Gaming

Fontainebleau developer files for bankruptcy; more jobs cut

The Fontainebleau Resort on the north end of the Las Vegas Strip is shown under construction in April.

The developer of the stalled Fontainebleau resort on the Las Vegas Strip filed for bankruptcy protection today in Miami, a spokesman said. The company has been in a dispute with banks that refused to provide financing to continue the project over an unspecified event of default in a loan agreement.

Shuffle Master reports higher profit in quarter

Las Vegas-based casino supplier Shuffle Master Inc. today said its second quarter profit rose, even as it made hefty severance payments and struggling casinos purchased fewer card-shuffling devices.

In one month, casinos lost money on basketball bets

Highly regarded NBA star LeBron James led the Cleveland Cavaliers to wins in all four of their playoff games in April, and the team covered the point spread each time.

The state’s recently released gaming revenue report for April indicated a drop in the amount casinos won in sports betting contributed to an overall decline in winnings.

Harrah’s execs cashed huge checks

The closing of the high-profile deal that turned casino giant Harrah’s Entertainment from a publicly traded company into a private business resulted in six of the company’s executives landing in the top 10 of In Business Las Vegas’ list of highest-paid business leaders this year.

Outlook for Fontainebleau slides from bad to worse


Fontainebleau, the 4,000-room resort project at the north end of the Strip, might miss its October opening date because of shaky financing and a leadership hole. The company's CEO has left, and banks are reneging on $800 million in loans.

When the ambitious Fontainebleau was announced in 2005, the 4,000-room resort project, which might have been an icon unto itself in another city, joined a crowded field of megaresorts in planning or under way on the Strip. With tourism booming, few questioned the resort’s prospects. The resort’s location at the north end of the Strip was no longer seen as a hindrance given the opening of Wynn Las Vegas at the site of the former Desert Inn and what would soon become the Encore and Palazzo nearby.

With Elvis-themed casino out, lenders want Strip property

Lenders are moving to seize control of a key piece of real estate on the Las Vegas Strip after plans fell through for an Elvis Presley-themed casino resort there. Three first-lien lenders filed a lawsuit Friday in Clark County District Court.

Gaming board: No more 'tolerance' with Vegas company

A Las Vegas company that operates in 12 states and 38 Indian reservations is on thin ice with the Nevada Gaming Control Board.

'Substantial' losses lead to Riviera stock delisting

The stock of Las Vegas-based Riviera Holdings Corp. took another hit today after the company announced plans to voluntarily delist its common stock from the NYSE Amex LLC exchange because of its financial troubles.

Strip gaming win tumbles in April

For the 16th straight month, gambling win on the Las Vegas Strip tumbled, falling 15.7 percent in April with only penny and $100 slot machines showing a gain. The state Gaming Control Board reports the 41 casinos on the Strip won $441.3 million, computed before expenses and taxes.

MGM Mirage looks to Asia for expansion

A second Las Vegas-based gaming, hotel and entertainment company is looking to expand in Asia -- despite financial challenges for its American operations. MGM Mirage is in talks with three investor groups to develop a casino in Taiwan, an executive said this week.

Harrah’s execs dominate top spots on compensation list

The closing of the high-profile deal that turned casino giant Harrah’s Entertainment from a publicly traded company into a private business resulted in six of the company’s executives landing in the top 10 of In Business Las Vegas’ list of highest-paid business leaders this year.

Harrah’s to hold memorial for beloved gaming pioneer

A memorial service for pioneering female executive Claudine Williams will be conducted at 11 a.m. June 13 in the main ballroom of Harrah’s Las Vegas.

Las Vegas Sands settlement cancels trial over Macau interests

A trial in one of the lawsuits over Las Vegas Sands Corp.'s development activities in Macau was canceled after a settlement was reached this week.

Report: Industry’s demand will rebound, but more pain ahead

U.S. hotel-casino operators may see signs of stabilization in the downward spiral of their industry -- but the outlook is far from rosy. That's according to credit rating agency Moody's Investors Service, which Wednesday issued a report updating its industry outlook.

Harrah's, Full House make appointments

Harrah's Entertainment Inc. of Las Vegas said today it named Diane Wilfong as vice president, controller and chief accounting officer, effective upon approvals or waivers from regulators.