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Howard Stutz Gaming Guru - Page 245MGM's CityCenter upstages earnings report4 August 2009
LAS VEGAS, Nevada –- With the opening of the $8.5 billion CityCenter roughly four months away, MGM Mirage quickly found out that Wall Street had more interest in the prospects for the massive Strip development than the company's $212.6 million operating loss in the second quarter.
And MGM ... (read more)
Cal Neva will go up for sale at Lake Tahoe4 August 2009
LAKE TAHOE, Nevada –- The private equity group that controls the Cal Neva resort at Lake Tahoe has put the property once owned by entertainer Frank Sinatra on the market.
Canyon Capital Realty Advisors has hired the Global Gaming Group of Las Vegas-based CB Richard Ellis to market and sell the 83-year-old hotel-casino.
... (read more)
Casinos watch power shift in Macau3 August 2009
LAS VEGAS, Nevada –- Fernando Chui holds the future of Macau's once burgeoning casino industry.
But will the 52-year-old former Macau legislator and cultural minister let the gambling enclave return to its boomtown days?
That's the question on American casino operators' minds.
Chui was ... (read more)
Wynn Resorts profits drop but top forecast31 July 2009
LAS VEGAS, Nevada –- A 91 percent decline in quarterly net profits didn't concern Wynn Resorts Ltd. investors, analysts or even company Chairman Steve Wynn.
The results still equaled a profit.
"It wasn't star-studded, but it was better than most people thought," Wynn said Thursday as the casino ... (read more)
Shuffle Master names CFO31 July 2009
LAS VEGAS, Nevada –- After 17 months without a fulltime chief financial officer, Shuffle Master Gaming stepped outside the casino industry to fill the position.
Shuffle Master, which manufactures table games and develops gaming management systems and equipment, named Linster Fox as CFO.
Fox has been CFO of both public and private technology companies for the past nine years. ... (read more)
Lawsuit plays factor in LV Sands net loss31 July 2009
LAS VEGAS, Nevada –- Las Vegas Sands Corp. paid three men $42.5 million to settle a lawsuit in June, according to the operator's second-quarter earnings release Thursday.
The figure contributed to the company's net loss of $222.2 million in the quarter ended June 30. Las Vegas Sands also blamed the ... (read more)
Nevada Gaming Control board escapes cuts28 July 2009
LAS VEGAS, Nevada –- Nevada gaming regulators fared better than other state agencies at the Legislature.
Faced with a possible 15 percent operating budget reduction that could have slowed state-mandated audits and curtailed law enforcement functions, the Gaming Control Board made successful arguments to ... (read more)
Analyst upgrades view of Las Vegas Sands28 July 2009
LAS VEGAS, Nevada –- Las Vegas Sands Corp. reports second quarter earnings Thursday, but one gaming analyst isn't waiting for the official numbers to upgrade his view of the casino operator.
Macquarie Securities gaming analyst Joel Simkins said this morning investors might want to take another look at Las ... (read more)
Shulman throwing barbs at WSOP27 July 2009
LAS VEGAS, Nevada –- The nine players who qualified for the World Series of Poker's main event final table are using the four-month break between hands to sign sponsorship deals, relax, or better their game.
Card Player magazine Editor Jeff Shulman is spending the time lobbing bombs at ... (read more)
Pinnacle reports $4.7 million profit27 July 2009
LAS VEGAS, Nevada –- The sale of stock in a rival casino operator helped Las Vegas-based Pinnacle Entertainment reverse a second-quarter loss from a year ago.
The regional casino operator reported a profit of $4.7 million, or 8 cents per share, for the quarter ended June 30. A year ago, the company lost ... (read more)
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