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Howard Stutz Gaming Guru - Page 158Next gaming frontier: Toronto? Casino companies exploring Canada's largest city21 May 2012
Toronto and Singapore are separated by 12 hours and more than 9,300 miles.
To the gaming industry, that's where the difference ends.
Ever since Ontario government officials suggested in March that Toronto was an ideal destination for a hotel-casino complex that could generate more than $1 billion ... (read more)
Affinity Gaming revenues, net income trending up18 May 2012
Casino operator Affinity Gaming grew its net income and revenues in the first quarter, the Las Vegas-based company reported late Monday.
Affinity, which was created after the bankruptcy reorganization of Herbst Gaming, said its net income for the quarter ending March 31 was $4.1 million, compared with $3.4 million in the same quarter a year ago. ... (read more)
Cleveland Cavaliers owner Dan Gilbert "rolled the dice" and led the push for legalized casinos in Ohio14 May 2012
CLEVELAND - Dan Gilbert resembled any other casino floor person. Dressed in a dark tailored suit adorned with a Horseshoe name badge that had his first name in capital letters, Gilbert also wore a gold-colored Horseshoe lapel pin. He blended in with many of the 1,600 Horseshoe Casino Cleveland employees ... (read more)
Loveman says Caesars in broad expansion11 May 2012
CLEVELAND -- Caesars Entertainment is "in the middle of a big expansion" and may sell more casinos in crowded markets to finance new properties in less competitive areas, company Chairman and CEO Gary Loveman said Thursday. The company's new strategy was illustrated by Monday's announced sale of its Harrah's St. ... (read more)
Horseshoe-branded casino to open in Ohio10 May 2012
CLEVELAND -- Casino gambling comes to Ohio on Monday when a $350 million Horsehoe-branded casino opens in what was once a landmark downtown department store. Caesars Entertainment Inc., which owns 20 percent of the joint venture and will operate the Horseshoe Casino Cleveland casino under a management contract, sees the opening as a business opportunity. ... (read more)
IGT CEO Hart will not stand for re-election to Yahoo board9 May 2012
International Game Technology Chief Executive Officer Patti Hart said Tuesday she would not stand for re-election to her outside board position with Internet giant Yahoo after her board performance and academic credentials were questioned.
Hart, CEO of the slot machine giant since April 2009, headed the search committee that selected new CEO Scott Thompson. ... (read more)
Caesars selling St. Louis property to Penn National8 May 2012
Caesars Entertainment Inc. announced a deal Monday to sell its Harrah's St. Louis Casino & Hotel to regional rival Penn National Gaming, Inc. for $610 million, leading one analyst to speculate if the transaction would kick-off sales of other properties. In separate statements, Las Vegas-based Caesars and ... (read more)
Sands has hot quarter, but some analysts annoyed after call8 May 2012
Sometimes, there's just no pleasing the investment community.
Las Vegas Sands Corp. announced April 25 it had blown apart Wall Street's first-quarter earnings projections. Buoyed by its holdings in Asia, the company became the first casino operator to ever report more than $1 billion in quarterly cash flow while collecting more than $2.76 billion in net revenues. ... (read more)
Wynn Resorts sees quarterly profits drop8 May 2012
The decision by Wynn Resorts Ltd. to toss former majority shareholder Kazuo Okada out of the company in February sliced into the casino operator's first-quarter profits.
But as far as Wynn Resorts Chairman Steve Wynn is concerned, the matter in which the Japanese billionaire's 20 percent stake in the company was redeemed at an almost $800 million discount is closed. ... (read more)
How far has Vegas fallen? $300 million buys you admiration7 May 2012
We've fallen to a new low, it seems.
A few years ago, $300 million was the cost of remodeling a lounge in Las Vegas. Pocket change in a city binging on multibillion-dollar resort-hotel-casino projects.
Today, $300 million buys you an entire hotel-casino - and the unbridled admiration of the state's most powerful politicians. ... (read more)
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