Gaming

Boyd still interested in acquiring Station properties

Boyd Gaming reported a 41 percent drop in net income for the second quarter of 2009, citing the continuing economic strain on the Las Vegas market, the company said today in its quarterly report. During a conference call with investors and analysts today, Boyd reaffirmed its interest in buying Station Casinos assets and commented on the standing of its suspended Echelon project.

5 August 2009
By Amanda Finnegan

Whale’s defense vs. Harrah’s gains traction

Terrance K. Watanabe, right, claims to have lost $112 million at Harrah's casinos in 2007. He alleges the company encouraged him to gamble while intoxicated.

Gaming regulators are finally starting to acknowledge the seriousness of a Nebraska high roller’s allegations against Harrah’s Entertainment. Philanthropist Terrance K. Watanabe gambled away tens of millions of dollars at Harrah’s casinos in 2007. This year Harrah’s asked the Clark County district attorney’s office to file criminal charges.

5 August 2009
By Jeff German

Stratosphere owner sees loss in second quarter

The owner of the Stratosphere offered low room rates to nearly fill the 2,444-room Las Vegas property during the second quarter, but room occupancy was weak at three sister hotel-casinos.

4 August 2009
By Steve Green

Vegas downturn weighs on MGM Mirage earnings

MGM Mirage's Las Vegas customers spent considerably less in the second quarter, a decline contributing to a quarterly loss by the hotel-casino operator. With the recession reducing travel and discretionary spending worldwide, MGM Mirage responded in the quarter with lower room rates and deals to entice visitors. Hotel revenue per available room tumbled from $151 in the 2008 quarter to $104 in the most recent quarter, as the average daily room rate fell from $156 to $111.

3 August 2009
By Steve Green

Culinary Union sees shot in Station insolvency

The Culinary Union fought for years to organize the Aladdin. But it wasn’t until the resort filed for bankruptcy protection that the union gained the upper hand. That lesson was on the minds of Culinary leaders last week as Station Casinos — the union’s bitter rival — filed for Chapter 11 protection.

3 August 2009
By Michael Mishak

Recovery in Vegas? Not so fast

Las Vegas will take much longer than the rest of the country to emerge from the recession, several local economists said. And once it does, without major changes, expect flat or slow population growth, higher-than-average unemployment and slow wage growth.

2 August 2009
By J. Patrick Coolican

With arena plan dead, what next for former REI Neon site?

From the beginning, city officials acknowledged the $10.5-billion dreams of REI Neon — a basketball arena, casino and boutique hotel on 73 gritty downtown acres — were a long shot. Although the City Council formally ended REI Neon’s quest to build an arena in October, the future of the “gaming overlay district,” which would allow casinos on the site, is unclear.

2 August 2009
By Sam Skolnik

Sahara faces lawsuit alleging discrimination

A federal agency sued the Sahara hotel-casino in Las Vegas on Thursday, alleging discrimination against an employee because of his Egyptian heritage.

31 July 2009
By Steve Green

MGM Mirage, Boyd gaming license investigation reopened

MGM Mirage and Boyd Gaming Corp. today said New Jersey regulators are moving ahead with plans for a hearing on whether MGM Mirage's partner in Macau is a suitable business partner for the gaming company.

31 July 2009
By Steve Green

Class-action lawsuit filed against IGT

A law firm specializing in class-actions has filed a lawsuit against International Game Technology over the decline of IGT's stock price in 2008.

31 July 2009
By Steve Green

Court nullifies $150,000 award against Imperial Palace

CARSON CITY – The Nevada Supreme Court has nullified a $150,000 punitive damage award against the Imperial Palace because of “egregious” misconduct by a Las Vegas lawyer during trial.

31 July 2009
By Cy Ryan

Marketers: Reduce slot hold to attract more customers

Longtime gamblers have been saying it for months: If you want people to play in your casino during the recession, reduce the hold on your slot machines.

31 July 2009
By Richard N. Velotta

Wynn still critical of Obama administration

Las Vegas casino mogul Steve Wynn today used the forum of a telephone conference call about his company's quarterly finances to criticize President Obama. Critical of the current presidential administration for months, Wynn, chairman and CEO of Wynn Resorts, voiced more criticism today in a conference call to investors, analysts and reporters. “Right now we are more afraid of Washington than we are of the economy. We’ve got people on our backs saying don’t go to Las Vegas which is preposterous,” Wynn said.

30 July 2009
By Amanda Finnegan

Las Vegas Sands reports 2nd quarter loss

Las Vegas Sands Corp. reported a wider second-quarter loss Thursday, citing lower revenue and a reduction in proceeds from the sale of a Las Vegas shopping center at its Palazzo Resort.

30 July 2009
By Steve Green

Lenders battling in Station Casinos bankruptcy case

The entrance of Sunset Station as the sun goes down in Henderson.

The bankruptcy of Station Casinos Inc. has revealed that the Las Vegas company's banks are fighting amongst themselves as different groups of lenders move to protect their positions in the company's $6.4 billion of debt. In advance of a hearing today in Reno on Station's initial plans to use cash during the bankruptcy process, a group of 12 lenders filed an objection.

30 July 2009
By Steve Green
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