Featured Articles Archive - Page 588

Playing It Smart: Can gambling losses be considered business expenses or entertainment costs?

In 1978, Robert Groetzinger joined the unemployed. Instead of crying, Mr. Groetzinger decided to turn his hobby into a business. The hobby was gambling at the dog tracks. He accordingly spent 60 to 80 hours per week betting as well as studying racing forms, programs, and other materials to help him wager skillfully...read more

Tender offer from MGM Mirage close to 102 million shares

LAS VEAGS, Nevadda -- MGM Mirage investors tendered almost 102 million shares of the company's stock after the casino and joint-venture partner Dubai World offered to buy up to 15 million shares at $80 a share. The company said Friday it would repurchase the shares on a prorated basis...read more

Colorful, picturesque LV history series tremendous resource

Former Wisconsin resident Jerry Fink fell in love with Las Vegas and its colorful history years ago. He began searching archives, the Internet and any other sources, for photos, dates, names and places. Then he broke all this information into four different 8x11 volumes of printed work to share with people who had like interests, understanding that some might want to know more about Downtown's history than the Strip...read more

'E-Dog' scores a breakthrough victory for Full Tilt pros

It took 82 events, 18 months and miracle runner-runner flush on the final hand, but a Full Tilt pro is finally wearing an FTOPS crown. Erick Lindgren broke what appeared to be some kind of cruel FTOPS curse on Team Full Tilt pros when he prevailed in Event #9 of FTOPS VII on Sunday...read more

Wynn Resorts posts profit

LAS VEGAS, Nevada -- Wynn Resorts Ltd. showed its reliance on the Macau gambling market Tuesday. Buoyed by results from its expanded Wynn Macau casino, Wynn Resorts said its fourth-quarter net income was $65.5 million, or 57 cents a share, for the period ended Dec...read more

U.K. court says poker is a game of chance

A British appeals court declared this week that poker is a game of chance under U.K. law, and Gutshot will need a license if it wants to offer the game in a private club. Gutshot, which operates popular online poker room and community Gutshot.com, opened a brick-and-mortar facility in 20...read more

Louisiana approves Pinnacle project

LOUISIANA -- Voters in Baton Rouge, La., gave casino operator Pinnacle Entertainment approval over the weekend to move one of the company's riverboat gaming licenses from Lake Charles to the state's capital city. The positive vote came despite a heated and often bitter campaign, fueled by two rival gaming companies that operate riverboat casinos in Baton Rouge. Las Vegas-based Pinnacle Entertainment won approval from 56 percent of the voters after saying it would spend $250 million to build Riviere, an entertainment complex on 550 acres that will include a 100-room hotel and a 70,000-square-foot casino moored on the Mississippi River. Gaming analysts lauded Saturday's vote in notes to investors Monday, saying the project would enhance the company's earnings. "This is likely to be one of the higher return projects in the Pinnacle portfolio of development," Wachovia Capital Markets gaming analyst Brian McGill said...read more

MGM Mirage offers preview of earnings

LAS VEGAS, Nevada -- MGM Mirage told investors Thursday the company expects to report earnings per share of $2.70 to $2.90 when it formally releases its fourth-quarter earnings this month. The announcement, made after the close of trading on the New York Stock Exchange, was done because MGM Mirage and its joint-venture partner Dubai World are seeking to purchase up to 15 million shares of the company's stock at $80 a share...read more

Arena Football; Roulette odds; Unique Dempsey bio new at GBC

A fresh variety pack of books with a little something for everyone has arrived at the Gambler's Book Shop this week. Despite the end of the National Football League season, which ended with the upset Super Bowl, there's always room for more action to keep fans from feeling the letdown...read more

Despite a lengthy anthem, the "public" wins Super Bowl XLII

You wouldn't know it by the ticker tape and confetti that's still lying all over New York City, but Super Bowl XLII was a bust for sports books across the globe. Judging from the numbers released this week by the Nevada Gaming Control Board, the state's sports books lost money on Super Bowl wagers this year for the first time since 1995 and for just the second time since the board began compiling Super Bowl-specific numbers in 1991...read more