Howard Stutz, Las Vegas Review-Journal · August 7, 2015 at 11:25 am
Affinity Gaming reversed a second-quarter net loss, which the Las Vegas-based company's chief executive credited to a change in the casino operator's marketing approach.
Affinity, which owns the off-Strip Silver Sevens, the three Primm properties and casinos in Iowa, Missouri and Colorado, said its net income for the quarter that ended June 30 was $797,000, compared to net loss of $14.3 million … [Read more...]
Thomas Mulier, Bloomberg · August 7, 2015 at 9:05 am
(Bloomberg) -- GVC Holdings Plc said it’s in final talks over a bid for Bwin.party Digital Entertainment Plc to persuade the online-gaming company to drop a lower offer it has accepted from 888 Holdings Plc.
GVC’s bid is fully funded and valued Bwin.party shares at about 125.5 pence each as of Thursday’s closing price, the Isle of Man-based company said Friday in a statement, adding it expects … [Read more...]
Howard Stutz, Las Vegas Review-Journal · August 6, 2015 at 11:10 pm
So what does a company do with a 2.5-acre hole-in-the-ground on the Strip after years of an expensive and contentious construction defect lawsuit?
Answer: It won't be another high-rise building.
The never-finished Harmon, plagued by structural problems and the subject of a now-concluded massive legal fight over responsibility for construction defects, has been torn down. Filling the … [Read more...]
Howard Stutz, Las Vegas Review-Journal · August 6, 2015 at 9:09 pm
After more than two-and-a-half hours of discussion of regulations for skill-based slot machines, Nevada is no closer to seeing the potential industry-changing games on casino floors than when the hearing began Thursday afternoon.
The Gaming Control Board oversaw its second workshop in Carson City concerning regulations to accommodate technology approved by the Legislature this year.
There … [Read more...]
Associated Press · August 6, 2015 at 8:23 am
COLUMBUS, Ohio (AP) - Authorities say they raided six locations in several Ohio counties as part of an illegal casino investigation.
Ohio's Casino Control Commission said Wednesday it served search warrants to four businesses and two residences after receiving a complaint that a Galloway business was operating machines that paid out cash prizes in violation of state law.
Officers seized … [Read more...]
Associated Press · August 6, 2015 at 6:15 am
CARSON CITY, Nev. (AP) - Regulators say a Northern California man who bought two casinos in Virginia City is unfit for a gambling license.
The Nevada Gaming Control Board recommended Wednesday to deny Vincent Michael Malfitano a license and the ability to be the casinos' landlord.
Lacking both, Malfitano would be forced to close and sell the casinos.
The Nevada Gaming Commission will … [Read more...]
Jason Scott, Bloomberg · August 6, 2015 at 12:37 am
Casino billionaire James Packer sold his Sydney harborside mansion for a reported A$60 million ($44 million), a new record in Australia’s biggest city.
The six-level La Mer property in the suburb of Vaucluse owned by Packer and his former wife sold in the past week for a record price for any home in Australia, the Daily Telegraph reported Thursday, without giving the source of the sale price. … [Read more...]
Associated Press · August 5, 2015 at 8:39 pm
LAS VEGAS (AP) - The company buying the Tropicana Las Vegas hotel and casino says it expects to spend some $200 million on the 58-year-old hotel two years from now.
First, though, Penn National Gaming plans to spend $20 million on technology to connect the Las Vegas Strip hotel with the 3 million gamblers in its loyalty program. It also plans to add newer slots to Tropicana's casino floor. Penn … [Read more...]
Stephanie Wong and Annie Lee, Bloomberg · August 5, 2015 at 8:00 pm
(Bloomberg) -- Melco Crown Entertainment Ltd. plans to open a $3.2 billion casino in Macau on Oct. 27, joining in a competition to lure Chinese tourists amid an industry downturn that has seen high rollers vanishing.
Melco, controlled by billionaires Lawrence Ho and James Packer, and other Macau gambling houses are spending $27 billion to build new resorts and tourist attractions to woo … [Read more...]
Howard Stutz, Las Vegas Review-Journal · August 5, 2015 at 7:48 pm
Nevada gaming regulators granted preliminary approval Wednesday for Penn National Gaming to acquire the Tropicana Las Vegas for $360 million.
The Gaming Control Board had few concerns about the transaction, which was announced in April by the Wyomissing, Pa.-based regional casino giant.
"This is good for the state and Strip," said Control Board Chairman A.G. Burnett at the hearing in Carson … [Read more...]
Howard Stutz, Las Vegas Review-Journal · August 5, 2015 at 5:48 pm
Reno-based Eldorado Resorts grew its profits in the second quarter, but saw overall revenue decline slightly.
The casino operator, which is buying Circus Circus Reno and a 50-percent stake in the Silver Legacy from MGM Resorts International, said Wednesday its net income for the quarter that ended June 30 was $4.8 million, or 10 cents per share. A year ago, the company's net income was $2.9 … [Read more...]
Mason Levinson, Bloomberg · August 5, 2015 at 2:21 pm
Didn’t buy a ticket to the Mayweather- Pacquiao bout in May? You can use that cash for Floyd Mayweather’s Sept. 12 return and have enough left over to treat nine of your friends.
Mayweather, seeking to tie Rocky Marciano’s 49-0 boxing record set almost 60 years ago, Wednesday announced plans to defend his WBC and WBA welterweight world titles against Andre Berto at the MGM Grand in Las … [Read more...]
Associated Press · August 5, 2015 at 1:14 pm
DEKALB (AP) — DeKalb County and the Prairie Band Potawatomi Nation are moving forward with plans for the tribe to open the first Native American-run gaming facility in Illinois.
