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Howard Stutz Gaming Guru - Page 263Sands suspends construction in Vegas and Macau11 November 2008
LAS VEGAS, Nevada -- Las Vegas Sands Corp. told investors Monday it's stopping construction on its $600 million Strip condominium tower and shelving some of its development plans in China.
Company President Bill Weidner said the changes could reduce Las Vegas Sands' capital expenses by $1.8 ... (read more)
Bally posts profit and revenue gains7 November 2008
LAS VEGAS, Nevada -- In a market where casinos are not readily spending money on new slot machines, Bally Technologies grew both profits and revenues in the recently completed first quarter.
The Las Vegas-based slot machine provider said Thursday its net income was $30.3 million, or 52 cents a share, for its first quarter ended Sept. ... (read more)
Las Vegas Sands in danger of default?7 November 2008
LAS VEGAS, Nevada -- The financial health of Las Vegas Sands Corp. took a sudden downturn Thursday when the casino operator told investors it was in danger of defaulting on some of its loans, raising the possibility the company could be facing a date in bankruptcy court.
Wall Street analysts, ... (read more)
Moody's downgrades Fontainebleau debt funding7 November 2008
LAS VEGAS, Nevada -- Moody's Investors Service on Thursday downgraded to negative ratings nearly $2.5 billion of debt funding the Fontainebleau project on the south Strip near the Riviera.
Moody's bond analyst Keith Foley said in a note to investors the $2.9 billion project has ... (read more)
Dubai World seen as suitable partner6 November 2008
LAS VEGAS, Nevada -- Nevada gaming regulators said Wednesday that Dubai World, the investment arm of the Persian Gulf state, was a suitable business partner for casino giant MGM Mirage.
The entity, which has an asset base worth more than $100 billion and had revenues of almost $11 billion in 2007, has already made a substantial investment in MGM Mirage. ... (read more)
Gaming companies boosted by elections in three states6 November 2008
LAS VEGAS, Nevada -- Nevada-based casino operators and slot machine manufacturers were the beneficiaries as voters in three states Tuesday approved ballot initiatives that expanded legalized gambling opportunities.
One Wall Street analyst suggested the election of a new governor in Delaware might mean ... (read more)
IGT's cost-cutting steps overshadow lower profits31 October 2008
LAS VEGAS, Nevada -- Profits earned by slot machine giant International Game Technology were cut in half during the fourth quarter, but Wall Street wasn't focused on results.
Investors had more interest in the cost-cutting measures being undertaken to right the Reno-based company's listing ship.
"We ... (read more)
MGM cuts reassure investors30 October 2008
LAS VEGAS, Nevada -- Wall Street wasn't surprised Wednesday when casino giant MGM Mirage said its third-quarter profit fell 67 percent from a year ago due to the slowing national economy and reduced customer spending.
What gave investors a lift was the company's reaction to the crisis.
Cost reductions, ... (read more)
Adelson gains $1.2 billion as gaming soars on Wall Street30 October 2008
LAS VEGAS, Nevada -- Stocks within the beleaguered gaming sector scored a one-day boost Wednesday despite the markets' overall volatility. Las Vegas Sands Corp., along with Chairman and Chief Executive Officer Sheldon Adelson, were the biggest benefactors.
Shares of casino operator jumped 80 percent ... (read more)
Gaming industry bets big on McCain27 October 2008
LAS VEGAS, Nevada -- Gaming has bet the house on the presidential campaign of Republican John McCain.
Through September, individuals with ties to casinos have contributed more than $260,000 to McCain's campaign, according to the nonpartisan Center for Responsive Politics. Democrat Barack Obama has ... (read more)
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