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Howard Stutz Gaming Guru - Page 255MGM Mirage will need aid19 March 2009
LAS VEGAS, Nevada -- Even with a two-month reprieve from its lenders, MGM Mirage won't be able to weave its way through its current financial situation without the help of a bankruptcy court, Wall Street believes.
The Strip casino giant bought itself until May 15 to come up with a restructuring plan covering at least $7 billion of its $13.5 billion in long-term debt. ... (read more)
MGM Mirage gets relief from vendors18 March 2009
LAS VEGAS, Nevada -- Lenders gave MGM Mirage some much needed financial relief through the middle of May.
The casino operator, in danger of defaulting on $7 billion of its long-term debt, announced Tuesday its lenders had waived requirements that the company be in compliance of its senior credit facility ... (read more)
Professor mixes law with gaming17 March 2009
LAS VEGAS, Nevada -- Bob Faiss has a résumé that reads like a documentary of the Nevada gaming industry.
So it was logical that Faiss's oral history book, "Gaming Regulation and Gaming Law in Nevada," be part of the 50th anniversary celebration of the Nevada Gaming Commission. The Boyd School of Law at ... (read more)
Galaxy Gaming enhancing the table16 March 2009
LAS VEGAS, Nevada -- Galaxy Gaming is not your typical startup casino vendor.
The Las Vegas-based table game provider has been around for 12 years, starting out inside a small casino in Washington in 1997. The company's initial product was a side wager for blackjack where players bet on getting a two-card 20. ... (read more)
LV Sands board member quits16 March 2009
LAS VEGAS, Nevada -- A Las Vegas Sands Corp. board member resigned Monday because he disagreed with last weekend's forced resignation of former company President Bill Weidner.
The casino operator revealed the resignation in a filing with the Securities and Exchange Commission on Friday.
James Purcell, ... (read more)
Bad times for gaming a boom for some16 March 2009
LAS VEGAS, Nevada -- The gaming industry's swoon has been good for certain jobs. Bankruptcy attorneys and corporate restructuring specialists are finding a plentiful client base.
Last week, Herbst Gaming set a tentative date to file a prepackaged bankruptcy plan that will reorganize the company into two ... (read more)
Plan to buy Cannery Resorts falls apart13 March 2009
LAS VEGAS, Nevada -- A $1.75 billion deal by Australia's Crown Ltd. to buy Las Vegas-based Cannery Casino Resorts collapsed Thursday when the buyer couldn't meet certain conditions in time to close the transaction.
The Australian company, which is controlled by billionaire James Packer, planned to buy the ... (read more)
Shuffle Master posts net loss13 March 2009
LAS VEGAS, Nevada -- Gambling equipment provider Shuffle Master, which will change over chief executives next week, posted a net loss of $973,000, or 2 cents a share, for the quarter ended Jan. 31.
Outgoing Shuffle Master Chief Executive Officer Mark Yoseloff in his final earnings report with the company ... (read more)
LV Sands exec quit before he would be fired11 March 2009
LAS VEGAS, Nevada -- Former Las Vegas Sands Corp. President Bill Weidner quit before he could be formally fired.
Meanwhile, Las Vegas Sands Chairman and Chief Executive Officer Sheldon Adelson told an investment forum in New York on Tuesday that "we helped him resign a little bit."
So goes the soap ... (read more)
Herbst Gaming will split businesses11 March 2009
LAS VEGAS, Nevada -- Herbst Gaming, which has spent the past year seeking a financial restructuring plan for its $847 million in debt, announced an agreement Tuesday with its bondholders in which the company will lose ownership of its 15 casinos in Nevada, Iowa and Missouri, but retain control of its Nevada ... (read more)
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