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Rod Smith Gaming Guru - Page 7Local Economy: Casinos See Tax-Cap Trap3 April 2006
NEVADA -- Clark County casino companies' taxable property values are rising at a record clip, outpacing anything ever seen in Nevada. However, the companies' tax assessments are rising faster than the taxes they owe, thanks to a year-old law designed to cap commercial and residential real estate ... (read more)
Inside Gaming: MGM Mirage May Continue to go Condo27 March 2006
With the hotel-condominium units in Signature at MGM Grand nearly sold out
at nearly $1,000 per square foot on average, MGM Mirage is proceeding to
look at developing the adjacent 15 acres. Why not? The additional foot
traffic from the 1,600 units in the first three towers in Signature will
be a big boost for the company. ... (read more)
Legalized Gambling in Nevada Turns 7520 March 2006
LAS VEGAS –- On March 19, 1931, seventy-five years ago today, the state of Nevada legalized wide-open casino gambling, ushering in a new world of entertainment that had never before existed.
The first gaming license was issued to Mayme Stocker, a dour-looking woman who opened the Northern Club on ... (read more)
South Coast Hosts Horse Show15 March 2006
LAS VEGAS -- South Coast today raises the curtain on a whole new form of entertainment for Las Vegas: world-class horse shows.
Don Williams, a horse owner from New England, said Boyd Gaming Corp.'s new $600 million resort on Las Vegas Boulevard, south of McCarran International Airport, will change ... (read more)
Report: Falling Demand Brings Drop in Room Rates13 March 2006
LAS VEGAS -- Rapidly rising room rates took a rest in the first three months of 2006 following nearly two years of steady gains, gaming analysts said this week.
Rates for rooms on the Strip booked three weeks in advance fell an average 3 percent in the 2006 first quarter to $204, data from Bear Stearns showed. ... (read more)
Las Vegas Faces Labor Shortage6 March 2006
LAS VEGAS -- A 'material lack of qualified labor in Las Vegas over the next several years' threatens new casinos and high-rise condominiums being developed here, a Deutsche Bank study found.
"Despite the phenomenal growth of Las Vegas, the construction talent pool is not deep enough to provide the ... (read more)
Spread of Gambling Loses Steam3 March 2006
UNITED STATES – After years of heady campaigns to spread legal, commercial gambling to new jurisdictions in the United States, proliferation has ground to a halt in 2006.
Deutsche Bank analyst Andrew Zarnett called current chances for proliferation in the near term "nominal to nonexistent."
"Within ... (read more)
Aladdin Transformation One Step Closer2 March 2006
LAS VEGAS -- The transformation of the Aladdin into Planet Hollywood is a step closer with work completed on the rotunda in the hotel-casino's center.
Mike Dean, president of M.J. Dean Construction, the general contractor for the project, said basic work on the 6,000-square-foot rotunda, the ... (read more)
Gaming Stocks Increase Slightly1 March 2006
LAS VEGAS -- Wall Street gave gaming stocks mixed reviews in February, with the Dow Jones U.S.
gambling index closing at 531.99, up just more than 1 percent for the month.
By comparison, the Standard & Poor's 500 Index closed at 1280.66, up just less than 1
percent for the month.
Among individual companies, however, performance was as scattered as buckshot, with
Las Vegas Sands Corp. ... (read more)
Merger Boosts MGM Mirage Results24 February 2006
LAS VEGAS -- With a big boost from its $7.9 billion merger with Mandalay Resort Group last summer, MGM Mirage Thursday reported record gains in its fourth-quarter financial performance.
When the merger agreement was first announced in 2004, MGM Mirage was expected to use its marketing leverage and ... (read more)
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