Gaming

Room tax hike: Sun’s winners and losers

Room tax hike: Sun’s winners and losers

The state Senate passed a 3 percentage point increase in the hotel room tax Tuesday, which current projections show will raise about $230 million, making it one of the largest tax increases in Nevada history.

11 March 2009
By J. Patrick Coolican

Herbst Gaming seeking bankruptcy protection

Herbst Gaming, which owns Buffalo Bill's casino in Primm, has suffered from the slumping economy.

Herbst Gaming said today it has reached an agreement with lenders to file for Chapter 11 bankruptcy protection and split the company in two, with bank lenders becoming equity owners of Herbst's casinos and the Herbst family receiving 90 percent of equity in a separate slot route company.

10 March 2009
By Liz Benston

Casino winnings plunge 14.7 percent in January

Winnings at casinos on the Strip fell 14.7 percent in January, the fourth straight month of a double-digit declines. The state Gaming Control Board reported gross win -- before business expenses and taxes -- totaled $908.5 million statewide in January, down 14.6 percent from a year earlier.

10 March 2009
By Cy Ryan

Adelson 'holding up quite well' despite recession

Las Vegas Sands Corp. Chairman and Chief Executive Sheldon Adelson today said business remains sound for the company in Las Vegas despite the recession, a decline in corporate travel and the replacement of his top corporate lieutenant.

10 March 2009
By Steve Green

Wynn Resorts, MGM price targets cut

A Goldman Sachs analyst cut the price targets of Wynn Resorts Ltd. and MGM Mirage Monday, citing challenging market conditions in Las Vegas and Macau.

9 March 2009
Associated Press

Las Vegas Sands replaces president

Las Vegas Sands announced today that board member Michael Leven will replace William Weidner as president and chief operating officer, effective April 1. Weidner is no longer with the company or a member of the board of directors, the company said.

9 March 2009
By Amanda Finnegan

Boyd responds to Station's rejection of buyout

Boyd's $950 million offer is for Station's Texas and Santa Fe stations, its two Fiestas and its interests in Aliante Station and Green Valley Ranch Resort.

Boyd Gaming Corp. of Las Vegas today stepped up its campaign to acquire some or all of Station Casinos Inc., arguing its $950 million offer is a better deal to Station creditors than are Station's owners.

9 March 2009
By Steve Green

No contract, but dealers benefit from going union

Organized casino dealers at Wynn Las Vegas and Caesars Palace still lack union contracts after more than a year of bargaining. And though neither group appears any closer to a deal, labor leaders say members are reaping the benefits of unionization.

9 March 2009
By Michael Mishak

Some casinos might be for sale, but pricing them is tricky business

After years of limited opportunities to buy and sell casinos, the topsy-turvy economy has opened the door for entrepreneurs to make unprecedented offers for choice properties in Las Vegas.

9 March 2009
By Liz Benston

Wynn Resorts gets double dose of good publicity

Wynn Resorts received a double serving of positive national publicity this weekend, landing on Barron's list of 10 good stocks to hold for the long haul and ranking highest among gaming companies on Fortune's list of the world's most admired companies.

8 March 2009
By Steve Green

Tropicana could emerge from Chapter 11 in May

Tropicana Entertainment announced today it is one step closer to exiting Chapter 11 after a Delaware bankruptcy court approved the company’s reorganization plan.

6 March 2009
By Amanda Finnegan

Wynn, Boyd suffer fourth quarter losses

Two Las Vegas gaming giants, one a global player, the other a key company in the locals market, suffered similar fourth-quarter fates when they reported earnings: operating losses and lower net revenue compared with the same period a year ago.

6 March 2009
By Richard N. Velotta

Analysis: Four recent casino additions have much in common

Welcome to M: The main entrance of M Resort is shown opening night.

In roughly the last six months, four resorts have opened their doors in Southern Nevada. The most recent one — the M Resort at St. Rose Parkway and Las Vegas Boulevard South — has a lot more in common than you might think with the previous three, the Eastside Cannery on the Boulder strip, Aliante Station in North Las Vegas and Encore on the Strip. M, which opened March 1 to rave reviews, has most frequently been compared with another relative newcomer to the market, the Red Rock Resort in Summerlin.

6 March 2009
By Richard N. Velotta

Early results show Harrah's took hit in fourth quarter

Harrah's Entertainment Inc. today disclosed preliminary financial results for the fourth quarter of 2008 and, as expected, they showed steep declines in revenue and cash flow as the recession deterred visitation to Las Vegas and slowed activity at many of Harrah's casinos nationwide.

5 March 2009
By Steve Green

Harrah's announces plan to reduce debt burden

Caesars Palace, on the left, is one of several Harrah's-owned properties on the Las Vegas Strip.

Harrah's Entertainment on Wednesday announced a plan to exchange $2.8 billion in bonds for new notes with an extended due date – the latest in a series of efforts to lower the company's mounting debt burden.<

4 March 2009
By Liz Benston
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