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Liz Benston Gaming Guru - Page 25Looking in on: Gaming9 January 2007
Those free beers and buffet passes down on the Strip can really add up.
A state-sponsored statistical survey of the gaming industry includes what we think may be the most interesting factoid of all: Strip casinos dished out about $1.3 billion worth of comps - free meals, drinks and rooms - during the fiscal year that ended June 30. ... (read more)
Casino industry to broadcast a 'thank you' to Nevadans8 January 2007
NEVADA -- Lest anyone forget that Nevada owes its economic growth to the casino industry, the Nevada Resort Association - the industry's lobbying arm - has launched a statewide radio and television ad campaign commemorating the 75th anniversary of the legalization of gambling in Nevada.
The ... (read more)
Looking in on: Gaming3 January 2007
LAS VEGAS, Nevada -- Regulators haven't yet studied whether new rules are needed to govern private equity funds, the multibillion-dollar investment vehicles that are now all the rage on Wall Street and that have recently been approved to buy into a handful of Nevada casinos.
And that bugs Bobby Siller, who retires Friday from the three-member Gaming Control Board. ... (read more)
Friendly relationship between taverns, casinos up in smoke27 December 2006
NEVADA -- Last week's hearing on statewide smoking restrictions exposed a rift in the mostly friendly though somewhat distant relationship between slot bars and their bigger, richer cousins in the gaming industry - a sore spot that will probably heal over time but was intriguing to watch while it lasted. ... (read more)
Harrah's next move is up to the pros27 December 2006
LAS VEGAS, Nevada -- There's more than one way to skin a casino.
If you're a multibillion-dollar private equity fund such as Texas Pacific Group or Apollo Management, you could buy up an entire company or just most of it, becoming a controlling shareholder and electing handpicked members to a company's board of directors. ... (read more)
Question and answer : Bobby Siller19 December 2006
NEVADA -- Bobby Siller, one of the casino industry's most outspoken regulators, retires at the end of the month as one of three members of the state Gaming Control Board. The Chicago native and Air Force veteran was appointed to the board in January 1999 after a 25-year career with the FBI. He ... (read more)
Sale could cut Harrah's plans short19 December 2006
With word that the board of directors at Harrah's Entertainment will accept a private buyout offer at $90 per share, observers say the company has reached a crossroads and may sacrifice long-term prospects in favor of short-term gains.
Private equity firms like those buying Harrah's attract ... (read more)
Looking in on: Gaming18 December 2006
LAS VEGAS, Nevada -- Morgans Hotel Group signed an agreement in May to buy the Hard Rock Hotel from Peter Morton and will forfeit $50 million if the $770 million deal doesn't close by Feb. 11 - a fast-approaching deadline given that Morgans and one-third equity partner DLJ Merchant Banking Partners haven't yet applied for Nevada gaming licenses. ... (read more)
Casinos see private funds as a way to go6 December 2006
LAS VEGAS, Nevada -- The private offers to purchase Harrah's Entertainment and Station Casinos reflect the evolution of who invests in casinos - from banks in the 1970s to junk bond dealers in the '80s to the stock market in the '90s, and now private, cash-rich equity firms on the hunt for places to invest their money. ... (read more)
McCarran to clear the air6 December 2006
LAS VEGAS, Nevada -- As operators of bars and other small slot machine venues consider challenging last month's voter-approved smoking restrictions, one slot machine outlet isn't waiting around for a second opinion.
McCarran International Airport will become entirely smoke-free by Friday - a ... (read more)
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