Featured Articles Archive - Page 509

MGM not in the clear just yet

LAS VEGAS, Nevada -- MGM Mirage may have rescued its massive CityCenter development from a potential bankruptcy, but saving the company from a similar fate is another matter. That was the assessment of Wall Street a day after the casino operator and its joint venture partner, Dubai World, agreed to a comprehensive plan to fully fund and complete the $8.5 billion CityCenter. Analysts believe MGM Mirage still needs to sell off one or several of its nine Strip casinos or its some of its resort holdings outside of Las Vegas in order to address its liquidity issues surrounding the company's $13.5 billion in long-term debt. As part of the deal reached to finance and finish City Center, MGM Mirage received a second waiver of the company's financial covenants from its lenders...read more

Ameristar Casinos has double-dose of good news

LAS VEGAS, Nevada -- Ameristar Casinos gave investors a double-dose of good news Wednesday. The Las Vegas-based regional casino operator reversed a first-quarter loss by increasing net income and earnings per share during the three-month period that ended March 31...read more

Funding agreement reached in CityCenter project

LAS VEGAS, Nevada -- MGM Mirage and Dubai World ended a 5-week-old public feud Wednesday by agreeing to a comprehensive plan to fully fund and complete the $8.5 billion CityCenter development. The agreement between the 50-50 joint venture partners ends speculation that CityCenter, one of the largest-ever privately funded construction projects in the United States, would end up in bankruptcy...read more

Minnesota orders block of online gambling sites

In an effort to block online gambling sites from Minnesota residents, the Minnesota Department of Public Safety Alcohol and Gaming Division (AGED) has asked 11 national and regional telephone and Internet Service Providers to prohibit Minnesota-based computers from accessing nearly 200 online gaming sites...read more

Wynn may buy back Bellagio

LAS VEGAS, Nevada -- Nine years after selling Mirage Resorts to MGM Grand Corp., Steve Wynn may be looking to buy back some of the Strip properties he originally designed and built. Wynn, now chairman of the company that owns Wynn Las Vegas and Encore, told Bloomberg News on Tuesday he would be interested in acquiring casinos owned by debt-strapped MGM Mirage if the Strip casino giant is forced to sell some of its assets to pay down debt. "I'd be interested, if at the right price, whether it's Bellagio or Circus Circus," Wynn told the news service after speaking at the Milken Institute's Global Conference in Beverly Hills, Calif. However, he also emphasized that a transaction was not imminent. "It would be inaccurate to say a deal is in the works," Wynn told Reuters News Service. Wynn could not be reached by the Review-Journal to comment about his post-conference remarks. At the conference, Wynn spoke in optimistic tones about Las Vegas, where gaming revenues on the Strip have declined more than 18 percent through February. Wynn said the market has shown signs of "a bit of stabilization." Hotel occupancy at his resorts were in the 90 percent range, but visitors were still spending less while room rates were at some of their lowest levels ever. "The booking window has gotten longer...read more

Draft of California online poker bill leaked

As has been rumored for months, California is once again considering whether or not to introduce legislation that would regulate online poker in the Golden State. But the big mystery right now who is doing the considering. A piece of draft legislation dated Jan...read more

Playing It Smart: Explaining the house edge in double-zero roulette

Most big casinos have a "single-zero" ("European") roulette table or two, along with a cluster of "double-zero" ("American") games. Minimum wagers are usually higher on the single-zero version but edge is less by a factor of nearly two (an exception will be cited later)...read more

Frank to introduce online gambling bill next week

Rep. Barney Frank told the Reuters Global Financial Regulation Summit on Tuesday that he would introduce legislation designed to repeal the UIGEA next week. "We'll be introducing it next week and I plan to move on it," Frank said according to a Reuters report on the story...read more

Pinnacle could close Reno casino

LAS VEGAS, Nevada -- Pinnacle Entertainment might close its Reno-area casino unless the property starts turning a profit. During the company's first-quarter earnings conference call Friday, Pinnacle Chairman and Chief Executive Officer Dan Lee, in response to a question about a quarterly loss at Boomtown Reno, said he would rather close the property than lose money on an annual basis. Boomtown Reno is the only Nevada casino that Las Vegas-based Pinnacle operates. "I don't want to close it," Lee said of the 318-room Western-themed hotel casino...read more

LV Sands might sell Macau casino

LAS VEGAS, Nevada -- Las Vegas Sands Corp. may be considering selling its Sands Macau but would still operate the casino on a lease-back agreement. The South China Morning Post in Hong Kong cited unnamed sources in a report Monday but didn't name a buyer...read more