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Howard Stutz Gaming Guru - Page 132Lone Star State gaming expansion faces Texas-size hurdle7 January 2013
Texas lawmakers will again take up the issue of gaming expansion during the state's biannual legislative session that begins next week. And, as in previous years, a gaming bill has as much chance of passing through both Lone Star State legislative houses as the Dallas Cowboys have of winning the Super Bowl with Tony Romo at quarterback. ... (read more)
Some $7 million in upgrades a pleasant turn of events for Terrible's4 January 2013
LAS VEGAS -- The off-Strip Terrible's Hotel and Casino doesn't have movie theaters, high-end restaurants and bowling centers like other local gaming properties. That's not what customers of the casino are seeking. "We have a solid 70 percent local customer base that is loyal," said Chris Angelo, the casino's marketing manager. ... (read more)
Macau gaming revenues grow in 2012, hit record $38 billion3 January 2013
Let's put some perspective on the record $38 billion in gaming revenues collected by Macau's casino industry in 2012. The figure is higher than the $35.64 billion collected by the entire U.S. commercial casino industry in 2011. During December, Macau's 35 casinos collected a single-month record of $3.5 ... (read more)
Gaming stocks end 2012 on high note2 January 2013
LAS VEGAS -- Gaming stocks were oblivious to investor worries that the lack of a year-end agreement in Congress to avoid wide-ranging tax increases and spending cuts would push the economy over the edge. The sector closed out 2012 on a positive note in December. Of the 12 gaming companies followed by Las ... (read more)
Bahamian resort Baha Mar on fast forward2 January 2013
For years, it seemed the Baha Mar hotel-casino in the Bahamas was doomed. The project, planned for a 1,000-acre parcel with a prime beachfront location in Nassau City, spent much of the past decade having falling-outs with different financing opportunities and management teams. Caesars Entertainment Corp., ... (read more)
Las Vegas-based Pinnacle Entertainment to acquire rival Ameristar Casinos for $869 million26 December 2012
LAS VEGAS -- Regional casino operator Pinnacle Entertainment announced Friday it agreed to acquire rival Ameristar Casinos for $869 million in a merger between two Las Vegas-based companies. The deal, which is subject to regulatory approval in nine states, would more than double the size of Pinnacle Entertainment, giving the company 17 gaming properties plus one resort now under development. ... (read more)
Investor community reacts positively to Pinnacle's $869 million deal to acquire Ameristar26 December 2012
LAS VEGAS -- The investment community had a favorable reaction to Pinnacle Entertainment, Inc.’s surprise announcement that it would acquire regional gaming rival Ameristar Casinos, Inc. for $869 million. The merger will create a regional gaming giant with 17 properties in nine states. Shares of Pinnacle rose more than 20 percent on the day of the announcement. ... (read more)
Chances weak for online gaming26 December 2012
A year ago this past Sunday, the Justice Department gave Internet poker proponents an early holiday present. Politicians and gaming interests turned the gift into a lump of coal. Senate Majority Leader Harry Reid ended debate Dec. 14 on a bipartisan online gaming bill in Congress. The move, which wasn't unexpected, pushed the U.S. ... (read more)
Labor leader climbed ladder26 December 2012
LAS VEGAS -- Geocanda Arguello-Kline arrived in Miami in 1979 at the age of 24 as a political refugee from Nicaragua looking to escape the war-torn Central American country's revolution. She had a small child and few job prospects. Fast-forward to today and Arguello-Kline, who drove trucks in South Florida ... (read more)
MGM Resorts raises more than $8 billion, completes "landmark refinancing"21 December 2012
LAS VEGAS -- Casino operator MGM Resorts International raised more than $8 billion in long-term financing during 2012 and expects to take a "substantial charge" in the fourth quarter related primarily to fees and other expenses associated with the refinancing transactions. In a statement Thursday the ... (read more)
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