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Liz Benston Gaming Guru - Page 8MGM Mirage announces end to bonuses21 October 2008
While some Strip operators have been cagey about layoffs, firings and other employee moves during this time of economic turbulence, MGM Mirage appears to be going the route of full disclosure.
The company, which earlier this year disclosed it would lay off more than 400 managers as part of a ... (read more)
Even major players feel serious squeeze as revenue drops, debts rise20 October 2008
LAS VEGAS, Nevada -- Casino companies' earnings are plummeting by double digits. Debt costs are rising for many companies. And their customers are spending less.
In the financial world, in this economy, those are the trend lines of doom.
Indeed, a few smaller operators are already close to bankruptcy. ... (read more)
Beholden to no one, South Point owner shuns cuts14 October 2008
LAS VEGAS, Nevada -- There's the corporate way of cutting payroll costs in a downturn. And then there's the Michael Gaughan way, which is, well, not cutting payroll.
Gaughan is one of the rare executives in Las Vegas who hasn't laid off rank and file employees during the downturn. As the sole owner ... (read more)
CityCenter secures $1.8 billion; Wynn avoiding worst of crunch7 October 2008
LAS VEGAS, Nevada -- It wasn't that long ago that Wall Street was criticizing Steve Wynn, who then owned Mirage Resorts, for spending money like a drunken sailor.
At a time that dictates extreme caution, Wynn, who financed his Encore resort before financing dried up, may be having the last ... (read more)
Volatile at best, stocks in sector take a wild ride6 October 2008
LAS VEGAS, Nevada -- If stock market investing involves skill and insight, like playing poker, investing in gaming stocks is an exception, more like betting on black at roulette.
Only a few investment firms have consistently invested in the gaming industry. The majority are short-term investors, profiting ... (read more)
Letting women in free might cross legal line30 September 2008
LAS VEGAS, Nevada -- While lobbying to amend state law to prevent businesses from discriminating against gay and transgender customers, the American Civil Liberties Union of Nevada came to an embarrassing conclusion: Nevada is among a few states without a law protecting customers from sex discrimination by ... (read more)
Harrah's still wants arena, but how much will it pay?30 September 2008
LAS VEGAS, Nevada -- Several news reports over the past week indicated Harrah's Entertainment had given up on building a sports and entertainment arena behind its Paris Las Vegas and Bally's casinos with Anschutz Entertainment Group.
Though Harrah's may be no closer to developing the stadium today than it ... (read more)
Feds file complaint against 2 former Bally execs26 September 2008
LAS VEGAS, Nevada -- Resolving a three year securities fraud investigation by federal regulators, the Securities and Exchange Commission today filed an enforcement complaint against two former executives of slot maker Bally Technologies for artificially inflating the company's reported revenue and earnings.
... (read more)
Smoking poses tough choices22 September 2008
LAS VEGAS, Nevada -- Lorelle Ellis and her husband have settled into a comfortable routine: A few times a week, often before dinner, they stop by Green Valley Ranch Station Casino and drop a few bucks in the slot machines.
Ellis quit smoking in 1966. What makes her different from many gamblers isn't that ... (read more)
Keeping up with the new Cannery16 September 2008
LAS VEGAS, Nevada -- When the Eastside Cannery opened last month on Boulder Highway, you could almost see the sweat breaking out on the well-worn surfaces of nearby Boulder Station and Sam's Town.
The casinos, in the most competitive gaming zone in the suburbs, were spiffed up just in time for their shiny ... (read more)
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