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Howard Stutz Gaming Guru - Page 221MGM Mirage to sell stake in Borgata12 March 2010
ATLANTIC CITY, New Jersey -- Gaming analysts believe MGM Mirage's 50 percent stake in Atlantic City's Borgata could fetch between $400 million and $500 million when the company goes to sell its portion of the casino over the next 18 months.
Market conditions, however, could drive down ... (read more)
Vegas visitor volume climbs four percent11 March 2010
LAS VEGAS, Nevada -- Las Vegas visitor volume climbed 4 percent in January, the fifth straight year-over-year monthly increase in tourism numbers.
But Las Vegas Convention and Visitors Authority officials said Wednesday they are still not ready to claim the market has turned.
In ... (read more)
Plan to build Aqueduct casino rejected11 March 2010
NEW YORK, New York -- A partnership that includes Las Vegas-based Navegante Group was rejected Thursday by New York licensing authorities to build and operate a lucrative slot machine casino at the Aqueduct Racetrack.
The move comes six weeks after the group won a contentious bidding process and was selected by Gov. ... (read more)
Nevada gaming revenue down 3.2 percent in January10 March 2010
LAS VEGAS, Nevada -- Nevada casinos collected $883.3 million from gamblers in January, a 3.2 percent decline in statewide gaming revenues, the Gaming Control Board announced this morning.
A year ago, statewide gaming revenues were $912.7 million.
On the Strip, gaming revenues were $495 million, a 3 percent decline compared with $510.4 million collected a year. ... (read more)
MGM announces debt-exchange plan10 March 2010
LAS VEGAS, Nevada -- MGM Mirage announced a debt-exchange plan Tuesday in which the casino operator will offer up to $845 million in senior secured notes due 2020 in a private placement.
Cash raised in the offering will be used to repay part of the debt outstanding under the company's senior ... (read more)
Analyst changes his tune on IGT9 March 2010
LAS VEGAS, Nevada -- Macquarie Securities gaming analyst Joel Simkins has been tough on slot machine giant International Game Technology over the past few years.
Among his many concerns, Simkins has been critical of the Reno-based company's lack of product innovation and what he has ... (read more)
Harrah's tells Privé Nightclub to pay rent or leave9 March 2010
LAS VEGAS, Nevada -- Harrah's Entertainment has told the owners of the bankrupt Privé Nightclub and its adjacent Living Room ultralounge inside Planet Hollywood Resort to either pay past-due rent and expenses or leave the company's recently acquired Strip hotel-casino.
Harrah's ... (read more)
Bill Bible nominated to MGM board9 March 2010
LAS VEGAS, Nevada -- Nevada Resort Association President Bill Bible has been nominated to become a member of the MGM Mirage Board of Directors and will resign from the trade organization he has headed for more than a decade.
Bible has overseen the resort association, the gaming ... (read more)
Iowa's governor wants four new casinos8 March 2010
DES MOINES, Iowa -- Iowa Gov. Chet Culver is asking gaming regulators to approve four new casinos in the state that already has 17 riverboat casinos and two casinos operated by American Indian tribes.
The move is tricky, according to an article in the Des Monies Register. The five Iowa ... (read more)
Early reviews are raves for St. Louis casino3 March 2010
ST. LOUIS, Missouri -- Pinnacle Entertainment gave Wall Street and VIPs a sneak preview of its $380 million suburban St. Louis casino Monday and the reviews were overwhelmingly positive.
The River City Casino, Pinnacle's third in the St. Louis market, will open to the public Thursday with a ... (read more)
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