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Featured Articles Archive - Page 506
![]() Matusow's poker bio an honest, revealing read21 May 2009 Few ex-priests, rabbis or academic geniuses have made it big in cutthroat poker tournaments and cash games over an extended period of time. Some might have risen to the top but the nature of the game doesn't fit that mode. Mike (The Mouth) Matusow's bio clearly shows what this world is made of...read moreArticles by Howard Stutz
![]() Pansy Ho may fight NJ ruling21 May 2009 LAS VEGAS, Nevada –- Hong Kong businesswoman Pansy Ho isn't happy New Jersey's Division of Gaming Enforcement believes she's an "unsuitable" business partner for MGM Mirage.
In a statement released to media in Hong Kong and Macau, Ho hinted she might fight the decision.
"I and my advisers wil...read moreArticles by Howard Stutz
![]() MGM Mirage wraps up $2.6 billion restructuring20 May 2009 LAS VEGAS, Nevada –- MGM Mirage completed its $2.6 billion corporate restructuring effort Tuesday, the same day the company announced it would be involved in a $4 billion project to build and operate smaller, nongaming versions of the Bellagio and MGM Grand in Dubai.
The casino operator's restructuring plan is part of its efforts to help dig the company out from under its debt and leveraging issues.
The Strip casino giant sold 164.7 million shares of the company's stock at $7 a share on the New York Stock Exchange to raise $1.1 billion...read moreArticles by Howard Stutz
![]() AGA still believes in Stanley Ho20 May 2009 LAS VEGAS, Nevada –- His daughter may not be a suitable business partner in the eyes of New Jersey gaming regulators, but the American Gaming Association believes Stanley Ho should be honored at the Global Gaming Expo Asia next month.
Ho, the 86-year-old Hong Kong billionaire, will receive the Asia Visionary Award at the opening ceremony of the G2E Asia, scheduled for June 2-4 and the Venetian Macau.
The convention and trade show is the Macau version of the G2E that takes place in Las Vegas in November.
"As the global gaming industry continues to face one of the most challenging economic environments in recent history, the insights of top leaders and analysts will play an important role in helping industry professionals weather the storm," Frank Fahrenkopf Jr., American Gaming Association president, said in a statement.
Ho held the monopoly on Macau's casino concessions for more than two decades until Mainland China allowed new operators to enter the market...read morePlaying It Smart: Multi-line slots don't have to be complex19 May 2009 Picture a hypothetical old-time three-reel spring-and-ratchet slot machine. The kind with a handle and no computer. Say that each reel has 10 positions and can stop with equal probability at any of them. More, pretend that nine of the positions are marked "x" and one "o." And, posit that returns are 100-for-1 on three x's, 10-for-1 on two x's, and 2-for-1 on one x...read moreArticles by Howard Stutz
![]() MGM partner found unsuitable by NJ19 May 2009 LAS VEGAS, Nevada –- New Jersey gaming authorities have reportedly found MGM Mirage joint venture partner Pansy Ho, who has a 50 percent stake in the MGM Grand Macau, unsuitable and the casino operator needs to "disengage itself from any business association" with the daughter of controversial Hong Kong billionaire Stanley Ho.
In a filing this morning with the Securities and Exchange Commission, MGM Mirage said the New Jersey Division of Gaming Enforcement issued a report to the New Jersey Casino Control Commission on Monday...read moreTop-10 tips for planning your trip to the WSOP18 May 2009 Believe it or not, the 2009 World Series of Poker begins in 10 days. Last year after returning from a month in Las Vegas, the Casino City team presented our Top-10 reasons to attend the WSOP.
We're assuming that after you read the list you were swayed into actually doing it and heading to Las Vegas for this year's WSOP...read moreArticles by Howard Stutz
![]() Analyst says gaming stocks still risky18 May 2009 LAS VEGAS, Nevada –- One Wall Street analyst is still not convinced that MGM Mirage is out the woods, despite the company's recent financial maneuverings that saved the $8.5 billion CityCenter development and restructured its corporate financial picture.
Steven Kent of Goldman Sachs told investors a number of risks continue to persist surrounding the stocks of Las Vegas-based casino operators, including MGM Mirage, Las Vegas Sands Corp...read moreArticles by Howard Stutz
![]() MGM Mirage completes stock sale18 May 2009 LAS VEGAS, Nevada –- MGM Mirage placed 143 million shares of common stock on the market Thursday, almost double what the company had previously announced it was selling as part of an effort to raise $2.5 billion to resolve its debt and leveraging issues.
The financially struggling casino operator committed to its lenders that it would raise $1 billion from the stock sale and $1.5 billion from the private offering of senior notes secured by Bellagio and The Mirage.
MGM Mirage said it will use part of the offering's proceeds to repay at least $750 million under its senior credit facility and buy back some of its $14.4 billion in debt.
Deutsche Bank gaming analyst Andrew Zarnett said Thursday the company was taking the proper steps to address its leverage and liquidity issues.
"MGM Mirage now has ample financial flexibility, and more importantly, time to tackle its high leverage even though it is caught in the midst of a challenging fundamental environment," Zarnett told investors.
Shares of MGM Mirage fell almost 30 percent in value on Wednesday after the company announced its restructuring plan...read morePartyPoker Bets $105 Million on Return to U.S.13 May 2009 When the founders of PartyPoker decided to take the company public on the London Stock Exchange, they changed its name to PartyGaming, so they could offer gaming beyond their wildly successful online card room, PartyPoker.com. The June 2005 initial public offering was, to say the least, successful: Investors put a value on the company of $8.46 billion, greater than British Airways.
A little over a year later, the conservative Republican leader of the U.S...read more |
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