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Howard Stutz Gaming Guru - Page 96Contract wins approval of MGM Resorts International employees21 November 2013
LAS VEGAS -- MGM Resorts International employees overwhelmingly approved a new five-year contract with the Culinary and Bartender unions in a vote Wednesday. In a joint statement between the company and the two unions, more than 97 percent of employees who participated in the vote supported the new contract, which covers some 21,000 workers at 10 Strip properties owned by MGM Resorts. ... (read more)
Federal panel raises deep concerns about gaming in Macau21 November 2013
A federal commission studying U.S. relations with China recommended closer examination of gaming in Macau, saying weak financial controls in the district pose “significant risk” of money laundering and terrorist financing. The report issued Wednesday by the U.S.-China Economic Security Review Commission stopped short of saying U.S. ... (read more)
Scientific Games replaces CEO after completing $1.5 billion WMS purchase20 November 2013
Less than a month after buying the gaming industry’s third-largest slot machine manufacturer, lottery provider Scientific Games Corporation replaced its chief executive and named its largest shareholder as chairman. The moves Tuesday surprised some on Wall Street. Several analysts said A. Lorne Weil had planned to leave the New York-based company. ... (read more)
IGT director elected in proxy fight resigns after eight months19 November 2013
A representative of an IGT - International Game Technology outside investor resigned his seat on the slot machine manufacturer’s board of directors eight months after a contentious proxy fight landed him on the corporate governing body. In a filing with the Securities and Exchange Commission late Friday, IGT said Daniel Silvers had resigned from the 10-person board. ... (read more)
Loveman still livid about Massachusetts rejection18 November 2013
LAS VEGAS -- It’s been nearly a month, but Caesars Entertainment Corporation Chairman Gary Loveman is still fuming over his company’s rejection by casino regulators in Massachusetts. The company was partnering with the Suffolk Downs Race Track on a proposed $1 billion gaming complex in Boston and had spent about $100 million on the development. ... (read more)
Inside Gaming: Foreign deals can include risks18 November 2013
Payoffs to government officials typically don’t show up on the balance sheets of U.S. gaming companies. That the accounting practice is commonplace in some countries was a reason Penn National Gaming rejected expansion into Asia. In a speech Nov. 8 to the Baron Investment Conference in New York City, Penn ... (read more)
Analysts love Multimedia Games; investors less enchanted15 November 2013
The analyst community has a love affair with slot machine manufacturer Multimedia Games, Inc. Investors, however, expressed some skepticism. Multimedia Games grew profits and revenues in both the fourth quarter and fiscal 2013, the Austin, Texas-based company said Thursday, but the company’s share price dropped 7 percent in trading on the Nasdaq. ... (read more)
Loveman plans to recognize employees in Gaming Hall of Fame speech14 November 2013
LAS VEGAS -- Caesars Entertainment Corporation Chairman Gary Loveman tops the list of the four 2013 inductees into the Gaming Hall of Fame, but his acceptance speech isn’t going to be about his career. Loveman plans to recognize the employees of the casino company, including executives who have moved on in their careers. ... (read more)
Affinity Gaming sees revenues decline in third quarter14 November 2013
LAS VEGAS -- Affinity Gaming, which operates the Primm casinos and the off-Strip Silver Sevens, experienced declines in operating income and net revenues during the third quarter, the company said Wednesday. Affinity, which also has casinos in Northern Nevada, Missouri, Iowa and Colorado, said its operating income in the quarter that ended Sept. ... (read more)
American Casino loses $9.4 million in third quarter12 November 2013
LAS VEGAS -- The parent company of the Stratosphere Casino Hotel and Tower and the two Arizona Charlie’s casinos said Tuesday it more than doubled its net loss in the second quarter. American Casino & Entertainment Properties, LLC said lost $9.4 million in the quarter that ended Sept. 30, compared with a net loss of $3.3 million in the same quarter last year. ... (read more)
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