The county's Economic Development Committee on Tuesday voted to send the full DeKalb County Board a resolution supporting the tribe's efforts to have federal officials hold 129 of its acres in trust to build a casino in … [Read more...]
Jonathan Burgos and Netty Ismail, Bloomberg · August 5, 2015 at 6:30 am
Genting Singapore Plc fell to the lowest in six years after the casino operator warned of a significant fall in second-quarter profit on derivative and currency losses, amid a downturn in gambling by mainland Chinese.
Genting Singapore dropped 8.3 percent to 82.5 Singapore cents, the lowest close since August 2009. About 61.4 million shares changed hands, more than four times the daily average … [Read more...]
Associated Press · August 5, 2015 at 3:15 am
COLUMBUS, Ohio (AP) - Ohio authorities say they have seized $2 million in unpaid child support from jackpot winners at the state's casinos and racinos in the past 11 months.
Since last September, the Ohio Department of Job and Family Services has been working with the casinos and racinos to check jackpot winners against a database of parents who owe child support. If a winner owes, then all or … [Read more...]
Jennifer Robison, Las Vegas Review-Journal · August 4, 2015 at 10:09 pm
In some ways, the Starbucks under construction in the Grand Bazaar Shops at Bally's is like any of the chain's 21,000 stores worldwide.
When it opens later this month, you'll be able to get your usual quad-half-caf-grande-four-pump-classic-four-pump-caramel-no-foam-with-whip latte and a butter croissant.
But you'll also be able to enjoy your order from bleachers, watching a big projector … [Read more...]
Howard Stutz, Las Vegas Review-Journal · August 4, 2015 at 8:48 pm
Caesars Entertainment Corp. said Tuesday its net revenue increased 17.4 percent in the second quarter, crediting the openings of The Cromwell on the Strip and the Horseshoe Baltimore and the $223 million renovation of The Linq hotel-casino for the boost in results.
The Las Vegas-based company, which operates more than 50 resorts nationwide, said its net income for the quarter that ended June 30 … [Read more...]
Kimberly Pierceall, Associated Press · August 4, 2015 at 7:28 pm
LAS VEGAS (AP) - Casino giant MGM Resorts International has a cost-cutting and revenue-boosting plan it says will earn it an extra $300 million annually before taxes and other costs by 2017, with most centering on the Las Vegas Strip.
The plan involves, in part, buying food direct from farmers and ranchers, winnowing the several different types of towels and linens in its multiple resorts, … [Read more...]
Laura J. Keller and Christopher Palmeri, Bloomberg · August 4, 2015 at 7:02 pm
Caesars Entertainment Corp., the casino operator whose largest division declared bankruptcy in January, reported its best profit margin since before the financial crisis as it cut promotional costs while sales rose.
The owner of the most casinos in the U.S. generated a 28 percent margin measured by earnings before interest, taxes, depreciation and amortization across all of its units during the … [Read more...]
Howard Stutz, Las Vegas Review-Journal · August 4, 2015 at 5:21 pm
MGM Resorts International did not announce a real estate investment trust structure for the company Tuesday and top executive Jim Murren shot down reports that The Mirage was about to be sold.
But a "seminal internal transformation" of the casino giant is underway that Murren said will increase annual cash flow by $300 million through various corporate initiatives.
During a conference call … [Read more...]
Susan Haigh, Associated Press · August 4, 2015 at 4:08 pm
HARTFORD, Conn. (AP) - Casino developer MGM Resorts International filed a lawsuit Tuesday against several top state officials, including Democratic Gov. Dannel P. Malloy, saying a law he signed that could lead to a third tribal casino in the state is unconstitutional because it gives two tribes preferential treatment.
MGM, which plans to open its own $800 million facility in nearby Springfield, … [Read more...]
Kim Chandler, Associated Press · August 4, 2015 at 3:42 pm
MONTGOMERY, Ala. (AP) - Gambling legislation cleared its first hurdle in the Alabama Legislature on Tuesday.
The Senate Tourism and Marketing Committee voted 6-2 for the proposal to hold a referendum on creating a state lottery and allowing Las Vegas-style casinos at four existing dog tracks. The plan is being pushed by powerful Republican Senate President Pro Tem Del Marsh. Marsh said he … [Read more...]
Chris Dolmetsch, Bloomberg · August 4, 2015 at 2:52 pm
MGM Resorts International sued to prevent the construction of a tribal casino in Connecticut that would compete with the company’s own resort being built in Springfield, Massachusetts.
MGM claims a state law that opened the way to a third casino is racially biased and favors two Indian tribes over all others, according to a complaint filed Tuesday against Connecticut Governor Dan Malloy in New … [Read more...]
Christopher Palmeri, Bloomberg · August 4, 2015 at 12:55 pm
MGM Resorts International rose the most since March after reporting better-than-expected quarterly results and outlining plans to boost the stock price.
The shares rose as much as 9.6 percent after Chief Executive Officer James Murren made his most favorable comments yet on the potential for a real-estate investment trust for MGM Resorts’ casinos. The company will decide by year end. He also … [Read more...]
Gordana Filipovic, Bloomberg · August 4, 2015 at 8:14 am
Serbia’s government has no immediate plans to sell the Drzavna Lutrija Srbije, awaiting results of a probe into whether a lotto draw last month had been rigged.
“There have been no discussions yet about the privatization of the lottery,” Serbian Telecommunications Minister Rasim Ljajic told reporters in Belgrade on Tuesday. “The institutions should investigate the whole case,” while “the … [Read more...]