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Rod Smith Gaming Guru - Page 25Wall Street Reacts Negatively to Merger16 July 2004
NEW YORK -- Wall Street reacted swiftly and negatively to Thursday morning's announcement of the
gaming industry's latest megadeal creating a gaming behemoth with annual revenues of
more than $9 billion.
"It's the opposite of the Odd Couple," one analyst who asked not to be named
said of the Harrah's Entertainment agreement to buy Caesars Entertainment for about
$9.4 billion. ... (read more)
Caesars Board Accepts Harrah's Offer15 July 2004
LAS VEGAS -- An agreement in principle for Harrah's Entertainment to buy Caesars Entertainment for
about $17 a share, or roughly $10 billion, was approved by each company's board of
directors late Wednesday, sources close to the talks said.
Details about the agreement, which will create the world's ... (read more)
New Las Vegas Sands Resort to Cost $1.6 Billion13 July 2004
Las Vegas Sands on Monday released new details about its planned $1.6 billion Palazzo casino resort on the Strip at Sands Avenue and started marketing a $975 million credit package to provide financing for the project.
The new megaresort adjacent to The Venetian, which the company already owns and ... (read more)
Boyd Undergoes Growth Spurt2 July 2004
LAS VEGAS -- When Boyd Gaming Corp. officially completed its $1.3 billion buyout of Coast Casinos
on Thursday, the company was firmly focused on growth, with nearly $800 million in
expansion projects already under way.
The new company, which includes Coast as a wholly owned subsidiary of Boyd, created
the fifth-largest gaming operator in the world. ... (read more)
MGM-Mandalay Lifts Gaming Stocks2 July 2004
LAS VEGAS -- Investors bid gaming stocks modestly upward in June largely based on the interest
created by the $7.9 billion buyout agreement between MGM Mirage and Mandalay Resort
Group.
"The market put a deal premium into a lot of the stocks when the merger was
announced so the gaming stocks ... (read more)
Caesars Palace Tries to Lure the Masses29 June 2004
Caesars Entertainment has wrapped up construction on the Roman Plaza, the new pedestrian entrance to Caesars Palace that replaces the landmark people mover at the resort Jay Sarno opened in 1966.
The new plaza at the intersection of Flamingo Road and the Strip is the site of entertainment and ... (read more)
Moran Tapped for Nevada Gaming Commission28 June 2004
NEVADA -- Gov. Kenny Guinn Friday named John Moran Jr. to the Nevada Gaming Commission, replacing three-term commissioner Augie Gurrola.
Moran will join the commission July 26 when he resigns from the state Board of Wildlife Commissioners, where he has served since July 2000 and is in his second term. ... (read more)
Execs Dismiss New York Post Story25 June 2004
LAS VEGAS -- One East Coast daily last weekend came up with the unique proposition that
International Gaming Technology not only stood to benefit from MGM Mirage's $7.9
buyout of Mandalay Resort Group, but actually pushed the deal to kill off potential
competition.
The New York Post reported ... (read more)
Slot Makers Shares Recover25 June 2004
NEW YORK -- After sinking like bricks following the announcement of MGM Mirage's $7.9 billion bid
for Mandalay Resort Group, slot maker shares recovered 3 percent to 5 percent
Wednesday as investors realized the deal will have little effect on manufacturers and
expanded gaming may still be on a roll. ... (read more)
Las Vegas County Club Counters Wynn's Campaign24 June 2004
LAS VEGAS -- The Las Vegas Country Club board launched a counterattack to a hostile takeover
campaign by Las Vegas developer Steve Wynn, club members said Wednesday.
"This is the hottest potato in town right now just because there's so much
politics around it," said one member who asked not to be named. ... (read more)
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