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Howard Stutz Gaming Guru - Page 76Pure nightclub to close, reopen with new name, concept15 May 2014
The high-profile Pure nightclub at Caesars Palace will soon disappear. Hakkasan Group announced Wednesday it will close the nearly 10-year-old club May 26 for an extensive renovation and expansion that will open in 2015. Hakkasan Group President Nick McCabe said Pure will reopen under a new name and concept. ... (read more)
Inside Gaming: Weight of debt will not go away13 May 2014
LAS VEGAS -- The investment community long has expressed concern over the growing debt that weighs down many casino companies, most notably the $21 billion anchor around the neck of Caesars Entertainment Corporation. Deutsche Bank gaming analyst Andrew Zarnett in April told investors that Caesars might have to sell or close properties to get out from under its obligations. ... (read more)
New feel, new story as The Hotel becomes Delano13 May 2014
LAS VEGAS -- When MGM Resorts International announced plans in 2013 to rebrand The Hotel into Delano Las Vegas, company officials said the 11-year-old property would be given a new look from top to bottom. Details of the $80 million renovation were announced in late April and when the project is completed ... (read more)
Stratosphere parent reverses loss, sees revenue rise13 May 2014
LAS VEGAS -- Stratosphere Casino Hotel and Tower owner American Casino & Entertainment Properties, LLC reversed a first-quarter net loss and grew revenue 3 percent, due in part to nongaming spending by customers at the property at the edge of downtown Las Vegas. American Casino said Monday the company had a net income of $4.5 million for the quarter that ended March 31. ... (read more)
$4 billion Resorts World licensing looks like a sure thing9 May 2014
LAS VEGAS -- The next phase of Las Vegas starts today in, of all places, the Sawyer Building. Nearly a dozen representatives and executives from Genting Malaysia Berhad, the Malaysia-based company that acquired the unfinished Echelon project on the Strip for $350 million 14 months ago, will face questions from the Nevada State Gaming Control Board. ... (read more)
Genting Strip project may house studio tour-type theme park9 May 2014
LAS VEGAS -- There may not be pandas, but the Strip may house a studio tour-type theme park once Malaysia-based Genting Malaysia Berhad finishes developing an 87-acre site for Resorts World Las Vegas. The Nevada State Gaming Control Board on Wednesday recommended Genting be given a preliminary finding of suitability to hold a state gaming license. ... (read more)
Caesars sees quarterly net loss increase 78 percent9 May 2014
LAS VEGAS -- Caesars Entertainment Corporation increased its net loss 78 percent in the first quarter, the casino operator said Wednesday. The company, which operates more than 50 casinos nationwide, including 10 on or near the Strip, said it lost $386.4 million in the quarter that ended March 31, or a loss of $2.82 per share. ... (read more)
Station Casinos reverses net loss, posts best first quarter since 20099 May 2014
LAS VEGAS -- Station Casinos, Inc. said Thursday the company had its best first quarter since 2009, reversing a net loss from a year ago while growing revenue nearly 6 percent. The locals casino operator said its consolidated net revenue for the quarter that ended March 31 was $329.3 million, an increase of 5.6 percent. ... (read more)
Caesars Entertainment restructures debt to avoid $1 billion in 2015 payments8 May 2014
LAS VEGAS -- Caesars Entertainment Corporation announced a multipronged debt restructuring effort to deal with the most pressing portion of the company’s gaming industry-high $23 billion of long-term debt. Under the plan, announced Tuesday after stock markets closed, the company won’t reduce any of its total debt. ... (read more)
Las Vegas casino icon Burton Cohen dies8 May 2014
LAS VEGAS -- Gaming industry icon Burton Cohen, who managed some of the Strip’s most iconic resorts during a career that spanned multiple decades, died Tuesday morning at his home in Las Vegas. Cohen managed the now-demolished Desert Inn on three separate occasions. He also held management positions at the Flamingo, Caesars Palace, Thunderbird and Dunes. ... (read more)
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