While Moody's Investors Service says the outlook for the U.S. gaming industry has improved, an analyst is arguing that the industry still faces plenty of challenges.
A judge on Thursday dismissed the Rumjungle nightclub bankruptcy case after landlord Mandalay Bay argued the Las Vegas club improperly and in bad faith filed for bankruptcy. Rumjungle filed for bankruptcy reorganization on March 16, saying it needed court protection to prevent it from being evicted.
Wynn Las Vegas LLC on Wednesday sued technology giant IBM Corp. over a $9.7 million contract dispute. Attorneys for Wynn charged in the suit that IBM has tried to overcharge Wynn for use of software.
The Culinary Union and Station Casinos Inc. traded charges today as the union continued its drive to organize Station workers. The union called a news conference to charge that Station has been engaging in anti-union activities and that "Latino workers are overwhelmingly the subjects of those alleged illegal activities.''
With the construction sector in a deep slump, Standard & Poor's Ratings Services on Monday lowered its ratings on Las Vegas-based building industry supplier Ahern Rentals Inc., including the corporate credit rating to "B-" from "B."
The U.S. casino industry may finally have bottomed out. Moody's Investors Service today revised its outlook for the U.S. gaming industry to stable from negative.
DISH Network LLC is suing two Henderson businessmen, charging their company is engaging in satellite television piracy by selling systems that enable users to watch DISH Network programming for free.
Businessman Jason Ader says his company still plans to buy Service1st Bank of Nevada and today Ader announced plans to pump $25 million of capital into the bank to beef up its finances.
Two Las Vegas casino companies are resisting efforts by bondholders to have action in their bankruptcy cases delayed while bondholders appeal adverse rulings.
Standard & Poor's cites strong results in Singapore, improvements elsewhere
Tuesday, June 15, 2010
Gaming giant Las Vegas Sands Corp. received a boost today when Standard & Poor's Ratings Services revised its outlook on the company from negative to positive.
Las Vegas gaming executive John Gaughan and one of his companies, Gaughan Gaming LLC, have been sued after allegedly defaulting on loans totaling more than $5.8 million.
A lawsuit seeking class action status has been filed against UMC, claiming it overcharged thousands of patients millions of dollars over the years by misclassifying them as trauma patients.
A group of telecommunications companies filed for Chapter 11 bankruptcy protection Sunday in order to block AT&T from shutting off services for its network.
A new twist emerged Friday in the dispute between Harrah’s Entertainment Inc.’s World Series of Poker and online gambling company Everest Poker, with Everest filing a trademark infringement lawsuit against Harrah’s.
Bondholders standing to lose $2.5 billion in the Station Casinos Inc. bankruptcy case moved Tuesday to delay the Las Vegas company's auction process while they appeal a court ruling.
Two companies that planned to develop casinos in Laughlin filed for Chapter 7 bankruptcy liquidation Monday in Las Vegas, just as trial was set to begin in a lawsuit alleging the projects were tainted by fraud.
Attorneys for CityCenter and Perini Building Co. are trading new charges in the massive lawsuit over alleged unpaid construction invoices and construction defects.
The publishers of a noncommercial blog about cats in Boston are among the latest defendants in lawsuits claiming website operators have been infringing on copyrights by posting Las Vegas Review-Journal stories without authorization.
A bankruptcy judge in Las Vegas has rejected a plan by American Idol TV show owner Robert F.X. Sillerman and co-investors to reorganize their strategic land holdings on the Las Vegas Strip.
The stocks of Las Vegas-based Allegiant Travel Co. and Boyd Gaming Corp. rebounded somewhat today after falling Tuesday amid investor worries about the economy.
Saying Las Vegas remains a promising advertising market despite the recession, the chairman and CEO of Beasley Broadcast Group Inc. on Friday announced plans to buy two Southern Nevada radio stations for about $8.5 million.
Nine months after its Nevada and Arizona banks were closed by regulators, Community Bancorp filed for bankruptcy protection Friday. The filing showed federal regulators are demanding some $805 million from the company because of alleged mismanagement of the banks.
Las Vegas Sands Corp. today said it's bringing Playboy Clubs to China and its stock was up 7.7 percent as investors become more confident that the company's financial outlook has improved.
