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Howard Stutz Gaming Guru - Page 49Blackstone gets preliminary nod to acquire Cosmopolitan of Las Vegas4 December 2014
LAS VEGAS -- The Cosmopolitan of Las Vegas moved a step closer to new ownership Wednesday. The Nevada State Gaming Control Board recommended that Blackstone Group, a multinational private equity investment fund, be licensed to acquire the 4-year-old Strip hotel-casino, which has never turned an annual profit. ... (read more)
Regulators recommend Nazarian for one-year limited license4 December 2014
LAS VEGAS -- SBE Entertainment Group, LLC CEO Sam Nazarian, the visionary behind the SLS Las Vegas Hotel & Casino, nearly found himself on the outside looking in at the Strip resort Wednesday. Nazarian, 39, was recommended for a one-year, limited license by the Nevada State Gaming Control Board following a ... (read more)
County delays vote on changes to slot-machine regulations3 December 2014
LAS VEGAS -- Tavern owners won’t know until today if their locations comply with changes proposed for a Clark County regulation governing the operation of slot machines. The requirements are directed at a business model operated by the Dotty’s tavern chain. Following more than three hours of public ... (read more)
Many come to bury Caesars, not to praise the casino company3 December 2014
LAS VEGAS -- “O mighty Caesar! dost thou lie so low? / Are all thy conquests, glories, triumphs, spoils, / Shrunk to this little measure?” These words were written in 1599 by William Shakespeare for his tragedy “Julius Caesar.” But they actually have meaning today when it comes to the tragedy of Caesars Entertainment Corporation. ... (read more)
Full House proxy fight ends, Lee named CEO2 December 2014
LAS VEGAS -- Veteran gaming executive Dan Lee was named CEO of regional casino operator Full House Resorts, Inc. Monday, ending a two-month proxy fight for control of the Las Vegas-based company. Lee, 58, who led an investor group that controlled 6.2 percent of Full House shares, wanted to increase the size ... (read more)
Macau facing first-ever annual gaming revenue dip2 December 2014
Macau is poised for its first-ever yearly gaming revenue decline following the market’s 19.6 percent nose dive in November. The Macau casino industry recorded its sixth straight gaming revenue drop during the month, the longest downward stretch in more than five years. Analysts are predicting another ... (read more)
Regional casino markets show renewed life1 December 2014
There is life in the regional casino markets. Several states posted their best gaming revenue months in more than a year during October, fueling a boost in the stock prices of regional gaming operators. As a whole, share prices of regional casino companies — including Boyd Gaming Corporation, Pinnacle Entertainment, Inc., Penn National Gaming, Inc., and Isle of Capri Casinos, Inc. ... (read more)
Analyst: Philadelphia doesn't need another casino1 December 2014
Pennsylvania gaming regulators this month drove another nail into the coffin containing Atlantic City’s gaming market. At the same time, they unwittingly damaged their own state’s casino industry. Stadium Casino, LLP, a joint venture of The Cordish Company of Baltimore and Greenwood Gaming, was awarded the rights to build the $425 million Live! Casino & Hotel in South Philadelphia. ... (read more)
Macau gaming revenue declines for sixth straight month1 December 2014
Macau’s casino industry suffered its sixth straight monthly gaming revenue decline during November with analysts predicting another double digit drop this month. The Macau Gaming Inspection and Coordination Bureau said Monday casinos in the Chinese gambling market collected $3.04 billion in gaming revenue during the month, down 19.6 percent from a year ago. ... (read more)
MGM Resorts raises $1.15 billion of new debt26 November 2014
LAS VEGAS -- MGM Resorts International said Tuesday it completed transactions that raised $1.15 billion of new debt. The casino operator said the funds will be used primarily for development costs surrounding the company’s casino projects in Massachusetts and Maryland. MGM Resorts already carries $11.7 billion in long-term debt. ... (read more)
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