Gaming

Stratosphere owner swings to loss in 2008

American Casino & Entertainment Properties LLC, owner of three hotel-casinos in Las Vegas, said in its annual report today that revenue fell in 2008 and it wrote down the value of its assets as the economy weakened.

Riviera misses interest payment, warns of possible bankruptcy

The stock of Riviera hotel-casino owner Riviera Holdings Corp. sunk today when the Las Vegas company said it missed a $4 million interest payment due Monday and may need to file for bankruptcy protection. Riviera stock traded at $1.07, down 40 cents or 27 percent, on the news. The company said its casino properties in Las Vegas and Colorado continue to generate positive cash flow, despite the recession, but that it's not generating enough cash to make its loan payments.

Whatever the secret, they have been packing M in

To enter M Resort is to step back in time, to 2006, before the recession slashed discretionary spending. Lines for the buffet and coffee shop snake around banks of slot machines, where most seats are taken. Well-dressed locals pack bars and lounges, some waiting for a seat in busy restaurants. While some suburban casinos struggle to attract more business, the M’s restaurants are serving more than 8,000 covers per night. Weeknights look much like weekends, with long lines for the players club and the buffet.

Vegas gaming companies report quarterly profits

Two Las Vegas-based gaming companies, Gaming Partners International Corp. and Full House Resorts Inc., reported profits Monday for the fourth quarter of 2008. Gaming Partners, which sells casino chips and table game equipment, reported a fourth quarter profit of $1.8 million or 22 cents per share vs. a profit in the year-ago quarter of $900,000 or 11 cents. Revenue, however, fell 21 percent to $15.7 million.

As MGM honored, economy challenges diversity efforts

Punam Mathur, senior vice president of MGM Mirage corporate diversity and community affairs, and Eddie Dasis, a mechanic at The Roller Coaster at the New York-New York hotel-casino, discuss the MGM Mirage diversity program.

Tears emerged from the eyes of several hotel and casino employees as they listened to the horrible comments about their co-workers. The white men were asked if these words reflected their characters. Of course not, everyone agreed. Welcome to a stereotype-breaking session during an MGM Mirage diversity training class.

In a recession, a delay could be seen by rivals as a positive development

If CityCenter gets mothballed, is that good or bad for the other properties on the Strip?

CityCenter safe — for now

Tony Dennis, right, CityCenter's executive vice president, shows the elaborate plan to Las Vegas Convention and Visitors Authority President Rossi Ralenkotter, left, and Vince Alberta, the authority's vice president of public affairs in 2006. MGM Mirage would begin construction on CityCenter without all financing in place.

MGM Mirage’s $200 million injection in CityCenter Friday answered questions about the project’s immediate fate. But the long-term future of the joint venture — and of MGM Mirage itself — remains in doubt as the company struggles with massive debt and a suddenly uncooperative partner, Dubai World. MGM Mirage’s payment allows construction to continue on the project billed as an unprecedented urban metropolis on the Las Vegas Strip — at least until the remaining $800 million in construction funding is due.

A financial history of the CityCenter project

A timeline of the project and its financial estimates.

Vegas visitor profile: Older, spending less

Visitors to Las Vegas last year were likely to be older, were more likely to drive into town than fly and planned to spend less money.

Las Vegas Sands lays off 283 workers

Layoffs forced 283 people out of work today at Las Vegas Sands Corp. in Las Vegas. A spokesman for the company said the affected employees worked in the corporate offices as well as the Venetian and Palazzo resorts on the Strip. He said the company now employs just under 7,000 people in Las Vegas.

Gibbons appoints Las Vegas lawyers to gaming board

Gov. Jim Gibbons has named two lawyers from Clark County to the state Gaming Commission that oversees the licensing and disciplining of casinos.

Letter sent to MGM Mirage employees from CEO James Murren

The following letter was sent to MGM Mirage employees from CEO James Murren

MGM Mirage payment keeps CityCenter on track

The CityCenter project on the Las Vegas Strip.

The Las Vegas economy dodged a bullet today when MGM Mirage stepped up to fund a required payment for CityCenter, keeping the project on track. The hotel and gaming giant said that with the consent of its lenders, it provided $200 million in funding -- including a required payment of $100 million that partner Dubai World did not make today. This allows construction work to proceed on the mammoth project on the Las Vegas Strip that includes hotels, residences, gaming, shopping and entertainment.

Effort to repeal Nevada's lottery ban clears first step

The persistent attempt to legalize the lottery in Nevada cleared its first hurdle on Thursday, when an Assembly committee passed a joint resolution. It could go before voters in 2012.

Wynn got $8.45M in 2008 as CEO of Wynn Resorts

Billionaire Steve Wynn's compensation as CEO of casino operator Wynn Resorts Ltd. fell 25 percent in 2008 as the gambling economy soured, according to an Associated Press analysis of a regulatory filing made Thursday.