Gaming

Past power is helping industry giant now

The MGM Grand on the Las Vegas Strip.

When MGM Mirage negotiated a $7 billion financing package with its banks in 2004, the company was worth more than $10 billion. The company was in such a powerhouse position that banks didn’t ask for collateral. That’s one reason why these bankers have been so accommodating with MGM Mirage in recent weeks.

7 April 2009
By Liz Benston

Analyst upgrades Wynn Resorts on balance sheet

Wynn Resorts Ltd.'s solid balance sheet and Macau prospects has led an analyst to upgrade the casino operator on Monday to "Buy" from "Neutral."

6 April 2009
Associated Press

MGM Mirage stock surges on corporate financing news

MGM Mirage stock closed up 19 percent today on news it may sell some of its casinos and could land some new corporate financing. The morning started with Australia's Crown Ltd. saying it's not in discussions about investing in the $8.7 billion CityCenter complex under construction on the Las Vegas Strip.

6 April 2009
By Las Vegas Sun Staff

Working harder for less? Not if they have a choice

When times were good, casino executives were richly rewarded with performance-based compensation packages worth, on paper, up to tens of millions of dollars a year.

6 April 2009
By Liz Benston

How did so many experts get their forecasts so wrong?

Jeremy Aguero, a principal analyst with Applied Analysis, remains optimistic about Las Vegas' future, saying, "This economy has weathered storms before and I certainly believe it will weather this one."

Many in Nevada’s relatively small ranks of economic analysts saw conditions as much sunnier than they were, including a prominent economic forecaster, a leading UNLV economist and gaming industry analysts.

5 April 2009
By J. Patrick Coolican,
Michael Mishak

MGM Mirage hires investment firm

MGM Mirage has hired investment bank Morgan Stanley to help with the potential sales of two properties. The newspaper, citing people with knowledge of the matter, said Morgan Stanley is in discussions with potential buyers and is vetting them to ensure they can finance a deal or deals and could obtain gaming licenses.

4 April 2009
By Las Vegas Sun Staff

Australian businessman weighing CityCenter investment

Australian billionaire and casino magnate James Packer is considering an investment in CityCenter, the Wall Street Journal reported Friday. Packer's casino company, Crown Ltd. Of Australia, owns a 19.6 percent stake in the Fontainebleau resort under construction in Las Vegas.

3 April 2009
By Liz Benston

Like Las Vegas, Atlantic City feeling a pinch

Casino towers dot the skyline of Atlantic City, N.J.

Las Vegas isn’t the only gaming-dependent city suffering in today’s economy. A report released by the New Jersey Gaming Control Commission showed Atlantic City saw a 7.1 percent drop in revenue across the city’s hotel-casinos in 2008, compared to 2007. The city’s gaming revenue fell 14.9 percent during the last quarter of 2008 compared to the year-ago quarter. Las Vegas-based Harrah’s Entertainment, which owns more than 6,600 hotel rooms at four properties in Atlantic City, reported a net loss of $672 million during 2008, compared to a $66 million profit in 2007 at its New Jersey resorts.

3 April 2009
By Amanda Finnegan

MGM Mirage exec leaving for NV Energy

Punam Mathur, a longtime executive with the Las Vegas Chamber of Commerce and MGM Mirage known for her work in workplace diversity, is joining NV Energy as vice president, human resources, effective April 29. NV Energy announced the appointment today. Mathur is senior vice president, corporate diversity and community affairs at MGM Mirage. "I will be forever grateful to the leaders and employees of MGM Mirage," Mathur said in a statement issued by NV Energy.

3 April 2009
By Steve Green

Merchants near Jerry's Nugget offer gift certificates for points

Players club members at area casinos are used to trading their points for meals, jackets and other paraphernalia. But at Jerry’s Nugget, 1821 N. Las Vegas Blvd., club members can trade their points for flowers, military supplies and furniture.

3 April 2009
By Jeff Pope

Sands aims to resume Macau construction this year

Struggling casino giant Las Vegas Sands Corp. hopes to resume construction on its stalled multibillion-dollar mega resorts in the Chinese gambling city of Macau later this year, a top executive said Thursday.

2 April 2009
Associated Press

CityCenter contingency plan emerges; investor shows interest

The CityCenter project on the Las Vegas Strip.

The drama surrounding the financially troubled CityCenter project has thickened, with a major investor interested in the $8.7 billion project and MGM Mirage disclosing a contingency plan should CityCenter seek bankruptcy protection.

1 April 2009
By Liz Benston

Hooters to skip interest payment, says bankruptcy possible

Hooters hotel-casino operator 155 East Tropicana LLC announced Tuesday it won’t make an interest payment on its senior secured notes, an action that could lead the casino operator to file for Chapter 11 bankruptcy.

31 March 2009
By Amanda Finnegan

Station Casinos reports widening loss in fourth quarter

Losses widened for Station Casinos in the fourth quarter of last year as the company reported net losses at its major Las Vegas casinos. Station today reported a net loss of $3.2 billion in the fourth quarter compared with a loss of $437.4 million for the same period a year ago.

31 March 2009
By Liz Benston

Investors offer $200 million for Tropicana Atlantic City

A group of investors lead by former Sands Hotel Casino Atlantic City owner Carl Icahn is offering $200 million for the Tropicana Atlantic City.

31 March 2009
By Amanda Finnegan
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