Gaming

Sands not so adored in Macau these days

Macau was the place where Las Vegas Sands was going to step out from the shadows of its rivals.

23 March 2009
By Liz Benston

Herbst Gaming files for bankruptcy protection

In Southern Nevada, Herbst Gaming owns three casinos in Primm on I-15 at the California border that it acquired from MGM Mirage in 2007 for $394 million. They are the Buffalo Bill's, Primm Valley and Whiskey Pete's hotel-casinos.

Herbst Gaming Inc. of Las Vegas on Sunday announced that, as anticipated, it filed for Chapter 11 bankruptcy protection as part of a deal with creditors that is expected to keep its casinos and slot routes operating.

22 March 2009
By Steve Green

Ambiguous ad wraps Luxor in mystique

The new ad on the side of the Luxor is modeled after a camera screen, with a recording light at the top and the "Welcome to Fabulous Las Vegas" sign focused in the center of the frame.

The black pyramid of the Luxor, already unique among the over-the-top Strip resorts, this week got even more interesting with a new ad that left many scratching their heads, wondering, "What the heck is that sign on the Luxor?" And that's exactly the reaction they wanted.

21 March 2009
By Amanda Finnegan

Ruffin rejoins ranks of Strip casino owners

New Treasure Island owner Phil Ruffin stands in front of his resort Friday, March 20, 2009 on the Las Vegas Strip. Ruffin took over the property earlier that morning after purchasing it from MGM Mirage for $775 million.

Phil Ruffin was a busy man Friday. The Kansas billionaire took over his newly purchased casino and hotel, Treasure Island, at 3 a.m. Friday, and 12 hours later, the Strip’s newest casino owner was still going strong. “Look at business today. There’s no sign of a recession here in Treasure Island,” Ruffin said as he walked through his property.

21 March 2009
By Amanda Finnegan

Progressive Gaming files for Chapter 7 bankruptcy

Casino supplier Progressive Gaming International Corp. of Las Vegas filed for a Chapter 7 bankruptcy liquidation this week. The company listed assets of $263,600 and liabilities of $5.62 million. In January, International Game Technology of Reno acquired certain operating assets of PGIC for undisclosed terms. Details of that deal were spelled out in this week’s bankruptcy filing and show IGT agreed to pay $16.237 million in cash.

20 March 2009
By Steve Green

Analysis: Better hardware may make sense for Gaming Control Board

The state Gaming Control Board and the Nevada Gaming Commission meet every other month in Las Vegas and Carson City to conduct the business of overseeing the state’s dominant industry. At the Feb. 19 commission meeting in Carson City, something unusual happened: There wasn’t much to talk about.

20 March 2009
By Richard N. Velotta

From MGM to Ruffin: Treasure Island changes hands

MGM Mirage sold the Treasure Island to former Frontier hotel owner Phil Ruffin. MGM Mirage had owned Treasure Island since May 2000.

Treasure Island came under new ownership Friday morning. After months of a pending sale, Kansas billionaire Phil Ruffin was to take over the newly purchased property. The Nevada Gaming Commission approved Ruffin’s purchase of Treasure Island Thursday.

19 March 2009
By Liz Benston,
Amanda Finnegan

Moody’s downgrades MGM Mirage, again

Moody’s Investors Service downgraded MGM Mirage for the third time in four weeks today due to the company’s decline in liquidity after it announced Tuesday it will pay back $300 million to its senior credit facility.

19 March 2009
By Amanda Finnegan

Harrah's owners offer to buy outstanding debt

Harrah's Entertainment Inc. today said the companies that took it private and now own it are increasing their investment in the gaming company by offering to buy up to $350 million of Harrah's outstanding debt.

19 March 2009
By Steve Green

N.J. regulators extend deadline for Tropicana sale

New Jersey gaming regulators extended the sale deadline for the Tropicana Casino and Resort in Atlantic City once again on Wednesday.

18 March 2009
By Amanda Finnegan

Wynns' breakup won’t break up company

Steve and Elaine Wynn are ending their marriage, but the business partnership that built Wynn Resorts into a Strip powerhouse is not breaking up. She wants to continue to play a prominent role in the company, and Steve Wynn wants her to remain active in Wynn Resorts, a source said.

18 March 2009
By Liz Benston,
Jeff German

Station Casinos: Bankruptcy date depends on bondholders

Station Casinos is the dominant locals gaming company with properties such as Red Rock Resort, Green Valley Ranch Resort, two Fiestas and the Sunset, Boulder, Palace, Santa Fe and Texas Station properties. Aliante Station is shown here.

Station Casinos Inc. executives moved Wednesday to clarify when the company may file for bankruptcy protection, saying there's no assurance the filing will be made on or before April 15 as suggested in a court filing.

18 March 2009
By Steve Green

Sands president begins early, earning base of $2 million

Las Vegas Sands board member Michael Leven has taken his position as president and chief operating officer earlier than expected, the company announced in a Securities and Exchange filing on Tuesday.

17 March 2009
By Amanda Finnegan

MGM Mirage gets debt waiver, swings to quarterly loss

MGM Mirage, owner of several casinos on the Las Vegas Strip, reported earnings on Tuesday showing the company fell to a loss in the fourth quarter.

MGM Mirage today reached an agreement with bank lenders that will give the company more time to figure out a solution to the company's cash crunch. Instead of granting bank lenders collateral in the company's assets MGM Mirage has agreed to repay some of the money it owes and pay a higher interest rate.

17 March 2009
By Liz Benston,
Amanda Finnegan

Harrah's expects annual savings of $500 million

Cost-cutting measures and debt-refinancing programs at Harrah's Entertainment Inc. may help the company work its way through the recession gripping the gaming industry, Harrah's suggested in its 2008 annual report today.

17 March 2009
By Steve Green
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