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Liz Benston Gaming Guru - Page 10Planet Hollywood narrows 2Q losses18 August 2008
LAS VEGAS, Nevada -- The $200 million-plus makeover of the Planet Hollywood Resort & Casino last year helped the property narrow its losses in the second quarter.
BH RE LLC today reported a loss of $12.2 million compared with a loss of $15.2 million a year ago. Revenue and profit margins rose in every department. ... (read more)
Losses widen at Herbst Gaming in 2Q18 August 2008
LAS VEGAS, Nevada -- Under the threat of bankruptcy, casino and slot machine operator Herbst Gaming today reported a loss of $62.3 million in the second quarter compared with a loss of $1.4 million a year ago. Revenue fell 5 percent to $214.2 million.
The company in June created an independent committee composed of John F. ... (read more)
Timing skewed casino results13 August 2008
LAS VEGAS, Nevada -- A month ago, investors panicked over news that Nevada's gambling revenue in May plummeted 15 percent to its lowest level in 11 years while Strip gambling revenue fell 16 percent.
That was an overstatement. In reality, the numbers weren't as terrible as the reports indicated -- though pundits have only the casinos to blame. ... (read more)
Echelon not alone in cuts12 August 2008
LAS VEGAS, Nevada -- With work on Echelon grinding to a halt, people are wondering what project might be next.
To answer that question, it helps to take another look at an announcement a year ago that sent the financial world reeling.
When investment giant Bear Stearns last summer gave word that ... (read more)
M Resort aims mostly at locals12 August 2008
LAS VEGAS, Nevada -- M Resort developer Anthony Marnell III is trying to do things differently.
While Strip developers continue to go over budget with their megaresorts, Marnell used millions of dollars he will save by opening his resort a few months early to add upgrades to the property, including a ... (read more)
Tip sharing cloud forming over Encore8 August 2008
LAS VEGAS, Nevada -- For more than three decades, Steve Wynn has had a reputation as an inspiring casino boss who publicly praises his employees and assures them that a single job well done can "change the course of the whole enterprise."
He is known for paying his employees well and negotiating amicably with unions. ... (read more)
Moody's downgrades Black Gaming bonds6 August 2008
LAS VEGAS, Nevada -- As MGM Mirage executives acknowledged this morning, the company's lower-end properties, which depend on customers driving into town, have been the most hurt in the economic downturn.
Mesquite and Laughlin haven't been immune, either, as statistics show gaming and visitor declines in ... (read more)
Wall Street's happy now, but Boyd's delay may prove costly4 August 2008
When Boyd Gaming announced in January 2006 that it would build a multibillion-dollar resort complex called Echelon, Las Vegas' tourism economy was riding high and banks were only too willing to lend money for major projects.
Then tourism began to slow down in Las Vegas, worsening just as the mortgage ... (read more)
Persistence pays off for would-be dealer30 July 2008
LAS VEGAS, Nevada -- The state's top gaming regulators won't soon forget Robert Hackett.
On paper, Hackett's chances of working as a Nevada casino employee seemed slim.
In person, however, the 29-year-old made a very different impression on regulators, who gave Hackett a second chance rarely, if ever, ... (read more)
End of ban on cell phones in sports books expected29 July 2008
LAS VEGAS, Nevada -- It seems a foregone conclusion that the Nevada Gaming Commission will vote next month to lift the ban on cell phones and other electronic devices in sports books.
The Gaming Control Board, which investigated the change and recommended the commission remove the ban, says the ... (read more)
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