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Howard Stutz Gaming Guru - Page 52Caesars to trim nationwide workforce by less than 1 percent14 November 2014
LAS VEGAS -- Casino giant Caesars Entertainment Corporation attempted to clarify planned cost-saving measures Thursday, saying it will reduce its 68,000-person workforce nationwide by less than 1 percent. The company, which operates nearly 40 casinos in 14 U.S. states and the Canadian province of Ontario, is attempting to restructure its gaming industry-high $22.8 billion debt. ... (read more)
Station Casinos grows third-quarter revenue, cash flow13 November 2014
LAS VEGAS -- Station Casinos, Inc. increased revenue and cash flow in the third quarter but reported a net loss because of interest expenses. The casino operator on Wednesday said its overall revenue for the quarter that ended Sept. 30 was $311 million, a 2.1 percent increase and the company’s largest third-quarter figure since 2008. ... (read more)
Caesars weighs layoffs, but Strip might be spared13 November 2014
LAS VEGAS -- Caesars Entertainment Corporation expects to create an extra $250 million to $300 million in cash flow in 2015 through various cost-savings measures. Much of the increase could come through expense reductions, such as layoffs and other efforts at the company. Caesars operates nearly 40 casinos in 15 U.S. ... (read more)
Union Gaming Group expands research division, adds analysts12 November 2014
LAS VEGAS -- Las Vegas-based Union Gaming Group has expanded it research division, adding three analysts. The company, which is as an investment bank dedicated to the gaming industry, named Chris Jones as managing director and head of equity research in North America. Jones previously held a similar role with Telsey Advisory Group. ... (read more)
Report: Prearranged bankruptcy for key Caesars unit as soon as January12 November 2014
LAS VEGAS -- Wall Street analysts have all but written off Caesars Entertainment Corporation until the casino operator straightens out its balance sheet. The company, which operates nine resorts on or near the Strip, is carrying almost $23 billion in debt. On Monday, Caesars said it lost $908.1 million in the third quarter. ... (read more)
AGA making its voice heard on major gaming issues12 November 2014
A few years ago, the American Gaming Association (AGA) would have stayed away from the recent Massachusetts ballot referendum matter, where voters had a chance to kill the state’s nascent casino industry before the first hand of blackjack was dealt. The Washington, D.C.-based association wanted states and ... (read more)
SLS Las Vegas buffet to close, reopen in 201511 November 2014
LAS VEGAS -- SLS Las Vegas Hotel & Casino will close its buffet restaurant on Sunday, but officials said it would to reopen the space after the first of the year. New SLS President Scott Kreeger said the second-floor location “is doing OK, but not hitting out of the park” as compared to the other hotel-casinos restaurants. ... (read more)
Caesars Entertainment posts $908.1 million loss in Q311 November 2014
LAS VEGAS -- Caesars Entertainment Corporation lost $908.1 million in the third quarter despite a 6 percent increase in revenue, the casino company said Monday. The financial results were somewhat overshadowed as Las Vegas-based Caesars said it was continuing formal negotiations with lenders and creditors aimed at reducing the company’s gaming industry high debt. ... (read more)
Cosmopolitan of Las Vegas trims loss, grows revenue10 November 2014
LAS VEGAS -- The Cosmopolitan of Las Vegas reduced its net loss and grew revenue in the third quarter, operators of the Strip resort said Friday. The hotel-casino, which operates as Nevada Property 1, said in a filing with the Securities and Exchange Commission that it lost $15.3 million in the quarter that ended Sept. ... (read more)
Recovery of Las Vegas locals gaming depends on a Strip development10 November 2014
LAS VEGAS -- The Las Vegas locals market is playing a game of “Waiting for Godot.” But unlike Vladimir and Estragon from the Samuel Beckett play, Boyd Gaming Corporation and Station Casinos, Inc. aren’t waiting for some imaginary person. Genting Malaysia Berhad will soon arrive in Las Vegas from Malaysia. ... (read more)
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