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.
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.
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.
Earnings tumble on increased pressure from high-end competitors
Thursday, Nov. 6, 2008
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.
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.
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.
Buyers could get good prices; sellers need cash to pay debts
Sunday, Nov. 2, 2008
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.
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.
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.
Boyd Gaming, which hoped to resume work on its stalled Echelon resort on the Strip next year, says the deteriorating economy will likely delay those plans through the end of 2009.
Boyd Gaming, which hoped to resume work on its stalled Echelon resort on the Strip next year, says the deteriorating economy will likely delay those plans through the end of 2009.
A career poker player who pushed for smoking bans in poker rooms and tournaments is now leading a fight to prohibit smoking on casino floors across Nevada.
Wynn Resorts expects to report third quarter operating income that's more than $30 million less than the same period a year ago, the company said today.
A California firm uses expected cash flows as part of its process of picking likely winners
Monday, Oct. 13, 2008
It’s hard to believe, with the stock market sinking like the Titanic and gaming companies floating to the bottom like so much debris, that there’s more to investing than fixating on a company’s share price.
The Nevada Supreme Court today sided with a lower court decision that a dispute over a controversial tip-sharing policy at Wynn Las Vegas must be settled by the state Labor Commissioner.
Aliante Station, the next major casino to open for business in the Las Vegas Valley, received preliminary approval Wednesday from state regulators for a gaming license.
Arguing that a smoking ban would further hurt earnings that have slumped in the downward economy, Atlantic City casinos successfully lobbied Atlantic City's city council to delay a complete smoking ban that would have taken effect Oct. 15.
Replica of N.Y. landmark planned for Strip site passes trademark test
Tuesday, Oct. 7, 2008
The Plaza trademark infringement lawsuit wasn’t, from a legal standpoint, about whether the famed Plaza Hotel in New York is more popular than or superior to the Plaza in downtown Las Vegas. Yet in a broader sense, that’s what it was all about.
If stock market investing involves skill and insight, like playing poker, investing in gaming stocks is an exception, more like betting on black at roulette.
Locals casinos say they're bucking statewide trend; many customers disagree
Friday, Oct. 3, 2008
On a weekday afternoon, the Anthem community center in Henderson is filled with the sounds of retirement: laughter and gossip circulate as mah-jongg tiles clack, cards snap and pool balls click.
Lawyer targets discrimination, sets sights on casino nightclubs
Monday, Sept. 29, 2008
While lobbying to amend state law to prevent businesses from discriminating against gay and transgender customers, the American Civil Liberties Union of Nevada came to an embarrassing conclusion: Nevada is among a few states without a law protecting customers from sex discrimination by businesses.
Several news reports over the past week indicated Harrah’s Entertainment had given up on building a sports and entertainment arena behind its Paris Las Vegas and Bally’s casinos with Anschutz Entertainment Group.
Resolving a three year securities fraud investigation by federal regulators, the Securities and Exchange Commission today filed an enforcement complaint against two former executives of slot maker Bally Technologies for artificially inflating the company's reported revenue and earnings.
Gingerly, casinos are making relatively small areas smoke free
Monday, Sept. 22, 2008
Lorelle Ellis and her husband have settled into a comfortable routine: A few times a week, often before dinner, they stop by Green Valley Ranch Station Casino and drop a few bucks in the slot machines.
Competitors upgraded properties in time for opening
Tuesday, Sept. 16, 2008
When the Eastside Cannery opened last month on Boulder Highway, you could almost see the sweat breaking out on the well-worn surfaces of nearby Boulder Station and Sam’s Town.
Las Vegas in July experienced its largest monthly decline in visitor traffic since the start of the Iraq war in March 2003, the Las Vegas Convention and Visitors Authority reported today.
Managers of aging property take drastic steps to cut costs, boost appeal
Monday, Sept. 8, 2008
When times are flush, managers think big: Budgets balloon, plans take shape and perks flow. When times are tough, as they are now for casinos on the Strip, they’re thinking small, combing budgets, reviewing expenses and trimming where they can.
Ailing IGT needs to do something ‘relatively drastic,’ analyst says
Monday, Sept. 8, 2008
If the slot machine business were like the film industry, the biggest studio with the greatest collective experience and longest string of blockbusters would be International Game Technology.
The M Resort, under construction at the southeast corner of Las Vegas Boulevard and St. Rose Parkway, today kicked off a campaign to hire close to 2,000 employees for the property.
Last month’s vote by the Nevada Gaming Commission to permanently repeal a long-standing ban on the use of cell phones and other electronic communications devices in sports books couldn’t have come soon enough for Nevada casinos, which began removing those ubiquitous, misunderstood and often overlooked signs in sports books requesting that customers make calls elsewhere.
When the Eastside Cannery opens for business this evening, customers may notice a few vintage touches. The industry elite, however, will be focusing on the property’s price tag.
Boomer who sued casino says he was pressured into settling
Wednesday, Aug. 27, 2008
Robert Thomas is one of thousands of bartenders on the Strip. Yet, at 53, he has the distinction of being one of the oldest working at a casino nightclub.