A couple of weeks ago, major bond rating agencies downgraded credit issued by the major gaming companies, warning that the gambling business in Las Vegas is in trouble.
MGM Mirage executives seem willing of late to go out on a limb, what with the company’s chief executive proposing a controversial increase in the business payroll tax to shore up the state budget.
The long-running debate over whether to legalize Internet gambling has usually focused on its potential to be more addictive than gambling in a casino.
Imagine being able to lay a bet on a New England Patriots-Green Bay Packers game while eating at a casino buffet, instead of being stuck in a smoky sports book.
The Cosmopolitan, which sits half-built in the middle of the Strip, has been held up as a symbol of Las Vegas’ doubtful future. But experienced hotel operators, including Hilton and Hyatt, are lining up to acquire it. Evidently, some investors still think Las Vegas is a good long-term bet.
CARSON CITY – The Nevada Supreme Court has refused to retreat on its decision awarding a refund of an estimated $100 million to Nevada casinos that paid tax on the free meals given to their high-rolling guests and employees.
Around the time MGM Mirage was trimming its management ranks and the tourism slowdown — only hinted at in research statistics and earnings reports — had become a hard fact in Las Vegas, competitor Steve Wynn was playing it cool.
Selling high-rise condominiums in this town and closing escrow on them are separate challenges in today’s economy, a Sun analysis has found. Of 2,558 units that opened escrow this year in projects of 50 or more units, 77 percent are still in escrow.
Las Vegas casino giants are eyeing big profits in Macau, the port city in China that has overtaken the Las Vegas Strip in gambling volume. And now local companies that make slot machines and related equipment for the world’s casinos are looking to yet another far-flung locale for talent.
Casino regulators across the country are breathing a sigh of relief after an appeals court in New Jersey affirmed a December decision by the New Jersey Casino Control Commission not to renew the gaming license for the operator of the Tropicana in Atlantic City.
Southern California gamblers who regularly drive to Las Vegas have cut back their visits by a third because of record gas prices, and those who still come say they’ve cut their gambling back by 29 percent, a new poll has found.
Rep. Shelley Berkley was poised by a main door to the House chamber last week as representatives began filing in for a vote on a Michigan gaming bill, handing out pink fliers as if she were running for student body president.
