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Howard Stutz Gaming Guru - Page 349Mergers and Acquisitions : Buyout Deal Clears Obstacle21 February 2005
Harrah's $9.4 billion buyout of Caesars Entertainment on Friday cleared the waiting period spelled out by the federally mandated Hart-Scott-Rodino Act, but the transaction still awaits action by the Federal Trade Commission.
The law, which was enacted in 1976, sets a time period for parties to file objections about a corporate merger. ... (read more)
MGM Mirage Restructuring Begins18 February 2005
LAS VEGAS -- A day after getting federal antitrust approval of its $7.9 billion buyout of the Mandalay Resort Group and just days away from an anticipated go-ahead from Nevada gaming authorities, the corporate structure of the new MGM Mirage is already beginning to take shape.
The transaction will give ... (read more)
Singapore to Receive Wynn Bid16 February 2005
Plans by the government of Singapore to add casino gaming continues to lure the industry's major participants, so Tuesday's announcement that Las Vegas-based Wynn Resorts Ltd. would submit a proposal didn't shock anyone.
The company, now preparing to open the $2.5 billion Wynn Las Vegas April 28, ... (read more)
International Game Technology Creates Division for Macau Market16 February 2005
RENO, Nevada and MACAU -- Casino gaming is continuing its rapid expansion into the Chinese gaming enclave of Macau, and the industry's leading slot machine manufacturer announced Tuesday it was creating a division to serve the growing market.
Reno-based International Game Technology said the ... (read more)
Report: Casinos Win Big in 200414 February 2005
The terminology "pre-Sept. 11 figures" finally can be eliminated from discussions on the health of Nevada's gaming industry.
State casinos won $10.6 billion during calendar year 2004, a 9.7 percent increase over 2003's total win of $9.6 billion and the highest total win in Nevada history, the Gaming ... (read more)
Strip Show Biz: Countdown to Splashdown14 February 2005
LAS VEGAS -- It's said the first person Steve Wynn called when the casino developer started conceptualizing his newest resort complex was not a financial adviser, architect, or builder. It was renowned show producer and director Franco Dragone.
Together, Wynn and Dragone are responsible for two ... (read more)
Investors Bullish on Boyd Gaming11 February 2005
LAS VEGAS -- The day after reporting record earnings in 2004, Boyd Gaming Corp. saw its shares shoot up to an all-time high Thursday as gaming analysts said the company is poised to take advantage of numerous growth opportunities well into the next decade.
In trading on the New York Stock Exchange, ... (read more)
Merger Partners Watch and Wait10 February 2005
LAS VEGAS -- Officials from MGM Mirage and Mandalay Resort Group are seemingly playing out a scene from Samuel Beckett's play "Waiting for Godot" in which two tramps anticipate the arrival of a mystery character who never appears.
The companies are starting to get the same feeling while waiting for approval of their $7.9 billion merger from the U.S. ... (read more)
Company Aims to Keep Employees10 February 2005
LAS VEGAS -- The expected availability of 15,000 new casino and hospitality jobs in Las Vegas over the next five years -- 10,000 alone from April's planned opening of the $2.5 billion Wynn Las Vegas -- makes smaller gaming operations prime targets for experienced workers.
American Casino & ... (read more)
Aiming to Rule the Rooster9 February 2005
LAS VEGAS -- Casino leaders are hoping the Strip's gambling tables will crow with excitement this week.
As celebration of Chinese New Year starts today, many Strip properties are pulling out all stops to welcome Far East visitors with large bankrolls looking to welcome the Year of the ... (read more)
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