Construction workers this week began dismantling a large crane that has sat unused atop the mothballed Fontainebleau on the North end of Strip for more than five years.
Casinos & Gaming
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Two U.S. billionaires, including Las Vegas casino developer Sheldon Adelson, are betting on rival cities, Tokyo and Osaka, to be the first in Japan to open casino resorts — once the government gives the go-ahead to legalize gambling.
After more than two years of competition, MGM Resorts International holds the last resort-casino proposal remaining for western Massachusetts. It’s in Springfield, a former manufacturing hub where an $800 million project straddling its downtown and South End neighborhoods represents the city’s biggest economic development undertaking in a generation.
Developers proposing to build a casino in Orange or Dutchess counties must commit to investing at least $350 million in the project, the panel overseeing the licensing process announced Monday. The requirement is designed to maximize the economic impact of a casino in the area, and to ensure that any Las Vegas-style facility approved for the area is a “high-quality, large-scale destination” casino.
An innocuous three-letter conjunction in an 80,000-word legal document helped enable more than $450 million of losses for bondholders at a Caesars Entertainment unit. Whether that transaction is legal may depend on an interpretation of the word “and” in a contract of more than 100 pages that governs some of the company’s bonds.
Stratosphere owner American Casino & Entertainment Properties reversed a first quarter net loss and grew revenue 3 percent, due in part to nongaming spending by customers at the property at the edge of downtown Las Vegas.
The transformation is a collaboration between MGM Resorts and the Morgans Hotel Group, which owns the Delano brand. The concept is to turn the property, which is connected to Mandalay Bay, into a boutique-style luxury property.
The investment community long has expressed concern over the growing debt that weighs down many casino companies, most notably the $21 billion anchor around the neck of Caesars Entertainment Corp.
Wynn Macau fell the most in more than two years in Hong Kong trading, leading declines among operators of China’s only legal casinos, amid concern that a reported crackdown on illegal money transfers will pare demand.
Boston residents will not have the chance to vote up or down on Las Vegas-style resort casinos being proposed in the neighboring cities of Everett and Revere by Mohegan Sun and Wynn Resorts, state gambling regulators ruled Thursday.
A service for Burton M. Cohen, 90, a longtime hotel and casino executive of Las Vegas, will be held at 3:30 p.m. Friday at King David Memorial Chapel, 2697 E. Eldorado Lane.
Station Casinos said Thursday the company had its best first quarter since 2009, reversing a net loss from a year ago while growing revenue nearly 6 percent.
Americans are split over whether marijuana should be legalized for recreational use, according to a poll released Thursday. But the same poll finds them solidly opposed to online gambling.
Caesars Entertainment Corp. grew its net loss nearly 78 percent in the first quarter, the casino operator said Wednesday.
The Nevada Gaming Control Board on Wednesday recommended that Malaysia-based Genting Berhad be found suitable to hold a state gaming license, which will lead the way to development of the $4 billion Resorts World Las Vegas.