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Rod Smith Gaming Guru - Page 15MGM Mirage to Double Stock, Keep Focus4 May 2005
LAS VEGAS -- While panning Las Vegas as a community without a heart, MGM Mirage executives Tuesday outlined bold plans at the company's annual meeting for giving the destination an ambitious new urban core.
A plan to double the number of outstanding shares from 300 million to 600 million also was ... (read more)
What Effect Wynn Las Vegas? Experts Wonder2 May 2005
Conventional wisdom holds that last week's opening of developer Steve Wynn's newest project will spark new hotel development and economic growth. However, some industry experts say Wynn is joining the growth wave, not causing it.
Arguing the conventional view, University of Nevada, Las Vegas ... (read more)
Gambling and Wall Street: Casino Stocks Lose Steam in April2 May 2005
Gaming stocks stalled in April, the result of overpricing earlier in the quarter following earnings preannouncements and broad market doldrums, analysts said Friday.
The Applied Analysis Gaming Index, a weighted average of 10 local gaming stocks compiled by the Las Vegas-based financial consulting firm, ... (read more)
Nevada Economy: Sizing Up, Seeing Success2 May 2005
The $7.9 billion merger of MGM Mirage and Mandalay Resort Group is closed. And Chairman Terry Lanni is convinced the deal will benefit Nevada and its economy.
Expansion of the newly merged company should generate new jobs, add state tax revenue, keep tax rates low and help Nevada avoid having to impose an ... (read more)
Harrah's Prepares for Merger29 April 2005
LAS VEGAS -- Harrah's Entertainment is on track to complete its $9.4 billion merger with Caesars Entertainment in the next two months and is finishing plans for the four landmark Strip properties it will add in the deal, Chairman Gary Loveman told shareholders Thursday.
"We're poised to merge Caesars ... (read more)
Cost of Wynn Las Vegas Doesn't Faze Analysts27 April 2005
LAS VEGAS, Nevada -- Even though Las Vegas developer Steve Wynn is building the most expensive resort ever, few industry insiders and experts are betting against him being able to make a profit on his new megaresort.
At $2.7 billion, Wynn Las Vegas will be the most expensive resort ever built. ... (read more)
MGM Scales Top of Heap26 April 2005
MGM Mirage completed its $7.9 billion merger with Mandalay Resort Group on Monday afternoon, making it the largest gaming company in the world and the dominant business interest in Nevada.
It was the largest merger in gaming industry history, beating out the previous record deal: the $6.4 billion ... (read more)
From First Glance, Las Vegas Held Allure for Wynn25 April 2005
LAS VEGAS, Nevada -- Las Vegas casino developer Steve Wynn may be best-known these days as the man standing atop his new Strip megaresort in a slick television commercial promoting the $2.7 billion Wynn Las Vegas and asking whether he "can come down now."
The real Steve Wynn, however, is a street ... (read more)
Gaming Companies Expected to Report Record Profits14 April 2005
LAS VEGAS -- The top six gaming companies should report record profits of almost $500 million for the first quarter of 2005 when they start posting financial results next week, Wall Street analysts said Wednesday.
That would mark a 60 percent gain compared with the year before, a record rate of ... (read more)
Wynn Keeps Plans Shrouded in Secrecy31 March 2005
LAS VEGAS -- A curtain of secrecy has descended around Las Vegas developer Steve Wynn's new $2.7 billion, 2,716-room megaresort at the corner of Sands Avenue and the Strip.
Information that would normally be available for any other new development will not be shared with the public or the media ... (read more)
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