Gaming

Pinnacle's AC casino plans on 'indefinite' hold

Pinnacle Entertainment's plan to build a mega-casino worth as much as $2 billion on the Atlantic City Boardwalk is on "indefinite hold" due to worsening competition and the poor economy.

6 November 2008
Associated Press

Sportsbook operator acquires Nevada's largest oddsmaker

A sportsbook operator developing handheld gambling devices for Nevada casinos has acquired Las Vegas Sports Consultants, Nevada's largest oddsmaker.

6 November 2008
By Liz Benston

Las Vegas Sands warns of potential bankruptcy

Las Vegas Sands, which owns the Venetian and Palazzo casinos, this morning warned investors that there is "substantial doubt about the company's ability to continue as a going concern" because of the company's failure to maintain a certain ratio of debt to earnings as required by its lenders.

6 November 2008
By Liz Benston

Off-Strip casino proposals in play despite economic decline

Clark County commissioners gave Tropicana Grand LLC final approval Wednesday for a casino resort on 15 acres at the northeast corner of Arville Street and Tropicana Avenue.

The tanking Las Vegas economy isn’t stopping developers from doing what they do best -- drawing up proposals for new casinos.

5 November 2008
By Liz Benston

Las Vegas companies win, lose from gaming ballot initiatives

Two Las Vegas gaming companies that don't operate any casinos here were winners Tuesday as voters in Missouri and Colorado approved ballot measures that will increase gambling revenue in those states.

5 November 2008
By Liz Benston

Dubai World deal with MGM Mirage OK'd

The state Gaming Control Board today recommended approval of MGM Mirage's association with Dubai World, a government-owned megacorporation based in the United Arab Emirates.

5 November 2008
By Richard N. Velotta

Companies, lenders in delicate dance

In years past, casinos that filed for bankruptcy were doomed from the start.

3 November 2008
By Liz Benston

It may be good time to buy, sell a casino

In the market for a casino? Now might be just the time. Or, if the economy worsens, in several months, when some earnings-poor gaming companies have loans coming due and find it hard to refuse some cold hard cash.

2 November 2008
By Liz Benston

Casino giants put numbers on layoffs this year

Casinos laid off more than 10,000 people after the 9/11 attacks, when half of Las Vegas’ tourism business vanished overnight.

1 November 2008
By Liz Benston

Wynn shares rise, buoyed by Macau resort

Shares of Wynn Resorts rose more than 13 percent today, ahead of an earnings report that revealed a cash-rich company that hasn’t been as battered by the downturn as some of its competitors.

30 October 2008
By Liz Benston

Primm hotel closes rooms during midweek

The company that operates three hotels in Primm has stopped taking midweek reservations at Buffalo Bill’s in an apparent effort to reduce room capacity and associated expenses.

30 October 2008
By Richard N. Velotta

Reno-based IGT reports sharply lower 4Q profits

International Game Technology, the world's largest maker of slot machines and casino game systems, reported Thursday that its fourth-quarter profit fell by more than half as the weak economy hurt its customers.

30 October 2008
Associated Press

Casinos jump as MGM announces funding

Casino stocks surged Wednesday as heavyweight MGM Mirage reported funding commitments for its CityCenter project and investors jumped back into the sector as the Federal Reserve cut a key interest rate by half a percentage point.

29 October 2008
Associated Press

MGM Mirage cuts costs, delays future projects as profit falls

As expected, MGM Mirage on Wednesday said the company has shelved future resorts in response to the economic downturn, including the proposed MGM Grand resort in Atlantic City and a similarly large, multi-tower resort planned with joint venture partners at the southwest corner of Sahara Avenue and Las Vegas Boulevard.

29 October 2008
By Liz Benston

Aliante has locals in its sights

The chandelier at Camacho's Cantina at Aliante Station is made from 2,700 empty tequila bottles. Camacho's is a family-owned business opening its first restaurant outside Southern California. The casino in North Las Vegas is set to open Nov. 11.

You’ve heard of the megaresort, the destination resort and the locals casino. But the “locals resort”?

29 October 2008
By Liz Benston
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