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Howard Stutz Gaming Guru - Page 159MGM Resorts sees "imminent" approval for Cotai Strip4 May 2012
MGM Resorts International told investors Thursday that government approval was "imminent" for the company's plans to develop a hotel-casino on Macau's Cotai Strip.
The language used by company executives during a quarterly earnings conference call surprised analysts because MGM Resorts officials have normally been somewhat reserved in their thoughts about Cotai. ... (read more)
Ohio regulators license Horseshoe Casino Cleveland3 May 2012
The Ohio Casino Control Commission licensed the Horseshoe Casino Cleveland on Wednesday, allowing the property to open May 14 as the state's first full-service casino. Caesars Entertainment Inc. is 20 percent owner of the casino and will manage the property, which is located in downtown Cleveland. Rock Gaming of Ohio is majority owner of the Horseshoe Cleveland. ... (read more)
Macau gaming revenues hit $3.1 billion in April, up 22 percent3 May 2012
Macau casinos collected $3.1 billion in gaming revenues in April, a 22 percent increase over the same month a year ago.
For the first four months of 2012, gaming revenues in Macau have increased 25.7 percent, according to figures released Wednesday by the Special Administrative Region's casino regulators. ... (read more)
Ameristar Casinos nearly doubles its first-quarter profits3 May 2012
Ameristar Casinos, Inc. nearly doubled its profits in the first quarter, the company said Wednesday.
The Las Vegas-based regional casino operator said its net income for the quarter that ended March 31 was $41.4 million, compared to net income of $21.8 million for the same period in 2011. The profits translated into earnings per share of $1.21, compared to 37 cent in same quarter last year. ... (read more)
MGM Resorts increase revenues 51 percent in first quarter, but net loss also grows3 May 2012
Accounting issues and the consolidation of full results from its Macau hotel-casino into the company's overall financial picture left MGM Resorts International with a large net loss for first quarter.
The casino operator said Thursday it lost $203.3 million in the period that ended March 31, compared with a loss of $89.8 million in the same quarter last year. ... (read more)
Affinity Gaming debt plan leads to rating boost2 May 2012
A bond rating service on Tuesday gave its blessing to plans by Affinity Gaming to raise more than $200 million in new debt that would pay down existing loans.
The Las Vegas-based casino operator, which owns the three Primm resorts and the off-Strip Terrible's, wants to use the money to extend its debt maturity by five years to 2020. ... (read more)
Pinnacle Entertainment reduces first quarter net loss2 May 2012
Las Vegas-based Pinnacle Entertainment, Inc., which posted a first-quarter net loss but increases in revenues and cash flow, said Tuesday that it expects to open a $368 million hotel-casino in Baton Rouge, La., by Labor Day while proceeding on expansion projects in St. Louis and at a racetrack in Cincinnati. ... (read more)
Caesars' net loss nearly doubles, but revenues rise2 May 2012
Caesars Entertainment Inc. doubled its net loss in the first quarter, but told investors the results were due largely to a noncash impairment charge covering a canceled casino project in Biloxi, Miss.
In Las Vegas, where Caesars operates 10 hotel-casinos on or near the Strip, revenues grew 6.2 percent ... (read more)
Gaming stocks gain for fourth straight month1 May 2012
It's early in the quarterly earnings season, but initial reports have given a boost to the gaming sector.
For the fourth consecutive month, gaming stocks - on a whole - gained in value, according to Las Vegas-based financial consultant Applied Analysis, which charts the average daily stock prices for eight casino operators and four gaming equipment providers for its monthly Gaming Index. ... (read more)
Good-bye Sahara, hello SLS Las Vegas - Strip property to be redeveloped1 May 2012
Goodbye Sahara, hello SLS Las Vegas.
Think of this as an implosion without the dynamite.
Sahara owners SBE Entertainment Group, LLC of Los Angeles and San Francisco-based private equity group Stockbridge Real Estate said Monday they had completed the process to acquire $300 million in financing ... (read more)
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