Asian casino operator Genting Malaysia Bhd. today said it invested again in Las Vegas-based MGM Mirage by buying $18 million of notes -- part of an $845 million debt issuance by MGM Mirage.
MGM Mirage today disclosed that disputes have emerged involving hundreds of millions of dollars between its CityCenter joint venture and the $8.5 billion project's primary general contractor. Perini Building Co. on Thursday delivered a notice of its intent to file mechanics’ liens totaling about $492 million against CityCenter.
MGM Mirage today said it entered into a settlement agreement with the New Jersey Division of Gaming Enforcement under which it will sell its 50 percent stake in the Borgata and related leased land in Atlantic City.
Home building giants Pulte Homes Inc. and Lennar Corp. are suing Attorney General Catherine Cortez Masto, charging she improperly hired a union-affiliated law firm to investigate predatory mortgage lending allegations.
Las Vegas-based MGM Mirage has once again landed on an important national list of the nation’s top companies for diversity. The casino-resort operator is the only Nevada-based company and the only gaming company on DiversityInc’s 2010 Top 50 Companies For Diversity list issued Wednesday.
The national law and lobbying firm that employs former Nevada Congressman Jon Porter said today it's opening a Las Vegas office. Akerman Senterfitt today said the Las Vegas office will be its 15th in the United States.
Former gaming regulator Bill Bible is resigning immediately as president of the Nevada Resort Association so he can become a board member of MGM Mirage.
The new owner of the Planet Hollywood resort in Las Vegas has been pressuring the bankrupt Privé and Living Room nightclubs there to either pay their past-due rent and expenses or vacate the premises. Owned by Miami nightclub company the Opium Group, Privé and Living Room filed for Chapter 11 bankruptcy protection Nov. 11 in Florida.
Wynn Resorts again ranks highest among large hotel-casino operators in Fortune magazine's annual rankings of the most admired companies in each industry.
Station Casinos Inc.'s subsidiary that runs Green Valley Ranch hotel-casino is seeking Bankruptcy Court approval to continue borrowing money from Station Casinos — and is resisting efforts to have the subsidiary's bankruptcy case dismissed.
The Hard Rock hotel-casino endured another quarter of declining room revenue during the final three months of 2009, even as it expanded with a new luxury tower and larger casino. Property manager and co-owner Morgans Hotel Group Co. of New York today reported a fourth-quarter loss of $53 million or $1.78 per share, a deterioration from the loss of $39 million or $1.32 in the year-earlier period.
Harrah's Entertainment Inc. today reported a profit of $295.6 million in the fourth quarter, even as the recession contributed to a 10 percent decline in net revenue for its big hotel-casinos on the Las Vegas Strip. Harrah's attributed some of its profit in 2009's fourth quarter to financial engineering.
Agreement would keep company and its 18 casino properties together
Thursday, Feb. 25, 2010
Station Casinos today announced it has reached an agreement with key lenders that the company hopes will clear the way for it to receive approval to emerge from bankruptcy this summer.
A development today in the General Growth Properties Inc. bankruptcy case could see the firm's big Summerlin planned community spun off into a separate company.
Casino industry supplier Shuffle Master Inc. of Las Vegas has agreed to settle one of two groups of class-action shareholder lawsuits for $13 million. The shareholders alleged these practices inflated the company's fourth quarter 2006 earnings by nearly 50 percent and its full-year 2006 earnings by more than 30 percent.
Las Vegas home prices finally turned positive in December after 39 months of declines as measured by the widely followed Standard & Poor's/Case-Shiller Home Price Indices.
Station Casinos Inc.'s partner in the Green Valley Ranch hotel-casino filed a motion in bankruptcy court Thursday charging Station has breached its management duties under the joint-venture partnership agreement by diverting business to Station's wholly-owned properties.
The bankrupt developer of Summerlin has reached settlements with three construction companies that were trying to foreclose on the uncompleted Shops at Summerlin Centre.
MGM Mirage lowered room rates to attract customers to its Las Vegas Strip resorts in the fourth quarter, with the reduced revenue contributing to a quarterly loss of $434 million or 98 cents per share.
Company still sees weakness on the Las Vegas Strip
Wednesday, Feb. 17, 2010
Las Vegas Sands Corp. today said its loss narrowed in the fourth quarter of 2009 thanks to strong business in China -- but the company also reported continued weakness at its Las Vegas Strip hotel-casinos.
A federal judge in New York on Tuesday rejected efforts by the heirs of Howard Hughes to gain more control over thousands of acres of land in Summerlin that are included in the massive General Growth Properties Inc. bankruptcy case.
MGM Mirage today said it hired two companies to improve its customer database mining capabilities and boost its guest loyalty programs. The Las Vegas-based casino-resort operator said it partnered with ESS Analysis, a Boston-based advanced analytics-focused consulting firm, and A.T. Kearney, a global management consulting firm, "to take customer database 'mining' capabilities to a new level and further enhance guest loyalty programs.''
Simon Property Group of Indianapolis, owner of the Forum Shops at Caesars, today said it's offering to buy bankrupt General Growth Properties Inc. of Chicago, developer of the Summerlin planned community and owner of five Las Vegas shopping malls.
