Caesars takes 4Q loss following impairment charge February 25, 2013 at 7:26 pm LAS VEGAS (AP) - Caesars Entertainment Corp. said Monday it took a loss in the fourth quarter after recording a $450 million impairment charge and reporting double-digit revenue declines at its Atlantic City casinos. Caesars said the impairment charge came from one of its properties in the Atlantic City region, where it has five casinos. Revenue fell in most of Caesars' business regions, and … [Read more...]
Wyoming House votes not to concur on lottery bill February 25, 2013 at 7:06 pm CHEYENNE, Wyo. (AP) - Don't bet just yet on a bill that would allow a lottery and multi-state games such as Powerball in Wyoming. The state House of Representatives on Monday voted not to agree with changes the Senate made to the proposal despite the measure's main sponsor supporting the Senate version. Last week, the Senate amended the bill to change how the lottery's proceeds would be … [Read more...]
New gaming terms proposed for Navajo casinos in NM February 25, 2013 at 6:43 pm Barry Massey, Associated Press SANTA FE, N.M. (AP) - Negotiators for Gov. Susana Martinez and the Navajo Nation have agreed on key terms of a possible gambling compact that would allow the state's largest Indian tribe to operate five casinos and for New Mexico to collect a greater share of casino earnings. The goal is to submit a new compact to the Legislature for approval before lawmakers … [Read more...]
Caesars’ loss doubles due to charges, business lost to Sandy February 25, 2013 at 6:01 pm Howard Stutz, Las Vegas Review-Journal Caesars Entertainment Corp. said Monday the casino operator more than doubled its net loss in the fourth quarter, due primarily to noncash impairment charges and lost business in Atlantic City caused by Hurricane Sandy. Caesars, which operates 10 resorts on or near the Strip, reported a net loss of $469.7 million for the three months that ended Dec. … [Read more...]
Las Vegas seen as dangerous even as crime drops February 25, 2013 at 9:08 am Hannah Dreier, Associated Press LAS VEGAS — Variously known as an adult playground and Disneyland for grown-ups, Las Vegas brands itself as a place where tourists can enjoy a sense of edginess with no real danger. But a series of high-profile episodes of random violence amid the throngs of tourists is threatening Sin City's reputation as a padded room of a town where people can cut loose … [Read more...]
El Cortez Hotel Casino earns spot on historic places register February 25, 2013 at 5:33 am Associated Press Two Nevada landmarks, including the El Cortez Hotel Casino in downtown Las Vegas, have earned spots on the National Register of Historic Places. Joining the El Cortez on the exclusive list is the Washoe County library in downtown Reno, state historic preservation officers say . Constructed in 1941, the El Cortez remains one of the oldest establishments on Fremont Street … [Read more...]
Old gambling case leads to Alabama casino raid February 24, 2013 at 10:12 pm Associated Press MONTGOMERY, Ala. — The state attorney general’s used a century-old gambling case to get a rare, but not unprecedented, search warrant to raid VictoryLand casino in Shorter. Attorney General Luther Strange’s office used state troopers to raid the Macon County casino and seize 1,000 gambling machines on Tuesday. The raid was conducted with a search warrant that the Alabama … [Read more...]
Hassan renews casino pledge to balance NH budget February 23, 2013 at 1:26 pm Steve Peoples, Associated Press WASHINGTON (AP) - While fighting looming federal spending cuts, New Hampshire Gov. Maggie Hassan renewed her pledge Saturday to support a "high-end, highly regulated" casino to help balance the state budget. There is no other way to pay for promised investments in higher education, health care, and state infrastructure, the first-term Democrat said. "I … [Read more...]
Entertainer Wayne Newton’s estate goes up for sale February 23, 2013 at 5:14 am Tim O'Reiley, Las Vegas Review-Journal The for sale signs went up Friday at Casa de Shenandoah, the estate of longtime Strip headliner Wayne Newton, but it's not clear what potential buyers will get. The sales procedure, approved earlier this month by U.S. Bankruptcy Court Judge Bruce Markell, requires buyers to post a 5 percent cash deposit of their proposed price by May 15 with broker … [Read more...]
Wyoming Senate OKs lottery bill amid changes February 22, 2013 at 7:09 pm Bob Moen, Associated Press CHEYENNE, Wyo. (AP) - The Wyoming Senate on Friday approved a bill that would allow a lottery and multi-state games such as Powerball in the state, but made a major change in how the proceeds will be used. The measure, which passed on an 18-10 vote, heads back to the state House for consideration of the Senate changes. Before approving House Bill 77, senators … [Read more...]
Mississippi casino revenues fall again in January February 22, 2013 at 6:29 pm Jeff Amy, Associated Press JACKSON, Miss. (AP) - Mississippi casino revenue continued to tumble in January, with gamblers losing less than in any other January since 1997. Statewide casino revenue fell 9 percent to $161.2 million, according to Mississippi Department of Revenue figures. The state's gambling halls eked out a 1 percent gain in 2012, because revenue rebounded after most … [Read more...]
Marilyn Spiegel steps down as president of Wynn Las Vegas, Encore February 22, 2013 at 5:40 pm Chris Sieroty, Las Vegas Review-Journal Wynn Resorts Ltd. said Friday that Marilyn Spiegel will step down as president of Wynn Las Vegas and Encore to work on design and development of company projects, including proposed resorts in Philadelphia and Boston. "In Marilyn's two-year tenure with us, our Las Vegas resorts have achieved their highest combined revenues," Steve Wynn, chairman and … [Read more...]
