Featured Articles Archive - Page 454

Merger binge could return to gaming

LAS VEGAS, Nevada -- The seemingly uncontrolled merger-and- acquisition activity that permeated the gaming industry a few years ago could soon return, although the purchase figures that resulted in ridiculously high cash flow-to-price multiples are a thing of the past. In a report to investors, Deutsche Bank gaming analyst Andrew Zarnett said bankruptcy sales and companies strapped for cash would flood the market the next two years with gaming assets at cheap prices. Corporate raider Carl Icahn has taken advantage of bankruptcy deals to buy the Tropicana Atlantic City for $200 million and the unfinished Fontainebleau, once priced at $3 billion, for $150 million. Zarnett, who has followed the casino industry for more than 14 years, said gaming companies piled on vast amounts of debt through private equity buyouts...read more

What's the source of the house advantage in blackjack?

Blackjack house advantage arises from double busts. Players who exceed 21 lose, even when the dealer subsequently also busts. In most casinos, dealers must hit totals 16 or below and stand on 17 or above, including those with ace valued at 11...read more

IGT's profit jumps 7 percent

LAS VEGAS, Nevada -- International Game Technology would have reported net profits for the second quarter that would have shocked Wall Street -- if only you subtract restructuring charges and the costs to close its Japanese operations. Instead, the Reno-based slot machine giant had to settle for a 7 percent increase in net income and a nearly 5 percent jump in quarterly revenues. For the quarter that ended March 31, IGT on Thursday reported net income of $35.9 million, or 12 cents per share...read more

Penn National profits down 11 percent

LAS VEGAS, Nevada -- Regional casino and racetrack operator Penn National Gaming said Thursday its first-quarter profit declined 11 percent from a year ago because of reduced consumer spending on gambling. The company reported net income of $36.2 million, or 34 cents per share, for the quarter ended March 31...read more

Deal Me In: A heap of small advantages has its value

Dear Mark: I don't quite get the theory that if you are a card counter, why you would bet more on a positive count. Doesn't the dealer have the same chances of getting a good hand as you do? Ric K.True, Ric, the likelihood of both you and the dealer getting high cards increases when the count is positive, but your advantage is greater because the rules of the game are not the same for dealer as they are for you.The last I heard, you get paid 1.5 to 1 on a blackjack, yet the casino only wins even money...read more

Right2Bet makes its GPWA debut

We're delighted to have the opportunity to start blogging for the GPWA and APCW. The organization has been a fine supporter of right2bet virtually since inception, with the two of us united in the belief that those who want to gamble safely and securely online, should be able to do so freely, be they in Europe or the US. At right2bet, we're campaigning for the right of all EU citizens to be able to bet with whichever licensed and legal European operator they choose...read more

Boyd files objections to Station reorganization plans

LAS VEGAS, Nevada -- Boyd Gaming Corp., which has been seeking to purchase all or a portion of Station Casinos for the past year, filed objections to its rival's bankruptcy reorganization plans Thursday, saying the proposed concept would diminish the value of certain properties, thus eliminating offers from potential bidders. Boyd is a creditor in the Station Casinos Chapter 11 bankruptcy proceedings through the purchase of some of the casino operator's debt. The company, which operates the Coast Casinos brand, said two plans submitted in the past month by Station Casinos allows members of the Fertitta family and their lenders to "cherry-pick" certain assets while "destroying any opportunity for fair bidding or plan process .....read more

Wynn considers moving company to Macau

LAS VEGAS, Nevada -- Steve Wynn's announcements usually draw lots of raves and praise from Las Vegans, but not this time. Local gaming and government officials instead were expressing skepticism and concern after the Wynn Resorts chairman said on a cable business network Wednesday that he was considering moving his company's corporate headquarters from Las Vegas to Macau. "I would say it's just talk...read more

Gambling and the Law: PartyPoker Bets $105 Million on Return to U.S.

When the founders of PartyPoker decided to take the company public on the London Stock Exchange, they changed its name to PartyGaming, so they could offer gaming beyond their wildly successful online cardroom, PartyPoker.com. The June 2005 Initial Public Offering was, to say the least, successful: investors put a value on the company of $8.46 billion, greater than British Airways. A little over a year later, the conservative Republican leader of the U.S...read more

Regulated online gambling industry would employ thousands and raise billions in U.S.

Licensing and regulating the online gambling industry in the United States would create 32,000 jobs and generate $57.5 billion in tax revenues over the next five years, according to a study released by H2 Gambling Capital Tuesday. The study bolsters the case of Rep...read more