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Howard Stutz Gaming Guru - Page 34Caesars retiree bitter after flow of pension checks stops25 March 2015
LAS VEGAS -- Kenneth Houng became one the Strip’s first Asian casino hosts when he joined Caesars Palace in 1982. He never wanted to work anywhere else. He spent 32 years at the resort, retiring as an executive vice president. “Caesars was the place to work. Everybody who worked for Caesars was very proud,” Houng, 78, said Monday. ... (read more)
Company: Elaine Wynn had conflicts in Strip land deal25 March 2015
LAS VEGAS -- Wynn Resorts, Limited accused ousted board member Elaine Wynn of several conflicts of interest, including her participation in company discussions over potentially buying the vacant New Frontier site, which was subsequently acquired by a group that included her nephew. The casino operator sent ... (read more)
Inside Gaming: Macau top official's speech not the message Las Vegas wanted to hear25 March 2015
A policy address by Macau’s top government official this week wasn’t an uplifting and positive message the casino industry and the investment community were hoping to hear. Macau Chief Executive Fernando Chui told lawmakers on Monday the Special Administrative Region had entered an “adjustment” period of slower and stable growth. ... (read more)
Gaming group: Rank Las Vegas higher for security funding24 March 2015
LAS VEGAS -- The American Gaming Association (AGA) wants the Homeland Security Department to rank Las Vegas higher for the city — primarily the Strip — to better fund programs that protects the state’s $53 billion a year casino industry. During a Monday telephonic news conference, in which the ... (read more)
Long-term, negative side of REITs argued24 March 2015
Not everyone associated with the casino industry has caught REIT fever. Several analysts and insiders aren’t sold on the notion that real estate investment trusts — where casinos are spun-off into a separate publicly traded company and leased by back to an operator — as being a good move for all gaming companies. ... (read more)
Resorts World Las Vegas groundbreaking announced24 March 2015
LAS VEGAS -- Malaysia-based Genting Malaysia Berhad will break ground on the $4 billion Resorts World Las Vegas on May 5, a company spokesman said Monday. The Strip development, which has been in planning for two years, is projected to include 3,000 hotel rooms and a casino with a combined 3,500 slot machines and table games in its initial phase. ... (read more)
Game on: Elaine Wynn files formal proxy to regain board seat23 March 2015
LAS VEGAS -- Ousted Wynn Resorts, Limited board member Elaine Wynn filed her formal paperwork to regain her position with the casino company Friday, but changed one item from the preliminary proxy that was released a day earlier. According to the filing with the Securities and Exchange Commission, Wynn said former Gov. ... (read more)
MGM advises shareholders to not vote for hedge fund candidates23 March 2015
LAS VEGAS -- MGM Resorts International told shareholders Friday not to vote for any of the board of director candidates offered by a New York hedge fund that suggested this week the casino company convert its land holdings into a real estate investment trust. In a preliminary proxy filing with the ... (read more)
Inside Gaming: Global Cash Access rings up winner with small Texas manufacturer23 March 2015
LAS VEGAS -- A year ago, the gaming investment community didn’t pay much attention to Global Cash Access. The Las Vegas-based company did a quiet and exceptional job providing casinos with ATMs, point-of-sale and debit card transaction devices, slot machine ticket redemption kiosks and other payment processing equipment. ... (read more)
Filing: Elaine Wynn learned of board issue from ex-husband20 March 2015
LAS VEGAS -- Ousted Wynn Resorts, Limited board member Elaine Wynn said Thursday she first learned she was not being re-nominated to her position through phone conversations with her ex-husband, company chairman and CEO Steve Wynn. In a filing with the Securities and Exchange Commission, Elaine Wynn said ... (read more)
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