Gaming

Court rules MGM can recover insurance claims

CARSON CITY – The Nevada Supreme Court has ruled the MGM Mirage and another Las Vegas company have the right to recover hundreds of thousands of dollars from a state insurance pool.

Las Vegas Sands finishes towers at Singapore project

Las Vegas Sands has completed its three 55-story hotel towers at Marina Bay Sands in Singapore nearly two weeks ahead of schedule, the company announced today. Sands will formally celebrate the topping off its $5.4 billion resort July 8.

Company takes action after execs criticized in Arizona

Global Cash Access Holdings Inc. of Las Vegas said Wednesday it further distanced itself from two of the company's founders -- men sharply criticized by Arizona regulators who want to stop Global Cash from doing business in that state.

MGM Mirage removes bankruptcy warning

MGM Mirage announced in a Securities and Exchange filing today that there is no longer "substantial doubt about its ability to continue as a going concern" after recent efforts to negotiate with lenders and trim the company's massive debts.

Flood of new hotel rooms dims Vegas outlook for ’10

In recent reports, analysts expressed concern about an oversupply of rooms on the Las Vegas Strip, with additional rooms opening in the next several months.

Skeptics have been suggesting for decades that Las Vegas has built more hotel rooms than can be filled, and still with every economic downturn, the Strip bounces back with remarkable occupancy rates, stoking even more construction.

Northern Nevada casino companies seek Chapter 11

Several Northern Nevada casino companies controlled by businessman Harold Holder Sr. have filed for Chapter 11 bankruptcy reorganization.

More subcontractors accuse Fontainebleau of failing to pay for work

Two more Fontainebleau subcontractors have sued the resort's general contractor, charging it has wrongly failed to pay them for their work on the Las Vegas resort.

Arizona regulators say Vegas company should lose license

An Arizona agency says Global Cash Access Inc. of Las Vegas can't be trusted as a casino vendor because it committed theft and fraud years ago -- and in recent years has lied to regulators about that scandal and other issues.

Station still in talks on debt restructuring

Las Vegas locals gaming leader Station Casinos Inc. today said it remains in talks on restructuring its debt. Since Feb. 3, the company has been in discussions with noteholders and lenders on a proposal in which they would make concessions and affiliates of the company's owners -- the Fertitta family and Colony Capital -- would invest another $244 million in the company. Since then, the lenders and noteholders have granted forbearance agreements in which they agreed not to take action against Station because of the company's decision not to make certain debt payments.

More subcontractors accuse Fontainebleau of failing to pay for work

Two more Fontainebleau subcontractors have sued the resort's general contractor, charging it has wrongly failed to pay them for their work on the Las Vegas resort.

Fontainebleau subcontractors want bankruptcy case moved

Attorneys for a group of Fontainebleau subcontractors are suggesting the resort filed for bankruptcy in Miami, rather than Las Vegas, in hopes of excluding small creditors from meaningful participation in the financial restructuring.

Harrah’s thinks it can gain from online gambling

For a time, big American casinos were making noises about wanting to expand gambling in cyberspace, as a way to extend their brands. And why not? The evidence was that Internet gambling sites actually boosted business for bricks-and-mortar casinos, especially poker rooms. The Internet had nurtured a whole generation of new poker players who wanted to prove their competitive skills at real tables where they could win fame and fortune.

State gaming regulators shied away from policing borrowing

State gaming regulators shied away from policing borrowing

Because a healthy gaming industry is vital to the state’s economy, the Nevada Gaming Control Board and Commission are responsible for reviewing the financial health of gaming companies. Why, then, have regulators allowed companies to incur so much debt?

Culinary Union agrees to wage freeze

Sympathetic to recession-reeling Strip casinos, the Culinary Union has agreed to postpone by one year a wage increase that was supposed to take effect June 1.

Fontainebleau subcontractors say contractor conflicted

Big subcontractors in the Fontainebleau Las Vegas bankruptcy case moved Thursday to protect their interests in the project totaling some $112 million.