Howard Stutz, Las Vegas Review-Journal · April 30, 2014 at 2:17 pm
Regional gaming operator Pinnacle Entertainment on Wednesday dismissed an investor proposal to spin-off the company’s 14 casinos into a real estate investment trust.
During a conference call to discuss the Las Vegas-based company’s first quarter earnings, Pinnacle officials said they are focused on consolidating the casinos the company acquired last year in its $2.8 billion buyout of rival … [Read more...]
Bruce Schreiner, Associated Press · April 30, 2014 at 1:51 pm
LOUISVILLE, Ky. (AP) - Before the Kentucky Derby contenders sprint from the starting gates, the crowd at Churchill Downs will hand over millions of dollars at betting windows. Gamblers lucky enough to pick the right colts, thanks to homework or hunches, will be getting a little less back on those winning tickets.
The famed track recently announced that it will take a bigger cut of the money … [Read more...]
Kitty Donaldson and Donal Griffin, Bloomberg · April 30, 2014 at 11:42 am
(Bloomberg) -- The U.K. government outlined “targeted and proportionate action” to tackle problem gambling caused by the use of gaming machines in betting shops. Shares in Ladbrokes Plc and William Hill Plc rose.
Announcing the results of a review into gambling, Sports Minister Helen Grant said in a written statement to Parliament today that customers staking more than 50 pounds ($84) will be … [Read more...]
Katie Linsell and Julie Miecamp, Bloomberg · April 30, 2014 at 11:36 am
April 30 (Bloomberg) -- Codere SA gained more time to negotiate a 1.1 billion-euro ($1.5 billion) debt restructuring deal and avoid seeking full creditor protection.
The Spanish gaming company’s lenders and a majority of bondholders agreed to continue talks for 10 days, Madrid-based Codere said in a statement. It had until today to reach an agreement or start insolvency proceedings after … [Read more...]
Philip Marcelo, Associated Press · April 30, 2014 at 8:40 am
BOSTON (AP) - The town of Longmeadow has been authorized to receive about $4.4 million in compensation over 15 years from MGM as the gambling giant seeks to build a casino in neighboring Springfield, Longmeadow officials said Wednesday.
The town said a three-member arbitration panel picked Longmeadow's "best and final offer" for a surrounding community agreement that includes an $850,000 … [Read more...]
Steve Carp, Las Vegas Review-Journal · April 30, 2014 at 4:20 am
The NBA’s lifetime banishment on Tuesday of Donald Sterling as owner of the Los Angeles Clippers was not enough for Mandalay Bay to maintain its business relationship with the team.
Th hotel-casino’s decision also might mean the Clippers’ preseason game scheduled for Oct. 18 against the Denver Nuggets at Mandalay Bay Events Center will not be played in Las Vegas.
Mandalay Bay, which had … [Read more...]
Associated Press · April 30, 2014 at 4:00 am
CONCORD, N.H. (AP) - A month after rejecting one casino, New Hampshire's House is voting whether to legalize two others.
The House votes Wednesday on the bill, which includes $25 million in aid to communities as a sweetener. The House has never approved video slots legislation.
The Senate bill proposes legalizing two casinos which would share a total of 5,000 video slot machines and 240 … [Read more...]
Michelle Rindels, Las Vegas Review-Journal · April 29, 2014 at 6:44 pm
LAS VEGAS — An actor in a plush panda suit bounds across the stage with the enthusiasm of a minor league baseball mascot, flanked by acrobats atop bamboo poles, stone-faced kung-fu fighters and over-the-top visual effects rarely seen off the Las Vegas Strip.
“PANDA!” — the first Chinese-produced show to take up a long-term residency on the famous tourist corridor — also takes pains to weave in … [Read more...]
Randall Chase, Associated Press · April 29, 2014 at 6:28 pm
DOVER, Del. (AP) - Delaware lawmakers are about to propose revisions to gambling laws that would offer some relief to the state's casinos, but could cost the state more than $20 million a year.
Finance secretary Tom Cook told an industry panel Tuesday that a bill revising how Delaware's three casinos share gambling revenue with the state will be introduced this week.
The legislation is based … [Read more...]
Wayne Parry, Associated Press · April 29, 2014 at 5:52 pm
ATLANTIC CITY, N.J. (AP) - Since New Jersey began Internet gambling in November, it has been difficult to use a credit card to fund an online betting account.
New statistics from a company that routes those payments show just how hard it has been.
CAMS LLC told The Associated Press on Tuesday that credit cards are being accepted from New Jersey gamblers between 42 and 46 percent of the time. … [Read more...]
Richard N. Velotta, Las Vegas Review-Journal · April 29, 2014 at 5:00 pm
Las Vegas tourism is on a hot streak.
Southern Nevada reported record monthly visitation in March, its third straight month of visitor volume increases, wrapping up a quarter that was one of the strongest since the second quarter of 2012, the city’s best year for tourism.
The Las Vegas Convention and Visitors Authority reported Tuesday that 3.7 million people visited the city in March, a 4.3 … [Read more...]
Howard Stutz, Las Vegas Review-Journal · April 29, 2014 at 3:19 pm
MGM Resorts International on Tuesday reported its best quarterly operating performance in six years.
Now, the casino company, whose Strip holdings include Bellagio, MGM Grand, Mandalay Bay and the CityCenter development, is looking to better that performance.
The Las Vegas-based casino giant said its net income for the quarter that ended March 31 was $108.2 million, or 21 cents per share. In … [Read more...]
Chris Blank, Associated Press · April 29, 2014 at 3:09 pm
JEFFERSON CITY, Mo. (AP) - Missouri casinos could begin offering lines of credit to high rollers under legislation given final approval Tuesday by state lawmakers. It now goes to Gov. Jay Nixon.
