Two casino companies with Nevada ties had improved first-quarter results, including Las Vegas-based Pinnacle Entertainment which reported record net revenue.
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Casinos & Gaming
Global Cash Access owned slot machine maker Multimedia Games for just 13 days in December, but the business had an impact on the company’s fourth-quarter results. The Las Vegas-based provider of payment processing products to casinos, said its net loss of $5.7 million in the quarter than ended Dec. 31 was attributed to $10 million in costs and accounting adjustments from the $1.2 billion deal to acquire the slot machine company.
An undisclosed number of former Caesars Entertainment Corp. employees have lost their retirement income because of the casino company’s bankruptcy restructuring of its largest operating division.
A real estate investment trust spun off from Penn National Gaming on Monday offered to buy the real estate owned by rival regional operator Pinnacle Entertainment of Las Vegas for $4.1 billion.
By next year, at least three casino companies will have traveled the path into the real estate investment trust market. A fourth is exploring the idea, and MGM Resorts International may join them on the trail.
Darren Phua pleaded guilty to the misdemeanor charge stemming from a betting scheme set up in a luxury villa at Caesars. Prosecutors say the operation involved millions of dollars in illegal wagers on the 2014 World Cup.
District Judge Elizabeth Gonzalez has ordered hefty sanctions against Las Vegas Sands subsidiary Sands China Ltd. for improperly withholding documents related to an ongoing wrongful termination lawsuit.
Wynn Resorts Ltd. board member Elaine Wynn filed paperwork with Securities and Exchange Commission on Thursday, seeking to regain her seat on the casino company’s board of directors, less than a week after she was not re-nominated.
An IRS proposal released this week suggests the reporting rules for winnings from gambling on slots, keno and bingo be reduced from $1,200 to $600. The agency set a 90-day period for the casino industry to respond to the suggested regulation changes.
Advisers to the shuttered Revel in Atlantic City have failed to get approval for an agreement to sell the hotel for $82 million and were told by a U.S. Bankruptcy Judge to look for a better price.
Macau’s gaming industry is on the skids, but Wynn Macau Ltd. plans a $706 million payday, with the home office collecting most.
GTECH Holdings is paying $6.4 billion to acquire International Game Technology, but the Italy-based lottery giant is taking on more than just “Wheel of Fortune” and the company’s other slot machine titles and products. GTECH wants the name IGT.
Nevada slot machine route operator Century Gaming Technologies doesn’t own the bars, taverns, restaurants or convenience stores where it manages more than 3,000 games. It’s a somewhat unusual — but successful — strategy for the state’s second-largest route company.
A Las Vegas judge is mulling what, if any, sanctions to impose on Sands China Ltd. for redacting personal information from documents the company produced out of Macau in January 2013.
Maybe February was rock bottom in Macau, where casinos suffered a 49 percent decline in gaming revenue during February — the market’s single-worst monthly decline on record.
The operating unit of casino company Caesars Entertainment Corp. detailed its plan to cut $10 billion of debt and to exit Chapter 11 in a late Monday filing with a U.S. Bankruptcy Court.
Wynn Resorts Ltd. added nearly 2 more acres to its planned casino site outside Boston where the company is planning to build a $1.6 billion hotel-casino.
Former American Gaming Association CEO Frank Fahrenkopf Jr. has joined San Jose, Calif.-based Joingo as a strategic adviser to the mobile gaming company.
Macau casinos suffered their worst single month gaming revenue decline on record in February, marking the region’s ninth straight monthly dip.
Wynn Resorts Ltd. director Elaine Wynn called a decision by the company to remove her from the board “extraordinarily disappointing,” and she was considering her next move.
Anyone hoping for extensive details Monday on the bankruptcy efforts covering Caesars Entertainment Corp.’s largest operating division was disappointed.
Wynn Resorts Ltd. is planning to remove long-time director Elaine Wynn from the casino operator’s board of directors, primarily due to a 2012 lawsuit she filed against her ex-husband, company Chairman and CEO Steve Wynn.
Blackstone Group executive Jonathan Gray doesn’t consider himself a gambler. But the New York City-based private equity fund is wagering $1.73 billion it can make The Cosmopolitan of Las Vegas a shining jewel on the Strip.