Two longtime Las Vegas gaming industry partners, the Greenspun and Fertitta families, have resolved their dispute over the management of Green Valley Ranch Resort.
Longtime Las Vegas gaming industry partners the Greenspun and Fertitta families have resolved their dispute over the management of Green Valley Ranch Resort in Henderson. In a statement issued by the Fertittas’ Station Casinos Inc. on Wednesday, Station and The Greenspun Corporation announced the Greenspuns’ GCR Gaming LLC company was withdrawing a complaint it filed in February in Bankruptcy Court.
Las Vegas home prices fell again in March as the city continued to be among the worst performers in the closely-watched Standard & Poor's/Case-Shiller Home Price report covering 20 big U.S. markets.
Hearings resume Thursday on Station Casinos Inc.'s plan to reorganize, involving lenders foreclosing on some of Station's Las Vegas casinos and hotels being auctioned off.
Complaint alleges company violated federal securities laws before stock price tumbled
Monday, May 24, 2010
Disgruntled Las Vegas Sands Corp. shareholders struck out with class-action lawsuits against the company last year in state court – but one returned with a new lawsuit Monday in federal court.
Henderson is losing about 25 jobs because of a reorganization involving the Ethel M and M&M'S World chocolate businesses. About 10 employees will relocate to New Jersey and another approximately 15 Henderson jobs are being eliminated.
Las Vegas gaming company Pinnacle Entertainment Inc. on Thursday sued an Internet firm in Pakistan that Pinnacle says is infringing on trademarks with a website promoting an Indiana casino.
On the eve of a meeting between Gov. Jim Gibbons and Perini Building Co. and its CityCenter subcontractors, another group has entered the fray over construction payments.
Moody’s Investors Service lifted Las Vegas Sands Corp.’s outlook from negative to positive on Thursday — the same day the company cemented financing to proceed with a big expansion in Macau.
Las Vegas magician Steve Wyrick voluntarily filed for Chapter 7 bankruptcy liquidation Monday, listing assets of $93,157 against liabilities of $54.355 million.
Wynn Resorts Ltd. is disputing a Connecticut investment company's claim that it's owed $32 million for participating in Wynn's IPO for its Macau gaming operations.
Station Casinos Inc. today said it lost $53.5 million in the first quarter as it spent $19.3 million on its bankruptcy reorganization. The loss compares to a loss in 2009’s first quarter of $33.7 million.
The new Fortune 500 list is out, with Las Vegas Sands Corp. the only big hotel and casino company on the list to show a gain in 2009 revenue vs. 2008. Harrah's was down 12 percent to $8.9 billion, MGM Mirage was down 17.1 percent.
There’s now some movement to get CityCenter subcontractors paid at least some of the money they are owed, resort complex co-owner MGM Mirage indicated today.
The Las Vegas tourist shortage/room oversupply situation was cited today in another first quarter earnings report, this time by Stratosphere owner American Casino & Entertainment Properties LLC.
The owners of a Las Vegas real estate school have been sued over allegations it's infringing on a trademark by offering a course leading to a Certified Distressed Property Designation (CDPD).
A contractor is seeking to foreclose on the new PH Towers Westgate timeshare and hotel development in Las Vegas, charging the developer has failed to pay $19.3 million in construction costs.
The owner of the Golden Nugget hotel-casinos in Las Vegas and Laughlin today said revenue and cash flow for the gaming properties improved in the first quarter after the Las Vegas property opened 430 rooms in the new Rush Tower during the fourth quarter.
The Tropicana Las Vegas hotel-casino lost about $7.7 million during the first quarter and its owners are investing more cash in the resort to help finance $165 million in renovations.
Debt rating company Standard & Poor's has lifted its outlook for IGT on the belief that casinos will start buying more slot machines and related gaming equipment.
MGM Mirage today said it lost $96.7 million in the first quarter -- a number in line with an April 14 announcement that the gaming company would post a loss on lower revenue.
The Federal Deposit Insurance Corp. has initiated foreclosure proceedings on a Sahara Avenue office building in which former Gov. Kenny Guinn and his son Jeff are investors.