Gaming

Gaming supplier to lay off 200 workers

Hard times in the casino industry are resulting in more job losses -- this time at gaming supplier International Game Technology.

Group gets extended Strip loan repayment

New Frontier land owners Elad IDB Las Vegas LLC has reached an agreement to extend a $625 million loan it took to purchase the site for its multi-billion dollar Plaza Las Vegas project.

Ex-Harrah’s CEO named to IGT board of directors

International Game Technology announced today that its board of directors has appointed former Harrah’s chairman and chief executive officer Phil Satre to its board.

Strip ushers in year’s second New Year’s celebration

The Palazzo celebrates the Chinese New Year with a decorative display throughout the property. 2009 is the Year of the Ox.

The Strip has long been swept clean of confetti and empty bottles, and Las Vegas visitors have made their way home from the traditional New Year’s celebration. Now, almost four weeks later, Strip resorts once again are in the midst of a celebration ushering in a new year. The ancient tradition of Chinese New Year, which started Monday, will last until the beginning of February and will bring millions of dollars into the Las Vegas economy.

It’s official: Fiscal ’08 was tough on casinos

Revenue fell at Strip casinos last fiscal year while corporate expenses rose. Profit fell 57 percent as a result.

The cost of doing business on the Strip has skyrocketed, with casinos attempting to lure customers with more discounts and freebies amid a worsening economy, according to the Gaming Control Board’s annual report on the industry. The report suggests that Strip customers spent more on food and rooms and less on just about everything else, including gambling and drinking. Revenue fell by nearly a percentage point at Strip casinos, while the properties’ corporate expenses rose 19 percent during the fiscal year that ended June 30, compared with the same period a year earlier. Profit fell 57 percent as a result.

Penn Gaming is no impulse casino buyer

Penn National Gaming, with $1.5 billion in cash on hand from a failed attempt to go private last year, is shopping for casinos.

A tax system by default, not by plan

When Nevada legalized gaming in 1931, it was almost an afterthought. The modest levies on card games and slots would be the garnish. The main course through tough economic times, state leaders believed, would be looser divorce laws adopted during the same legislative session to lure unhappy spouses to spend time — and money — in Nevada.

IRS invites tip earners to resolve reporting issues

The IRS is coming to Las Vegas — in peace, without auditors. Its mission: Resolve tax problems for casino workers.

Las Vegas resorts, restaurants earn Five-Star awards

The MGM Grand on the Las Vegas Strip.

Mobil Travel Guide on Thursday announced the winners of its Four- and Five-Star awards -- among the most prestigious awards in the hotel industry.

Gaming commission OKs licensing for M Resort

The Nevada Gaming Commission today unanimously approved licensing of Southern Nevada's newest casino, the 390-room M Resort. The property, at Las Vegas Boulevard South and St. Rose Parkway, is expected to open March 1.

IGT reports drop in profits

International Gaming Technology reported a 42.3 percent drop in profits for the first quarter due to a decline in product sales, increased costs to fund jackpots and unfavorable economic conditions.

M Resort to include nine restaurants

M Resort, Spa and Casino announced today it will include nine restaurants and five beverage offerings when it opens later this year.

Las Vegas casino supplier acquired by Reno slot company

Slot machine maker International Game Technology of Reno announced today that it has acquired certain operating assets of casino systems supplier Progressive Gaming International Corporation of Las Vegas.

Beneath its skin, Fontainebleau has something extra for guests’ gadgets

While some resort operators sweat over plans for the next hot nightclub, celebrity chef restaurant or pool lounge, tech geeks at the under-construction Fontainebleau Las Vegas are abuzz over their kind of eye candy.

Fontainebleau has the cash to keep rising

At a time when some companies are strapped for cash, Fontainebleau Resorts is expected to have enough money to open the $2.9 billion Fontainebleau Las Vegas, as planned, in October.