Gaming

Population dearth doomed Casino MonteLago at Lake Las Vegas

Casino MonteLago has a small residential base to draw from compared with other Southern Nevada properties.

One of Las Vegas’ maxims is that a casino is a license to print money. Casino MonteLago, closing next month for lack of business and liquidating its assets, is the rare exception to that rule.

1 March 2010
By Liz Benston

Green Valley Ranch manager asks that loans from Station Casinos continue

Station Casinos Inc.'s subsidiary that runs Green Valley Ranch hotel-casino is seeking Bankruptcy Court approval to continue borrowing money from Station Casinos — and is resisting efforts to have the subsidiary's bankruptcy case dismissed.

1 March 2010
By Steve Green

Wynn Resorts sees smaller loss in fourth quarter

Wynn Resorts narrowed its losses during the fourth quarter of 2009, the company reported today, and Chairman and Chief Executive Steve Wynn said he remains guarded on Las Vegas’ outlook. Wynn Resorts said it lost $5.2 million, or 4 cents per share, during the fourth quarter of 2009, compared to a loss of $159.6 million, or $1.49 per share, in the fourth quarter of 2008.

25 February 2010
By Amanda Finnegan

Culinary Union alleges unfair labor practices at Station Casinos

Station Casinos Inc. and the Culinary Union traded barbs today over the union’s effort to organize Station workers. The Culinary Union said it filed an unfair labor practice charge against the company with the National Labor Relations Board alleging more than 100 incidents of threatening, surveilling, assaulting and intimidating workers for their union activities.

25 February 2010
By Las Vegas Sun Staff

Harrah's swings to profit in fourth quarter

Harrah's Entertainment Inc. today reported a profit of $295.6 million in the fourth quarter, even as the recession contributed to a 10 percent decline in net revenue for its big hotel-casinos on the Las Vegas Strip. Harrah's attributed some of its profit in 2009's fourth quarter to financial engineering.

25 February 2010
By Steve Green

Station Casinos reaches deal with key lenders, hopes to emerge from bankruptcy

Station Casinos today announced it has reached an agreement with key lenders that the company hopes will clear the way for it to receive approval to emerge from bankruptcy this summer.

25 February 2010
By Steve Green

Gaming supplier Shuffle Master to settle shareholder suit

Casino industry supplier Shuffle Master Inc. of Las Vegas has agreed to settle one of two groups of class-action shareholder lawsuits for $13 million. The shareholders alleged these practices inflated the company's fourth quarter 2006 earnings by nearly 50 percent and its full-year 2006 earnings by more than 30 percent.

24 February 2010
By Steve Green

High tax rates won’t keep Wynn out of Pennsylvania

After Pennsylvania lawmakers legalized slot machines in one of the nation’s most populous states in 2005, casino boss Steve Wynn said the Keystone State’s high tax rate on gambling would keep him from setting up shop there.

24 February 2010
By Liz Benston

Las Vegas Sands project to open first phase in April

Las Vegas Sands Corp. will open the first phase of its $5.5 billion Marina Bay Sands project in Singapore on April 27, the company announced Tuesday.

23 February 2010
By Amanda Finnegan

Wynn Resorts enters Philadelphia casino agreement

Wynn Resorts Ltd. of Las Vegas today said it reached a partnership and management agreement for a casino on the Philadelphia waterfront. The agreement is subject to the satisfaction of certain conditions.

23 February 2010
By Las Vegas Sun Staff

Slashing of problem gambling earmark is more costly in long run, state is warned

A state proposal to eliminate government funding for problem gambling treatment, education and research will not only hurt the lives of compulsive gamblers and their families but will also cost the state by taxing its health care and criminal justice systems, treatment advocates warn.

23 February 2010
By Liz Benston

Budget crunchtime: Lawmakers set to tackle historic deficit

Sen. Randolph Townsend takes a phone call Monday during an Interim Finance Committee meeting before the start of the Legislature's special session. Democratic and Republican lawmakers met through the weekend and into Monday night to develop ideas to counter the governor's plan.

The 26th special session of the Nevada Legislature convenes today with the primary task of closing the state’s $887 million budget deficit. Most past special sessions have lasted a day or two, with the legislative and executive branches hammering out an agreement ahead of time. As of Monday night, there was no such agreement.

23 February 2010
By David McGrath Schwartz

Man enters plea over charges tied to $3.75M in markers

Christian Peterson, left, of Wisconsin appears in court during his arraignment at the Regional Justice Center Monday, February 22, 2010. With Peterson is attorney Chris Rasmussen. Peterson was indicted in connection with gambling markers totaling $3.75 million at two Las Vegas casinos.

A Wisconsin businessman pleaded not guilty Monday in district court to bad check charges stemming from $3.75 million in gambling markers. Christian Peterson, 41, of Verona, Wis., pleaded not guilty to two counts of drawing and passing a check without sufficient funds with intent to defraud and one count of theft.

22 February 2010
By Cara McCoy

High rollers bring baccarat boom to Las Vegas

Dealer Joe Carrion waits inside the high-limit baccarat room in January at the Hard Rock Hotel.

A select group of players concentrated among a few Las Vegas casinos wagered an eye-popping $1.3 billion on baccarat games in December — a record for any single month in state history.

22 February 2010
By Liz Benston

Fontainebleau sitting idle benefits Strip’s economy

The hulking shell of Fontainebleau sits dark on the Strip. Construction was halted on the resort in summer 2009 after lenders pulled $800 million in financing.

Ever since it became clear a month ago that financier Carl Icahn would be the new owner of the Fontainebleau Las Vegas, the big question has been: When will it open?

20 February 2010
By Richard N. Velotta
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