The bill would allow casinos to extend a minimum line of credit of $10,000 that would be considered an unsecured, no-interest due loan due within at least 30 days. Credit could not be extended to … [Read more...]
Howard Stutz, Las Vegas Review-Journal · April 29, 2014 at 2:25 pm
Baccarat results helped Nevada casinos end 2014’s two-month gaming revenue slide in March.
But analysts said there were other positive indications, beyond the totals produced by the high-end card game, that point toward an overall market turn-around.
The Gaming Control Board said Tuesday gaming revenue statewide increased 7.6 percent to $982.2 million during the month. On the Strip, gaming … [Read more...]
Michelle Chapman, Associated Press · April 29, 2014 at 1:26 pm
LAS VEGAS (AP) - MGM Resorts International's first-quarter net income soared, bolstered by continued strength in Macau and improved room bookings on the Las Vegas Strip.
Chairman and CEO Jim Murren said in a statement that MGM Resorts is increasing U.S. convention business at its properties in the middle of the week and hosting a strong slate of events on weekends. Company officials said a $66 … [Read more...]
Michelle Rindels, Associated Press · April 29, 2014 at 10:31 am
LAS VEGAS (AP) - Days before it breaks ground on a new, $350 million arena just off the Las Vegas Strip, MGM Resorts International has announced plans for a tree-lined outdoor shopping and dining district that will serve as the venue's grand entrance.
The casino company said Monday the 8-acre development dubbed "The Park" will feature casual patio dining, dramatic desert landscaping and long, … [Read more...]
Vinicy Chan, Bloomberg · April 29, 2014 at 9:38 am
April 29 (Bloomberg) -- MGM China Holdings Ltd., the Macau casino operator, reported first-quarter profit that missed analyst estimates as high-rolling gamblers spent less in the world’s biggest gaming hub.
Adjusted earnings before interest, taxes, depreciation and amortization, or Ebitda, increased to $257 million from $193 million a year earlier, according to a statement from MGM Resorts … [Read more...]
Howard Stutz, Las Vegas Review-Journal · April 29, 2014 at 7:12 am
Nevada casinos in March ended a two-month gaming revenue slide in 2014.
The Gaming Control Board said Tuesday gaming revenue statewide increased 7.6 percent to $982.2 million during the month. On the Strip, gaming revenue increased 10.9 percent to $560.7 million.
The figures followed statewide gaming revenue declines of 13.7 percent in February and 2.7 percent in January.
Clark County as … [Read more...]
Michael Kohn, Bloomberg · April 29, 2014 at 6:09 am
April 29 (Bloomberg) -- Mongolia’s government will propose laws to set up a professional horse-racing league and legalize betting to compete for the Chinese gambling market.
The government may approach the Hong Kong Jockey Club with a proposal to have jockeys and horses race in Mongolia when they’re not competing in the former British colony, Culture Minister Oyungerel Tsedevdamba said in an … [Read more...]
F. Andrew Taylor, Associated Press · April 28, 2014 at 8:48 pm
It’s one thing to enjoy the over-the-top signs in Las Vegas. It’s quite another thing to climb up inside one and jump off.
SlotZilla, the zip line through the Fremont Street Experience that launches from a 12-story slot-machine-themed platform, opened to the public at noon Sunday. Every time period for the ride sold out on its first day.
The operators had hoped to do the final testing on … [Read more...]
Brian Bakst, Associated Press · April 28, 2014 at 7:43 pm
ST. PAUL, Minn. (AP) - Gov. Mark Dayton said Monday it would be "pointless" for him to veto a bill stripping the Minnesota Lottery's ability to sell tickets online if the Legislature votes convincingly for the restriction.
Dayton told The Associated Press that he hopes lawmakers at least give the lottery adequate time to end its Internet games and minimize breached contracts. The Senate voted … [Read more...]
Howard Stutz, Las Vegas Review-Journal · April 28, 2014 at 6:40 pm
The author of a new report on the use of Internet gaming for money laundering activities said Monday the findings of the study have been misrepresented by both anti-online wagering activists and pro-Web gaming backers.
The white paper — “Jackpot! Money Laundering Through Online Gambling” — was released last week by cyber security firm McAfee, which supplies Internet safety software for … [Read more...]
Howard Stutz, Las Vegas Review-Journal · April 28, 2014 at 6:33 pm
A group of 10 conservative and free market organizations co-authored a letter of opposition to the federal legislation backed by casino owner Sheldon Adelson that would outlaw Internet gaming in the U.S.
In the letter to the House and Senate leadership, the authors said passage of the Restoration of the Federal Wire Act legislation, would be "a broad overreach by the federal government over … [Read more...]
Associated Press · April 28, 2014 at 4:09 pm
BOSTON — Wynn Resorts says it has signed agreements with four more Boston-area communities as it seeks to build a $1.2 billion resort-style casino in Everett.
The Las Vegas gambling company announced Monday that it has reached “surrounding community” agreements with Cambridge and Medford and “neighboring community” agreements with Lynn and Melrose. The communities join Malden, which entered … [Read more...]
Associated Press · April 28, 2014 at 11:22 am
ALBANY, N.Y. (AP) - The operator of the Resorts World Casino New York City at the Aqueduct Racetrack has released details of a resort casino it's hoping to build in Orange County.
Genting Group says Monday it's proposing a 238-acre resort on the site of the Tuxedo Ridge Ski Center that will include a casino, two hotels, restaurants and facilities for year-round outdoor recreation, including … [Read more...]
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