Gaming

Harrah's adjusts debt plan announced earlier this week

Harrah's Entertainment Inc. today said it expanded and adjusted its latest debt and liquidity initiative.

24 September 2009
By Steve Green

Former Venetian executive takes Palms job

A former Venetian executive will be taking on a new role at the Palms resort. Former Venetian executive vice president Paul Pusateri has been named president and general manager at the Palms.

23 September 2009
By Amanda Finnegan

Study: Move to take Station Casinos private was fair

The Palace Station resort in Las Vegas.

A study commissioned by Station Casinos Inc. has found the company's $5.7 billion going-private transaction in 2007 was fair and reasonable at the time and didn't include fraudulent or inequitable provisions. The report, filed in Station's bankruptcy case Tuesday, will likely be used by the company to fend off requests by certain creditors that the deal be further examined.

23 September 2009
By Steve Green

Johnny Avello, Wynn and Encore’s race and sports operations director

Johnny Avello, who heads the race and sports book at Wynn Las Vegas, says the flow of information on the Internet has aided bettors on the hunt for weak lines.

The director of Wynn and Encore’s race and sports operations visited his first racetrack at age 5, bet with a bookmaker as a teen and played team sports through college. Johnny Avello welcomes the beginning of football season — which accounts for more than 60 percent of race and sports bets on the Strip — like the beginning of the holiday season.

23 September 2009
By Liz Benston

Harrah's subsidiary to seek $750 million under debt plan

Harrah's Entertainment Inc. today announced its subsidiary Harrah's Operating Co. plans to seek $750 million of new term loans to refinance or retire debt and to improve liquidity.

22 September 2009
By Las Vegas Sun Staff

Herbst hits roadblock for Iowa gaming license

The nonprofit sponsor of Herbst Gaming Inc.'s casino license in Iowa is objecting to Herbst's plan to emerge from bankruptcy, with the sponsor saying it hasn't consented to a deal in which lenders will obtain control of the company.

22 September 2009
By Steve Green

Clark County gaming win over five years

Clark County Gaming

22 September 2009
By Chris Morris,
Alex Richards

160,000 applications later, CityCenter makes job offers

Job applicants check in at the CityCenter Career Center on Industrial Road Monday, Sept. 21, 2009.

For 23-year-old Mollie Ehrman, Monday meant a new start in a new city. Ehrman received a job offer for a salon receptionist at Aria at CityCenter’s employment center. It made her decision to move to Las Vegas finally official. The $8.5 billion complex on the Strip was extending offers to between 500 and 700 people.

21 September 2009
By Amanda Finnegan

Wynn increases size of Asian stock offering

Wynn Resorts Ltd. filed paperwork Monday confirming reports it has increased the size of its initial public stock offering for a stake in its Chinese gaming operations. Observers have said investors are eager to buy the shares, prompting Wynn to boost the size of the offering.

21 September 2009
By Steve Green

Gaming giants didn’t go bankrupt, so stock prices rose

Despite little change in company fundamentals, stock prices of Las Vegas gaming companies have risen in recent months. Clockwise from top left: Wynn Las Vegas, MGM Grand, Boyd Gaming-owned Orleans Hotel-Casino and the Las Vegas Sands-owned Venetian.

Shares of Boyd Gaming are up nearly 30 percent from three months ago, while the stocks of MGM Mirage and Wynn Resorts are up more than 100 percent.

21 September 2009
By Liz Benston

Cops knew of counseling service

Steven Brox, left, owner of United States Justice Associates, talks with his attorney, Robert Draskovich, this week about Metro Police's raid on the business. Brox says he thought he "was doing a great thing for the community" by having people arrested in casinos pay to go through his counseling service rather than face criminal charges.

The counseling company raided this week in an extortion investigation had run its business plans past Metro Police several times in the past two years, and in 2007 a uniformed department spokesman even briefly starred in the company’s marketing video.

19 September 2009
By Jeff German

Ground broken on casino that Station will manage

Station Casinos and The Gun Lake Tribe of Pottawatomi Indians broke ground Thursday on the $157 million Gun Lake Casino in Bradley, Mich. From left to right: Tribal Council Vice Chairman Ed Pigeon, Tribal Chairman D.K. Sprague, Station Casinos Chief Development Officer Scott Nielson, CEO of MBPI Development John Shagonaby, and tribal council members Phyllis Davis and Coleen Nessner.

A ceremonial groundbreaking was held Thursday on the American Indian casino in Michigan that will be managed by Station Casinos.

18 September 2009
By Amanda Finnegan

Penn National surfaces as possible Fontainebleau buyer

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 is one of the parties interested in buying the stalled Fontainebleau Las Vegas resort, Reuters and the Wall Street Journal reported today. But analysts are skeptical a deal will happen anytime soon.

18 September 2009
By Las Vegas Sun Staff

MGM expands debt-placement deal with $475 million in notes

MGM Mirage's latest Wall Street debt-placement deal resulted in pricing of an offering of $475 million of senior unsecured notes due in 2018.

18 September 2009
By Las Vegas Sun Staff

Caesars Palace dealers protest on Strip

Transport Workers Union members rally in front of Caesars Palace on Las Vegas Boulevard South and Flamingo Road in Las Vegas Thursday, Sept. 17, 2009.

Hundreds of dealers and Transport Worker Union members gathered in front Caesars Palace Thursday afternoon to show their support for the casino’s dealers during prolonged union contract negotiations. Tourists weaved in and out of the sea of TWU members, dealers and supporters as they tried to make their way down Las Vegas Boulevard. Demonstrators, dressed uniformly in red union T-shirts, held signs reading “Contract now” and “Give Caesars dealers a fair deal.” Their chant: Two years is too long.

17 September 2009
By Amanda Finnegan
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