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Featured Articles Archive - Page 470
Deal Me In: Warranty service with a smile11 December 2009
Dear Mark: As a way of stretching your bankroll, you have stated that on some machines you don't need to play the full coin amount. For that reason, to save money, my wife will only play one coin on progressives like Megabucks. Did she misunderstand what you said? Cliff W.
Yes, Cliff, she did, but let's just call it a slight misinterpretation of what I wrote.
On some slot machines, I stated that it doesn't matter whether you play one coin, or the maximum, as playing the full amount gives you little more in the way of a payback percentage...read moreArticles by Howard Stutz
![]() Construction begins on Macau-Hong Kong bridge11 December 2009 LAS VEGAS, Nevada -- A massive automobile bridge linking Macau and Hong Kong is expected to begin construction next week according to press reports from Asia.
The bridge, which would connect China's two largest Special Administrative Regions and the Zhuhai, will have three lanes in both directions and will feature a parking garage for 10,000 vehicles on the Macau side.
The Chinese government, along with the governments of Macau and Hong Kong, is jointly funding the bridge, which is expected to cost upward of $40 billion in Hong Kong dollars, which equates to about $5.164 billion in U.S...read moreArticles by Howard Stutz
![]() Nevada gaming revenue lowest in six years11 December 2009 LAS VEGAS, Nevada -- Visitor numbers in Las Vegas increased for the second straight month, but that wasn't reflected in the revenues produced by casinos on the Strip and statewide.
Nevada fell to its lowest single-month gaming revenue total in almost six years.
Gaming revenues were $800.3 million, an 11.6 percent decline compared with $904.9 million reported in the same month a year ago.
October marked the 22nd straight month of declining gaming revenues and was the lowest single-month figure since December 2003, when casinos collected $767.4 million.
Frank Streshley, chief of the tax and license division for the Gaming Control Board, which released the figures Thursday, said the month was disappointing because a year ago, casino revenues fell 22 percent statewide.
"Up to this month, based on comments from operators, we thought we were seeing some improvement," Streshley said...read moreArticles by Howard Stutz
![]() Tribal gaming revenue tight in 200810 December 2009 LAS VEGAS, Nevada -- American Indian casinos suffered a similar fate as their counterparts in Las Vegas during 2008 -- the recession played havoc with gaming revenues.
But unlike the Strip, Indian casinos enjoyed a slight boost in gaming revenues compared with prior years, although, the increase was not the double-digit jump that tribal casinos experienced between 1993 and 2006.
According to the Indian Gaming Industry Report, authored by economist Alan Meister of Nathan Associates, tribal casinos in 28 states collected $26.8 billion in gaming revenue in 2008, a 1.5 percent increase compared with $26.4 billion.
A year earlier, as the nation's economy began to slide, gaming revenues at Indian casinos grew 4.5 percent...read moreArticles by Howard Stutz
![]() Wynn CFO appointed to Nevada Economic Forum9 December 2009 LAS VEGAS, Nevada -- Wynn Resorts Chief Financial Officer Matt Maddox has been appointed to the Nevada Economic Forum by Gov. Jim Gibbons.
Maddox has worked for Wynn Resorts since 2002 in both Las Vegas and Macau. Prior to Wynn Resorts, Maddox worked for Bank of America and Caesars Entertainment.
The five-member Economic Forum established by the Nevada Legislature in 1993, meets just prior to the convening of he state's biennial Legislature to provide revenue forecast for use in adopting state government budgets.
"I believe Mr...read moreArticles by Howard Stutz
![]() CityCenter announces financing program for condo sales9 December 2009 LAS VEGAS, Nevada -- In an effort to close sales of its 2,400 high-rise condominiums, developers of the $8.5 billion CityCenter project said this morning it has selected a national mortgage company to finance purchases.
Also, MGM Mirage and Dubai World, which are 50-50 partners in CityCenter, will provide a seller financing program to well-qualified buyers.
Private National Mortgage Acceptance Company, known as PennyMac, will be a lending resource for buyers of condominiums and condo-hotel units at CityCenter's three residential offerings, Vdara, Veer Towers and the Mandarin Oriental...read moreArticles by Howard Stutz
![]() Jim Murren kept CityCenter on track8 December 2009 LAS VEGAS, Nevada -- The thing that seems out of place with Jim Murren is the backpack.
Murren, 48, spent 14 years as a Wall Street analyst and 11 years with casino giant MGM Mirage. For 10 years he held positions as the company's president, chief financial officer and chief operating officer, sometimes simultaneously.
Murren just completed a tumultuous first year as MGM Mirage's chairman and chief executive officer...read moreArticles by Howard Stutz
![]() "Poker Face" part of Palms advertising campaign8 December 2009 LAS VEGAS, Nevada -- The hit single, "Poker Face" by pop star Lady Gaga, will be featured in new advertising campaign for the Palms Casinos.
The Palms signed an agreement, which allows the casino exclusive rights to use the song for a television commercial that will also be shown online...read moreArticles by Howard Stutz
![]() Wall Street optimistic about slot makers8 December 2009 LAS VEGAS, Nevada -- Wall Street analysts came away from the last month's Global Gaming Expo with an optimistic view of Nevada's slot machine industry.
Whether or not that buoyant attitude translates into sales and increased revenues for the gaming equipment manufacturing sector is up for debate.
Still, analysts told investors in the days following G2E that they were more bullish on slot machine companies than ever before.
"Casino operators appeared more upbeat while walking the exhibit floor," Morgan Joseph gaming analyst Justin Sebastiano wrote in a research note...read moreArticles by Howard Stutz
![]() MGM banking on CityCenter high-rises8 December 2009 AS VEGAS, Nevada -- CityCenter residential officials believe last week's opening of the $8.5 billion project, coupled with a 30 percent price reduction implemented in October, will be enough of a catalyst to spur sales in the project's remaining high-rise condominiums.
It may have already begun.
Last week, 10 potential buyers laid claim to units inside the all-residential Veer Towers.
The sales figure might appear small and it was just one of CityCenter's three residential choices...read more |
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