Bankrupt investment bank Lehman Brothers Holdings Inc. on Thursday sued Fontainebleau Las Vegas resort developer Jeff Soffer and one of his companies, seeking to recover hundreds of millions of dollars lent for the bankrupt Las Vegas hotel-casino.
A Station Casinos Inc. subsidiary that manages Green Valley Ranch resort in Henderson filed for bankruptcy protection on Wednesday. The Green Valley Ranch hotel-casino itself did not file for bankruptcy.
Rockstar is pitted against RapStar in a lawsuit filed Tuesday in Las Vegas over trademark rights to energy drinks. Rockstar Inc. of Las Vegas, maker of Rockstar Energy Drinks, filed suit alleging trademark infringement against hip-hop legend Eric B and his New York energy drink company, RapStar360
MGM Mirage today said it’s in talks that could result in the sale of its stake in the Borgata hotel-casino in Atlantic City in order to settle an investigation by New Jersey regulators into the suitability of its partner in the Chinese region of Macau.
Fitch Ratings today downgraded to "D" from "C" its rating on hundreds of millions of dollars of Las Vegas Monorail bonds -- no surprise given the monorail company's bankruptcy filing last month.
Deutsche Bank AG, which foreclosed on and is completing the Cosmopolitan casino resort in Las Vegas, said Thursday it wrote down the value of the project by another 75 million euros — or $103 million. The write-off reflects Deutsche Bank’s reduced profitability expectations for the resort that is due to open later this year.
Fierce competition for Internet customers in Las Vegas now includes a lawsuit in which cable company Cox Communications accuses phone company CenturyLink of false advertising. Cox filed suit Friday in U.S. District Court in Las Vegas claiming CenturyLink, formerly known as Embarq, has been running advertisements that are misleading by failing to disclose pricing details.
Despite bleak financial picture, CEO still hopes to expand line to airport
Friday, Jan. 29, 2010
The Las Vegas Monorail will never generate enough revenue to pay off its debts, according to the company’s own financial estimates. And without financial relief, looming bills to replace trains and other equipment cast doubt on the transit system’s ability to continue operating beyond 2019.
Bondholders standing to lose $362 million in the Herbst Gaming Inc. bankruptcy case on Thursday appealed a Nevada bankruptcy judge’s approval of Herbst’s reorganization plan.
Depending on who is doing the talking, investors buying foreclosed homes in the Las Vegas area are either being gouged by greedy homeowners associations or are contributing to neighborhood decay by failing to maintain their newly purchased properties.
Vegas company's owner denies allegations of copyright infringement
Tuesday, Jan. 26, 2010
Technology giant Oracle USA Inc. filed a copyright infringement lawsuit Monday against a Las Vegas company it says has been stealing and re-distributing Oracle products on a vast scale. Redwood City, Calif.-based Oracle filed suit in U.S. District Court in Las Vegas against Rimini Street Inc. and Seth Ravin, who launched the company in 2005.
Las Vegas home prices as tracked in a monthly nationwide report fell in November for the 39th consecutive month. Prices are down 55.6 percent from their peak, Standard & Poor's said.
A confidential settlement has been reached in a lawsuit blaming a former Las Vegas Hard Rock hotel-casino executive and his alleged sex-and-drug-oriented lifestyle for the 2007 drug overdose death of his girlfriend.
Attorneys for Las Vegas Paving Corp. on Friday appealed to the 9th U.S. Circuit Court of Appeals a decision by federal Judge Robert Jones requiring Clark County to award a disputed beltway widening job to Fisher Sand & Gravel Co.
Listed at No. 15, Zappos.com only company based in Southern Nevada to make Fortune's list
Friday, Jan. 22, 2010
Zappos.com of Henderson, the innovative online apparel and footwear seller, is ranked No. 15 in Fortune magazine’s annual “100 Best Companies to Work For list” — up from No. 23 when it debuted on the list last year.
Western Alliance Bancorporation, parent company of Bank of Nevada, on Thursday said it lost $26.9 million in the fourth quarter of 2009 as it wrote off $36.4 million of bad loans.
MGM Mirage on Wednesday sued six individuals in China, charging they're operating a Web site that infringes on the trademarks of its MGM Grand hotels and casinos in the United States and China. A lawsuit filed in U.S. District Court in Las Vegas says the defendants have registered Internet Web site names that include the phrase "MGM" and that link to an online gambling Web site.
Station Casinos Inc. of Las Vegas will no longer manage the Thunder Valley casino near Sacramento after Station’s management agreement expires in June. Station spokeswoman Lori Nelson today said the United Auburn Indian Community’s decision to manage its property on its own was not unexpected.
The owner of the Krave nightclub and Harmon Theater in Las Vegas filed for bankruptcy reorganization Monday, saying it's behind on rent and tax payments but that its financial situation should improve because CityCenter has revitalized the area.
Unsecured creditors want to pursue claims in leveraged buyout of Station Casinos
Tuesday, Jan. 12, 2010
Attorneys for two members of Las Vegas’ Fertitta family moved Tuesday to block a threatened creditors’ lawsuit in the Station Casinos Inc. bankruptcy case.