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Howard Stutz Gaming Guru - Page 26New credit agreement to help MGM complete $2.9 billion Macau resort15 June 2015
MGM Resorts International said Friday it refinanced its credit agreement surrounding its Macau subsidiary, which will be used to help complete the company’s $2.9 billion resort under construction on the Cotai Strip. The company said its credit agreement increased to $1.55 billion and added a $1.45 billion revolving line of credit. ... (read more)
Penn National names top execs for Las Vegas properties11 June 2015
Regional casino operator Penn National Gaming, which owns M Resort and is buying the Tropicana Las Vegas, named a top executive Wednesday to oversee both operations. The move ends the stewardship of M Resort by Anthony Marnell III, who, along with his family-owned Marnell Corrao Associates, designed and built the stylish 390-room hotel-casino, which opened in 2009. ... (read more)
Herbst family has plans to revitalize Searchlight Nugget11 June 2015
Herbst family-owned JETT Gaming was given tentative approval Wednesday by state gaming regulators to take over ownership and operation of the Searchlight Nugget, the historic gaming site in tiny Searchlight. The property, which was built in 1979 by Warren and Verlie Doing, fell on hard times over the past few years because of the recession. ... (read more)
Circus Circus has 'significant and iconic role' to play in north Strip recovery, says MGM exec11 June 2015
Before the recession sunk its claws into the Strip, the Circus Circus Hotel Casino routinely contributed $70 million to $80 million a year in cash flow to the balance sheet of MGM Resorts International. Today, that number is closer to $30 million. MGM Resorts still sees a benefit to owning the aging but ... (read more)
Inside Gaming: Despite the rumor, an MGM-Wynn merger is off-base10 June 2015
CNBC host and financial gossipmonger Jim Cramer set the gaming investment community aflutter last week. Cramer told his “Mad Money” audience there was “speculation” that Wynn Resorts Ltd. “might merge” with MGM Resorts International. The report was repeated on TheStreet.com website, where Cramer is a founder, director and the largest shareholder. ... (read more)
Paragon Gaming's Vancouver casino project under construction after five-year wait9 June 2015
Casino operator Paragon Gaming has begun construction on a long-planned $600 million hotel-casino complex in Vancouver, British Columbia, that was scuttled in 2011 but revived nearly 2½ years later. Scott Menke, president of Las Vegas-based Paragon, said the development, called Parq Vancouver, is fully financed and will be the province’s largest private development. ... (read more)
Downtown Grand shuffles leadership; Schorr becomes chairman9 June 2015
Downtown Grand Las Vegas Hotel & Casino shuffled management at the 634-room hotel-casino Monday with CEO Seth Schorr giving up day-to-day operational duties and taking on the new title as chairman. Schorr will be replaced by Jim Simms, who joins Fifth Street Gaming after managing regional casinos in the U.S. ... (read more)
Perelman backs Graham's presidential bid despite proposed online gambling ban8 June 2015
Billionaire Ronald Perelman, who is the chairman and largest stockholder of lottery and slot machine giant Scientific Games Corp., plans to support the presidential bid of South Carolina Senator Lindsey Graham, despite the Republican candidate’s backing of legislation that would ban Internet gambling. ... (read more)
Caesars stock hits 52-week low as company seeks to stop bankruptcy litigation8 June 2015
The stock price of Caesars Entertainment Corp. sunk to a 52-week low Friday as investors worried about the outcome of legal proceedings in federal bankruptcy court, which could leave the casino operator on the hook for more than $1 billion in debt obligations. A decision against the company could force Caesars to follow its largest operating division into bankruptcy protection. ... (read more)
Inside Gaming: Amaya poised for NASDAQ listing, but its Web gaming products still beyond reach8 June 2015
On Monday, American stock speculators will be able to buy shares of Internet gaming giant Amaya Inc. on NASDAQ. Meanwhile, American online poker players still can’t place wagers through the company’s most popular product. So go the trials and tribulations of Montreal-based Amaya. After spending $4.9 ... (read more)
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