Featured Articles Archive - Page 525

Another LV Sands exec resigns

LAS VEGAS, Nevada -- Las Vegas Sands Executive Vice President Brad Stone, who was overseeing construction of the company's $5 billion Singapore resort, has resigned. Stone is the second top executive to leave the casino operator this month. Stone, who also held the title of president of global operations and construction, told the company's board of directors on March 18 he was leaving. Las Vegas Sands President Bill Weidner resigned earlier this month under pressure and was replaced by Michael Leven, a longtime hospitality executive and a member of the board. Weidner and Stone worked together for the Pratt Hotel Corp...read more

IGT names new president, CEO

LAS VEGAS, Nevada -- International Game Technology named current board member Patti Hart as its president and chief executive officer late Tuesday, replacing TJ Matthews. Hart has served on IGT's board of directors since June 2006. Matthews formally resigned his positions as president and CEO of the Reno-based slot machine giant, but will continue to serve as chairman of the board. The action is subject to regulatory approvals and Hart expects to take over April 1. "While the industry is facing challenging economic headwinds, I am eager to take on my duties as the CEO and help maintain IGT's position as an industry innovator," Hart said in a statement. Matthews, 43, who joined IGT in December 2001, said he was looking forward continuing to serve as chairman. "In Patti, the CEO search committee saw a unique combination of executive-level management expertise, an intimate knowledge of IGT through her years of service on our board," Matthews said in a statement. Hart is now a director for Korn/Ferry International Inc...read more

MGM Mirage plans to finish CityCenter

LAS VEGAS, Nevada -- A day after being accused by its joint venture partner of mismanaging the $9.1 billion CityCenter development, MGM Mirage said a lawsuit filed by Dubai World was "completely without merit" and the casino operator plans to complete the Strip development. MGM Mirage attempted to quell nervous shareholders' fears after Dubai World, the investment arm of the Persian Gulf state, filed suit Sunday in Delaware Chancery Court asking for unspecified damages and seeking to be relieved of its obligations under the companies' August 2007 joint venture agreement. MGM Mirage Senior Vice President of Public Affairs Alan Feldman Tuesday e-mailed a statement from the company before trading opened on the New York Stock Exchange and tried to deflect Dubai World's claims that question the viability of CityCenter. "Dubai World is well aware of our written commitment to meet our funding obligations and that MGM Mirage has available cash to satisfy those obligations," Feldman said in the statement...read more

CityCenter partner wants out

LAS VEGAS, Nevada -- Survival of the $9.1 billion CityCenter development was questioned Monday when the investment arm of the Persian Gulf state of Dubai sued its partner, MGM Mirage, over concerns with the project's viability. Several analysts said the lawsuit, filed Sunday in Delaware Chancery Court, not only damages the 76-acre Strip development in the eyes of investors but sends negative signals on the financial health of MGM Mirage...read more

Gambling and the Law: Don't Finish This Book

There ought to be a law prohibiting anyone from writing a book about gambling who does not know how to make a bet. (There also ought to be a law against writing books if you can't write, but that is a different subject.) Gambling has been at the heart of many stories...read more

Top-10 betting facts from the NCAA Tournament

Paging Cinderella! Paging Cinderella! Where are you? That's the question many fans of the NCAA Tournament are asking this morning since the word "upset" was somehow left out of equation during the first two rounds of the Big Dance. It appears the selection committee has done a bang-up job this year because as we enter the Sweet 16 portion of the tournament, things have gone pretty much to form...read more

Herbst Gaming files for Chapter 11

LAS VEGAS, Nevada -- Herbst Gaming filed a prepackaged Chapter 11 bankruptcy reorganization plan Sunday that will result in the company losing ownership of its 15 casinos but retaining control of its Nevada slot machine route. Herbst Gaming Chief Executive Officer Troy Herbst said in a statement that the company previously negotiated an agreement with a majority of its secured lenders covering $847 million in total debt...read more

Progressive Gaming files to liquidate

LAS VEGAS, Nevada -- Progressive Gaming International, which saw substantially all of its assets sold to International Game Technology in a foreclosure sale in January, formally filed for bankruptcy liquidation this week. The company, which provided gaming systems and other technology to casinos, owes more than $5.6 million to unsecured creditors, according to a Monday filing with the U.S...read more

Deal Me In: Tutorial on casino management

Dear Mark: A friend at Lake Tahoe is a dual rate dealer. Since he broke his hip skiing, he can't reach the pass line on the craps table. While he recovers, he has been working "the Pencil." He is spontaneous and multi-tasks well. Can you elaborate on this position? Randy S...read more

Treasure Island sale gets final OK

LAS VEGAS, Nevada -- Phil Ruffin is doing MGM Mirage a favor, and it only cost him $100 million. Ruffin, 73, who was approved Thursday by the Nevada Gaming Commission to take over Treasure Island from MGM Mirage, said he altered his deal with the casino operator. Instead of paying $500 million up front in cash, Ruffin increased the amount to $600 million...read more