Featured Articles Archive - Page 484

Gaming industry passings noted

LAS VEGAS, Nevada -- The passing of three individuals who contributed tremendously to the gaming industry since the 1970s needs to be noted. Bill Velardo, 55, who started his gaming career in 1976 as a blackjack dealer at Caesar's Palace, died on Nov...read more

Gaming officials keep eye on Dubai

LAS VEGAS, Nevada -- State gaming regulators, who licensed Dubai World last month to share in revenue from the soon-to-open Aria's casino, are closely watching the financial maneuvers of the Persian Gulf emirate's investment arm as it deals with a potential default of some $60 billion in debt. If there is a change in control of Dubai World, the entity could again be called forward for licensing by Nevada. Gaming Control Board Chairman Dennis Neilander said the state would have concerns if there is a management shake-up in Dubai World or any of the subsidiaries that were licensed because of the entity's 50 percent ownership in CityCenter. "We have staff looking at this situation and they are in touch with representatives of the Dubai World subsidiaries," Neilander said...read more

Sands China hurt by Dubai World trouble

LAS VEGAS, Nevada -- An initial public stock offering in a subsidiary of Las Vegas Sands Corp. hit a snag Monday when shares tumbled 10.2 percent on their first day of trading on the Hong Kong Stock Exchange. Still, Las Vegas Sands said it raised $5 billion in debt and equity financing in Asia and will use a portion of the proceeds to restart and complete construction of a resort and casino complex on Macau's Cotai Strip. In a statement, the company said it listed 30 percent of its Macau holdings through Sands China Ltd...read more

Gaming stocks mostly down in November

LAS VEGAS, Nevada -- Gaming stocks were sluggish in November as investors tried to judge the repercussions of third-quarter results and anticipate the effect the opening of CityCenter will have on the Strip. Only three of the nine gaming companies charted by Las Vegas-based financial consultant Applied Analysis saw an increase in their average daily stock prices in November compared to October. "The latest monthly performance within the gaming sector was impacted by the interpretation of recent third-quarter earnings reports, speculation about expansions domestically and internationally, and other industry news," Applied Analysis principal Brian Gordon said in a report to clients. The declining stock prices sent the monthly gaming index to a drop of less than 1 percent to close at 291.10. But the opening of the $8.5 billion CityCenter development looms large, especially for MGM Mirage, which owns 50 percent of the project...read more

First CityCenter property opens on Strip

LAS VEGAS, Nevada -- And so it begins. When the nearly 1,500-room nongaming Vdara hotel welcomes its first paying customers late tonight, the $8.5 billion CityCenter development moves into its operation mode. Finally. The Strip project will open in phases this month after more than five years of development and construction...read more

Top-10 poker pros who would not make a good WSOP commissioner

Last week we decided to have some fun and pick 10 poker professionals who we thought would make a good commissioner for the WSOP now that Jeffrey Pollack has stepped down. We realize that the WSOP has stated that it doesn't plan on replacing Pollack...read more

Questions surround WSOP after Pollack's exit

LAS VEGAS, Nevada -- World Series of Poker Commissioner Jeffrey Pollack said he wanted to explore new challenges when he resigned this month after four successful years at the helm of the tournament. Some wondered whether a high-stakes bluff was being played out. It seemed strange that Pollack, 45, would depart following the World Series of Poker's second-most lucrative event in its 40-year history...read more

CityCenter ready for debut after months of headlines

LAS VEGAS, Nevada -- In the 61 months between the announcement MGM Mirage was creating an urban metropolis on the Strip called Project CityCenter and Tuesday's planned opening of its first hotel, Vdara, the $8.5 billion development seemed to be on constant life support. Almost as soon as MGM Mirage imploded the shuttered Boardwalk casino on May 9, 2006, to clear a major portion of the CityCenter site, the project seemed to be shrouded in bad news. The recession, which led to the collapse of the credit markets, and other outside financial factors nearly derailed CityCenter, which saw its budget more than double beyond the initially announced $3 billion to $4 billion. The project came within hours of filing bankruptcy at the end of March, which would have halted construction and shelved the jobs of 8,500 construction workers...read more

Las Vegas Sands raises $5 billion for Macau

LAS VEGAS, Nevada -- Las Vegas Sands Corp. said today it raised $5 billion in debt and equity financing in Asia and will use a portion of the proceeds to restart and complete construction of resort and casino complex on Macau's Cotai Strip. In a statement, the company said it listed 30 percent of its Macau holdings on the Hong Kong Stock Exchange in an initial public offering that raised $2.5 billion, as well as $600 million in pre-IPO financing. Shares of the company, which began trading Monday morning in Hong Kong, tumbled 10.2 percent after Dubai World's possible default hurt investor confidence. Las Vegas Sands said it would use $500 million of the IPO proceeds, along with $1.75 billion in project financing, to complete the Cotai Strip site near the Venetian Macau that will house the combined Shangri-La, Traders, and Sheraton resort complex. "Our ability to add more properties to the Cotai Strip will enhance visitation from all parts of the Asia-Pacific region and significantly increase the overall length-of-stay in Macau," Las Vegas Sands Chairman and Chief Executive Officer Sheldon Adelson said in a statement. Construction of the 13.3 million square foot complex was halted a year ago when financing dried up and Las Vegas Sands ran into financial difficulties nearly having to file bankruptcy...read more

Why playing multiple spots at blackjack differs from playing one

Blackjack buffs who wager on multiple spots experience the game differently from solid citizens who bet on single hands. With the same total exposure, the erosive effect the of edge on each round doesn't change. It's the volatility that varies...read more