Featured Articles Archive - Page 546

Penn National Gaming says quarterly profits drop

LAS VEGAS, Nevada -- The Tropicana can wait. Penn National Gaming on Thursday said its second-quarter earnings missed Wall Street estimates. But the investment community was more interested in seeing whether the newly re-energized publicly traded company was ready to spend some of its $1.48 billion in funds it collected after an abandoned private equity takeover. In a statement, Penn National Chief Executive Officer Peter Carlino said the Wyomissing, Pa.-based racetrack and casino operator had targeted potential expansion opportunities in Las Vegas, Atlantic City, Kansas, Maryland and several other regions...read more

Trump staff put on hold

LAS VEGAS, Nevada -- Don't call them layoffs. According to developer Donald Trump, roughly 70 employees at the Trump International Hotel & Tower were "impacted by changes in their schedules" due to the slowdown in closing sales of the building's 1,282 studio, one-bedroom and penthouse units. "As more sales close, we'll bring them back on," Trump said Thursday...read more

Macau hotel lifts Wynn Resorts' profits

LAS VEGAS, Nevada -- Macau saved Wynn Resorts during the second quarter. The slumping Las Vegas economy drove down revenue at the company's Wynn Las Vegas for the three months that ended June 30. But results from Wynn Macau offset the losses. Wynn Resorts, which previewed earnings July 10 to give investors some insight into the company's prospects, said Thursday it had net income of $272 million, or $2.42 a share, in the quarter, compared with $89.6 million, or 82 cents per share, a year ago. The results were boosted by a $140.7 million deferred tax benefit that was recorded during the quarter...read more

LV Sands scraps Kansas plan

LAS VEGAS, Nevada -- Las Vegas Sands Corp. on Wednesday scuttled plans for a $500 million casino complex near Kansas City, Kan., blaming the worsening credit markets and the potential that neighboring Missouri might soften its in-state gambling restrictions. The company was competing for a single gaming license in Wyandotte County, Kan., and the move seemingly increased the prospects for Las Vegas-based Golden Gaming, which is seeking approval from the Kansas Lottery Commission to build a $662 million casino complex at a location in the Wyandotte County town of Edwardsville. Three other casino proposals are being offered near Wyandotte's Kansas Speedway area...read more

Professor urges legalizing Web betting

NEVADA -- Normally, the most vociferous calls for legalizing Internet gaming come from the growing online poker-playing community, offshore gambling site operators, civil libertarians and a handful of select members of Congress. Add UNLV associate professor Kathryn LaTour to the chorus. LaTour, who teaches in the William F...read more

Gaming stocks: Wynn relishes another encore

LAS VEGAS, Nevada -- "Always Look on the Bright Side of Life," is a popular song from the Broadway musical "Spamalot," which recently ended its 14-month run at Wynn Las Vegas. Wynn Resorts Ltd. Chairman and CEO Steve Wynn seems to have taken those lyrics to heart. As the value of gaming stocks crumble around him, Wynn took steps with the financial markets to shore up the price of his company's sagging shares, preannouncing second quarter earnings and increasing the amount of a stock repurchase program. Wynn Resorts began the process Monday to fill a planned 5,300 jobs at the $2.2 billion Encore at Wynn Las Vegas, which is scheduled to open in late December. The moves increased the company's stock value by 20 percent and gave Wall Street a reason to tout the Wynn's future. Jefferies & Co...read more

Inside gaming column: Hellmuth all the rage at poker's main event

LAS VEGAS, Nevada -- The poker community is abuzz over what some believe was special treatment Harrah's Entertainment officials gave superstar Phil Hellmuth during the World Series of Poker's main event. Hellmuth, the 1989 champion, owns a record 11 individual title bracelets, has won money in a record 68 events and has more than $6 million in career World Series of Poker winnings. But he has also earned the nickname "Poker Brat" for his antics at the table. Toward the end of play July 12, Hellmuth, sitting at the ESPN feature table, was bluffed out of a $400,000 pot by tournament unknown Cristian Dragomir of Romania...read more

Playing It Smart: Are you paid by how often you win, or by how much?

In "Fooled by Randomness" (Random House), Nassim Nicholas Taleb tells of a high-level meeting at a Wall Street brokerage. The honchos asked whether he thought the stock market would go up or down the following week. "Up," he replied. And, when pressed, predicted a strong probability it would do so about 70 percent...read more

Wynn, Fountainebleau, Riviera bond ratings cut

LAS VEGAS, Nevada -- Moody's Investors Service downgraded the bond ratings of three more casino operators Friday and placed a fourth on review, the day after taking action on four casino operators covering more than $38.3 billion in publicly held debt. Declining gaming revenues in Las Vegas were the driving force for Moody's revising its bond ratings on the industry...read more

Boyd Gaming board member resigns

LAS VEGAS, Nevada -- A member of the Boyd Gaming Corp. board of directors resigned from his position with the casino operator last week, six days before his own privately held company pleaded guilty in federal court to felony immigration charges. Luther Mack, a five-year member of Boyd Gaming's board, owns 11 Northern Nevada McDonald's restaurants through his privately held Mack Associates...read more