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Howard Stutz Gaming Guru - Page 129Macau gaming revenue rises 7.3 percent, falls short of forecasts4 February 2013
So much for the much-anticipated double-digit increase. Macau casinos in January grew gaming revenues 7.3 percent, falling well short of Wall Street predictions that the Chinese gaming market would mirror December's single-month revenue record of $3.54 billion. Macau's Gaming Inspection and Coordination Bureau said Friday that casinos collected $3.36 billion in revenues from gamblers. ... (read more)
Penn National sees decline in fourth-quarter earnings2 February 2013
Penn National Gaming experienced a decline in fourth-quarter earnings as results from the company's two new casinos in Ohio fell short and costs associated with a failed political activity in Maryland cut into the bottom line. Analysts, however, were more focused on the company's impending spin-off of its casino holdings into a separate publicly traded real estate investment trust. ... (read more)
Profits rise for Las Vegas Sands with revenues topping $11 billion in 201231 January 2013
LAS VEGAS -- An 11 percent decline in revenues produced by Las Vegas Sands Corp.'s Singapore hotel-casino was one of the few blips on the casino giant's fourth-quarter balance sheet. Not in the eyes of Rob Goldstein, Las Vegas Sands president of global gaming operations. The Marina Bay Sands produced more than $400 million of cash flow during the three-month period ended Dec. ... (read more)
IGT shareholder group issues "fight letter"29 January 2013
LAS VEGAS -- A dissident shareholder group seeking to gain three seats on the IGT - International Game Technology board of directors said Monday that current management has so neglected the company's core business it has "alienated" casino customers, causing financial performance to deteriorate. In a "fight letter" to shareholders filed Monday with the U.S. ... (read more)
Skyvue's future on the Las Vegas Strip looks cloudy28 January 2013
LAS VEGAS -- It's appropriate that the 39-acre site of the stalled Skyvue observation wheel at the south end of the Strip is next to a shuttered motel and tavern known as The Laughing Jackalope. Both the development and the Jackalope are mythical creatures. Skyvue appears to be out of money and is fast becoming an eyesore across from Mandalay Bay. ... (read more)
Report: Las Vegas Sands stops international money transfers for high-end patrons26 January 2013
LAS VEGAS -- Nevada's top gaming regulator said Friday his agency was aware of changes Las Vegas Sands Corp. implemented to its compliance procedures and expected other companies, both inside and outside the gaming industry, would take similar steps. Las Vegas Sands, which operates casinos in Macau and ... (read more)
Opening day nearing for Nobu Hotel at Caesars Palace26 January 2013
LAS VEGAS -- Caesars Palace announced nearly two years ago that it would renovate the second-oldest tower at the Strip resort into a luxury boutique hotel with the help of Nobu Hospitality. The construction walls finally came down this week. Resort officials began on Friday showing off portions of the $30 million Nobu Hotel Caesars Palace. ... (read more)
Nevada casinos lose a combined $1.21 billion in fiscal 201224 January 2013
LAS VEGAS -- When does a net loss of more than $1.21 billion not seem so bad? When it's compared with a net loss of almost $4 billion in the previous year. Nevada's casino industry suffered through its fourth straight fiscal year net loss despite 4.4 percent growth in total revenues over the 12-month ... (read more)
Boyd lays off workers nationwide, including top veeps24 January 2013
LAS VEGAS -- Boyd Gaming Corporation laid off an undisclosed number of workers Wednesday, including three corporate vice presidents. The Las Vegas-based casino operator said the number of layoffs was less than 1 percent of the company's workforce. Boyd Gaming spokesman David Strow said the layoffs came in several of the company's markets across the country. ... (read more)
IGT sets date for meeting where proxy fight will be waged24 January 2013
LAS VEGAS -- Slot machine maker IGT - International Game Technology said Wednesday it would hold the company's annual shareholder meeting March 5 in Las Vegas while continuing to encourage shareholders to reject a looming proxy fight. IGT filed its definitive proxy statement with the U.S. Securities and ... (read more)
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