Attorneys for the Bellagio hotel-casino on the Las Vegas Strip are demanding that a Canadian company stop doing business as "Bellagio Limousines.'' The Las Vegas resort filed suit Monday against Bellagio Limousines of the Toronto area in U.S. District Court in Las Vegas, alleging the company has been infringing on the resort's trademarks by offering "Bellagio'' limousine services and by promoting its services with an Internet Web site.
Las Vegas remains the nation's most depressed big housing market as tracked by the influential S&P/Case-Shiller Home Price Indices, with prices in the gaming capital falling for the 37th consecutive month through September.
Investor Carl Icahn will be the stalking horse bidder for the mothballed Fontainebleau Las Vegas casino resort, offering $156 million in cash and financing Monday and outbidding Penn National Gaming. During a hearing in Miami's bankruptcy court, Penn National Gaming initially competed with Icahn but then dropped out of the bidding after going as high as $145 million.
Las Vegas-based Majestic Star Casino LLC filed for bankruptcy protection today in Delaware after defaulting on debt obligations covering its properties in Colorado, Indiana and Mississippi.
Contractors that claim to be owed $424 million today objected to the Fontainebleau Las Vegas sales process in which Penn National Gaming could pick up the unfinished project for less than $102 million.
A big nationwide real estate deal announced today includes the high-end, 115-acre Hughes Center office and business complex in Las Vegas. Its owner, Crescent Real Estate Equities Limited Partnership of Fort Worth, Texas, has been taken over by Barclays Capital, part of London-based banking giant Barclays Bank Plc.
Global Cash Access Holdings Inc. of Las Vegas on Thursday disclosed details about its agreement with Arizona gaming regulators, saying it will pay $1 million to settle an investigation involving actions years ago involving the company's founders.
The Securities and Exchange Commission on Thursday sued former gaming executive R. Brooke Dunn, charging he and a friend were involved in illegal insider trading of the securities of Shuffle Master Inc. of Las Vegas.
Station Casinos Inc. and key lenders have reached an agreement to temporarily slash the rent that Station pays to lease from itself four of its most valuable hotel-casinos.
The Culinary Union issued a statement Thursday critical of Station Casinos Inc. and called on creditors in its bankruptcy case to demand that Station insiders make a significant equity investment in the company.
Travel is expected to increase nationwide over Thanksgiving and Las Vegas properties will likely see more drive-in traffic from the big Southern California market, industry officials said this week.
One day before a key hearing in Station Casinos Inc.'s bankruptcy case, a creditors committee has signaled its intention to widen an investigation into the 2007 deal in which the Las Vegas company was taken private for $5.7 billion.
Casino industry supplier Shuffle Master Inc. sued a company based in Taiwan on Tuesday, charging the defendant is promoting a card shuffler at a Las Vegas trade show this week that infringes on Shuffle Master's patents.
A judge Tuesday ordered a company to stop operating a Web site that the Planet Hollywood hotel-casino in Las Vegas says is being used in a bait-and-switch scam diverting customers to competitors.
FX Real Estate and Entertainment Inc. has disclosed plans for a pre-packaged bankruptcy in which lenders have agreed to an auction — or a sale to insiders — of the company's land on the Las Vegas Strip.
Penn National Gaming Inc. on Monday made a $50 million "stalking horse" bid to buy the stalled Fontainebleau casino-resort in Las Vegas, with plans to spend another $1.46 billion to complete the project. Penn's offer, filed in Miami's bankruptcy court, sets in place an auction process in which other investors will have an opportunity to bid for the property. Fontainebleau also said in a court motion Monday that Penn National and unnamed lenders have agreed to provide $51.5 million in debtor-in-possession financing to cover its costs.
A federal judge on Monday refused to block yet another vote on a disputed northern Beltway widening job. The Clark County Commission is set Tuesday to consider two agenda items related to the bid.
Herbst Gaming Inc. of Las Vegas, which is preparing to emerge from bankruptcy protection, reported Monday a small profit for the third quarter thanks to reduced interest expenses.
Resort says lenders control its finances as property reports $17.5 million loss
Monday, Nov. 16, 2009
The owner of the 2,518-room Planet Hollywood hotel-casino on Monday reported another quarterly loss and disclosed that its lenders are now in control of its finances. BH/RE LLC, the Las Vegas Strip resort's parent company, said that for the quarter ended Sept. 30 it lost $17.5 million vs. a loss of $10.7 million in the year-ago quarter. Revenue fell 20.6 percent, from $69 million to $55 million, as Planet Hollywood's casino accommodated fewer players and the hotel had to lower room rates to stay competitive.
