Gaming

Moody’s: Fontainebleau could default on debt

Due to the worsening economy and decline in visitation numbers in Las Vegas, Fontainebleau Las Vegas won’t be able to sell enough condos to reduce construction debt by the time the resort opens later this year, Moody’s Investor Service said today.

4 March 2009
By Amanda Finnegan

Board recommends approval of Treasure Island sale

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

The State Gaming Control Board has recommended approval of the $775 million sale of the Treasure Island on the Las Vegas Strip to longtime gaming executive Phil Ruffin. In a unanimous vote, the board recommended the property transfer and the licensing of Ruffin, the former operator of the Frontier, which was located about a quarter-mile north of the Treasure Island.

4 March 2009
By Richard N. Velotta

Riviera gets notice of technical default; stock tumbles

A view of the Riviera on the Las Vegas Strip on Dec. 26, 2007.

Financial pressures are increasing for the owner of the Riviera hotel-casino in Las Vegas and the company's stock sunk to a 52-week low today on news that it's in technical default on a $245 million line of credit.

4 March 2009
By Steve Green

Governor’s go-it-alone budgeting frustrates

Gov. Jim Gibbons’ administration thought it had a smart idea, one that would bring an additional $31 million to the Nevada treasury. The state would require casinos to pay taxes on markers — credit issued to gamblers — at the moment they are extended. But it had a flaw. Casino companies weren’t consulted.

4 March 2009
By David McGrath Schwartz

Economy cited as Pinnacle misses annual report deadline

Pinnacle Entertainment Inc. of Las Vegas, owner of several casinos around the country, said today it didn't file its required annual financial report on time because it needs more time to determine how badly the recession has eroded the value of its assets.

3 March 2009
By Steve Green

MGM Mirage says it needs more time to file annual report

MGM Mirage today said the company needs more time to file its 10-K, or annual report, so that it can assess the company's cash needs in light of the worsening economy and "instability in the capital markets."

3 March 2009
By Liz Benston

Sands sets opening date for Pa. casino

Las Vegas Sands on Tuesday announced it will open its newest casino in Bethlehem, Pa., on May 22.

3 March 2009
By Amanda Finnegan

MGM Mirage chairman’s letter to employees about the company’s financial condition

As you may have seen in news reports over the past several days, we have made some financial moves in order to protect and strengthen our company’s financial position. Last week, we drew down the remaining funds on our credit facility to bring our total cash balance to over $1 billion. Additionally, today we filed with the Securities and Exchange Commission notification of a delay in filing our 2008 Form 10-K, to a date no later than March 17, 2009.

3 March 2009

Las Vegas timeshare operator files for Chapter 11

ILX Resorts Inc., a timeshare operator with inventory at the Carriage House Hotel in Las Vegas, filed for Chapter 11 bankruptcy protection Monday after talks collapsed with a key lender over extending a loan.

3 March 2009
By Steve Green

Station rejects Boyd's offer, extends debt deadline

The Texas Station and the Fiesta are part of the package that Boyd Gaming offered to purchase from Station Casinos, which is on the verge of bankruptcy, for $950 million.

Station Casinos Inc. of Las Vegas said Wednesday it's not interested in entertaining Boyd Gaming Corp.'s offer to buy part of Station. And with bondholders apparently hoping for a better deal, Station said today it extended the deadline for the note holders to vote on a debt-exchange deal that would leave the current owners in place after a proposed bankruptcy reorganization.

3 March 2009
By Steve Green

IGT cuts quarterly dividend

International Game Technology of Reno today said it slashed its quarterly dividend in order to save about $100 million per year.

3 March 2009
By Steve Green

One boss means lower costs, Marnell says

Fireworks are set off right before the official opening to the public Sunday night at the M Resort.

In 2000, a year after his father sold his Rio casino and began planning Steve Wynn’s Wynn Las Vegas and Encore casinos, Anthony Marnell III founded a company that makes planning software for contractors, architects and engineers.

2 March 2009
By Liz Benston

VIPs get first glimpse at latest in locals market

Guests enter the casino for the first time Sunday night at the M Resort.

Anthony Marnell III was making the rounds through his new casino during Sunday’s VIP event showing a mix of satisfaction that things were going well and anticipation for the public opening just hours away.

2 March 2009
By Richard N. Velotta

Valley's newest resort casino open for business

Sevyn Mindoro of Las Vegas gets the first roll on one of the craps table during the grand opening of M Resort on Sunday night.

The M Resort opened with a bang at 10 p.m. Sunday night. After a 10-minute fireworks display over the resort's pool, the valley's newest casino opened to a crowd of cheering and curious locals. Visitors were welcomed by dealers applauding the opening and ready to deal out the first cards of the night.

1 March 2009
By Amanda Finnegan

MGM Mirage says someone posing as company in scam

Casino operator MGM Mirage Inc. says residents of Nevada, California, Texas and other states are complaining that someone has mailed them fraudulent checks with the company's logo on them as part of the scam.

1 March 2009
Associated Press
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