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Howard Stutz Gaming Guru - Page 18Eldorado Resorts sees profits up but revenues down6 August 2015
Reno-based Eldorado Resorts grew its profits in the second quarter, but saw overall revenue decline slightly. The casino operator, which is buying Circus Circus Hotel Casino - Reno and a 50% stake in the Silver Legacy Resort Casino from MGM Resorts International, said Wednesday its net income for the quarter that ended June 30 was $4.8 million, or 10 cents per share. ... (read more)
Penn National Gaming gains preliminary approval to buy Tropicana6 August 2015
Nevada gaming regulators granted preliminary approval Wednesday for Penn National Gaming to acquire the Tropicana Las Vegas for $360 million. The Gaming Control Board had few concerns about the transaction, which was announced in April by the Wyomissing, Pa.-based regional casino giant. "This is good for the state and Strip," said Control Board Chairman A.G. ... (read more)
Inside Gaming: Global Cash changes name as focus shifts to slot machines5 August 2015
Global Cash Access Holdings is disappearing. Sort of. The gaming industry's top provider of payment processing equipment will unveil a new name, logo and New York Stock Exchange ticker symbol later this month that reflects the Las Vegas-based company's place within the casino equipment manufacturing sector. ... (read more)
MGM CEO says The Mirage is "not on the market"5 August 2015
MGM Resorts International did not announce a real estate investment trust structure for the company Tuesday and top executive Jim Murren shot down reports that The Mirage was about to be sold. But a "seminal internal transformation" of the casino giant is underway that Murren said will increase annual cash flow by $300 million through various corporate initiatives. ... (read more)
Caesars reverses net loss, reporting 17.4% revenue increase5 August 2015
Caesars Entertainment Corp. said Tuesday its net revenue increased 17.4% in the second quarter, crediting the openings of The Cromwell on the Strip and the Horseshoe Casino Baltimore and the $223 million renovation of The Linq Hotel & Casino for the boost in results. The Las Vegas-based company, which ... (read more)
Golden Entertainment finalizes $341 million gaming industry merger4 August 2015
Golden Gaming's $341 million merger with Minnesota-based Lakes Entertainment was finalized Monday, creating a publicly traded casino, tavern and slot machine route operation with business interests in Nevada and Maryland. The transaction, announced in January, turned family-owned Golden Gaming into Golden Entertainment. ... (read more)
Macau casinos experience 14th straight monthly revenue decline4 August 2015
Macau gaming revenue fell 34.5 percent in July, the Chinese casino market's 14th straight monthly decline and the sixth straight month the region has experienced drops of 30 percent or higher. The Gaming Inspection and Coordination Bureau said Monday Macau's nearly three-dozen large and small casinos collected $2.3 billion from gamblers in July. ... (read more)
Caesars creditors would control proposed real estate trust4 August 2015
Creditors owed billions by Caesars Entertainment Corp.'s largest operating division will control the board of the planned real estate investment trust the company plans to set up through a bankruptcy court-administered reorganization. In a filing with the Securities and Exchange Commission Monday, Caesars ... (read more)
Revenue and net loss both increase for Scientific Games4 August 2015
Scientific Games Corp. said Monday a second quarter net loss of $102.2 million was the result of costs and charges associated with the company's acquisition and integration of slot machine manufacturers WMS Gaming and Bally Technologies in the past 24 months. Scientific Games said the net loss translated into a per-share loss of $1.10 in the quarter that ended June 30. ... (read more)
Inside Gaming: Pinnacle, GLPI deal could be a model for the industry3 August 2015
The $4.75 billion merger of Pinnacle Entertainment and Gaming and Leisure Properties isn't your typical casino industry buyout. But the transaction might be a model for other gaming companies moving forward. Pinnacle isn't disappearing once Gaming and Leisure takes ownership of the real estate and buildings associated with 14 of the Las Vegas-based company's regional properties. ... (read more)
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