Featured Articles Archive - Page 530

Macau gaming suffers in struggling economy

MACAU, China – For almost a decade, Macau has been Asia's gambling Mecca, riding a surge of Chinese prosperity and Las Vegas investments that have turned the city into "Las Vegas East." Last year, gaming income grew 30%, according to the Times of London...read more

Global Gaming Expo comes at bad time

LAS VEGAS, Nevada -- The gaming industry's leading trade show, where the newest slot machines, management systems and other gambling-related products are unveiled to casino operators, opens this week at the Las Vegas Convention Center. The timing for the Global Gaming Expo, however, couldn't be worse. The global and American economies are tanking, leaving consumers with fewer discretionary spending dollars...read more

Deal Me In: Will a roll of quarters 4.5 yards long last the weekend?

Dear Mark: Is $600 enough of a bankroll for playing quarter slots for a weekend casino trip? Theresa S. That depends, Theresa, on which quarter machines you choose to play and the speed at which you play them. A $600 bankroll on a two- and three-coin machine should be enough to keep you playing for a weekend just so long as you're not Speedy-Gonzales-fast when hitting the credit button...read more

Station Casinos, International Game Technology plan layoffs

and Arnold Knightly LAS VEGAS, Nevada -- Station Casinos is laying off 40 workers who take reservations for the company's hotels and will begin outsourcing the work to an overseas company in early December, a company spokeswoman confirmed Thursday. Meanwhile, slot machine giant International Game Technology began implementing a previously announced staffing reduction that will eliminate roughly 10 percent of the company's work force. The Station Casinos workers, who take reservations for all 11 of the company's hotels, will leave Dec...read more

MGM Mirage chief retiring at end of the month

LAS VEGAS, Nevada -- MGM Mirage Chairman and Chief Executive Officer Terry Lanni will retire from the casino operator on Nov. 30 and has recommended that he be replaced by the company's chief operating officer, Jim Murren. The MGM Mirage board of directors has to approve the executive changes, possibly by next week...read more

Herbst Gaming faces tough choice

LAS VEGAS, Nevada -- Herbst Gaming has until Dec. 3 to accomplish one of two tasks -- pay its bondholders more than $846.8 million or come up with a restructuring plan for the company's debt payments. Otherwise, the Las Vegas-based company will probably end up in bankruptcy court. Herbst, which operates 15 casinos in Nevada and the Midwest and a 7,200-machine Nevada slot route business, said in March it was facing bankruptcy unless it could restructure the company's $1.2 billion debt...read more

Banks given until Dec. 1, 2009 to comply with UIGEA

Breaking news: The U.S. Department of Treasury and Federal Reserve announced a joint rule Wednesday to implement and enforce the Unlawful Internet Gambling Enforcement Act. The rule relies on financial institutions performing due diligence on corporate customers to ensure they're not processing online gambling transactions...read more

Back from London and Stockholm…minus an umbrella, phone (not mine, thank god) and 20 years off my life.

Casinomeister birthday party Wow is all I can say. Casinomeister, can you turn 50 again please? Amazing birthday party, great GPWA conference, ridiculous dinner with RaketheRake.com, crazy times at Mahiki, even more adventures in Scandinavia (part 3), and roughly 10 hours of sleep...read more

Las Vegas Sands outlines recapitalization plan

LAS VEGAS, Nevada -- Las Vegas Sands Corp. on Tuesday unveiled details of its $2.14 billion capitalization plan to right the company's financial woes, but a regulatory filing shows there may be deeper problems at the casino company. The company will receive a $525 million investment from the family of Chairman and Chief Executive Officer Sheldon Adelson and will also sell $1.62 billion in additional shares to avoid defaulting on several loans and to fend off the possibility of bankruptcy. However, in the company's 10-Q filing Monday with the Securities and Exchange Commission, Las Vegas Sands told investors that there is conflict between Adelson and members of the senior management team. According to the passage, there has been "a loss of confidence" by certain senior management members in the management of the company...read more

Sands suspends construction in Vegas and Macau

LAS VEGAS, Nevada -- Las Vegas Sands Corp. told investors Monday it's stopping construction on its $600 million Strip condominium tower and shelving some of its development plans in China. Company President Bill Weidner said the changes could reduce Las Vegas Sands' capital expenses by $1.8 billion. "We are going to right size our development pipeline," Weidner said. Also, Las Vegas Sands announced plans for a $2.14 billion capital raising program with Wall Street investment firm Goldman Sachs...read more