When we say Las Vegas, you should think ‘Madness’ February 22, 2013 at 5:37 pm Alan Snel, LasVegas Review-Journal "The Madness Begins Here." That's the catchy new slogan aimed at creating more buzz for basketball in Las Vegas during the frenzied month of March, when Sin City will host an unprecedented four college conference tournaments in three arenas, plus the popular NCAA hoops tourney to follow. But is it legal? If the term, "Madness," sounds familiar in … [Read more...]
Former poker champ Ferguson settles with federal prosecutors February 22, 2013 at 1:29 pm Howard Stutz, Las Vegas Review-Journal Former World Series of Poker champion Chris Ferguson, whose career has been derailed for almost three years following the U.S. government's crackdown on Internet poker, has settled-up with federal prosecutors. According to court documents, Ferguson agreed to forfeit millions of dollars he earned as a founder and principal in Full Tilt poker, one of … [Read more...]
Wynn Resorts shareholders vote against Okada February 22, 2013 at 1:13 pm LAS VEGAS (AP) - Wynn Resorts Ltd. said Friday that its shareholders voted overwhelmingly to remove Kazuo Okada from its board. The casino operator said Thursday that Okada had resigned from its board, potentially ending a long-running dispute between CEO Steve Wynn and the Japanese billionaire. Wynn Resorts shareholders were also being asked to vote on a proposal to remove him from the … [Read more...]
Wynn Resorts shareholders oust Kazuo Okada from board February 22, 2013 at 1:07 pm Wynn Resorts Ltd. stockholders voted overwhelmingly to remove company co-founder Kazuo Okada from its board of directors during a special shareholder meeting Friday in Las Vegas. With more than 86 million share voting, the proposal to remove Okada as a director was approved by 99.6 percent of the shares voting, the Las Vegas-based gaming company said in a statement. The move cuts Okada's last … [Read more...]
Corbett takes more time on Pa. Lottery strategy February 22, 2013 at 12:37 pm HARRISBURG, Pa. (AP) - Gov. Tom Corbett is taking more time to decide whether to challenge Attorney General Kathleen Kane's rejection of his effort to hire a British firm to manage the $3.5 billion Pennsylvania Lottery. A Department of Revenue spokeswoman said Friday the administration and London-based Camelot Global Services agreed to extend the firm's bid through March 18. Spokeswoman … [Read more...]
Singapore gaming revenues hit $5.85 billion in 2012 February 22, 2013 at 9:18 am Howard Stutz, Las Vegas Review-Journal Singapore didn't pass Las Vegas as the world's No. 2 gaming market in 2012, and might not happen this year, said one gaming analyst. The island nation's two casinos produced $5.85 billion in gaming revenues in 2012, an 8 percent increase over 2011. The figure fell short of the $6.2 billion produced by the Strip's more than 40 casinos. Macau is the … [Read more...]
Cuomo: Give cash-strapped western NY city $2.5M February 22, 2013 at 3:00 am ALBANY, N.Y. (AP) - Gov. Andrew Cuomo has proposed giving a cash-strapped western New York city $2.5 million to make up for payments being withheld by the Seneca Indian Nation in a dispute with the state over gambling rights. The payment is among amendments Cuomo issued Thursday to his proposed budget. It would help Salamanca cover the 40 percent of its annual budget that's relied on money from … [Read more...]
Federal solution preferred February 22, 2013 at 2:29 am For legislator Bobby Moak, getting his bill to legalize online gaming through Mississippi's Legislature and signed by its governor is only part of the difficulty. Moak, a Democrat and House minority leader, introduced the legislation for the second consecutive year, and a hearing on the new bill likely will take place in a committee that rejected it last year. But Moak told gaming executives … [Read more...]
SD lawmakers approve penny bets for video lottery February 21, 2013 at 8:39 pm Chet Brokaw, Associated Press PIERRE, S.D. (AP) - A measure allowing players to bet as little as a penny on video lottery games won final approval from the South Dakota Legislature on Thursday after lawmakers disagreed on whether the move will hurt gamblers by enticing them to lose more money. The House voted 39-28 to pass the bill, which was approved earlier by the Senate. The measure, … [Read more...]
Nevada governor signs online gambling bill February 21, 2013 at 7:47 pm Matt Woolbright, Associated Press CARSON CITY, Nev. (AP) - Gov. Brian Sandoval signed legislation Thursday legalizing online gambling in Nevada, capping a dizzying day at the Legislature as lawmakers passed the bill through the Assembly and Senate as an emergency measure. Nevada wanted to beat New Jersey, its East Coast casino rival, to the online gambling punch. New Jersey Gov. Chris … [Read more...]
Miss. regulators approve changes for new casinos February 21, 2013 at 6:13 pm Jeff Amy, Associated Press JACKSON, Miss. (AP) - The Mississippi Gaming Commission approved a new rule Thursday that would require new casinos to offer more hotel rooms, more gambling space and larger restaurants. However, commissioners reduced the required quality of the hotel before voting 3-0 to approve the rule. Commissioners say the rule is an attempt to expand a stagnant casino … [Read more...]
Revenue falls at Louisiana casinos February 21, 2013 at 5:47 pm Kevin McGill, Associated Press NEW ORLEANS (AP) - State-licensed casinos in Louisiana won $185.2 million from gamblers in January, down considerably from the December holiday season figure of $211.4 million and a slip from the January 2012 figure of close to $185.7 million. None of the casinos escaped the post-holiday season drop-off, and only a few saw improvement in January-to-January … [Read more...]
Nevada Legislature passes online gambling law February 21, 2013 at 5:25 pm Matt Woolbright, Associated Press CARSON CITY, Nev. (AP) - The Nevada Legislature unanimously approved an online gambling bill Thursday, sending the bill to Gov. Brian Sandoval on a fast-track effort to retain the state's status as the leader in gambling regulation. AB114 sailed through both the Assembly and Senate after a joint hearing before the two judiciary committees Thursday morning. … [Read more...]
