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Howard Stutz Gaming Guru - Page 99Caesars titanic debt will go on21 October 2013
LAS VEGAS -- Caesars Entertainment Inc. has a bigger debt load than what Detroit owes its creditors. And we all know what’s happening in the Motor City. In July, Detroit became the nation’s largest municipality to file for Chapter 9 bankruptcy protection when its $18 billion in obligations finally became too cumbersome. ... (read more)
Scientific Games completes buyout of slot maker WMS Industries21 October 2013
Lottery giant Scientific Games Corporation completed its $1.5 billion buyout of slot machine maker WMS Industries Incorporated Friday, less than 10 months after the merger was announced. New York-based Scientific Games announced the deal’s completion through a filing with the Securities and Exchange Commission. ... (read more)
Federal officials investigating money-laundering allegations at Caesars Palace21 October 2013
LAS VEGAS -- Caesars Entertainment Inc. said Monday the U.S. Treasury Department is investigating potential money-laundering allegations at Caesars Palace. In a filing with the Securities and Exchange Commission, Caesars said it received a letter from the Financial Crimes Enforcement Network of the Treasury Department earlier this month alleging violations of the Bank Secrecy Act. ... (read more)
Macau results propel Las Vegas Sands; earnings soar 79 percent18 October 2013
LAS VEGAS -- It’s all about Macau. Las Vegas Sands Corp. said Thursday its financial performance for the third quarter rocketed past results from a year ago thanks to a growing business from the company’s casino holdings in Macau. The casino operator, which operates The Venetian and Palazzo on the Strip, ... (read more)
Penn National Gaming reports profits down in third quarter18 October 2013
Penn National Gaming, Inc., which is spinning off its casino holdings into a separate publicly traded company, said quarterly profits declined due to soft gaming results in several markets. The casino operator, which owns M Resort, said its net income for the third quarter that ended Sept. 30 was $41.3 million or 40 cents per share. ... (read more)
American Gaming Association's No. 2 person resigns17 October 2013
The American Gaming Association’s No. 2 person in leadership resigned Tuesday from the organization she helped found. Judy Patterson, senior vice president and executive director of the Washington, D.C.-based trade organization and gaming industry lobbying group, will remain as a consultant over the next year. ... (read more)
As gaming unfolded, Faiss was there14 October 2013
LAS VEGAS -- Bob Faiss is considered one of the world’s leading gaming attorneys. His 40-year career could serve as a documentary on the history of Nevada gaming law and the expansion of the casino industry. Yet, Faiss nearly took a pass on law school. Thankfully, his friend and mentor, former Nevada Gov. ... (read more)
Kelley resigns as executive vice president of Station Casinos14 October 2013
LAS VEGAS -- Station Casinos, Inc. Executive Vice President Kevin Kelley quietly resigned from his position with the gaming company on Sept. 30. The locals casino operator made the announcement in a brief filing with the Securities and Exchange Commission on Oct. 3. A press release was not issued. In his role, Kelley also served as president of several Station Casinos subsidiaries. ... (read more)
John Ascuaga's Nugget sold to private investment group11 October 2013
John Ascuaga’s Nugget in Sparks has been sold to a private investment group, which will end more than 50 years of family ownership in the Northern Nevada hotel-casino. A sale price was not disclosed. The transaction requires approval of state gaming regulators. Husky Finance, a middle-market lender, is financing the deal. ... (read more)
MGM Resorts, Penn National win suitability ruling from Maryland regulators11 October 2013
Maryland gaming regulators ruled Thursday that three casino companies, including MGM Resorts International and Penn National Gaming, Inc., were suitable applicants to compete for a single gaming license that could place a multimillion-dollar casino complex near the nation’s capital. The Maryland Lottery and Gaming Control Commission unanimously made the decision at a meeting in Baltimore. ... (read more)
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