Gaming

Penn National reports steady earnings in quarter

Despite the hit the casino industry has taken in recent months, casino operator Penn National Gaming reported virtually unchanged first quarter earnings today.

IGT reports drop in net income

International Game Technology reported a 44 percent drop in net income for the second quarter, due to a an multi-million dollar restructuring charge and the strain the economic downturn has put on the gaming industry.

Wynn Resorts, Las Vegas Sands amend debt agreements

Casino companies Wynn Resorts Ltd. and Las Vegas Sands Corp. each say they have amended their debt agreements to get more breathing room as they repay billions of dollars.

Indictment possible in $14M Vegas casino debt case

A prosecutor says he'll ask a grand jury to indict a prominent Nebraska philanthropist on felony theft and bad check charges for failing to repay $14.75 million in gambling debts to two Las Vegas casinos.

Evergreen Gaming files for bankruptcy

The owner of a casino-entertainment complex in Canada and card rooms in Washington state filed for bankruptcy protection last week after defaulting on a loan.

Icahn disputes reports of MGM Mirage battle

Investor Carl Icahn is disputing suggestions he plans to do battle with Kirk Kerkorian for control of MGM Mirage. "I have absolutely no quarrel with Kirk Kerkorian. I like him. I respect him. I have been his friend for years,'' Icahn told CNBC during an interview Friday.

Casino stocks drop with markets

Casino stocks fell Monday as investors dumped shares across all industries after a six-week rally while gambling investors continued wondering how casino companies would manage debt and large projects.

Harrah's reports resignation of board member

Harrah's Entertainment Inc. of Las Vegas today reported that a member of its board of directors, Jeanne P. Jackson, notified the company April 15 that she was resigning from the board immediately.

Station Casinos sues Internet company over Web sites

The Palace Station resort in Las Vegas.

Station Casinos Inc. is suing an Internet company based in Panama that it says is infringing on trademarks Station owns for three of its Las Vegas hotel-casinos. Station's suit says the defendants are operating sites on the Internet with domain names that include the phrases "boulderstation'," "sunsetstation" and "palacestation." The same defendants were sued by several MGM Mirage properties in the same court last year. MGM Mirage obtained an injunction and a $2.2 million judgment against them for infringing on the trademarks covering Bellagio, Circus Circus, Mandalay Bay, New York-New York and Treasure Island.

Smaller casinos in big debt, too

It’s not just the big boys running into trouble for accumulating too much debt.

MGM Mirage, Harrah's on Fortune 500 list

Two Las Vegas-based gaming companies are again the only Nevada firms included in Fortune magazine's annual Fortune 500 list of the nation's largest companies. Harrah's Entertainment Inc. is ranked No. 263 and MGM Mirage is ranked No. 344.

In Las Vegas, good news always trails bad press

From top: Chicago Tribune, 1982; Life magazine, 1955; The Ogden Standard Examiner, 1931; The New York Times, 2000. All reported bad news about Las Vegas, but the city apparently was not paying attention.

National media organizations in recent weeks have been exploring stories on the death of Las Vegas. For Las Vegas, however, this is actually wonderful news. If our town's history shows anything, it is that when the nation’s media sound the death knell for this city, good times are on the way.

Did two gaming titans get too big?

Two giant companies, MGM Mirage and Harrah's Entertainment, own 16 of the Strip's 25 largest casinos. With both facing huge debts, fresh competition is possible if properties are sold for quick cash.

Through two mergers proposed five years ago, the Las Vegas Strip largely became the domain of two corporate titans. In 2004, MGM Mirage proposed an $8 billion acquisition of Mandalay Resort Group. Months later, Harrah’s Entertainment announced a $9 billion offer for Caesars Entertainment — a “me too” deal made possible by Wall Street’s heightened interest in the casino business.

Ex-Treasure Island executive named to IGT post

International Game Technology has announced the appointment of former Treasure Island President Tom Mikulich as a vice president.

MGM Mirage, Dubai World working on CityCenter funding plan

CityCenter partners MGM Mirage and Dubai World are hammering out a plan that aims to guarantee funding for the financially troubled project due to open this year, according to sources who declined to be named.