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Howard Stutz Gaming Guru - Page 126Affinity Gaming sued by largest shareholder6 March 2013
LAS VEGAS -- The largest shareholder in Affinity Gaming has sued the casino operator's board of directors, saying changes in the company's governance have breached fiduciary responsibility. The lawsuit by Illinois-based private equity firm Z Capital Partners was filed Tuesday in Clark County District Court. ... (read more)
Genting buys Echelon site on Strip for $350 million, will build $2 billion Resorts World Las Vegas4 March 2013
LAS VEGAS -- Malaysia-based Genting Group today will announce acquisition of the Echelon site on the Strip and outline plans to build a $2 billion hotel-casino complex on the 87-acre development halted by the onset of the recession almost five years ago. Genting, which operates casinos in Singapore and New York City, will pay Boyd Gaming Corporation $350 million for Echelon. ... (read more)
Strip gambling still far behind Macau but maintains lead over Singapore26 February 2013
LAS VEGAS -- Despite predictions two years ago, Singapore did not surpass the Strip as the world's No. 2 gaming market in 2012. And it might not happen this year, according to one gaming analyst. The island nation's two casinos produced $5.85 billion in gaming revenues in 2012, an 8 percent increase over 2011. ... (read more)
Caesars loss doubles due to charges, business lost to Sandy26 February 2013
LAS VEGAS -- Caesars Entertainment Inc. said Monday that its fourth-quarter net loss more than doubled from a year earlier primarily because of noncash impairment charges and lost business in Atlantic City caused by Superstorm Sandy. Caesars, which operates 10 resorts on or near the Strip, reported a net loss of $469.7 million for the three months ended Dec. ... (read more)
Leader of dissident IGT shareholder group offers to meet with management26 February 2013
LAS VEGAS -- The leader of a dissident group of IGT - International Game Technology shareholders has offered to meet with the slot machine manufacturer's chairman in an effort to resolve the company's heated proxy fight before next week's annual stockholders meeting. In a letter to IGT Chairman Phil Satre ... (read more)
Former poker champ Ferguson settles with federal prosecutors25 February 2013
Former World Series of Poker champion Chris Ferguson, whose career has been derailed for almost three years following the U.S. government's crackdown on Internet poker, has settled with federal prosecutors. According to court documents, Ferguson agreed to forfeit millions of dollars he earned as a founder ... (read more)
Streak of bad news persists on Boardwalk25 February 2013
Atlantic City can't catch a break. The gaming market has seemingly been covered by dark clouds for much of the past six years. Last week's announcement that Revel Casino Resort, the Boardwalk's newest resort, was filing for bankruptcy less than a year after opening didn't shock anyone. Bad news has become expected. ... (read more)
Caesars begins hiring effort aimed at former military members21 February 2013
LAS VEGAS -- Caesars Entertainment Inc. Chairman Gary Loveman kicked off the company's new hiring initiative Wednesday by introducing six employees ranging from senior level executives to frontline casino workers. All had one thing in common. They are former members of the military. Representatives of the ... (read more)
IGT, shareholder group tout findings of independent firm in proxy fight21 February 2013
LAS VEGAS -- A proxy voting advisory firm has recommended shareholders of slot machine giant IGT - International Game Technology re-elect five of the company's eight board members along with a candidate nominated by a dissident group of shareholders. Stockholders are on their own in deciding who should fill ... (read more)
MGM Resorts chairman won't rule out selling Las Vegas properties21 February 2013
LAS VEGAS -- MGM Resorts International Chairman Jim Murren said the casino operator wouldn't be opposed to selling one or more of its properties in Las Vegas or elsewhere if the numbers were to pencil out. "We have no plans, but I wouldn't rule it out," Murren said Wednesday in an interview following the company's fourth-quarter earnings conference call. ... (read more)
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