The $5.1 billion acquisition of slot machine giant Bally Technologies had a direct impact on Las Vegas-based Scientific Games fourth quarter results.
Casinos & Gaming
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The brewing proxy fight at Wynn Resorts Ltd. might be more entertaining than “Steve Wynn’s ShowStoppers,” the production of Broadway and movie songs now playing in the Encore Theater.
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.
