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Liz Benston Gaming Guru - Page 3Reports put numbers on reduction of workforce11 May 2009
LAS VEGAS, Nevada -- Many Las Vegas gaming companies have laid off workers or reduced hours to trim their operating budgets.
Typically, companies try to avoid layoffs by not replacing workers who leave on their own, requesting that employees voluntarily take time off without pay or go home early when ... (read more)
Room rates to rise from rock bottom11 May 2009
LAS VEGAS, Nevada -- The Strip's largest casino operator last week reported an uptick in room bookings and fewer convention cancellations. MGM Mirage executives said demand for the company's hotel rooms is high enough to warrant an increase in room rates, which have plummeted during the downturn.
Raising ... (read more)
Company ownership idea seeks to spur investment4 May 2009
LAS VEGAS, Nevada -- A proposal to allow institutional investors to own up to 25 percent of a Nevada gaming company without undergoing background checks now required for a license is aimed at encouraging investment in Nevada casinos at an especially difficult time.
The proposal, which would increase the ... (read more)
Sued by Fontainebleau, banks could cite 'act of God' as defense for refusing funds29 April 2009
LAS VEGAS, Nevada -- Legal experts say the banks attempting to back out of their commitment to finance the Fontainebleau Las Vegas might defend their decision by arguing the economic downturn that has created doubts about the project's future is an act of God.
Fontainebleau has sued the banks, accusing ... (read more)
'For sale' doesn't mean 'will be sold'27 April 2009
LAS VEGAS, Nevada -- Nevada's largest casino company wants to know if you are in the market for a casino and have several hundred million dollars to spare.
Some Wall Street analysts believe every casino in the MGM Mirage empire is for sale with the likely exception of its original namesake, MGM Grand. ... (read more)
An empire built on assets, not debt27 April 2009
LAS VEGAS, Nevada -- Phil Ruffin prefers numbers to grand statements.
He starts his story by writing numbers on a whiteboard, beginning with $20 million and ending at $1.2 billion, with a few numbers in between.
The whiteboard reveals no secrets.
"Luck doesn't have anything to do with it," he says. ... (read more)
Smaller casinos in big debt, too20 April 2009
LAS VEGAS, Nevada -- It's not just the big boys running into trouble for accumulating too much debt. Smaller casinos, including the Greek Isles and Hooters, have also become the pawns of lenders.
Their operators owe millions of dollars, rather than billions, but their predicament is parallel to that of ... (read more)
In the way of casino giants15 April 2009
LAS VEGAS, Nevada -- The Guardian Angel Cathedral on the Strip has for decades symbolized Las Vegas' belief that community institutions can flourish alongside its colossal gaming ambitions.
The Catholic church, at Cathedral Way and Las Vegas Boulevard, in the shadow of Wynn Resorts' Encore, now stands in ... (read more)
Cheap rooms could sell casinos short23 March 2009
LAS VEGAS, Nevada -- A business model gaming companies have followed for decades has turned into a precarious balancing act, as casinos slash room rates to levels not seen in more than a decade.
Cheap rooms have been a fail-safe way for gaming chiefs to fill their casinos with gamblers and keep profits up in down economic times. ... (read more)
Wynns' breakup won't break up company18 March 2009
LAS VEGAS, Nevada -- Steve and Elaine Wynn are ending their marriage, but the business partnership that built Wynn Resorts into a Strip powerhouse is not breaking up.
After the Wynns divvy up their community property, including a 21 percent share of company stock, Elaine Wynn is likely to have a more ... (read more)
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