Featured Articles Archive - Page 727

New Resort Boosts Pinnacle

The Memorial Day weekend opening of the $365 million L'Auberge du Lac resort in Lake Charles, La., propelled Las Vegas-based Pinnacle Entertainment to one of the company's strongest-ever quarterly financial reports. But pre-opening costs of $16 million in the quarter and more than $28 million cumulative that were factored into the resort's overall initial budget, cut into the company's earnings...read more

Casino Earnings: Wynn Loses $35.2 Million

Wynn Las Vegas earned $8.2 million during the Strip resort's first 64 days, the company announced Monday. But when $43.4 million in pre-opening expenses for the $2.7 billion resort are factored into the equation, Wynn Resorts Ltd. said, the company's net loss was $35.2 million for the second quarter that ended June 30. During the quarter, Wynn Las Vegas generated $201.1 million in revenue, an average of $3.1 million a day...read more

Casino Stock Index Increases for Second Straight Month

The average daily stock prices of the gaming industry's major players rose collectively during July, giving the casino sector its second straight month of increases, according to a Las Vegas index. As gaming companies report their second quarter earnings -- Boyd Gaming Corp., Station Casinos and MGM Mirage this past week; Las Vegas Sands Corp...read more

Bourbon Street Casino Closing

A small off-Strip casino that had entertainer Wayne Newton among its original investment group will close at the end of October to make way for future development by the gaming industry's largest company. In March, Harrah's Entertainment purchased the 166-room Bourbon Street and several surrounding parcels totaling eight acres as a potential land investment. Bourbon Street is on the corner of Flamingo Road and Audrie Street, across from Harrah's-owned Bally's and tucked in between The Westin to the east and the Barbary Coast to the west...read more

Nambling Notes - July 29, 2005

Quoteworthy -- "To the extent that the DOJ criticizes Casino City for not presenting lesser restrictive means as alternatives to the district court, Casino City points out that the record in this case is not yet developed. Moreover, if there is any pertinent omission pertaining to this point, it is that the DOJ has failed to show why it has chosen, contrary to United States Supreme Court precedent, to address the asserted harms by regulating speech rather than the underlying activity." - Final paragraph of Casino City's appellant reply brief in its First Amendment declaratory judgment case against the U.S...read more

Casino City Continues to Build Its Case

Casino City's lawyers on Thursday filed their reply brief with the United States Court of Appeals for the Fifth Circuit in the company's declaratory judgment case against the U.S. Department of Justice (DOJ). Shorter than the other briefs filed by both Casino City and the DOJ, this final brief for the circuit court presents a concise point-by-point rebuttal of each of the points that the DOJ has emphasized. The district court that first reviewed Casino City's case dismissed it on the grounds that Casino City lacked standing to bring the case to the bar...read more

Rebecca's Recommendations - July 28, 2005

Welcome back to Rebecca's Recommendations! First I wanted to give everyone a heads up that the second winner for the English Harbour Online Casino, Silver Dollar Online Casino, and SuperSlots Online Casino July Jetsetter sweepstakes will be chosen on Sunday, July 31st...read more

IGT Spends $90 Million to Enter Online Gaming

International Game Technology spent $90 million Wednesday to buy a privately owned Internet gaming provider, presenting the Reno-based slot machine manufacturer its first access to the expanding online gambling market. The transaction, which is expected to close in August, gives IGT Internet gaming technology, content and services now owned by San Francisco-based WagerWorks, which also has offices in England. WagerWorks sells content to several British Isles-based Internet gaming sites, including the World Poker Tour's online casino and a site owned by Richard Branson's Virgin Group Ltd...read more

Boyd Finds Downtown to Liking

While some downtown casinos had their struggles over the past few months, Boyd Gaming's three properties centered around Fremont Street flourished during the second quarter, the company announced Tuesday. Net income rose to $48.6 million, or 54 cents per share, for the three-month period ended June 30, from $15.5 million, or 23 cents per share, a year ago. Excluding preopening expenses and special items, Boyd Gaming earned 56 cents a share, up from 27 cents a share a year ago...read more

Connecticut Questions Legality of Foxwood's Online Game

Foxwoods Casino in Connecticut is in discussions with the state's attorney general and other officers of the state regarding the legality of a new product the casino plans to launch in August. The new game, called "PlayAway," is an expansion of the casino's existing keno game that allows patrons to purchase game tickets at the casino and retrieve the results at home via Foxwoods' Internet site...read more