Gaming - VEGAS INC

Economic conditions take aim at quarterly profits

The nation's economic problems contributed to weaker first-quarter results for the owners of the Hooters, Planet Hollywood, Stratosphere and Las Vegas Hilton hotel-casinos, recent company filings show.

18 May 2009

By Steve Green

Report: Last year was second most profitable for industry

Commercial casinos brought in $32.54 billion in revenue in 2008, a 4.7 percent drop from 2007’s record level, according to survey results released today by the American Gaming Association.

18 May 2009

By Amanda Finnegan

Gambler who lost millions claims he was plied with alcohol, drugs

Terrance K. Watanabe appears in court in February with attorney Richard Schonfeld in Las Vegas. Schonfeld is the law partner of David Chesnoff.

High roller Terrance K. Watanabe is mounting an unusual defense to charges he failed to pay $14.7 million in Strip gambling debts. He is accusing Caesars Palace and the Rio of providing him with a steady flow of alcohol and — in the case of Caesars Palace — prescription painkillers as his losses increased. The Las Vegas Sun has obtained a copy of the seven-page letter, which maintains that Watanabe was in such an incoherent state that he was “incapable of forming the criminal intent” to avoid paying his gambling debts.

18 May 2009

By Jeff German

Seeking slight glint of hope amid recession

If the state’s economic engine is a microcosm of the spending habits of American consumers, improvements in the national economy should be reflected in crowds — or at least receipts — on the Las Vegas Strip.

18 May 2009

By Liz Benston

Equity firm plans to take over Tropicana

Gaming newcomer Onex Corp., a private equity firm with $10 billion under management, says it's proceeding with plans to take over the Tropicana hotel-casino in Las Vegas as the property emerges from bankruptcy protection.

15 May 2009

By Steve Green

Station signs agreement to extend restructuring talks

Station Casinos Inc. of Las Vegas today, as expected, said it signed a forbearance agreement with creditors that will allow restructuring talks to continue with its lenders.

15 May 2009

By Las Vegas Sun Staff

Control Board scolds pub operator for employee licensing gaffes

State gaming regulators scolded executives of a chain of Las Vegas taverns for being lax in scrutinizing employees submitted for a license.

15 May 2009

By Richard N. Velotta

Report: Sands working on Macau stock offering

Las Vegas Sands Corp. is working on a possible initial public stock offering of its Macau assets after a failed attempt to sell some of its casinos and hotels there last month, the Wall Street Journal reported today.

15 May 2009

By Las Vegas Sun Staff

Contractor sues Fontainebleau over firing, says it's owed money

Even as the Fontainebleau resort presses its breach of contract lawsuit against lenders, a contractor is asserting similar claims against Fontainebleau.

14 May 2009

By Steve Green

MGM Mirage stock falls, 143 million shares issued

The stock of hotel-casino operator MGM Mirage fell again today as investors continued to react to Wednesday's moves to shore up its debt-laden balance sheet.

14 May 2009

By Steve Green

Station expects extension of restructuring talks

Station Casinos Inc. reported lower revenue Thursday and said it expects to reach agreement with key bondholders to continue restructuring discussions past Friday's deadline of an existing forbearance agreement.

14 May 2009

By Steve Green

Las Vegas Sands plans job cuts in Macau

Las Vegas Sands Corp. plans to cut another 3,000 to 4,000 jobs in Macau, Sands executives told Bloomberg News for a story today.

13 May 2009

By Las Vegas Sun Staff

MGM Mirage issues plan that avoids selling Bellagio, Mirage

A jogger passes The Mirage on the Las Vegas Strip in the early morning hours.

MGM Mirage today unleashed a series of financial initiatives aimed at bolstering its balance sheet -- and signaled its Bellagio and Mirage hotel-casinos won't be sold anytime soon. The hotel-casino and entertainment giant, based in Las Vegas and struggling in the recession to service more than $14 billion in debt. Today's news was not a surprise. After reaching an agreement to finalize construction financing for its $8.5 billion CityCenter project on the Las Vegas Strip, MGM Mirage was expected to focus on debt-reduction measures.

13 May 2009

By Steve Green

Fontainebleau: Bank wanted to minimize Cosmopolitan competition

In an amended lawsuit filed Tuesday, developers of the Fontainebleau Las Vegas resort allege that Deutsche Bank conspired to hurt Fontainebleau to minimize competition with the Cosmopolitan, an under-construction resort the bank acquired out of foreclosure last year.

12 May 2009

By Liz Benston

Smoking study capped Caesars dealer’s long, lonely fight

Terrie Price, a dealer at Caesars Palace for 25 years, was fired in 2005. She has filed a lawsuit against the company.

During the 25 years she worked as a Caesars Palace dealer, Terrie Price was one of a few vocal anti-smoking dissenters among thousands of largely silent casino workers. Price believes her efforts cost her that job.