Featured Articles Archive - Page 504

Nevada gaming revenues fall 13.8 percent

LAS VEGAS, Nevada –- Nevada gaming revenues sunk in June to their lowest single month total in almost five years. State casinos collected $818.2 million from customers during the month, a 13.8 percent decline compared with $949.3 million collected in the same month a year ago according to figures released this morning by the Gaming Control Board. The total, the lowest since July 2004 when casinos won $813 million, was the 18th straight monthly slide as the gaming industry continued to be hampered by the sagging economy. On the Strip, gaming revenues fell 14.8 percent during June to $414.5 million, compared with $486.4 million last year. Frank Streshley, chief of the control board's tax and licensing division, said June is traditionally a light month for gaming revenues...read more

Playing It Smart: Should you make progressive jackpot side bets on table games?

Side bets on table games, especially those with high progressive jackpots, are popular on both sides of the great casino divide. They offer: 1) solid citizens who prefer tables to slots shots at big scores for small bets; 2) jackpots high enough to be seductive while occasionally also giving current players an edge on their action funded principally from previous players' pockets rather than the bosses' bounty; 3) fat profits for casinos without patrons going bust quickly, or at all, such that they miss out on gratifying gambling experiences, win or lose. Caribbean Stud popularized the paradigm and set a pattern others now pursue...read more

CityCenter highlights sustainable activities

LAS VEGAS, Nevada –- MGM Mirage is highlighting the sustainability aspects of its $8.5 billion CityCenter development, scheduled to open in December. The casino operator, which owns CityCenter in conjunction with Dubai World, the investment arm of the Persian Gulf emirate, believes the 18 million square foot project will be one of the world's largest sustainable developments. MGM Mirage is pursuing the U.S...read more

More details emerge in LV Sands settlement

LAS VEGAS, Nevada –- The Review-Journal reported Aug. 1 that Las Vegas Sands Corp. agreed to pay three men $42.5 million to settle a lawsuit in June. In the casino operator's quarterly submission to the Securities and Exchange Commission that was filed Friday, more detail was revealed. Clive Basset Jones, Dax Turok and Cliff Cheong sued Las Vegas Sands and several subsidiaries in January 2006, saying the company breached an agreement to pay a success fee in an amount equal to 5 percent of the ownership interest in the casino operator's Macau gaming subconcession, as well as other related claims. On June 3, Las Vegas Sands settled the matter for $42.5 million, of which $12.5 million has been paid, according to the SEC filing...read more

Top-10 most memorable gambling-movie characters

It's only been in theaters for about two months, but something tells me that "The Hangover" is going to live in the memories of Las Vegas fans for years to come. "The Hangover" – a story about a bachelor party gone bad in Sin City – enjoyed the third-best opening for an R-rated comedy back in June and if you've seen it you know exactly why it is such a big hit. When and if we update our list of the Top-10 Gambling Movies of All-Time there's probably a pretty good chance that "The Hangover" will slip in...read more

Brandywine Bookmaking to run Delaware operations

LAS VEGAS, Nevada –- One Nevada gaming company will benefit from Delaware's move into legalized sports wagering. Brandywine Bookmaking, which owns Lucky's race and sports books, will run the operations at three racetrack casinos in Delaware. Sports betting will be confined to racetracks, which also have slot machines. The venture is a hometown opportunity for Brandywine President Joe Asher, who grew up in Delaware and worked at several racetracks...read more

Deal Me In: Those nickel machines just won't pay back in quarters

Dear Mark: I have a question regarding multi-denominational machines. Typically I play nickel video poker machines, but if I get ahead, I move up in denomination to quarters. Being that standalone machines normally have a higher percentage payback at higher denominations, does that also hold true when I switch denominations on multi-denominational machines? Larry B. The reason nickel machines have poorer payouts than quarters, and quarters less than dollars, is because the cost to maintain any machine — slot personnel, floor space, maintenance, etc.— is exactly the same...read more

Federal prosecutors file new charges in online gambling payment processor saga

A federal grand jury in New York has indicted a Canadian resident on conspiracy charges for bank fraud, money laundering and operating an illegal gambling business for allegedly processing payments for online casinos. According to the indictment filed Tuesday, Douglas Rennick has been "in the business of providing payment services for Internet gambling businesses through several companies under his control" and since 2007 has transferred more than $350 million "from a bank account in Cyprus to various United States banks in order to pay funds to gamblers in the United States." One of the companies that Rennick allegedly used to pay online gambling customers, Account Services, is already embroiled in legal trouble...read more

Lawsuits say IGT made false claims

LAS VEGAS, Nevada –- Four lawsuits seeking class action status have been filed against slot machine giant International Game Technology, alleging that executives from the Reno-based gaming equipment maker put out false statements about the company's financial prospects as its stock price tumbled in value. The lawsuits, filed in federal court in Nevada, address owners of IGT's shares from between Nov...read more

Ameristar profits fall 16 percent

LAS VEGAS, Nevada –- Ameristar Casinos strengthened its balance sheet in the past few months, but budget-conscious customers didn't spend as much on gambling and other activities during the second quarter. Las Vegas-based Ameristar, which operates casinos in regional markets, said its profit for the quarter ended June 30 dropped 16 percent compared with a year ago...read more