Gaming - VEGAS INC

Construction workers protest Pinnacle shareholder meeting

Carol Contreraz joins other construction workers from the Laborers International Union of North America in protest Tuesday in front of the Renaissance Las Vegas Hotel during Pinnacle Entertainment's annual shareholder meeting.

More than 100 members of the Laborers' International Union of North America protested outside Pinnacle Entertainment's annual shareholder meeting today in Las Vegas. The union wants the Las Vegas-based company to use union workers for its Sugarcane Bay Casino project in Lake Charles, La. In response, the company said it's unsure why the union is upset about a project that has barely begun.

5 May 2009

By Kyle B. Hansen

Tropicana reorganization plan gets court's OK

Tropicana Entertainment, owner of the Tropicana Las Vegas, announced today that a federal bankruptcy court in Delaware has approved its bankruptcy plan.

5 May 2009

By Las Vegas Sun Staff

Murren: CityCenter on track, MGM 'all in'

MGM Mirage and Dubai World have mended their relationship and their flagship CityCenter project will weather the economic storm to open as planned in December, MGM Mirage CEO Jim Murren said in a Monday television interview. "In Vegas terms, it's all in. All our money is in. All of Dubai's money -- all of that money -- is in,” Murren said.

5 May 2009

By Cara McCoy

Wynn Resorts posts $33M loss for first quarter

The Encore is shown to the left of the Wynn Las Vegas on the Strip.

Wynn Resorts Ltd. today reported first-quarter losses and lower revenue over last year, but company executives say they’re cautiously optimistic that business is starting to pick up.

5 May 2009

By Richard N. Velotta

Hard Rock hotel owner reducing ownership stake

Morgans Hotel Group Co. of New York, co-owner and manager of the Hard Rock hotel-casino in Las Vegas, Monday said it plans to reduce its ownership stake in the Paradise Road property. Morgans made the disclosure as its companywide first quarter loss widened as revenue slumped amid recessionary pressures.

4 May 2009

By Las Vegas Sun Staff

MGM Mirage reports falling profit in quarter

Las Vegas casino giant MGM Mirage suffered through a "brutal" first quarter with revenue down 19.3 percent and earnings off 12.5 percent compared with last year, company officials said today.

4 May 2009

By Richard N. Velotta

MGM Mirage stock up after Friday filing

MGM Mirage stock advanced 19 percent today on news that an equity infusion -- rather than a rush to unload assets -- may plan an important role in the re-working of the gaming operator's balance sheet.

4 May 2009

By Steve Green

MGM's Murren unwavering in defense of CityCenter

After engineering last week’s rescue of CityCenter from the brink of bankruptcy, the urban planning major who created the concept for the resort complex — and has shouldered the blame for the way it has imperiled MGM Mirage — defended the company’s investment in the $8.5 billion project. MGM Mirage CEO Jim Murren said in an interview that CityCenter’s critics, including competitors, “just don’t get it” and will be proven wrong when it attracts new visitors to Las Vegas.

4 May 2009

By Liz Benston

Company ownership idea seeks to spur investment

A proposal to allow institutional investors to own up to 25 percent of a Nevada gaming company without undergoing background checks is aimed at encouraging investment.

3 May 2009

By Liz Benston

MGM Mirage makes filing to issue stock

MGM Mirage today filed a shelf registration to issue stock, which gives the company permission to sell an undetermined number of shares at any point over the next two years.

1 May 2009

By Liz Benston

The rescue of CityCenter

MGM Mirage executives said Thursday that the deal struck this week to finance completion of CityCenter marks a turning point for the company, which has been pushed to the edge of bankruptcy by the recession. The deal was the result of a months-long effort to persuade eight banks — across four time zones, with representatives speaking at least three languages — to immediately risk $1.8 billion on the massive project, which had been in serious doubt. “This has been a 24-7 job involving conference calls at three in the morning,” MGM Mirage CEO Jim Murren said Thursday.

1 May 2009

By Liz Benston

M Resort chief: Vegas gaming industry in 'survival mode'

M Resort founder Anthony Marnell III offered a sobering economic outlook for Las Vegas on Thursday -- and harshly criticized banks that received government bailout money and then turned against struggling borrowers.

1 May 2009

By Steve Green

Landlord rejects Binion's rent request, sues for back rent

A landlord has rejected a plea from Binion's hotel-casino that its rent be lowered to help it survive the recession, and instead has filed a lawsuit seeking back rent and the appointment of a receiver to take over the historic gambling hall. A similar situation is emerging across the street at the Four Queens.

30 April 2009

By Steve Green

Gaming execs saw salary cuts as economy tumbled

Regulatory filings released today for two Las Vegas gaming companies show that while the economy has taken a toll on casino operators, gaming companies are reporting lower salaries for their top executives.

30 April 2009

By Amanda Finnegan

Fontainebleau workers laid off amid funding concerns

A Fontainebleau Resort spokesman today said construction workers are being laid off because of financing problems at the $2.9 billion resort on the Strip. Spokesman Dave Satterfield said some subcontractors are cutting staff, leaving them with only skeletal crews, although construction on the resort is continuing. He didn't know how many workers have lost their jobs because of funding concerns. Fontainebleau is continuing to negotiate with Bank of America for financing.