Gaming

CityCenter deal sends MGM Mirage stock soaring

The CityCenter project on the Las Vegas Strip.

The stock of MGM Mirage soared 40 percent this morning on news that it secured financing to complete its $8.5 billion CityCenter complex on the Las Vegas Strip and settled its differences with partner Dubai World.

30 April 2009
By Steve Green

Judge: IGT slot machine patents are valid

A federal judge has upheld the validity of two slot machine patents held by International Game Technology of Reno, rejecting claims by competitor Bally Technologies of Las Vegas that they are invalid.

29 April 2009
By Steve Green

Tropicana Atlantic City sale agreement approved

The New Jersey Casino Control Commission announced today that it unanimously approved an agreement of sale reached by Tropicana Atlantic City and a group of investors led by Carl Icahn. It also authorized the casino’s trustee to take the property into bankruptcy court.

29 April 2009
By Amanda Finnegan

Union: Banks putting jobs in jeopardy over Fontainebleau

The national AFL-CIO today criticized several big banks that are being sued over their reported refusal to fund $790 million needed for construction of the $2.9 billion Fontainebleau resort on the Las Vegas Strip.

29 April 2009
By Steve Green

Venetian seeks $1 million in suit over 'Real Deal'

When it was announced last summer for the showroom at the Venetian resort in Las Vegas, "The Real Deal!'' production was called "a new paradigm in entertainment" in which the audience would interact with professional poker players in a show combining humor and action.

29 April 2009
By Steve Green

Gaming companies suing 'cybersquatters'

Attorneys representing gaming companies continue to go after alleged "cybersquatters,'' suing numerous companies they claim are using Internet sites to profit by infringing on the trademarks of well-known Las Vegas casinos

29 April 2009
By Steve Green

MGM, Dubai World reach CityCenter agreement; lawsuit dropped

MGM Mirage and Dubai World have settled their differences over funding for CityCenter, with MGM Mirage agreeing to cover any cost overruns and Dubai World agreeing to pay back some CityCenter payments that had been covered by MGM Mirage.

29 April 2009
By Steve Green

Ameristar reports first-quarter income of $30 million

Ameristar Casinos reported today a net income of $29.9 million, or 52 cents a share, for the first quarter of 2009 compared to a net loss of $60.9 million, or $1.07 a share, in the comparable period of 2008.

29 April 2009
By Amanda Finnegan

Sued by Fontainebleau, banks could cite 'act of God' as defense for refusing funds

A lawsuit brought by officials of the Fontainebleau Las Vegas, pictured at right Tuesday, accuse lenders of breaking the terms of an $800 million loan agreement. Fontainebleau committed "one or more events of default," Bank of America says.

Legal experts say the banks attempting to back out of their commitment to finance the Fontainebleau Las Vegas might defend their decision by arguing the economic downturn that has created doubts about the project’s future is an act of God. Fontainebleau has sued the banks, accusing them of breaking the terms of the $800 million loan agreement.

29 April 2009
By Liz Benston

Bank talking restructuring with Fontainebleau

Bank of America and developers of a $3 billion casino resort in Las Vegas are in talks to restructure its financing to finish construction.

28 April 2009
Associated Press

Cosmopolitan owner takes loss of $653 million

Deutsche Bank AG said today it took a charge against earnings of about $653 million to reflect the declining value of its Cosmopolitan resort on the Las Vegas Strip. The bank said it took an impairment charge of euro 500 million on the project, which it acquired out of foreclosure last fall for about $1 billion.

28 April 2009
staff and wire reports

Harrah's sees revenue take hit on economic weakness

Caesars Palace, on the left, is one of several Harrah's-owned properties on the Las Vegas Strip.

Harrah's Entertainment Inc., the world's largest casino operator, late Monday reported first-quarter financial results that showed continued declines in revenue for its big Las Vegas resorts that have been hit hard by the recession.

27 April 2009
By Steve Green

Ex-Hard Rock worker wins $225,000 judgment against Dennis Rodman

A woman who says she was fired by the Hard Hock hotel-casino after complaining about the behavior of Dennis Rodman there has now won a $225,000 judgment against Rodman.

27 April 2009
By Steve Green

Berkley wants talks with Obama administration on Fontainebleau

Congresswoman Shelley Berkley today weighed in on the dispute between the $2.9 billion Fontainebleau resort and its banks, asking the Obama administration to get involved and "urging all parties to enter into discussions as soon as possible to rectify the situation."

27 April 2009
By Las Vegas Sun Staff

Las Vegas Sands weighs deal at Macau casino property

Las Vegas Sands Corp. is considering a sale-leaseback deal for one of its Macau casino properties, the South China Morning Post reported today.

27 April 2009
By Las Vegas Sun Staff
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