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Howard Stutz Gaming Guru - Page 262Dubai World gets OK to increase ownership in MGM Mirage21 November 2008
LAS VEGAS, Nevada –- Dubai's investment arm was given permission to increase its ownership of MGM Mirage on Thursday, but one of its executives said that won't happen until market conditions warrant such a move.
The Nevada Gaming Commission found Dubai World a suitable business and joint venture partner for MGM Mirage. ... (read more)
Casino CFOs paint bleak picture for future20 November 2008
LAS VEGAS, Nevada --A panel of casino company chief financial officers, reflecting a cross section of the gaming industry, on Wednesday painted a bleak picture for businesses looking to raise money over the next few years.
The sinking national and global economies aren't going to cooperate, panel members ... (read more)
Worries subside for Las Vegas Sands18 November 2008
LAS VEGAS, Nevada -- Las Vegas Sands Corp. told investors it has begun righting its listing financial ship with $2.1 billion in new capital, but the casino operator's president said the company should have moved into calmer waters sooner.
In comments at an investment forum Monday, Las Vegas Sands ... (read more)
Gaming revenues fall in 12 states with commercial casinos18 November 2008
LAS VEGAS, Nevada -- Gaming revenues in the 12 states with commercial casinos have tumbled 2.5 percent through the first nine months of 2008 and the trend worsened as the year progressed.
That was the bleak outlook painted by American Gaming Association CEO Frank Fahrenkopf Jr. as the Global Gaming Expo kicked off Tuesday at the Las Vegas Convention Center. ... (read more)
Shuffle Master VP under investigation by SEC18 November 2008
LAS VEGAS, Nevada -- Shuffle Master Gaming Senior Vice President Brooke Dunn is under investigation by the Securities and Exchange Commission for alleged improper trading in the company's stock by an unrelated third party. The gaming equipment company made the announcement in its own filing with the ... (read more)
Global Gaming Expo comes at bad time17 November 2008
LAS VEGAS, Nevada -- The gaming industry's leading trade show, where the newest slot machines, management systems and other gambling-related products are unveiled to casino operators, opens this week at the Las Vegas Convention Center.
The timing for the Global Gaming Expo, however, couldn't be worse. ... (read more)
MGM Mirage chief retiring at end of the month14 November 2008
LAS VEGAS, Nevada -- MGM Mirage Chairman and Chief Executive Officer Terry Lanni will retire from the casino operator on Nov. 30 and has recommended that he be replaced by the company's chief operating officer, Jim Murren.
The MGM Mirage board of directors has to approve the executive changes, possibly by next week. ... (read more)
Station Casinos, International Game Technology plan layoffs14 November 2008
and Arnold Knightly
LAS VEGAS, Nevada -- Station Casinos is laying off 40 workers who take reservations for the company's hotels and will begin outsourcing the work to an overseas company in early December, a company spokeswoman confirmed Thursday.
Meanwhile, slot machine giant International ... (read more)
Herbst Gaming faces tough choice13 November 2008
LAS VEGAS, Nevada -- Herbst Gaming has until Dec. 3 to accomplish one of two tasks -- pay its bondholders more than $846.8 million or come up with a restructuring plan for the company's debt payments. Otherwise, the Las Vegas-based company will probably end up in bankruptcy court.
Herbst, which ... (read more)
Las Vegas Sands outlines recapitalization plan12 November 2008
LAS VEGAS, Nevada -- Las Vegas Sands Corp. on Tuesday unveiled details of its $2.14 billion capitalization plan to right the company's financial woes, but a regulatory filing shows there may be deeper problems at the casino company.
The company will receive a $525 million investment from the family ... (read more)
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