Gaming

Group says poker winnings are frozen

An advocacy group for online poker said Tuesday that the federal government has frozen more than $30 million in the accounts of payment processors that handle the winnings of thousands of online poker players.

12 June 2009
Associated Press

Former MGM Grand ‘wizard’ recommended for Tropicana license

A former MGM Grand executive who helped that company during its merger with Mirage Resorts and then helped turn around the fortunes of a Hollywood film studio got initial clearance from state gaming regulators for his next project: Restoring the fabled Tropicana to its prior glory.

12 June 2009
By Richard N. Velotta

Visitor volume still down — but by only 2.9%

Southern Nevada visitor volume showed the shallowest decline in 11 months and weekend occupancy rates were ahead of last year’s pace in April.

12 June 2009
By Richard N. Velotta

LV Sands in Pennsylvania: A marriage made in Bethlehem

Glowing Sands: Light fixtures representing molten steel rods hang from the ceiling of Sands Bethlehem, which pays homage to the steel industry through its design and architecture.

Sands Bethlehem casino, the newest offering from Las Vegas Sands Corp., had its official grand opening June 9.

12 June 2009
By Mark Hansel

Bank of America wants change in Fontainebleau bankruptcy plan

Bank of America moved to protect the interests of bank lenders Thursday in the Fontainebleau resort bankruptcy case, with B of A seeking a revision in a plan by Fontainebleau to use $201 million for operating expenses during the bankruptcy process.

11 June 2009
By Steve Green

2 accused of selling counterfeit slot machines

Two men have been indicted for allegedly selling counterfeit video slot machines and programs in Las Vegas. The two have been charged in a scheme to produce and sell counterfeit International Game Technology-brand video slot machines and counterfeit IGT computer programs.

11 June 2009
By Mary Manning

Cannery casinos owner sues Web site operator

The owner of the Cannery casinos in Las Vegas is suing the owner of a Web site that Cannery says infringes on its name -- and then links to competing hotel-casino Web sites.

11 June 2009
By Steve Green

MGM Mirage says $1.05 billion tender offer expires

Casino operator MGM Mirage said Thursday that its tender offer for approximately $1.05 billion senior notes has expired.

11 June 2009
Associated Press

Rating agencies: Gaming supplier will feel economy's pinch

International Game Technology continues to be pressured by the U.S. recession as casinos buy fewer slot machines and consumers gamble less, two credit rating agencies indicated Wednesday.

11 June 2009
By Steve Green

Fontainebleau debt rating downgraded after bankruptcy

Investors in the bankrupt Fontainebleau resort's debt may not recover much of their money through the bankruptcy process, debt rating agencies said Wednesday.

11 June 2009
By Steve Green

Fontainebleau wants expedited hearing on $656 million

The bankrupt Fontainebleau resort moved Wednesday for a quick resolution of its dispute with bank lenders. Fontainebleau Las Vegas LLC said it filed a motion for partial summary judgment in its lawsuit against its revolver loan lenders. The motion asked a Miami bankruptcy judge for an expedited hearing on Fontainebleau's claim those lenders breached their commitment to lend $656 million to the project.

10 June 2009
By Steve Green

New Las Vegas Sands casino tops $1M a day

Las Vegas Sands’ newest casino, Sands Bethlehem, generated $10.7 million in slot revenue during its 10-day soft opening, according to numbers released by the Pennsylvania Gaming Control Board.

10 June 2009
By Amanda Finnegan

Investment companies sue banks over Fontainebleau financing

Even as the $2.9 billion Las Vegas Fontainebleau resort moved into bankruptcy Tuesday, a new lawsuit was filed over the development -- this one pitting numerous lenders against each other. Bank of America and other banks were sued Tuesday in U.S. District Court in Las Vegas by about 120 investment companies that have loaned money to the project.

10 June 2009
By Steve Green

Australian company writes off Fontainebleau ownership interest

Australian casino resort company Crown Ltd. today said it wrote off its $250 million, 19.6 percent ownership interest in the now-bankrupt Fontainebleau resort development on the Las Vegas Strip. "Crown also holds debt in Fontainebleau of U.S. $22 million. Crown will review the carrying value of its Fontainebleau debt at 30 June 2009, but expects that it will be written down to nil," the company, based in Melbourne, said in a statement. "Crown is under no obligation and has no current intention to contribute any further equity or debt to Fontainebleau or participate in any restructuring under any bankruptcy arrangements."

10 June 2009
By Steve Green

With patrons as advisers, small casino thrives

Players fill the tables in the new poker room at Club Fortune Casino in Henderson Saturday, May 30, 2009.

Club Fortune Casino doesn’t have a movie theater, nightclub or even a hotel. But it does have loyal customers like Jeanine Harris, who is among a number of locals who amid the downturn have converted to the locals joint from bigger, suburban casinos. “The food’s good and I like the slots and video poker,” Harris, 48, said. “It’s more laid-back here and everybody knows you.” While many suburban casinos struggle to keep their regulars coming back as they cut back on gambling promotions and staff, Club Fortune, a nondescript casino near Boulder Highway, is moving in the opposite direction and ...

10 June 2009
By Liz Benston
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