Featured Articles Archive - Page 695

Icahn Company to Take Over Flamingo Laughlin

LAS VEGAS, Nevada -- The Flamingo Laughlin was expected to change ownership this morning after the gaming arm of the Carl Icahn-controlled American Real Estate Partners received Nevada regulators' approval to operate the Colorado River community's largest casino. The Nevada Gaming Commission took only 20 minutes Thursday to approve American Real Estate Partners' $170 million purchase of the Flamingo Laughlin from Harrah's Entertainment...read more

Herbst Gaming to Buy Sands Regent

Las Vegas-based Herbst Gaming pushed into Northern Nevada's casino market Wednesday, agreeing to a $148 million purchase of Sands Regent, which operates four casinos including the Sands Regency in Reno. The transaction, in which privately held Herbst Gaming would buy the outstanding shares of publicly-traded Sands Regent for $15 a share, is subject to approval by gaming regulators and Sands Regent stockholders. The company hopes to close the purchase by year's end. The deal would give Herbst Gaming control of 12 casinos in Nevada, Missouri and Iowa...read more

Mergers and Acquisitions: Ante for Aztar Upped Again

The end of the bidding war for Aztar may finally have arrived. Kentucky-based Columbia Sussex Corp. topped its previous bid by $1 a share late Monday and Aztar Corp. declared the $54 a share offer superior to the company's signed merger agreement with Pinnacle Entertainment. The $2.97 billion all-cash deal -- which includes acquiring all outstanding shares of Aztar stock, assuming the company's debt and converting bonds -- would allow Columbia Sussex to buy the Tropicana casinos in Las Vegas and Atlantic City and three small casinos in Laughlin, Indiana and Missouri, almost doubling its casino portfolio. Las Vegas-based Pinnacle Entertainment has until late Thursday to decide if it wants to match or exceed the Columbia offer...read more

Rebecca's Recommendations - May 12, 2006

So here I am, coming down the home stretch. While you are reading this, I am en route to Washington DC for my best friend's shower and bachelorette party, and immediately after, I will be driving up to Montreal with the Casino City team- a literal caravan...read more

Biloxi Mayor Says Casinos Will Again Revitalize Region

BILOXI, Mississippi -- Mayor A.J. Holloway watched during his first 12 years in office as a booming Gulf Coast casino industry fueled his city's economic prosperity. Holloway told the opening session of the Global Gaming Exposition Institute on Wednesday at Red Rock Resort that casinos will once again serve as the catalyst to revitalize the small community ravaged by Hurricane Katrina last year. "We're going to look at the things that made us successful in the past," said Holloway, who had just started his fourth four-year term as Biloxi's mayor when Hurricane Katrina hit the community Aug...read more

Pinnacle Chairman Says Aztar Used 'Sleazy' Negotiating Tactics

LAS VEGAS, Nevada -- Shareholders attending Pinnacle Entertainment's annual meeting Wednesday didn't have much to say about the company's proposed $2.58 billion buyout of Aztar Corp. But company Chairman Dan Lee did. Lee told shareholders that Aztar's advisers acted in a "sleazy" manner as the price for buying the Tropicana's parent corporation rose significantly in the weeks after Pinnacle agreed to buy Aztar for $38 a share, or $2.1 billion, on March 13. Lee speculated that Aztar's advisers were using late negotiations with Pinnacle as a tool to try to get rival bidder Columbia Sussex Corp...read more

Pinnacle Advised to Halt Aztar Bidding

LAS VEGAS, Nevada -- Investors and Wall Street analysts had a message Thursday for the management of Las Vegas-based Pinnacle Entertainment. Get out of the bidding for Aztar Corp. After rival gaming company Columbia Sussex Corp. raised the ante for ownership of the Tropicana casinos in Las Vegas and Atlantic City late Wednesday to $2.64 billion, most thought it would be wise for regional casino operator Pinnacle to cash in its chips. "While Aztar would bring geographic diversity and a Las Vegas presence, the price simply seems to have gotten too rich," Davenport & Co...read more

House Subcommittee Refers Internet Gambling Bill to Full Judiciary Committee

Last week, the House Judiciary Subcommittee on Crime, Terrorism and Homeland Security referred an Internet Gambling bill (H.R. 4777) to the full Judiciary Committee for consideration. The proposed legislature, sponsored by Rep. Bob Goodlatte and 131 co-sponsors, is the latest attempt by the United States Congress to put the genie back in the bottle with respect to Internet gambling...read more

State Economy: Gaming Win Tops $1 Billion

LAS VEGAS, Nevada -- Another month, another $1 billion won by Nevada casinos. And it doesn't appear there will be any slowdown. For the third straight month in 2006 and the seventh time in the past 12 months, Nevada casinos topped the $1 billion mark in monthly gaming win, according to figures released for March by the state Gaming Control Board on Tuesday. The $1.06 billion collected during March was the second- highest total ever, topped only by the $1.14 billion won in January...read more

Talking Poker with Tom McEvoy

World Series Champion Tom McEvoy says he longs for the days when all he did was play poker. With large boxes of unread books and unwatched movies sitting in his Las Vegas home, 61-year McEvoy simply doesn't have the time for basic pleasures...read more