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Howard Stutz Gaming Guru - Page 64SLS could spur Strip's northern tip18 August 2014
LAS VEGAS -- The SLS Las Vegas Hotel Casino is no longer an island. New neighbors are moving into the old neighborhood at the northern end of the Strip. The old Sahara’s location at a somewhat desolate intersection at Las Vegas Boulevard and Sahara Avenue was a disadvantage, said SBE Entertainment Group, LLC CEO Sam Nazarian. ... (read more)
Strip land values react to deal for Frontier site18 August 2014
LAS VEGAS -- Australian billionaire James Packer wasn’t openly seeking endorsements after acquiring controlling interest in a Strip parcel earlier this month. But he found support from a potential competitor. Packer, CEO of Melbourne-based Crown Resorts Limited, is forming a company with ex-Wynn Las Vegas ... (read more)
Turnaround story unfolds for MGM Resorts International18 August 2014
LAS VEGAS -- A few years ago, when the recession had a firm chokehold on the casino industry, MGM Resorts International was a mess. CityCenter opened in December 2009 to cost overruns and a depressed consumer market. MGM Resorts’ stock price was trading in single digits, and the company was looking to unload several hotel-casinos to bolster its sagging balance sheet. ... (read more)
Cosmopolitan of Las Vegas trims loss, sees revenue grow15 August 2014
LAS VEGAS -- The Cosmopolitan of Las Vegas, which is in the process of being sold, grew revenue almost 17 percent in the second quarter and trimmed its quarterly loss. The Strip resort, which operates as Nevada Property 1, LLC, said in a filing with the Securities and Exchange Commission Thursday it lost $13.6 million in the quarter that ended June 30. ... (read more)
Affinity Gaming sees revenue, cash flow drop15 August 2014
LAS VEGAS -- Casino operator Affinity Gaming saw a decline in both revenue and cash flow during the second quarter, the Las Vegas-based company said Thursday. Overall revenue of $99.6 million was a decline of less than 1 percent while cash flow fell 28.8 percent to $12.7 million for the period that ended June 30. ... (read more)
IGT deal may open Asian market to company slots15 August 2014
A deal between IGT - International Game Technology and a Macau-based game distributor could further open the Asian market to the company’s slot machines. Financial terms were not disclosed for the three-year distribution agreement between IGT and LT Game Ltd., a subsidiary of Paradise Entertainment Ltd. ... (read more)
Nongaming revenue helps Stratosphere, Arizona Charlie's parent14 August 2014
LAS VEGAS -- Stratosphere and Arizona Charlie's parent company said Wednesday nongaming revenue helped fuel the company’s second-quarter results. American Casino & Entertainment Properties, LLC said its overall net revenue for the quarter that ended June 30 increased 1.1 percent to $89.4 million. The ... (read more)
Recent mergers a relief to investors13 August 2014
LAS VEGAS -- The combined $11.5 billion in lottery company-slot machine company mergers in the past few weeks has the investment community relieved. The gaming equipment sector, in the eyes of some analysts, has been bloated. A soft replacement market for new games left slot machine manufacturers with a backlog. ... (read more)
Station Casinos says customers still hesitant to spend13 August 2014
LAS VEGAS -- Station Casinos, Inc. executives said Tuesday all signs point toward improvements in the Southern Nevada economy. But the benefits of those results haven’t materialized inside casino drop boxes. Still, the company said it increased revenue and cash flow in the second quarter despite the struggles of a challenging market. ... (read more)
Inside Gaming: Alamo brings fresh approach11 August 2014
In his first meeting as chairman of the Nevada Gaming Commission, Tony Alamo Jr. turned the Sawyer Building conference room into a doctor's office. Alamo, a specialist in internal medicine, is the first non-attorney to head the part-time regulatory panel. Using a bedside manner similar to how he would ... (read more)
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