Gaming

Wynn stock offering to net $175 million to pay down debt

Wynn Resorts Ltd. of Las Vegas today received a positive response to a secondary offering of shares of common stock, with analysts saying cash from the sale will give Wynn more flexibility to pay down debt and to look at profit-making opportunities in today's depressed gaming industry.

17 March 2009
By Steve Green

Shuffle Master to buy competing product lines

Shuffle Master Inc. of Las Vegas has abandoned an unsuccessful patent-infringement lawsuit against a competitor and instead will buy the competing product lines at issue for as much as $2.8 million.

17 March 2009
By Steve Green

Betting it all on bankruptcy?

Herbst Gaming, which owns Terrible Herbst casinos, is the furthest along in the bankruptcy reorganization process of any of the major Las Vegas gaming companies. The Herbst family will own 90 percent of a new company that operates slot machines, with bank lenders owning 10 percent.

Finally, a bit of good news for Las Vegas: Our casino behemoths might seek Chapter 11 bankruptcy protection. Taking a dire step like that conjures up images of companies failing in dying industries. Profits are down by more than 20 percent, but that’s hardly enough to kill off the world’s biggest gaming companies.

17 March 2009
By Liz Benston

Wynn Resorts announces stock offering

Wynn Resorts announced today that it is beginning a public offering of 7 million shares of its common stock.

16 March 2009
By Amanda Finnegan

Economy prompts Ameristar Casinos to amend loans

Las Vegas-based Ameristar Casinos Inc., which faces declining revenue because of the recession, said today that a key loan was amended so it could stay in compliance with debt covenants -- but with higher interest rates.

16 March 2009
By Steve Green

Before recession, success further fed gaming industry’s egos

Harrah’s Entertainment Chief Executive Gary Loveman once described CityCenter, built by competitor MGM Mirage, as “the sort of casino God would build if he had the money.”

16 March 2009
By Liz Benston

Hard Rock Hotel posts $282.3 million loss in 2008

Hard Rock Hotel and Casino posted a yearly net loss of $282.3 million for 2008, according to a 10-K Security and Exchange Commission form filed today.

13 March 2009
By Amanda Finnegan

Harrah's reports loss, says LV properties hit hard

Harrah's Entertainment Inc. today reported final results for the fourth quarter of 2008 and detailed how its Las Vegas properties have been particularly hard hit by the recession.

13 March 2009
By Steve Green

Gaming Control Board moves Ruffin closer to Treasure Island ownership

Longtime gaming executive Phil Ruffin is a little closer to owning a property on the Strip. The three-member state Gaming Control Board has recommended approval of the $775 million sale of the Treasure Island to Ruffin.

13 March 2009
By Richard N. Velotta

Gaming supplier says loss narrowed in quarter

Shuffle Master Inc. of Las Vegas, a gaming industry supplier, today said its loss narrowed for the first quarter ended Jan. 31.

12 March 2009
By Las Vegas Sun Staff

Australian company ends Cannery purchase agreement

Australian casino giant Crown Ltd. has terminated its $1.8 billion purchase agreement for Cannery Casino Resorts to allow for more time to consummate a deal.

12 March 2009
By Liz Benston,
Richard N. Velotta

Three nominated for re-election to Wynn board

Wynn Resorts announced today that directors Linda Chen, John Moran and Elaine Wynn have been nominated for re-election to the company’s board of directors, each for three-year terms.

12 March 2009
By Amanda Finnegan

Poetry nightclub discrimination lawsuit moves forward

Poetry nightclub, shown in this file photo, was inside the Forum Shops at Caesars above Wolfgang Puck's Chinois restaurant.

A federal judge on Thursday decided to allow Wolfgang Puck’s Chinois restaurant and the Poetry nightclub to move forward with their discrimination lawsuit against Caesars Palace and Simon Property Group.

12 March 2009
By Amanda Finnegan

Nortel says it overbooked Caesars, wants out of contract

Telecommunications company Nortel Networks Inc. says it booked too many rooms and suites at Caesars Palace for a big industry convention and is asking a court for approval to cancel its contract with the resort on the Las Vegas Strip.

12 March 2009
By Steve Green

Sands leader's exit comes amid tests

Bill Weidner, left, who will step down from his job as Las Vegas Sands chief operating officer, looks over a model of hotels on Macau's Cotai Strip in March 2007 with Sands Chief Executive Sheldon Adelson and Adelson's wife, Miriam. Weidner had been the gaming mogul's closest adviser.

The messy departure of Las Vegas Sands’ Chief Operating Officer Bill Weidner, the culmination of a long-running fight between Weidner and Chief Executive Sheldon Adelson over the direction of the company, is just one of the many troubles facing the embattled casino giant in this recession. Like most casino companies, Las Vegas Sands is generating enough cash to make its debt payments. Analysts say the company will need to sell assets in Macau to offset debts in Las Vegas.

11 March 2009
By Liz Benston
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