MGM Resorts International Chairman and CEO Jim Murren was in a pretty good mood Thursday, even after his company reported a $31.9 million third-quarter loss. Find out why.
MGM Resorts International today reported a loss of $31.9 million for the third quarter, a significant improvement over the same quarter last year. Growth in cash flow and increased margins on the Strip and in Macau paced the company’s rebound.
Nevada casinos took in $958.8 million in September, a 7.4 percent increase from the same month a year ago, and much of the bump was due to strong play in blackjack and baccarat.
Las Vegas-based Caesars Entertainment, operator of Caesars Palace, Bally’s, Paris-Las Vegas, Harrah’s, the Flamingo and the Rio in Las Vegas as well as several properties around the country, reported its third-quarter earnings Tuesday.
How do you know the economy is coming back? High rollers are paying their gambling debts. All four major U.S. casino corporations bumped up their allowances for bad debt during the recession, with one company estimating that fewer than half of outstanding debts would be repaid. Now, companies have lowered their estimates to pre-recession rates.
For the second time in three and a half years, Casino MonteLago is shutting its doors. The small gambling spot “suspended operations today pending resolution of lease issues.”
For years, Las Vegas' gaming companies had been preparing for the Oct. 8 debut of a new $100 bill. In advance of its arrival, resorts and equipment manufacturers spent thousands of hours making sure every slot machine and money-taking device would accept them without a hitch. It worked.
The opening comes six-and-a-half years after the closure of the Lady Luck, which was gutted by investor CIM Group and converted into the Downtown Grand.
More than 100 members of the Culinary Union plan to let Metro Police arrest them on the Strip for the second time this year in protest of stalled contract negotiations at the Cosmopolitan.
Wynn Resorts Chairman Steve Wynn spent much of his time during an earnings call today slamming Massachusetts gaming regulators, whom he said he worries are overzealous in their efforts to find corruption in the industry.
