Featured Articles Archive - Page 526

Cantor Gaming seeks small-scale slot-route

LAS VEGAS, Nevada -- Casino technology company Cantor Gaming acquired a Nevada holding company last year that included several gambling-related businesses. The deal gave Cantor a vast library of slot machine games and technology. But another aspect of the transaction was a small slot machine route operation. How small? Cantor Gaming, an affiliate of global financial services provider Cantor Fitzgerald, appears in front of the Nevada gaming regulators this week seeking approval to operate about two dozen slot machines in five Southern Nevada locations, including a laundry and the Moose Lodge. "The deal wasn't so much to get the slot route as it was to purchase 50 years of intellectual property," Phil Flaherty, a consultant to Cantor Gaming, said of last July's deal to acquire the assets and businesses belonging to Mickey Wichinsky. Cantor has been trying to bring hand-held mobile gambling devices into Nevada casinos...read more

Inverstor may help financially troubled CityCenter

LAS VEGAS, Nevada -- Los Angeles-based Colony Capital, which owns the Las Vegas Hilton and 75.9 percent of Station Casinos, could be bringing some much-needed cash to the troubled $8.7 billion CityCenter development, news reports say. The Wall Street Journal reported Wednesday that the real estate investment trust, which has investments in companies that operate casinos in Las Vegas, Atlantic City, the Midwest and in the South, is considering investing in the Strip project, which has another equity payment coming due in less than two weeks. MGM Mirage spokesman Alan Feldman said he couldn't comment on the report, and a spokeswoman for Colony's outside public relations firm also wouldn't comment. Station Casinos spokeswoman Lori Nelson said officials for the company were unavailable for comment on reports about Colony Capital's potential investment into CityCenter. A source told The Wall Street Journal, however, that Colony was in discussions with both MGM Mirage and Dubai World, 50-50 partners in the 76-acre Strip development...read more

Former BetonSports CEO pleads guilty

Former BetOnSports CEO David Carruthers pled guilty to racketeering conspiracy Wednesday in U.S. District court in Missouri in a case that has been on-going since July of 2006. The conspiracy resulted in a loss of between $7 million and $20 million and involved more than 250 victims, according to U.S...read more

Stock surge not seen in Vegas

LAS VEGAS, Nevada -- While the U.S. stock market recorded its strongest monthly gains in more than six years during March, the results didn't filter down to the gaming sector. The stock prices of major casino operators continued on a double-digit downward spiral in the month as liquidity issues and multibillion-dollar debt loads triggered fears among investors...read more

Proving Poker Is a Game of Skill

How can we make poker legal? The cleanest way is to get a statute passed through the state Legislature. In my book, "Gambling and the Law," I show how California became the draw poker capital of the world because the state enacted laws in the 19th century that outlawed specific games, like 21 and faro, but left draw poker off the list. Of course, there still can be problems...read more

Gambling and the Law: Proving Poker is a Game of Skill

How can we make poker legal? The cleanest way is to get a statute passed through the state legislature. In my book, GAMBLING AND THE LAW, I show how California became the draw poker capital of the world because the state enacted laws in the 19th century that outlawed specific games, like 21 and faro, but left draw poker off the list. Of course, there still can be problems...read more

Critics question Gaming Commission appointments

LAS VEGAS, Nevada -- When the two newest members of the Nevada Gaming Commission take their seats, four of the five members will be attorneys -- which is seemingly contrary to language in the statute that covers eligibility and qualifications of the regulatory panel's makeup. A spokesman for Gov...read more

What's the course for LV Sands?

LAS VEGAS, Nevada -- Analysts are starting to wonder whether Las Vegas Sands Corp. is playing out its last hand or is about to put a bad beat on the competition. Both sides of the poker game surfaced last week. First, Executive Vice President Brad Stone, head of the company's construction division, quit...read more

MGM makes $200 million debt payment

LAS VEGAS, Nevada -- The $8.7 billion CityCenter development avoided a bankruptcy filing and potential shutdown Friday when casino operator MGM Mirage made a $200 million funding payment, allowing construction work to continue on the 76-acre Strip site. MGM Mirage's payment, which was approved by the company's senior lenders, included $100 million that was due to be paid by Dubai World, its joint venture partner in CityCenter...read more

Top-10 online poker mistakes

Back in December, we compiled the Top-10 mistakes made by Texas Hold'em players, but that list was heavily based on a live-poker atmosphere. So, as a natural follow-up, we have put together a list of no-nos that beginning online poker players should do anything and everything to avoid...read more