Gaming

Las Vegas Sands prices offering, sets Adelson deal

Las Vegas Sands Corp., which is fighting to hold its lenders at bay, said Tuesday it has priced a public offering of 181.8 million common shares at $5.50 each as part of an effort to raise $2.14 billion in new capital.Sands is also is selling 5.25 million preferred shares and warrants to buy 87.5 million common shares to the family of Chairman and Chief Executive Sheldon Adelson. Adelson and his wife, Miriam Adelson, had personally loaned the company $475 million in October.

11 November 2008
Associated Press

Wynn to be added to S&P 500

Standard & Poor’s announced Monday it will add Wynn Resorts to the S&P 500 after the close of trading Thursday.

10 November 2008
By Amanda Finnegan

Las Vegas Sands shelves projects

As expected, Las Vegas Sands has joined the list of casino companies that are delaying resort projects and cutting costs in response to the downturn. During a conference call today to discuss third quarter earnings, executives said the company would indefinitely delay construction of its St. Regis-branded condo tower underway on the Strip.

10 November 2008
By Liz Benston

Congressman seeks delay in online gaming regulations

One of Congress’ leading supporters of online gaming urged Bush administration officials today to hold off on instituting regulations to outlaw the games in the final days of the presidency.

10 November 2008
By Lisa Mascaro

Station Casinos reports loss in third quarter

Station Casinos announced this morning it swung to a loss in the third quarter as the slowing economy took its toll on the largest operator of suburban casinos in Las Vegas.

10 November 2008
By Las Vegas Sun Staff

Ruling on gyms to have big effect on nightclubs, too

Todd Phillips, a pale, slender and soft-spoken man who wears glasses, doesn’t look like a much of a tough guy.

10 November 2008
By Liz Benston

Six Questions for Carol Thompson

Carol Thompson is one of only a few women running a Las Vegas-area casino resort. She says there's sexism in the gaming business, but she's able to tune it out.

Carol Thompson, assistant general manager of Aliante Station, which opens Tuesday, is among a few women in Las Vegas running casino hotels.

10 November 2008
By Liz Benston

Problem gambling programs thriving despite downturn

Thanks in part to slot machine taxes, compulsive gamblers no longer have to pick up the phone to get information about local support groups and treatment programs.

10 November 2008
By Liz Benston

Down to the final two

Friends and family of Peter Eastgate cheer for the 22-year-old from Denmark during the main event of the World Series of Poker's final table live from the Penn & Teller Theater at the Rio in Las Vegas, on Sunday night, Nov. 9, 2008.

Ivan Demidov, a 27-year-old Russian, and Peter Eastgate, a 22-year-old from Denmark, will play heads-up for the 2008 World Series of Poker main event championship Monday night at the Rio. They were the last two standing from the 6,844 players who started the tournament when it began in July, and from the nine who reconvened Sunday for the final table after a 117-day break.

9 November 2008
By Jeff Haney

Morgans Hotel Group reports quarterly loss

The Morgans Hotel Group, part owners of the Hard Rock Casino and Hotel Las Vegas, today reported a $9 million net loss for the third quarter, compared to a $10 million loss in the comparable period for 2007.

7 November 2008
By Amanda Finnegan

Idea floated to lower state gambling age to 18

If Nevada could have instant access to millions of new customers in these hard economic times, would the state’s Legislature and governor go for the potential windfall of new business? We may soon find out.

7 November 2008
By Richard N. Velotta

Source: Las Vegas Sands to detail plans next week

Casino giant Las Vegas Sands Corp. will detail its plans to handle its debt crisis early next week, according to a person close to the company, a development that may ease bankruptcy worries and could include another capital infusion by billionaire founder Sheldon Adelson.

7 November 2008
Associated Press

Economist: Las Vegas economy stagnant into 2010

This sign in the northwest Las Vegas Valley is one indication Nevada's foreclosure rate leads the nation. A UNLV economist says the Las Vegas economy could be weak through 2010.

The Las Vegas economy, which has been in recession since the end of 2007, has remained in a holding pattern but the weakness should continue into 2010, according to a UNLV economist.

7 November 2008
By Buck Wargo

Earnings drop at Harrah's, cost cuts to continue

Third quarter results at Harrah's Entertainment swung from a year-ago profit to a loss of $129.7 million as the economic downturn worsened and the company closed Gulf Coast casinos in advance of Hurricane Ike.

7 November 2008
By Liz Benston

Riviera feels squeeze in third quarter

The Riviera spent $23 million on renovating rooms, including this one, in its Monaco Tower. Although the rooms compare to those in mid-level Strip properties, the Riviera can't charge as much for them. The company reported today its earnings fell in the third quarter.

Third quarter earnings fell 58 percent for the owner of the Riviera casinos in Las Vegas and Colorado as the worsening economy squeezed profit margins at the company’s budget-oriented properties.

6 November 2008
By Liz Benston
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