Featured Articles Archive - Page 454

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

Great Danes offer EU bettors glimmer of hope

Since we launched our campaign some six months ago, we've spent much of our time lamenting the goings on in Member States such as France, Holland, Poland and Germany as they continue to propose legislation which restricts the ability of their consumers to gamble freely, safely and securely. So it was with much pleasure that we received the news that Denmark were taking great strides to liberalize what up until now had been a closed shop...read more

Top-10 Kentucky Derby betting lessons

10. Pletcher can win the DerbyTodd Pletcher is one of the best trainers in the United States. He's right up there with Nick Zito, Bob Baffert and D. Wayne Lukas. But until Saturday, he had been 0-24 in the Derby. Now that Pletcher has won the Derby with Super Saver, it's time to give up saying Pletcher can't win the big one.9...read more

Did Steve Wynn criticize Sheldon Adelson?

LAS VEGAS, Nevada -- Did Wynn Resorts Chairman Steve Wynn take a veiled verbal swipe at his rival, Las Vegas Sands Corp. Chairman Sheldon Adelson, during his company's quarterly earnings conference call Thursday? You be the judge. In responding to a question about Wynn's plans for a hotel-casino on Macau's Cotai Strip, Wynn seemingly belittled Las Vegas Sands, where the company operates the massive Venetian Macau on the Cotai Strip and is expected to restart development on four additional Cotai hotel-casino projects later this year. "What I believe is missing from Cotai is a legitimate destination resort that has the one thing in China that is so scarce, and that is space," Wynn said...read more