Featured Articles Archive - Page 440

Online and land-based gambling worlds collide at GIGSE

MONTREAL -- The Global iGaming Summit & Expo (GIGSE) returned Tuesday after a two-year hiatus, gathering online and land-based gambling industry professionals for a "Pre-Conference Workshop" to discuss the future of the industry in North America.The first day of the conference drew a couple nice crowd of industry professionals to the Palais des congrès de Montreal, where delegates listened to an impressive roster of speakers who offered valuable insight into what may be in store in the future for the industry should the United States regulate the Internet gambling market at either the state or federal level.According to Michael Pollack, the managing director of the Spectrum Gaming Group and the chairman of the event, it's not a question of if, but rather when the U.S...read more

Isle of Capri interested in Missouri license

LAS VEGAS, Nevada -- Apparently there is interest in owning the soon-to-be-available St. Louis gaming license that Pinnacle Entertainment is abandoning in July. Some 15 groups and individuals, including regional gaming operator Isle of Capri Casinos, have sent letters of interest to Missouri gaming regulators. Las Vegas-based Pinnacle, which operates two St...read more

What edge does and doesn't tell you about chances of winning

House advantage or edge in casino games is related to the probability solid citizens will win or lose a round. The specific values are occasionally but not usually equal, however. To illustrate, edge on any bet at single-zero roulette is 2.70 percent...read more

Deal Me In: Pennies from heaven line the casino's pocketbook

Dear Mark: What's with all the penny machines? They seem to be everywhere. Where I play, they just took out half the table games and replaced them with penny slots. Paul M.Yes, Paul, penny machines seem to be laying claim to more and more casino real estate...read more

MGM Mirage reports net loss of $96.7 million

LAS VEGAS, Nevada -- MGM Mirage lost $96.7 million in the first quarter, news that was not a surprise to Wall Street after the company pre-announced earnings last month. The casino giant, which operates 10 Strip resorts, said this morning the net loss translated into a loss of 22 cents per share for the quarter that ended March 31...read more

IGT cuts ties with Digideal

RENO, Nevada -- International Game Technology is ending its relationship with electronic table game provider DigiDeal, allowing the smaller company to branch out on its own. The announcement Wednesday unwinds a 2007 transaction that established IGT as majority owner of DigiDeal and gave IGT exclusive rights to manufacture and distribute DigiDeal table games globally. Under the new manufacturing and distribution agreement, DigiDeal, which is based in Spokane, Wash., will now sell its products direct to customers. Within the next few months, the manufacturing and distribution agreement between the companies will be terminated and IGT will no longer hold an equity interest in DigiDeal. "We've had the benefit of working closely with IGT over the last three years, which has allowed us to mature as game designers and developers," DigiDeal Chief Executive Officer Michael Kuhn said in a statement...read more

MGM Mirage hopes for quick resolution to CityCenter feud

LAS VEGAS, Nevada -- While MGM Mirage isn't planning to publicly try its dispute with Perini Building Co. over payment of $500 million in CityCenter construction costs, company Chairman and Chief Executive Officer Jim Murren doesn't want to lose the perception battle either.Murren, during MGM Mirage's first-quarter earnings conference call with analysts and investors Thursday, briefly said he hopes the matter will be handled quickly in Clark County District Court.After the call, Murren said he understands MGM Mirage is facing the brunt of the criticism over the disputed payments, which has left dozens of small contractors and firms on the short end.Many of the firms not being paid are minority- or women-owned businesses that were brought into the CityCenter project by MGM Mirage as part of the company's diversity hiring program...read more

Gaming revenues from casino industry plummet again

LAS VEGAS, Nevada -- Americans have grown seemingly comfortable with the idea of having a casino in the neighborhood. But in 2009, they just weren't willing to spend as much on gambling as in the past. For the second straight year, gaming revenues produced by the nation's commercial casino industry tumbled as the recession caused gamblers to watch their wallets more closely. According to figures released Thursday by the Washington, D.C.-based American Gaming Association in its annual "State of the States" report, commercial casinos in 13 states collected $30.74 billion from gamblers, a 5.5 percent decrease compared to $32.54 billion collected in 2008. A year ago, the commercial casino industry saw revenues decline by 4.7 percent...read more

Vegas firm shows interest in Station Casino properties

LAS VEGAS, Nevada -- On the eve of what could be pivotal hearings in the Station Casinos bankruptcy case, a Las Vegas firm has entered the fray, expressing an interest in acquiring some of the company's small properties.Las Vegas-based Silver State Capital Advisors said in statement late Monday night it was interested in acquiring and managing Barley's Casino & Brewing Company, Gold Rush Casino, Lake Mead Casino, The Greens Gaming & Dining, Wildfire Casino-Boulder, Wildfire Casino-Lanes and Wildfire Casino-Rancho.Silver State said is working with its private equity partners to finance this acquisition.Silver State currently manages Club Fortune Casino in Henderson...read more

"Absolutely" says Hunter on new Sportsman Casino

Over the years since the Tunica casino complex became entrenched, many wannabe hopefuls have visited and dreamed of their casino sprouting up in the surrounding cotton fields and providing an endless flow of cash for their coffers. The problem was that the cash to open their glitter palaces was not in place and never would be as they sought to build their dreams with other people's money. Now comes along some Southern gentlemen who say they are going to build a casino and do it right...read more