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Liz Benston Gaming Guru - Page 4Betting it all on bankruptcy?18 March 2009
LAS VEGAS, Nevada -- Finally, a bit of good news for Las Vegas: Our casino behemoths might seek Chapter 11 bankruptcy protection.
Taking a dire step like that conjures up images of companies failing in dying industries. But Las Vegas is nothing of the kind. Profits are down by more than 20 percent, but ... (read more)
Before recession, success further fed gaming industry's egos16 March 2009
LAS VEGAS, Nevada -- Harrah's Entertainment Chief Executive Gary Loveman once described CityCenter, built by competitor MGM Mirage, as "the sort of casino God would build if he had the money."
Las Vegas' casino giants did appear godlike before the recession. Theirs were among Wall Street's ... (read more)
Sands leader's exit comes amid tests11 March 2009
LAS VEGAS, Nevada -- The messy departure of Las Vegas Sands Chief Operating Officer Bill Weidner, the culmination of a long-running fight between Weidner and Chief Executive Sheldon Adelson over the direction of the company, is just one of the many troubles facing the embattled casino giant in this ... (read more)
MGM Mirage's cash crunch4 March 2009
LAS VEGAS, Nevada -- Just months ago MGM Mirage, with billions of dollars in cash at its disposal, was thought to be well braced for the recession.
But last week's news that MGM Mirage has tapped the remaining money from a $4.5 billion credit line is adding anxiety among investors for the company's ... (read more)
The state of our engine2 March 2009
LAS VEGAS, Nevada -- Last year, Las Vegas gaming revenue fell to 2005 levels.
On the Strip, which generates more than half of the state's gaming revenue, gamblers lost $6.1 billion last year. That's about what they lost in 2005 — a boom year with revenue soaring 13 percent from a year earlier.
No industry wants to go backward. ... (read more)
M Resort dares to be different25 February 2009
LAS VEGAS, Nevada -- Built on a hill with a dramatic view of the Las Vegas Valley, the M Resort features a television studio for live cooking shows, an on-site pharmacy, a rooftop restaurant, the world's largest mother of pearl ceiling and a modern design of inlaid wood and cantilevered glass.
But eye ... (read more)
iPhone technology under casinos' skin23 February 2009
LAS VEGAS, Nevada -- More than a decade after the seminal blackjack strategy book "Beat the Dealer" brought the shadowy art of card counting to the masses, opportunistic blackjack players in the 1970s and 1980s began wearing miniature computers that tracked the value of cards through slight movements of ... (read more)
In Vegas, there's no free market for taxis16 February 2009
LAS VEGAS, Nevada -- For as long as anyone can remember, the Nevada Taxicab Authority has accommodated tourism growth in Las Vegas by annually letting more cabs onto the streets and allowing "special medallion" cabs to serve gatherings of at least 90,000 people.
That is until last year, when the ... (read more)
Lawsuit claims Station 'not acting gentlemanly'16 February 2009
LAS VEGAS, Nevada -- Class-action lawsuits in response to big business deals are common.
Uncommon are lawsuits that begin with a quote from Russian novelist Leo Tolstoy.
A Station Casinos bondholder sued the company in federal court on behalf of similarly situated investors Thursday, saying some ... (read more)
Fewer visitors means fewer fares to go around9 February 2009
LAS VEGAS, Nevada -- On a recent weekday, Tulay Koseoglu sat in her taxi at the Riviera for more than an hour waiting for a tourist to exit the property.
"This just kills me," said Koseoglu, who became a cabdriver three years ago to escape her "ordinary office job."
On bad days, which are becoming more ... (read more)
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