MGM Resorts International said Thursday it hopes to raise $1 billion in new debt to help pay for some of the development costs surrounding the company’s hotel-casino projects in Massachusetts and Maryland.
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Casinos & Gaming
ATLANTIC CITY — Trump Entertainment Resorts said Thursday it will close the Taj Mahal on Dec. 12 if its main union doesn’t drop an appeal of a court-ordered savings package.
Casino giant Caesars Entertainment Corp., attempted to clarify planned cost-saving measures Thursday, saying it will reduce its 68,000-person workforce nationwide by less than 1 percent.
Affinity Gaming saw its operating income and cash flow slip in the third quarter because of what the casino operator termed as “unusual” corporate expenses over the three-month period.
Caesars Entertainment Corp. expects to create an extra $250 million to $300 million in cash flow in 2015 through various cost-savings measures. Much of the cash flow increase could come through cost savings, such as layoffs and other measures.
Station Casinos grew revenue and cash flow in the third quarter but reported a net loss due to interest expenses.
American Gaming Association CEO Geoff Freeman would like to believe the trade group had at least a small role when Massachusetts residents overwhelmingly voiced support for casinos by a 60-40 margin. He’s probably correct.
Wall Street analysts have all but written off Caesars Entertainment Corp. until the casino operator straightens out its balance sheet.
Las Vegas-based Union Gaming Group has expanded it research division, adding three analysts.
MILAN — Italian gaming company GTECH confirmed a full year target for core profit on Monday, but it warned about 2014 sales as its revenues from U.S. operations were below expectations in the July-September period.
Caesars Entertainment Corp. lost $908.1 million in the third quarter despite a 6 percent increase in revenue, the casino company said Monday.
SLS Las Vegas will close its buffet restaurant on Sunday, but officials said it would to reopen the space after the first of the year.
SINGAPORE — Singapore’s two glitzy casinos are fighting for a shrinking pool of high rolling players as China’s corruption crackdown and economic slowdown reduce the number of VIPs at their tables, and the battle is starting to turn ugly.
On a whole, the locals market gaming revenue through September is down less than 1 percent from 2013, according to the Gaming Control Board.
The Cosmopolitan of Las Vegas reduced its net loss and increased revenue in the third quarter, the Strip resort’s operators said Friday.
Gambling regulators are nearing a decision on Philadelphia’s second and final casino license, with the Pennsylvania Gaming Control Board scheduling a Nov. 18 vote that will likely come under scrutiny no matter which of the applicants — if any — win a high-stakes competition involving hundreds of millions of dollars in revenue from table games and slot machines.
Groups seeking to promote or defeat this year’s four ballot questions spent more than $28 million, far more than any previous election, according to campaign finance reports filed this week.
Slot machine giant International Game Technology grew profits in the fourth quarter, despite a decline in revenue, the company announced Thursday.
Regional casino operator Full House Resorts reduced a quarterly net loss from a year ago while telling investors it would continue to pursue a sale of the Las Vegas-based company.
Massachusetts gaming regulators officially awarded MGM Resorts International a gaming license Thursday to develop an $800 million hotel-casino complex in Springfield.
Pinnacle Entertainment announced plans for a real estate investment trust, which will become a separate publicly-traded operation.
A Station Casinos-backed Indian tribe lost its California ballot referendum Tuesday, leaving a casino project on a site near Fresno in limbo.
Supporters of federal legalization of Internet gaming could be the biggest losers following the 2014 midterm elections, according to analysts.