Gaming

Bondholders say Herbst overpaid in deals, fight to recover debt

Bondholders owed $362 million by Herbst Gaming aren't giving up on hopes of collecting some of that debt.

South Point's Michael Gaughan inducted into Gaming Hall of Fame

South Point owner Michael Gaughan speaks at his American Gaming Association Hall of Fame induction at the Global Gaming Expo in November.

South Point owner and longtime casino operator Michael Gaughan was honored today for his 40-plus years of service to the gaming industry and Las Vegas. Gaughan was inducted into the American Gaming Association Hall of Fame this morning at the Global Gaming Expo, placing him among the ranks of other gaming legends like Bill Harrah, Steve Wynn and his father, Jackie Gaughan. “He never seeks the limelight yet Michael Gaughan has been a major figure in our industry for the last 40 years,” AGA President and Chief Executive Officer Frank Fahrenkopf said.

CityCenter launches Web site to show property

MGM Mirage today unveiled its new CityCenter Web site, www.citycenter.com, which offers visitors an interactive look at the $8.5 billion resort complex that begins opening next month on the Las Vegas Strip.

Company sues over card shuffler at Vegas gaming expo

Casino industry supplier Shuffle Master Inc. sued a company based in Taiwan on Tuesday, charging the defendant is promoting a card shuffler at a Las Vegas trade show this week that infringes on Shuffle Master's patents.

Planet Hollywood complaint prompts judge's 'lock' of Web site

The Planet Hollywood resort on the Las Vegas Strip.

A judge Tuesday ordered a company to stop operating a Web site that the Planet Hollywood hotel-casino in Las Vegas says is being used in a bait-and-switch scam diverting customers to competitors.

World Series of Poker looks ahead to 2010

The $8.5 million grand prize of the World Series of Poker.

Despite the economic downturn that World Series of Poker officials figured would decrease registration numbers in 2009, the tournament enjoyed another record-setting year. In the series’ 57 events this summer, a total of 60,875 players participated. That’s an increase of more than 2,000 registrations from a year ago — and nearly 57,000 more than competed only nine years ago. As officials plan for the 2010 World Series of Poker and beyond, they are still looking to expand.

Gaming association: Industry rebound will trail national economy

American Gaming Association President Frank Fahrenkopf discusses the state of the industry in November 2009 during the Global Gaming Expo at the Las Vegas Convention Center.

As the national economy begins to recover, the gaming industry will follow. That was the message American Gaming Association President Frank Fahrenkopf delivered at a media briefing today during the first day of the Global Gaming Expo.

Penn National's bid sets up auction for Fontainebleau


Though close to finished, the Fontainebleau may cost another $1.5 billion to complete, on top of $1 billion already owed to lenders.

Penn National Gaming Inc. on Monday made a $50 million "stalking horse" bid to buy the stalled Fontainebleau casino-resort in Las Vegas, with plans to spend another $1.46 billion to complete the project. Penn's offer, filed in Miami's bankruptcy court, sets in place an auction process in which other investors will have an opportunity to bid for the property. Fontainebleau also said in a court motion Monday that Penn National and unnamed lenders have agreed to provide $51.5 million in debtor-in-possession financing to cover its costs.

Gaming’s financial execs weigh in on tough times

It’s no secret that the recession has hurt the gaming industry. It’s forced companies to adapt business strategies to the changing market, curb development projects and make some hard financial decisions.

Threat seen to Nevada’s sports betting monopoly


Although casinos such as Sam's Town have invested heavily in upgrading their race and sports books in recent years, sports betting accounts for less than 1 percent of the gaming win each year in Nevada, the only state in which sports wagering is legal.

Nevada will face competition for race and sports books, a state gaming regulator predicts.

Herbst Gaming sees profit on lower interest expense

Herbst Gaming Inc. of Las Vegas, which is preparing to emerge from bankruptcy protection, reported Monday a small profit for the third quarter thanks to reduced interest expenses.

Planet Hollywood's financial outlook worsens

The Planet Hollywood resort on the Las Vegas Strip.

The owner of the 2,518-room Planet Hollywood hotel-casino on Monday reported another quarterly loss and disclosed that its lenders are now in control of its finances. BH/RE LLC, the Las Vegas Strip resort's parent company, said that for the quarter ended Sept. 30 it lost $17.5 million vs. a loss of $10.7 million in the year-ago quarter. Revenue fell 20.6 percent, from $69 million to $55 million, as Planet Hollywood's casino accommodated fewer players and the hotel had to lower room rates to stay competitive.

Station Casinos' loss widens on reorganization costs

Las Vegas locals gaming leader Station Casinos Inc. today disclosed it incurred $370.7 million in costs related to its bankruptcy reorganization, driving a quarterly loss of $455.4 million.

Some seeing signs of Strip’s economic recovery

Many expect CityCenter to draw additional visitors to Las Vegas next year, but at least one casino consultant predicts that 70 percent to 90 percent of its revenue will come at the expense of other properties on the Strip.

As a real-time indicator of how confident American consumers feel about spending their money, earnings of the big casino operators on the Las Vegas Strip haven’t inspired much confidence lately. And yet, a growing number of industry executives and analysts believes the market has bottomed and are forecasting a modest rebound in 2010, in part based on evidence that convention groups are more confident about booking rooms next year and signs that year-over-year gambling revenue declines have plateaued on the Strip.

Las Vegas Hilton reports wider loss in quarter

Noting reduced business volumes and fierce competition, the owner of the Las Vegas Hilton hotel-casino reported Friday that its third quarter loss widened as revenue tumbled.