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Howard Stutz Gaming Guru - Page 21Pinnacle, GLPI agree on $4.75 billion merger22 July 2015
The gaming industry's worst-kept secret became official Tuesday. Real estate investment trust Gaming and Leisure Properties Inc. will acquire the real estate owned by regional gaming operator Pinnacle Entertainment for $4.75 billion in an all-stock transaction and lease the casinos back to the Las Vegas-based company. ... (read more)
Sale of Bwin.party to 888 could impact Nevada20 July 2015
Gibraltar-based 888 Holdings won the takeover battle for Bwin.party Digital Entertainment, agreeing Friday to pay $1.4 billion for the company and creating an online gaming conglomerate. The transaction, which requires regulatory and shareholder approval, could reverberate throughout the fledgling U.S. ... (read more)
Inside Gaming: Eldorado deal for MGM casinos makes company king of Reno20 July 2015
The Carano family, through its Eldorado Resorts Inc., has bet the house on Reno. The odds are seemingly tipped in their favor. An announced $72.5 million acquisition of Circus Circus Hotel Casino - Reno and 50 percent of the Silver Legacy Resort Casino -- Eldorado already owned the other half -- from MGM Resorts International cemented the Caranos as the first family of downtown Reno. ... (read more)
New Caesars CEO blamed for Hertz accounting failures20 July 2015
Mark Frissora, the three-week-old CEO of Caesars Entertainment Corp., was accused by Hertz Global Holdings of having a "management style and temperament that created a pressurized operating environment" during his tenure as the top executive of the automobile and equipment rental car company. Hertz said the ... (read more)
MGM Resorts to build 5,000-seat theater at Monte Carlo16 July 2015
MGM Resorts International said Wednesday it will spend $100 million to build a 5,000-seat theater at the Monte Carlo Resort and Casino, creating another entertainment attraction as part of the company's Park development. The theater is expected to open at the end of 2016. MGM will move two its Strip shows -- Blue Man Group and Jabbawockeez -- to other properties as part of the development. ... (read more)
Moody's revises U.S. gaming market outlook to 'stable'15 July 2015
Moody's Investors Service changed its overall outlook of the U.S. gaming industry from a negative to a stable rating, saying it expects states to increase revenue over the next 12 to 18 months. In a report to investors, Moody's Senior Vice President Keith Foley said gaming industry cash flow will increase 3 percent to 4 percent over the same time frame. ... (read more)
Scientific Games to develop slot machine based on Tetris15 July 2015
Slot machine maker Scientific Games Corp. will develop a slot machine based on the popular building block-style Tetris video game that is currently played on mobile devices and home computers. In a statement, Las Vegas-based Scientific Games said it signed an agreement to create a slot machine based on the Tetris game for use in casinos. ... (read more)
Inside Gaming: Atlantic City to pay Borgata $63 million in tax refunds -- but how?15 July 2015
A property tax refund for Boyd Gaming Corp. could spell additional trouble for financially challenged Atlantic City. A New Jersey appellate court this month upheld a lower court reassessment of how the city taxed the market-leading Borgata Hotel Casino and Spa, awarding Boyd $63 million in property tax refunds covering 2009 and 2010. ... (read more)
Wynn Resorts investor reduces ownership stake14 July 2015
Investment firm T. Rowe Price Group, once the largest single shareholder in Wynn Resorts Ltd., has reduced its stake to 4.6 percent after the firm's second massive sell-off since April. The firm once owned 17 million shares, or 16.8 percent of the company. In a filing with the Securities and Exchange Commission on Friday, Baltimore-based T. ... (read more)
Inside Gaming: Winners and losers in the Massachusetts casino scene13 July 2015
The opening of the $250 million Plainridge Park Casino last month wasn’t exactly the grand unveiling Massachusetts gaming backers envisioned more than four years ago. We’re not being critical of Penn National Gaming’s newest casino. The all-slot machine facility is attached to the Plainridge Park ... (read more)
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