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Howard Stutz Gaming Guru - Page 43One-time charge hurts Penn National fourth quarter results30 January 2015
An impairment charge in the fourth quarter sent M Resort owner Penn National Gaming, Inc. to a net loss for the three month period, the company said Thursday. Penn National, which operates 26 casinos and racetracks in 16 states and a Canadian province, said its net loss of $250.4 million for the quarter that ended Dec. ... (read more)
Griddle Cafe at SLS Las Vegas will close30 January 2015
LAS VEGAS -- The owner of the Los Angeles-based Griddle Cafe is closing her location inside the SLS Las Vegas Hotel & Casino. The restaurant, best known for its oversized breakfast items, will be replaced by a 24-hour Las Vegas-style coffee shop. SLS officials said the new restaurant will be called Northside Cafe and will open Sunday. ... (read more)
Judge's ruling on Chicago court seen as win for Caesars29 January 2015
LAS VEGAS -- A bankruptcy judge in Delaware ruled Wednesday the reorganization of Caesars Entertainment Corporation's largest operating union will take place in Chicago, where the company filed a prepackaged Chapter 11 earlier this month. Allowing the case to proceed in Chicago is considered a victory for the company and its private equity backers, Apollo Global Management and TPG Capital. ... (read more)
Adelson defends Macau even as troubled market crimps Sands' earnings29 January 2015
LAS VEGAS -- Las Vegas Sands Corp. said Wednesday its Macau business was more than just gaming. The troubled market, which has experienced seven straight monthly gaming revenue declines, hurt Las Vegas Sands' fourth-quarter earnings. But company Chairman Sheldon Adelson spent much of the casino operator's quarterly conference call defending the market. ... (read more)
Golden Gaming to merge with Lakes Entertainment, acquire Maryland casino28 January 2015
LAS VEGAS -- Slot machine route operator Golden Gaming, Inc. announced Monday it will merge with Minnesota-based Lakes Entertainment, Inc., giving the Las Vegas-based company ownership of a Maryland casino while transitioning into a publicly traded corporation. The newly named company will be called Golden Entertainment and will be traded on the Nasdaq replacing Lakes' current listing. ... (read more)
IGT reports revenue, earnings down in first quarter28 January 2015
Slot machine giant IGT - International Game Technology said Tuesday revenue and earnings fell in the first quarter despite double-digit increases from the company's social gaming business. IGT, which is in the process of being acquired by lottery provider GTECH Corporation in a $6.4 billion transaction, said its net income of $35 million in the quarter that ended Dec. ... (read more)
Sartini calls Golden Gaming merger ‘good strategic fit’28 January 2015
LAS VEGAS -- Blake Sartini said Golden Gaming, Inc.'s planned transition into a publicly traded company was about timing. So far, the CEO's sense of timing has never been questioned. The merger with Minnesota-based Lakes Entertainment, Inc. will result in the company — recognized as Nevada's largest slot ... (read more)
Burnett, Reid reappointed to Gaming Control Board28 January 2015
LAS VEGAS -- Nevada State Gaming Control Board Chairman A.G. Burnett and Member Shawn Reid were reappointed to new four-year terms Tuesday by Gov. Brian Sandoval. A spokeswoman for the governor confirmed the reappointments. Burnett, 45, has headed the regulatory panel since 2012. He and Reid, 51, both joined the Control Board in 2011. ... (read more)
Inside Gaming: Bets make Super Bowl even bigger28 January 2015
LAS VEGAS -- Imagine for a moment that Las Vegas-style sports wagering was legal in other states. Maybe the NFL's negative attitude toward betting would be relaxed. That way, Strip casinos could advertise their Sunday events as Super Bowl parties, rather than hiding behind the term "Big Game," out of fear of trademark lawsuits by NFL attorneys. ... (read more)
Adelson adds CEO of Sands China to his job description26 January 2015
LAS VEGAS -- Las Vegas Sands Corp. Chairman Sheldon Adelson will take over as chief executive of the company’s Macau subsidiary following the retirement of the division’s chairman. The move comes as Macau — which provides Las Vegas Sands with more than than 65 percent of the company’s overall revenue — is in the midst of its worst gaming slump on record. ... (read more)
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