Featured Articles Archive - Page 733

Understanding the WTO Decision: Part 1 of 2

The Latest Meeting On Thursday, May 19th delegates from Antigua and Barbuda met with United States trade representatives in front of the World Trade Organization's Dispute Settlement Body in Geneva. The U.S. informed the panel that it does intend to implement suggestions listed in the WTO Appellate Body's report, but it did not reveal how it plans to go about implementing those suggestions. Dr...read more

Internet Gaming: U.S. Beats Antigua In WTO

In 2003, Antigua filed a formal complaint against the United States with the World Trade Organization (WTO) over the issue of Internet gaming. In 2004, after many briefs and hearings, a WTO panel ruled in favor of Antigua, igniting worldwide speculation that the U.S...read more

Station Casinos Wins Battle with Union

NEVADA -- Station Casinos announced Thursday it had won its proxy battle with Culinary Local 226 over three corporate governance provisions when an independent election inspector said the union failed to submit any ballots or valid proxies. But a representative of UNITE HERE, the Culinary's parent organization, disputed that notion, claiming Station Casinos was refusing to count the votes covering 18 million shares. "That is just absolutely wrong and highly unusual," said Chris Bohner, a UNITE HERE research director...read more

Nevada Regulators to Discuss Casino Rule Changes

NEVADA -- Nevada's anti-money laundering casino regulation wasn't wiped off the books Thursday, but state gaming regulators are expected to spend the next several months drafting language that will repeal portions of the law's requirements and turn some of the authority on large casino cash transactions over to the federal government. The five-member Nevada Gaming Commission discussed possible changes in Regulation 6A with the three members of the Nevada Gaming Control Board, the fourth time in recent months the matter has been brought out in a public setting. Regulation 6A requires that casinos track all cash transactions of $3,000 or more and submit currency reports to the Treasury Department whenever transactions by an individual total more than $10,000 in a 24-hour period. Nevada gaming regulators are facing a July 1 deadline to decide if they want to amend the regulation to meet federal standards or let the federal government oversee compliance. That law classified casinos as financial institutions and lumped their regulation under the U.S...read more

Slots Won't Sway Singapore Officials

SINGAPORE -- Companies vying to sway government decision-makers in an effort to win two potentially lucrative casino development opportunities in Singapore need to have ambitious ideas beyond casino gaming, America's ambassador to the city-state said Tuesday. Frank Lavin, who has represented America's interests in Singapore since 2001, said the small nation's government wants something more than the average Strip casino in order to tap into a potential tourist market of 650 million who live in southeast Asia and neighboring countries. "In Singapore, what they don't want is a warehouse full of slot machines," Lavin said...read more

Station Plan to Build Tribal Casino Advances

The U.S. Department of Interior gave Station Casinos and a Michigan Indian tribe formal approval Friday to develop a 192,000-square-foot gambling hall on 145 acres about 25 miles north of Kalamazoo, Mich. Nearly two years after entering a development and management agreement with the Gun Lake Tribe, Station Casinos said the Interior Department's decision to move the land into trust -- a term meaning a tribe can develop a site in a manner to benefit the economic well-being of its members -- means construction could begin by the end of summer. "We view this decision as one of the final steps in the development of a state-of-the- art gaming and entertainment facility in Western Michigan," Station Casinos Chief Financial Officer Glenn Christenson said in a statement. The tribe and the Las Vegas-based gaming company still have to wait 30 days to allow parties opposed to the casino to file a lawsuit. "The economic impact for the Gun Lake Tribe will be substantial...read more

Developer Bets on Las Vegas Touch

LAS VEGAS -- Three weeks after finding himself without a job, former Mandalay Resort Group President Glenn Schaeffer has landed back on the Strip following Thursday's announcement that he will help bring the name of a Miami Beach resort icon to the north end of the boulevard. Schaeffer, 51, was named president and chief executive officer of Fontainebleau Resorts, a privately-held company founded by Jeff Soffer, a principal with high-rise condominium developer Turnberry Associates...read more

Thank You Kindly, Neighbor

While the new kid on the block has received the bulk of the admiration, older neighbors are getting renewed attention. Less than two weeks after the unveiling of Wynn Las Vegas, Fashion Show mall general manager Jared Chupaila said Tuesday the impact the $2.7 billion across-the-Strip neighbor is having on the center's 250 tenants is easily measurable by one criterion: the number of pedestrians passing through the corridors. Since the resort's April 28 opening, the mall's average daily foot traffic has grown 20 percent. "That's same day versus a year ago," Chupaila said...read more

Firms Back Union Push

A pair of independent advisory firms that offer proxy voting suggestions to institutional shareholders has recommended favorable votes on three union-backed proposals that would change the corporate governance structure at Station Casinos. Company shareholders are considering three changes in the bylaws of Station Casinos backed by Culinary Local 226, a UNITE HERE affiliate that owns about 260 shares of the company's stock...read more

Oops, She Hits a Million Again

After winning a $1 million slot machine jackpot less than a year ago, one would think Jo Ann Argyris would easily recognize the symbols that signify a large cash prize. On Thursday night the Boulder City resident hit her second $1 million jackpot in a span of less than a year...read more