Gaming - VEGAS INC

Reno mom hits $33 million Megabucks jackpot

A Reno woman is $33 million richer after hitting the second largest Megabucks jackpot in history at a Sparks casino.

13 April 2009

By Amanda Finnegan

Analysts: Harrah's plan might not stave off bankruptcy

Harrah's Entertainment Inc.'s latest debt-exchange deal apparently didn't extinguish enough debt to ease fears that the world's largest casino resort company may be headed toward bankruptcy.

13 April 2009

By Steve Green

Leaders of Vegas’ top industry put on a different face

MGM Mirage CEO Jim Murren said last month he harbors no ill will toward people who think the company will fail. “I have no illusions that this is going to be easy,” he said during a conference call with analysts last month. “We will take every question, we’ll take every criticism, and we’ll own it all." He added: “This is not without risk.”

13 April 2009

By Liz Benston

Wynn discusses family, economy in '60 Minutes' interview

Casino mogul Steve Wynn gave Americans a look into his life and work Sunday night during a “60 Minutes” interview with Charlie Rose. Rose referred to Wynn as “the man with the Midas touch who added glamour to the gambling industry,” crediting Wynn as the casino operator who turned Las Vegas into an international tourist destination.

12 April 2009

By Amanda Finnegan

MGM CEO gets $500,000 raise, performance incentives

Under a new employment contract effective Dec. 1, MGM Mirage Chief Executive Jim Murren will receive a salary increase of $500,000 and will be eligible for additional performance-based cash awards of up to $4.25 million.

10 April 2009

By Liz Benston

Wynn: Stimulus plan won’t solve city’s woes

Casino mogul Steve Wynn said during an interview this week he has little faith that federal stimulus dollars headed to Nevada will lift a struggling economy. President Barack Obama’s $787 billion stimulus plan will bring an estimated $1.5 billion to the state. Wynn said that’s not the solution.

10 April 2009

By Amanda Finnegan

Dubai World wants assurance of CityCenter funding

The CityCenter project on the Las Vegas Strip.

Dubai World, which owns half of the financially troubled CityCenter project on the Strip, is pressing CityCenter partner MGM Mirage and CityCenter's bank lenders for a commitment that would allow the project to be completed without fear that the project would be thrown into bankruptcy, according to a source familiar with the plan.

10 April 2009

By Liz Benston

Individual licenses, Mesquite slot parlor get Control Board nod

The state Gaming Control Board has recommended several individual gaming licenses in a light agenda April 1.

10 April 2009

In Business Las Vegas

Steve Wynn to put Las Vegas in '60 Minutes' spotlight again

For the second Sunday in a row, Las Vegas will be featured on the prime-time news magazine show, "60 Minutes". Steve Wynn will be the focus of this Sunday's show.

9 April 2009

By Joe Schoenmann

Analyst raises Wynn Resorts price target

An analyst lifted Wynn Resorts Ltd.'s price target Thursday, saying the casino operator will probably be able to meet its financial obligations.

9 April 2009

Associated Press

Harrah's releases debt-exchange offer results

Harrah's Entertainment Inc. of Las Vegas today disclosed the results of its latest effort to reduce its debt load and annual interest costs. The company said a debt-exchange offer that expired Wednesday resulted in it accepting exchange notes with a principal amount of $5.55 billion, which it will exchange for $3.4 billion in new 10 percent notes due 2018 and about $102 million in cash.

9 April 2009

By Las Vegas Sun Staff

Atlantic City: Don't discuss economy with gamblers

Don't discuss the economy with customers. That's the recommendation from the head of Atlantic City's Casino Association, who warns that talking with gamblers about how bad the economy is can be a losing proposition.

7 April 2009

Associated Press

Strip gaming win falls for 14th month to 2004 levels

Numbers released today show continued double-digit declines in gaming win on the Las Vegas Strip.

Casinos along the Las Vegas Strip suffered a 23.4 percent drop in their gross win in February, the fifth-straight month of a double digit decline. It was the 14th consecutive month of lower win, computed before taxes and business expenses.

7 April 2009

By Cy Ryan

Creditors file bankruptcy petition against Greek Isles

A group of creditors filed an involuntary Chapter 11 bankruptcy petition Monday asserting claims against the 202-room Greek Isles Hotel & Casino on Convention Center Drive in Las Vegas.

7 April 2009

By Steve Green

M Resort blimp grounded after last Vegas flight

The M Lightship flies over the Las Vegas Strip. The blimp has circled the Las Vegas Valley to advertise for the new M Resort on its 70-foot-by-30-foot video screen.

More than 1,000 feet above the valley, airship captain Terry Dillard had a great view of Las Vegas. And for the past six months, Las Vegas had a spectacular view of his product. Until a few days ago, Dillard was responsible for The M Resort Lightship. But resort officials said Monday that the M Lightship won’t be back in the Vegas sky. It took its final flight March 31 and headed back to The Lightship Group headquarters in Orlando, Fla., on Friday after M Resort chairman and CEO Anthony Marnell III decided not to renew the blimp’s contract.