A law firm active in Henderson and Las Vegas is suing the state over rules requiring licensing of non-attorney employees working on mortgage loan modifications.
Las Vegas locals gaming leader Station Casinos Inc. today disclosed it incurred $370.7 million in costs related to its bankruptcy reorganization, driving a quarterly loss of $455.4 million.
Noting reduced business volumes and fierce competition, the owner of the Las Vegas Hilton hotel-casino reported Friday that its third quarter loss widened as revenue tumbled.
The owner of the 696-room Hooters hotel-casino in Las Vegas reported another quarterly loss Friday, even after slashing expenses. Revenue of $10.729 million was down from $14.211 million as the recession deterred visitation to Las Vegas.
While recent statistics suggest the drop in U.S. gaming revenue caused by the recession continues to ease, it's still too early to say gaming revenue has hit bottom, Moody's said in a report Friday.
Station Casinos Inc. of Las Vegas is asking its bankruptcy judge to reject efforts by competitor Boyd Gaming Corp. that Boyd have a look at Station's detailed financial information.
On Nov. 1, Boyd filed court papers supporting a motion by a minority group of lenders that an examiner be appointed to study Station's finances.
The owner of the Privé and Living Room nightclubs at the Planet Hollywood resort in Las Vegas filed for Chapter 11 bankruptcy protection Wednesday in Florida.
Regardless of whether he quit or was fired, former Pinnacle Entertainment Inc. Chairman and Chief Executive Officer Dan Lee is set to receive $2.8 million in cash severance payments over three years.
Additional Station Casinos Inc. lenders have weighed in on the Las Vegas company's request that it be allowed an extra four months to exclusively propose a plan of reorganization.
In U.S. Bankruptcy Court filings Tuesday, lenders holding a mortgage against four of the company's most valuable properties said they are fine with the extension -- as long as Station doesn't try to cancel a lease covering those four properties.
A Web site owner on Wednesday denied allegations in a lawsuit that his www.newyorknewyork.com Internet site was infringing on the trademarks of the New York-New York hotel-casino in Las Vegas.
Las Vegas-based Full House Resorts Inc. reported higher revenue and its profit grew in the third quarter as the FireKeepers Casino in Battle Creek, Mich., opened Aug. 5.
Asian casino supplier Elixir Gaming Technologies Inc. narrowed its quarterly loss in the third quarter, even after flooding disrupted gaming locations in the Philippines.
Harrah's Entertainment Inc. of Las Vegas today said it launched a program called Total Experiences to boost sales in the small group travel segment, a market of increasing importance to the hotel industry.
Revenue fell broadly at the Golden Nugget hotel-casinos in Las Vegas and Laughlin during the third quarter as the recession reduced visitation to the gaming destinations.
Two founders of casino industry supplier Global Cash Access Holdings Inc. of Las Vegas are suing an accounting firm, charging it harmed them by disclosing information in an FBI bulletin they say wrongly associated the founders with criminal activity.
Attorneys for the New York-New York hotel-casino in Las Vegas have sued a California man they say is behind an Internet site infringing on the casino's trademarks.
The owner of the Riviera hotel-casino in Las Vegas today said it continues to work on restructuring its $281 million debt in hopes of avoiding a Chapter 11 bankruptcy restructuring. Riviera Holdings Corp., however, said there's no assurance a bankruptcy filing can be avoided as it remains in default on loans and as it reported dismal third-quarter financial results for its 2,075-room Las Vegas property on the Strip.
Sands China Ltd., the Macau gambling district arm of Las Vegas Sands Corp., today said it plans to raise up to $3.35 billion in an initial public stock offering.
Wynn Resorts Ltd. today announced it will start sharing profits with shareholders in the form of dividends, with the first payout set for Dec. 3. The Las Vegas company announced a special cash dividend of $4 per share.
A state judge on Friday dismissed a group of shareholder lawsuits blaming Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson and his fellow board members for the collapse of the gaming company's stock beginning in late 2007.
When it comes to optimism about commercial real estate, Las Vegas received an unsurprising negative mention in a national report issued Thursday by the Urban Land Institute and accounting firm PricewaterhouseCoopers LLP.
The institute and accounting firm issued their Emerging Trends in Real Estate 2010 report, based on interviews and surveys involving some 700 industry professionals around the country.
Several Fontainebleau Las Vegas subcontractors, including two Fortune 500 construction companies, said Thursday they've organized and are stepping up efforts to find financing and gaming partners to complete the project.
Galaxy Gaming Inc., a small Las Vegas-based casino industry supplier, today reported higher revenue and that it sold $600,000 in stock through a private equity deal aimed at financing growth.