Featured Articles Archive - Page 465

Wynn to give wife half of his stock in divorce

LAS VEGAS, Nevada -- Wynn Resorts Ltd. Chairman Steve Wynn will transfer half of his stock in the Las Vegas-based casino operator to his wife, Elaine, as part of their divorce settlement, but he isn't relinquishing control of the company. According to a filing Wednesday with the Securities and Exchange Commission, the casino billionaire will transfer more than 11 million shares of the company's stock, valued at some $741 million, to Elaine Wynn, a member of Wynn Resorts board of directors who was re-elected to a three-year term in May. Steve Wynn and Elaine Wynn separately will each retain about 9 percent ownership in the outstanding shares of Wynn Resorts, which are traded on the Nasdaq National Market. The transferred shares were previously communal property. Aruze USA Inc., a subsidiary of a Japanese gaming company, controls 19.9 percent of the outstanding shares in Wynn Resorts and is the casino operator's largest shareholder. Under an amended shareholders agreement, Aruze and the Wynns will vote their shares together on matters coming before the board, constituting 37.9 percent of the company's outstanding shares. Wynn Resorts officials declined comment on the matter. In August, Steve and Elaine Wynn sold 2 million shares of the company's common stock at $57 a share because of the "anticipated change in their marital status." The couple filed for divorce March 5 in Las Vegas, and the case was sealed the same day. Wynn Resorts stock closed at $66.96 on Wednesday...read more

Isle of Capri to take over Greektown in Detroit

LAS VEGAS, Nevada -- St. Louis-based regional casino operator Isle of Capri Casinos will take over management of the bankrupt Greektown Casino in Detroit. The casino had been managed by the Las Vegas-based Fine Point Group, whose contract expired on Dec...read more

Pennsylvania table game vote could come this week

LAS VEGAS, Nevada -- Pennsylvania's governor is giving state lawmakers until Friday to reach an agreement on legalizing table games, and he's holding the jobs of 1,100 state workers as hostage. Gov. Ed Rendell said he needs the tax revenues generated by Pennsylvania casinos to balance the state budget...read more

Analysts upgrade Wynn, Las Vegas Sands

LAS VEGAS, Nevada -- Wall Street analysts upgraded the prospects of two Las Vegas-based casino operators based on the companies' holdings in Macau. Simultaneously, Macau media reported gaming revenue in the Chinese gambling market jumped 48 percent in December. The news sent shares of Wynn Resorts and Las Vegas Sands Corp...read more

Small casinos see recession as real adversary

LAS VEGAS, Nevada -- Brad Fredella, general manager of the Stetson's Saloon and Casino on the Boulder Highway, doesn't consider neighboring large casinos such as Sunset Station, Green Valley Ranch Resort and the Fiesta Henderson as his competition. With 69 slot machines and an eight-seat race-and-sports book, Fredella said, Stetson's doesn't worry either about the 15-slot machine bars and taverns that populate the areas around downtown Henderson. The recession is his main adversary. Like many small businesses that depend on the depleted discretionary spending of consumers, Fredella tries to find ways to keep his customers returning. Value in Stetson's gaming and nongaming offerings continue to be the key. "I'm not in the position to give away $20,000 in a cash drawing or cars or boats or trips like the big casinos," Fredella said...read more

Aqueduct casino decision may be near

LAS VEGAS, Nevada -- We've heard this before: New York Gov. David Paterson hopes to select a casino operator for the Aqueduct Race Track "in the next week or so." According to New York media, the state is nearing a deadline if hopes to have a contract in place with the operator of a planned slot machine-only casino at the New York City raceway by March 31. The racino operator is expected to pay the state up-front fees of $200 million. Paterson said he may be forced to announce his choice sooner rather than later if legislative leaders can't come up with a preferred candidate. The process has been in the works for almost a year. Five groups, all partnered with different casino operators, are in the running to operate an Aqueduct racino with 4,500 slot machine-like video lottery terminals. Casino operators still in the mix are Harrah's Entertainment, Hard Rock, Navegante Group, MGM Mirage and Penn National Gaming...read more

Gazing ahead at gaming in 2010

LAS VEGAS, Nevada -- Gaming news in 2009 wasn't boring. It also wasn't positive. Other than the opening of the $8.5 billion CityCenter -- which remains an ongoing story in 2010 -- the industry struggled with the economy, diminished revenues and bankruptcies. So what does 2010 hold? Certain stories that unfolded last year will continue to play out over the next 12 months. It will be several quarters before we have a grasp on how the 4,004-room Aria inside the MGM Mirage-owned CityCenter impacts the Strip and the company's other casinos. One measure of CityCenter's progress, however, will be MGM Mirage's success in closing condominium sales starting in this month. We may get a handle on the future of the bankrupt Fontainebleau this month. The 3,889-room unfinished project will be auctioned off in a Miami courtroom in three weeks...read more

Gaming stocks down for the month, up for 2009

LAS VEGAS, Nevada -- December wasn't the best of months for the publicly traded gaming companies. But compared to where their stock prices stood a year ago, 2009 turned out to be a rebound year for most of the sector. The average daily stock prices of the seven casino companies and three slot machine manufacturers charted by Las Vegas-based financial consultant Applied Analysis all fell in value during December when compared to November. However, when looking at the average daily prices at the end of 2008, eight of the nine companies significantly increased their price per share. Three companies -- Bally Technologies, Ameristar Casinos and Las Vegas Sands Corp...read more

Station Casinos sets odds on Tiger win

LAS VEGAS, Nevada -- It took all of a few hours for the strangest proposition wager of 2010 to be offered at a Las Vegas sports book. Station Casinos has placed odds on golfer Tiger Woods winning a PGA tournament this year. Woods, the world's top golfer, has said he is taking a break from the sport to focus on his marriage after his admitted infidelity made him the subject of tabloid news and cost him lucrative sponsorships. Station Casinos Vice President of Sports Book Operations Art Manteris doesn't think Woods will stay away for long...read more

Are you confused by Basic Strategy for Spanish 21?

Author's note: I recently found an unauthorized translation of one of my blackjack articles on a Spanish Internet website. Google offered to show it in Spanish, or to translate the Spanish back to English using an automated program of some sort...read more