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Howard Stutz Gaming Guru - Page 207Macau is booming and Vegas is glooming9 August 2010
LAS VEGAS, Nevada -- So what did this round of quarterly earnings reports tell us about the gaming industry's health?
Macau is booming and Atlantic City is dying. The Strip has too many hotel rooms but there are slight signs of recovery. CityCenter has issues.
Anything else?
According to ... (read more)
Station Casinos gets sale approval9 August 2010
LAS VEGAS, Nevada -- Station Casinos moved one step closer to emerging from bankruptcy intact Friday when a judge approved the sale of 11 casinos, land holdings and American Indian gaming contracts to a group backed by Fertitta Gaming for $772 million.
"Today's outcome means that Frank and Lorenzo ... (read more)
Harrah's loses $274 million in second quarter9 August 2010
LAS VEGAS, Nevada -- Privately held Harrah's Entertainment lost $274 million in the second quarter, blaming weak customer spending for the poor performance.
The company's loss reversed a year-ago profit of $2.29 billion, which included a $4.3 billion pretax gain from debt extinguishment.
Harrah's ... (read more)
Boyd Gaming sees second quarter profits plunge4 August 2010
LAS VEGAS, Nevada -- Boyd Gaming Corp. executives weren't taking the bait.
With the Las Vegas-based casino operator dropping out of Friday's planned bankruptcy court auction of several Station Casinos' properties, Wall Street speculated on the next potential acquisition target for the Las Vegas-based casino operator. ... (read more)
Massachusetts gambling bill in limbo3 August 2010
BOSTON, Massachusetts -- The debate in Massachusetts over legalizing casinos has turned into an old fashioned game of political football.
The state's house and senate approved a bill over the weekend that would allow for three casinos and two slot machine parlors.
However, Gov. Deval Patrick is ... (read more)
MGM reports $883 million net loss3 August 2010
LAS VEGAS, Nevada -- CityCenter continued to be a drain on MGM Resorts International. The Las Vegas-based casino giant said this morning its second quarter net loss was $883 million, or $2 a share, compared to a loss of $212 million, or 60 cents, in the same three-month period a year ago. Wall Street analysts expected a loss of 24 cents a share according to those polled by FactSet Research. ... (read more)
Is reversing Atlantic City's fate possible?2 August 2010
ATLANTIC CITY, New Jersey -- New Jersey Gov. Chris Christie has proposed a slate of reforms to revitalize Atlantic City. One idea is a state takeover of Atlantic City's gaming and tourism district, removing the Boardwalk and adjoining areas from city stewardship. The gaming market has crumbled the past four years because of the recession and increased competition from neighboring states. ... (read more)
Shares of gaming companies dive in July2 August 2010
LAS VEGAS, Nevada -- The gaming industry might want to forget about July.
The average daily stock prices of casino operators and slot machine manufacturers all tumbled during the month with seven of the 10 companies followed by Las Vegas-based financial consultant Applied Analysis showing double-digit declines. ... (read more)
Wynn slams Obama adminstration again30 July 2010
LAS VEGAS, Nevada -- "Steve Wynn the Political Pundit" resurfaced Thursday.
During the Wynn Resorts Ltd. second quarter earnings conference call, company chairman Steve Wynn said he isn't thrilled with the current direction of the U.S. economy.
Wynn has been the gaming industry's most vocal critic of President Barack Obama and his administration's policies for much of the past year. ... (read more)
Casino industry outlook still uncertain30 July 2010
LAS VEGAS, Nevada -- Double-digit declines in monthly state gaming revenues have dissipated in the first half of 2010, but a national credit and bond rating service isn't ready to say the financial health of the American casino industry is on the path to recovery.
In a report on U.S. gaming released ... (read more)
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