Featured Articles Archive - Page 493

Penn National remains interested in Strip

LAS VEGAS, Nevada -- Penn National Gaming made its intentions clear Wednesday -- the regional casino operator wants to acquire the bankrupt Fontainebleau project if it makes financial sense. During Penn's third-quarter earnings conference call with analysts, company executives addressed several questions surrounding its well-documented interest in buying a Strip resort. Penn has nearly $1.5 billion in cash available for an acquisition, the result of an aborted private equity buyout 15 months ago. Penn National Chairman and Chief Executive Officer Peter Carlino reiterated comments he has made on previous quarterly conference calls; the company is exploring all options on the Strip. "We believe in the future of Las Vegas," Carlino said...read more

Navegante picks up endorsement in Aqueduct bid

LAS VEGAS, Nevada -- Las Vegas-based Navegante Group picked up an important endorsement in its bid to operate a casino at the Aqueduct Race Track in New York City. The Minority Business Leadership Council of New York urging the governor to select Aqueduct Entertainment Group for the license...read more

CityCenter worth about half of building cost

LAS VEGAS, Nevada -- CityCenter is worth about half of what it cost MGM Mirage and Dubai World to build the massive Strip development, according to third-party valuation specialists. In a statement to investors Tuesday, in which MGM Mirage said it was writing down more than $1 billion related to CityCenter, the company estimated the value of its 50 percent ownership in CityCenter at approximately $2.44 billion...read more

How often can you expect a favorable hand at blackjack?

Most sophisticated blackjack buffs follow Basic Strategy in deciding whether to stand, hit, double down, split pairs, or surrender. Even acutely adept card counters introduce few variations to the rules – and, then, relatively infrequently...read more

Top-10 November Nine tidbits

10. Darvin Moon is a Luddite Main Event chip leader Darvin Moon, who holds nearly a third of chips in play, isn't part of the online poker generation. In fact, he's not really party of the technology generation. He doesn't email or text message...read more

McEvoy falls short in bid for Hall of Fame glory

Tom McEvoy fully admits that he's "deeply disappointed" he didn't make it into the Poker Hall of Fame this year. And he's not ashamed to confess that he strongly believes he belongs in the exclusive club. At the same time he is genuinely thrilled that his friend Mike Sexton will be inducted at the Hall of Fame ceremony in Las Vegas on Nov...read more

A gracious Mike Sexton is heading to the Poker Hall of Fame

Mike Sexton was sitting in a London hotel room late Wednesday night last week when he received a telephone call he'll never forget. Sexton was getting ready for bed on the night before his final table appearance in the PartyPoker World Open V when the phone rang...read more

More states betting on gambling

LAS VEGAS, Nevada -- Gaming has found a surprising benefit from the nation's continuing economic recession. State legislators and governors, facing the daunting reality of fixing multibillion-dollar budget shortfalls, view legalized gaming revenues as a means to shore up their deteriorating tax bases. Nearly a dozen states are considering proposals to add casinos or expand their current gaming structures...read more

MGM Mirage explores Hong Kong IPO

LAS VEGAS, Nevada -- MGM Mirage may join its rivals with a listing on the Hong Kong Stock Exchange. The Las Vegas-based casino operator, which owns 50 percent of the MGM Grand Macau, is exploring an initial public offering in the Asian market. MGM Mirage Chairman and Chief Executive Officer Jim Murren said Friday the company could use proceeds from the offering to enlarge the MGM Grand Macau or fund potential expansion opportunities in the Chinese gaming enclave. "If we could access the capital markets in Hong Kong, it could be very advantageous to us," Murren said. MGM Mirage operates the 600-room MGM Grand Macau, which opened in December 2007 at a cost of $1.25 billion, with Hong Kong businesswoman Pansy Ho, the daughter of Macau casino kingpin Stanley Ho. The company's relationship with Pansy Ho is being scrutinized by New Jersey gaming regulators because of her 88-year-old billionaire father, who international law enforcement authorities have alleged is tied to Chinese organized crime triads. "(An IPO in Hong Kong) has been on the radar from the moment the joint venture was set up," Murren said...read more

Murren says Wynn doesn't speak for enitire industry

LAS VEGAS, Nevada -- MGM Mirage boss Jim Murren doesn't mind that rival casino operator Steve Wynn made the rounds on cable television recently. Murren wants to be clear, however, that Wynn, the chairman of Wynn Resorts, isn't the voice for the entire gaming industry with his critical remarks on how the Obama administration is handling the economy and healthcare. "Never has...read more