Featured Articles Archive - Page 738

Hotel Chains Gamble on Macau

LAS VEGAS -- Several worldwide hotel chains will join Las Vegas Sands Corp. in developing seven hotel-casinos on the Cotai Strip region of Macau, investing up to $6 billion in the expanding tourism market's initial phase. Las Vegas Sands officials, including Chairman and Chief Executive Officer Sheldon Adelson, were joined by representatives of the hotel companies and other investors in announcing the plans to an audience of Asian journalists. The news conference took place at 11 a.m...read more

Station to Speed Red Rock Project

LAS VEGAS -- Based on a strong belief the Las Vegas market will continue to be a vibrant source of revenue, Station Casinos announced Tuesday it will accelerate its expansion plans for the second phase of Red Rock Station, increasing the overall cost of the Summerlin project to $800 million. Also, the company told Wall Street investors and analysts that its Las Vegas Valley properties were having an exceptional first quarter, leading executives to up its earnings per share guidance. The double shot of positive news sent shares of Station Casinos to an all-time high Tuesday while carrying the stock prices of some of its gaming sector competitors along for the ride. "We've had a very good January and February and, knock wood, March is also starting out strong," Station Casinos Chief Financial Officer Glenn Christenson said. Station's optimism for January contrasted sharply with more downbeat casino industry reports related to the month. Gaming win on the Strip during January was up less than 1 percent from the previous year...read more

Stanleybet Allowed to Operate in Italy . . . For Now

Italy's Supreme Administrative Court (Consiglio di Stato) ruled on Feb. 22, 2005 that U.K.-licensed bookmaker Stanleybet International has the right to operate data transmission centers (CTDs) in Italy, even if it has not obtained a gaming license from the Italian government...read more

Strip Political Donations Show Big Republican Tilt

The Strip's top executives and managers were well- represented during the 2004 federal election cycle, showing a proclivity to Republican candidates while ensuring Nevada's congressional delegation was well-funded. Steve Wynn, chairman of Wynn Resorts Ltd.; $87,211 Elaine Wynn, director of Wynn Resorts Ltd.; $79,211 The Wynns contributed to the campaigns of several Republican Senate and House candidates from across the country in 2004 while enhancing the coffers of Republican parties in several states. Both Wynns contributed $25,000 to the Republican National Committee and, together, gave $8,000 to President Bush's re-election efforts. They each made $2,000 contributions to the Democratic presidential efforts of former Missouri Rep...read more

Gambling And Politics: Following The Money

Eliminating soft money contributions from the political process played a major role in shrinking the amount Nevada's largest casino companies donated during the 2004 federal election cycle. The industry's weight on Capitol Hill, however, hasn't diminished. While four- and five-figure donations to re-election campaigns can lead to face time with the recipients, longtime relationships with members of Congress and the emerging influence of Nevada Democratic Sen...read more

Horoscope for the week of March 13, 2005

Tip of the Week: The last week of winter is upon us and soon it will be spring. With unseasonably warm temperatures this winter, one wonders if spring will be like summer. Is this a natural cycle or is it a consequence of global warming? It is difficult not to assume a business as usual attitude due to the pressures of reality, yet if this weather patter is a result of our modern civilization then we have a lot of renovations to do...read more

Florida Slot Approval Doesn't Boost Manufacturers' Stocks

LAS VEGAS -- The approval Tuesday of slot machines at three racetracks and a jai-alai fronton in Broward County, Fla., gave gaming equipment manufacturers an emotional boost but not much of a jump in stock values. That boost could happen down the road. For now, slot makers and gaming analysts are encouraged that some domestic expansion could be in the offing. "Anytime a market opens up, it's good for our industry," Alliance Gaming spokesman Marcus Prater said...read more

Wynn Wins Board's Recommendation for License

LAS VEGAS -- After five years away from the action, Steve Wynn moved a step closer to operating a Strip casino as the Gaming Control Board voted unanimously Wednesday to recommend licensing of the $2.7 billion Wynn Las Vegas. The Nevada Gaming Commission will consider the matter March 24...read more

Alliance Gaming Replaces Longtime Financial Officer as Part of Restructuring

Alliance Gaming Corp., which has seen its stock price plummet over the past 14 months, continued its management purge Tuesday, removing the slot manufacturer's long-time chief financial officer and restructuring the positions of several key executives. Steven Des Champs, who has been Alliance's chief accounting officer since 2001, will move into the CFO role and replace Robert Saxton, an employee of Alliance since 1982 and the company's CFO since 2000. Saxton will remain with Alliance as treasurer, president of the company's casino operations and executive vice president of Bally Gaming, an Alliance subsidiary. The move follows last year's appointment of Richard Haddrill as chief executive officer, which culminated a year in which shares in Alliance fell considerably, including a 75 percent drop between April and October. On Tuesday, Alliance closed at $11.52, up 14 cents, or 1.23 percent. "I wouldn't call this a shake-up," Des Champs said...read more

Casino Management: Boyd's New Boss Embraces Role

Boyd Gaming Corp. is coming off a year in which the company reported record earnings, bought out a rival casino operator and had its stock price soar to an all-time high. So it's natural to suspect incoming President Keith Smith might feel pushed to continue Boyd's upward climb. But Smith, 44, who becomes Boyd's president on March 31 following Don Snyder's retirement, said he's prepared for the pressure. "Don announced his retirement almost a year ago, so that has helped me get up to speed and it's less traumatic on the organization," said Smith, who's now the company's chief operating officer. "The challenge with success is repeating it...read more