list a billionaire investor's 9.9 percent stake in the company could test the waters for the privately-held casino operator's own initial public offering. KDP Investment Advisors bond analyst Barbara Cappaert told clients Harrah's won't receive any financial proceeds from the listing for New York-based hedge fund Paulson & Co., which acquired an interest in Harrah's in exchange for $710 million in debt. The S-1 filing with the Securities and Exchange Commission late Thursday was first thought to be a much-rumored initial public offering by Harrah's, which was taken private two years ago in a $29 billion private equity buyout. "So what does this mean for Harrah's?" Cappaert wrote...read more

MGM Mirage pays more CityCenter subcontractors

LAS VEGAS, Nevada -- CityCenter developer MGM Resorts International has settled overdue payments with 77 of the 233 subcontractors left holding the bag when the casino operator and general contractor Perini Building Co. began trading charges publicly and through court documents over who was to blame for problems with the $8.5 billion Strip project.In a filing with the Clark County District Court on Friday afternoon, MGM Resorts, which owns the massive Strip complex in a 50-50 joint venture with Dubai World, said it had paid $19.1 million to 23 subcontractors who worked on the various CityCenter projects...read more

Station, Boyd feud is real and compelling

LAS VEGAS, Nevada -- The gaming industry is fraught with feuds, real and perceived. For example, Steve Wynn versus Sheldon Adelson or Sheldon Adelson versus anyone who disagrees with him. A dispute between Boyd Gaming Corp. and Station Casinos executives, however, is real. Boyd's attempt to insert itself in Station Casinos' bankruptcy inflamed the situation...read more

Which numbers at craps are better to Buy than Place?

Some craps buffs wager directly on fours, fives, sixes, eights, nines, or 10s. They win if the dice show the selected values and lose on sevens. The makes odds against winning 6-to-3 (2-to-1) on fours or 10s, 6-to-4 (3-to-2) on fives or nines, and 6-to-5 on sixes or eights...read more

Bally Technologies sees net profit increase 54 percent

LAS VEGAS, Nevada -- Slot machine maker Bally Technologies said Thursday its net profit increased 54 percent in the fourth quarter thanks to the sale of its casino in Mississippi.Las Vegas-based Bally said its net income in the three-month period that ended June 30 was $51 million, or 89 cents per share...read more

Deal Me In: Does back-and-forth chip exchange happen?

Dear Mark: Can a casino change the paybacks on its slot machines instantly? I've heard they do it on busy weekends. You have said in the past they can't. Kelly D.Whoa now, Kelly, I never said that casinos couldn't change paybacks on their machines...read more

Deal Me In: Sound of silence

Dear Mark: Maybe it's me, but you just don't see or hear jackpots like in the past. But here's the interesting thing. The paybacks of where I play, according to Strictly Slots, which publishes slot returns percentages, are about the same. Any thoughts on this? Gerald C.Taking the slot paybacks reported by your state gaming commission and published by Strictly Slots at face value, consider, Gerald, that you are seeing and hearing fewer jackpots compared to yesteryear because most casinos today operate with ticket system machines...read more

Top-10 secondary casino card games

One of the great aspects of the casino is the variety of games people can play. It's not just poker, craps, blackjack and slots. Here are the top-10 secondary card games at the casino.10. Face-Up 21Face-Up 21 is an intense blackjack variation, with the premise being to beat the dealer without going over 21...read more

Harrah's loses $274 million in second quarter

LAS VEGAS, Nevada -- Privately held Harrah's Entertainment lost $274 million in the second quarter, blaming weak customer spending for the poor performance. The company's loss reversed a year-ago profit of $2.29 billion, which included a $4.3 billion pretax gain from debt extinguishment. Harrah's revenues for the three months that ended June 30 were $2.22 billion, a decline of 2.2 percent from $2.27 billion in the same quarter a year ago...read more

Station Casinos gets sale approval

LAS VEGAS, Nevada -- Station Casinos moved one step closer to emerging from bankruptcy intact Friday when a judge approved the sale of 11 casinos, land holdings and American Indian gaming contracts to a group backed by Fertitta Gaming for $772 million. "Today's outcome means that Frank and Lorenzo Fertitta, the family that founded the company and grew Station Casinos into the most popular locals' casino company, will remain in control of all of our wholly-owned properties, our tribal gaming partnerships, and our land held for future development," Scott Nielson, executive vice president of Station Casinos, said in a statement. "Everyone at Station Casinos is excited about this outcome and is ready to rededicate themselves to providing the friendly service, great value and overall entertainment experience that made Station Casinos the locals' favorite," Nielson said. The transactions are expected to close early next year. The locals gaming company filed for Chapter 11 bankruptcy protection a year ago with about $6 billion in debt. Bankruptcy Judge Gregg Zive did not need to hold a planned auction Friday because the only other qualified bidder that submitted a letter of intent, Boyd Gaming Corp., dropped out of the auction last week, complaining that the auction process was tilted in favor of insiders...read more