As revenue plummets at China’s only legal gambling hub, global casino operators have a new mantra — what happens in Vegas, must also happen in Macau.
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Casinos & Gaming
A Wall Street investment house downgraded the prospects for the three Nevada-based casino operators with expanding developments in the cratering Macau gaming market.
Once a Hollywood darling, the off-Strip Las Ramblas megaresort was a recession flop. Its vacant 60-acre site goes on sale Monday at a fraction of its past value.
Spain houses more than 200,000 slot machines countrywide. The payouts are not life changing for the customers and the gaming revenue doesn’t move the needle for operators.
MGM Resorts International on Friday selected Olivia Brown as general manager of Bellagio.
Stratosphere owner American Casino & Entertainment Properties said Friday the company grew quarterly revenue 6.1 percent in the first quarter and nearly doubled its profits.
A bill backed by Nevada’s gambling equipment manufacturers that would allow slot machines to add a skill-based, arcade-style element to the game has been approved by both legislative houses and awaits the governor’s signature.
Everything from the Sinatra Suite goes fast as employees and friends get first-crack at buying the venerable hotel’s furnishings and equipment.
The Cosmopolitan of Las Vegas reduced its net loss by more than half in the first quarter, its first full three-month period under the ownership of the Blackstone Group.
Full House Resorts saw net revenues decline slightly in the first quarter as new management takes control of the Las Vegas-based casino operator.
Casino management company Paragon Gaming hopes to take over operations of Westgate Las Vegas on June 1, but the off-Strip resort is already benefiting from the planned association.
Steve Jacobs’ personal fight of the century is still in the preliminary stages at the Regional Justice Center, but casino titan Sheldon Adelson is already taking punches.
Station Casinos gained tentative approval on Wednesday from Nevada gaming regulators to be treated by like any other casino company.
Slot machine giant International Game Technology lost $13 million and saw total revenue decline 22 percent in its final quarter before completing a $6.4 billion merger with lottery provider GTECH Holdings.
Caesars Entertainment Corp. said it was in discussions with federal authorities to settle money laundering allegations at Caesars Palace and the casino company could pay a fine of between $12 million and $20 million.
Portugal and Macau are forever connected despite a separation of more than 6,800 miles. Much of the relationship hinged on controversial Hong Kong billionaire Stanley Ho. Thanks to Portugal, Ho owned a monopoly on Macau’s casino market for nearly 40 years.
Hooters Hotel has been sold to Trinity Hotel Investors, a New York investment group for $70 million, but it’s unclear the new ownership’s plans for the off-Strip property.
Last week’s groundbreaking for the $4 billion Resorts World Las Vegas was celebrated in the offices of Station Casinos. The locals casino operator viewed the potential 30,000 construction jobs being created by the development as an expanded customer base.
Las Vegas based casino industry advisor Union Gaming Group has opened a second office in Asia to service a potentially growing market.
A liquidation sale of furnishings from the Riviera is scheduled to start at 9 a.m. May 14.
Affinity Gaming grew revenue nearly 1 percent and cash flow more than 30 percent in the first quarter.
Macau gaming revenue fell for the 11th straight month during April and analysts universally believe May will mark a year of declines for the world’s largest gambling market.
Gambling equipment giant Scientific Games said Thursday company revenue nearly doubled in the first quarter.