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Howard Stutz Gaming Guru - Page 268Nevada gaming cuts seen bringing layoffs7 August 2008
LAS VEGAS, Nevada -- Gaming Control Board Chairman Dennis Neilander has told the governor's office that a planned 14 percent reduction in the panel's annual budget could lead to gaming enforcement agent layoffs and other staff reductions, decreasing the agency's effectiveness in policing the state's ... (read more)
Pinnacle discards plans to acquire Ameristar7 August 2008
LAS VEGAS, Nevada -- An effort by Pinnacle Entertainment to acquire rival Ameristar Casinos collapsed when the share prices for the two Las Vegas-based regional casino operators fell by roughly 60 percent since last fall.
Pinnacle revealed its now discarded plans Wednesday in the company's ... (read more)
Citycenter development: Financing fears 'overdone'6 August 2008
LAS VEGAS, Nevada -- Wall Street's concerns about MGM Mirage's delay in completing financing for its massive CityCenter development are overblown, MGM Mirage executives said Tuesday.
During the company's second-quarter earnings conference call, in which MGM Mirage reported a 68 percent decline in ... (read more)
Echelon delayed, Boyd decision hailed5 August 2008
LAS VEGAS, Nevada -- The announcement by Boyd Gaming Corp. on Friday morning that the casino operator will delay construction of its $4.8 billion Echelon project on the Strip for up to a year was met with applause on Wall Street.
Company shares, which have been hammered over the past 12 months, rose more than 20 percent on the New York Stock Exchange. ... (read more)
Ameristar laying off 3 percent of workers5 August 2008
LAS VEGAS, Nevada -- The souring national economy has affected the regional casino markets.
Las Vegas based-Ameristar Casinos, which operates eight casinos primarily in the Midwest, said Monday it laid off roughly 3 percent of its casino work force during the second quarter ended June 30.
The ... (read more)
MGM Mirage halts Jean project5 August 2008
LAS VEGAS, Nevada -- MGM Mirage on Monday officially pulled the plug on a planned mixed-use development in Jean, blaming the sour economic climate.
In a filing with the Securities and Exchange Commission, MGM Mirage said it formally terminated an agreement with developer American Nevada Corp. ... (read more)
Inside gaming: Trying times loom for Sands in Macau4 August 2008
MACAO -- Visa restrictions imposed by the Chinese government that curtail mass-market visitation to Macau hurt Las Vegas Sands Corp. more than any other casino operator.
But did Beijing act deliberately to punish Las Vegas Sands?
Some observers speculate Chinese leaders are not happy the Beijing ... (read more)
Gaming stocks take beating1 August 2008
LAS VEGAS, Nevada -- If this were a fight, it would be stopped on cuts.
The average daily stock price of nine of the 10 publicly traded gaming companies charted by a Las Vegas financial adviser recorded double-digit declines in July, continuing a slide that began in March. Some casino operators and ... (read more)
Casino openings cut into Sands profits31 July 2008
LAS VEGAS, Nevada -- Two casinos that weren't around a year ago helped send the quarterly revenues for Las Vegas Sands Corp. soaring more than 81 percent higher during the three-month period that ended June 30.
But costs associated with opening the Venetian Macau last August and the Palazzo in ... (read more)
Macau hotel lifts Wynn Resorts' profits25 July 2008
LAS VEGAS, Nevada -- Macau saved Wynn Resorts during the second quarter.
The slumping Las Vegas economy drove down revenue at the company's Wynn Las Vegas for the three months that ended June 30. But results from Wynn Macau offset the losses.
Wynn Resorts, which previewed earnings July 10 to give ... (read more)
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