With six months in the books, the investment community has clear picture of the casino industry in 2014. And Las Vegas is on an upswing.
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The acquisition of slot machine manufacturer International Game Technology by lottery provider GTECH shouldn’t have surprised anyone in gaming. “This is a dance that has been going on for 20 years,” said one gaming industry insider.
The 160,000-square-foot North Las Vegas warehouse and headquarters of Nevada Restaurant Services — parent company of the Dotty’s chain of taverns — is a cross between Costco, Home Depot, a slot machine manufacturing plant and a direct-mail house.
Imagine the dilemma in trying to market Atlantic City to the world. One casino closed in January. Three of the remaining 11 resorts could be shuttered by September. Atlantic City gaming revenue fell to $2.8 billion in 2013, the Boardwalk’s lowest total since 1989.
Nevada casinos recorded their largest single-month gaming revenue increase this year during June. For the second straight month, Strip casinos recorded a double-digit revenue jump.
A fire at a South Lake Tahoe hotel forced two people to jump to safety from a second-story balcony and caused $2 million in damage, officials said Thursday.
The Nevada Gaming Commission signed off on a $100,000 fine leveled against the Aria for preventing gaming agents from watching a high-stakes roulette game last year.
The owner of slot machine route operator said Thursday his wife sold her stake in a potential Clark County medical marijuana dispensary, which eliminated any conflict with a regulatory request that gaming license holders stay away from the business.
Pinnacle Entertainment more than doubled the company’s net revenues in the second quarter, thanks to its $2.8 billion acquisition of a rival regional casino operator.
Regional casino operator Penn National Gaming reversed a second quarter net loss despite a 14 percent decline in net revenue, the company said Thursday.