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Steve Green Gaming Guru - Page 4Judge orders mediation for Fontainebleau, banks22 June 2009
LAS VEGAS, Nevada -- With an unidentified party possibly willing to loan money to the idled Fontainebleau Las Vegas resort, a bankruptcy judge has ordered Fontainebleau and banks it is suing to enter mediation in hopes of resolving their disputes.
Judge Jay Cristol in Miami signed the order ... (read more)
Fontainebleau subcontractors say contractor conflicted22 June 2009
LAS VEGAS, Nevada -- Big subcontractors in the Fontainebleau Las Vegas bankruptcy case moved Thursday to protect their interests in the project totaling some $112 million.
In court papers filed in Miami, the subcontractors said a committee should be formed to protect their interests in the $2.9 ... (read more)
Fontainebleau subcontractors want bankruptcy case moved22 June 2009
MIAMI AND LAS VEGAS -- Attorneys for a group of Fontainebleau subcontractors are suggesting the resort filed for bankruptcy in Miami, rather than Las Vegas, in hopes of excluding small creditors from meaningful participation in the financial restructuring.
The allegation was leveled Friday by the ... (read more)
Station still in talks on debt restructuring22 June 2009
LAS VEGAS, Nevada -- Las Vegas locals gaming leader Station Casinos Inc. today said it remains in talks on restructuring its debt.
Since Feb. 3, the company has been in discussions with noteholders and lenders on a proposal in which they would make concessions and affiliates of the company's owners ... (read more)
Lenders: Cost overruns led to Fontainebleau loan default17 June 2009
LAS VEGAS, Nevada -- Bank lenders for the first time have publicly disclosed why they declared the $2.9 billion Fontainebleau resort in Las Vegas in default on its construction loan and shut off funding. Tuesday, they cited hundreds of millions of dollars in cost overruns and possible misrepresentations by ... (read more)
Rating agencies: Gaming supplier will feel economy's pinch15 June 2009
LAS VEGAS, Nevada -- International Game Technology continues to be pressured by the U.S. recession as casinos buy fewer slot machines and consumers gamble less, two credit rating agencies indicated Wednesday.
Their remarks came as IGT said it's issuing $500 million in notes that mature in 2019 and ... (read more)
Cannery casinos owner sues Web site operator15 June 2009
LAS VEGAS, Nevada -- The owner of the Cannery casinos in Las Vegas is suing the owner of a Web site that Cannery says infringes on its name -- and then links to competing hotel-casino Web sites.
Cannery Casino Resorts LLC filed a lawsuit Wednesday in U.S. District Court against an unknown party ... (read more)
Australian company writes off Fontainebleau ownership interest10 June 2009
LAS VEGAS, Nevada -- Australian casino resort company Crown Ltd. today said it wrote off its $250 million, 19.6 percent ownership interest in the now-bankrupt Fontainebleau resort development on the Las Vegas Strip.
"Crown also holds debt in Fontainebleau of U.S. $22 million. Crown will review the ... (read more)
'Substantial' losses lead to Riviera stock delisting8 June 2009
LAS VEGAS, Nevada -- The stock of Las Vegas-based Riviera Holdings Corp. took another hit today after the company announced plans to voluntarily delist its common stock from the NYSE Amex LLC exchange because of its financial troubles.
Riviera, owner of a hotel-casino on the Las Vegas Strip and a casino ... (read more)
MGM Mirage issues plan that avoids selling Bellagio, Mirage13 May 2009
LAS VEGAS, Nevada -- MGM Mirage today unleashed a series of financial initiatives aimed at bolstering its balance sheet -- and signaled its Bellagio and Mirage hotel-casinos won't be sold anytime soon.
The hotel-casino and entertainment giant, based in Las Vegas and struggling in the recession to ... (read more)
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