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Howard Stutz Gaming Guru - Page 254MGM makes $200 million debt payment30 March 2009
LAS VEGAS, Nevada -- The $8.7 billion CityCenter development avoided a bankruptcy filing and potential shutdown Friday when casino operator MGM Mirage made a $200 million funding payment, allowing construction work to continue on the 76-acre Strip site.
MGM Mirage's payment, which was approved by the ... (read more)
What's the course for LV Sands?30 March 2009
LAS VEGAS, Nevada -- Analysts are starting to wonder whether Las Vegas Sands Corp. is playing out its last hand or is about to put a bad beat on the competition.
Both sides of the poker game surfaced last week.
First, Executive Vice President Brad Stone, head of the company's construction division, quit. ... (read more)
CityCenter may land in bankruptcy27 March 2009
LAS VEGAS, Nevada -- The $8.7 billion CityCenter project, billed by MGM Mirage as the most expensive commercial development in U.S. history, could end up in bankruptcy as early as this weekend, some nine months before the project is scheduled to fully open.
The possibility of bankruptcy ... (read more)
MGM Mirage plans to finish CityCenter25 March 2009
LAS VEGAS, Nevada -- A day after being accused by its joint venture partner of mismanaging the $9.1 billion CityCenter development, MGM Mirage said a lawsuit filed by Dubai World was "completely without merit" and the casino operator plans to complete the Strip development.
MGM Mirage attempted ... (read more)
IGT names new president, CEO25 March 2009
LAS VEGAS, Nevada -- International Game Technology named current board member Patti Hart as its president and chief executive officer late Tuesday, replacing TJ Matthews.
Hart has served on IGT's board of directors since June 2006. Matthews formally resigned his positions as president and CEO of the ... (read more)
Another LV Sands exec resigns25 March 2009
LAS VEGAS, Nevada -- Las Vegas Sands Executive Vice President Brad Stone, who was overseeing construction of the company's $5 billion Singapore resort, has resigned.
Stone is the second top executive to leave the casino operator this month.
Stone, who also held the title of president of global ... (read more)
CityCenter partner wants out24 March 2009
LAS VEGAS, Nevada -- Survival of the $9.1 billion CityCenter development was questioned Monday when the investment arm of the Persian Gulf state of Dubai sued its partner, MGM Mirage, over concerns with the project's viability.
Several analysts said the lawsuit, filed Sunday in Delaware Chancery ... (read more)
Progressive Gaming files to liquidate23 March 2009
LAS VEGAS, Nevada -- Progressive Gaming International, which saw substantially all of its assets sold to International Game Technology in a foreclosure sale in January, formally filed for bankruptcy liquidation this week.
The company, which provided gaming systems and other technology to casinos, owes more than $5.6 million to unsecured creditors, according to a Monday filing with the U.S. ... (read more)
Herbst Gaming files for Chapter 1123 March 2009
LAS VEGAS, Nevada -- Herbst Gaming filed a prepackaged Chapter 11 bankruptcy reorganization plan Sunday that will result in the company losing ownership of its 15 casinos but retaining control of its Nevada slot machine route.
Herbst Gaming Chief Executive Officer Troy Herbst said in a statement that the ... (read more)
Treasure Island sale gets final OK20 March 2009
LAS VEGAS, Nevada -- Phil Ruffin is doing MGM Mirage a favor, and it only cost him $100 million.
Ruffin, 73, who was approved Thursday by the Nevada Gaming Commission to take over Treasure Island from MGM Mirage, said he altered his deal with the casino operator.
Instead of paying $500 million up front in cash, Ruffin increased the amount to $600 million. ... (read more)
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