Sun, May 13, 2012
In the first transaction of a business strategy designed to sell non-core assets to reduce its sizable debt, Caesars Entertainment last week announced it had sold Harrah’s St. Louis to Penn National Gaming for $610 million. Both companies said the deal fits into their corporate strategies and business plans.
Sun, May 06, 2012
Australian billionaire James Packer (l.) wants to relinquish his family’s last significant media holding in the country to fund a hostile takeover of Echo Entertainment, owners of Sydney’s Star casino. His goal, on the surface at least, is to crack Echo’s legal monopoly in Australia’s largest city so that he can build a second casino there—a gaming and resort mega-complex priced at A$1 billion which itself has generated its share of controversy.
Sat, Apr 28, 2012
The deal for Groupe Bernard Tapie to buy Full Tilt Poker fell apart last week, but it may lead to the purchase of the disgraced online poker site by another very familiar name—PokerStars, which joined Full Tilt in the Black Friday meltdown, a little more than one year ago. The deal reportedly includes a $750 million payment to the U.S. Department of Justice. Pro players aligned with Full Tilt prior to Black Friday above.
Sun, Apr 22, 2012
MGM Resorts International has set its sights on Toronto for a multibillion-dollar destination resort. But municipal leaders are sharply divided over whether to allow a casino in the city. Voters are skeptical, too, and the Las Vegas-based casino giant will have a big job to win them over. Meanwhile Donald Trump (with partners and family at ribbon cutting) debuted a hotel in Toronto last week, fueling speculation that he may become involved.
Fri, Apr 13, 2012
The troubled Australian gaming company, Echo Entertainment, could be a target of gaming giant Genting, reports Macquarie Group. Also thought to be a coveted by James Packer’s Crown Casinos, Echo has endured a scandal in New South Wales that has involved even the prime minister. Still, the company’s business remains strong, particularly in its flagship casino, the newly revamped Star in Sydney (l.).
Sun, Apr 08, 2012
In a surprise announcement, Larry Echo Hawk, assistant secretary for Indian Affairs in the Interior Department, resigned his position last week to take a leadership role in the Church of Latter Day Saints. Echo Hawk was praised almost uniformly in Indian Country for moving forward land-into-trust and recognition issues before Interior, as well as settling a nettlesome royalty dispute. His successor is unknown at this time.
Sat, Mar 31, 2012
Two vastly different gaming resorts opened to the public last week in the Middle Atlantic region of the United States. The highly anticipated Revel casino, Atlantic City’s $2.4 billion mega-resort, opens to the public on April 2 after conducting test sessions last week. And in neighboring Pennsylvania, the state’s first resort license was granted with the opening of the Valley Forge Casino Resort.
Sun, Mar 25, 2012
More than two years after the first casino opened in Singapore, the Casino Regulatory Authority has issued licenses to two junket operators based in Malaysia, who will do business with Genting’s Resorts World Sentosa (above). The CRA rejected 12 other applications. Marina Bay Sands did not sponsor any junket operators so will not be able to capitalize on the licenses.
Sat, Mar 17, 2012
The Ontario Lottery and Gaming Corporation wants to effect sweeping changes in the way the industry is managed and operated in the province. The recommended move to a 100-percent private-sector operator model is expected to increase revenues, but other plans could kill horseracing within the province. OLG Chairman Paul Godfrey (l.) reportedly engineered the massive changes.
Sat, Mar 10, 2012
Tilman J. Fertitta’s Golden Nugget Casinos will purchase the Isle Casino Hotel in Biloxi, Mississippi for $45 million. Fertitta will invest $150 million to upgrade the Isle Casino property, the third largest in the Biloxi/Gulfport market. The underperforming Isle never recovered from the damage caused by Hurricane Katrina and requires a large investment to turn it around.
Sat, Mar 03, 2012
Following the doubling of Crown’s stake in competitor Echo Entertainment, James Packer has presented a plan to relocate the VIP business of Sydney’s Star casino to a proposed AU$1 billion property on the opposite side of Darling Harbor in Barangaroo Central (rendering above). For Echo, which owns the Star, the outcome may already be inevitable.
Sun, Feb 26, 2012
If the dispute between Steve Wynn and Kazuo Okada were a heavyweight fight, Wynn would have landed a haymaker to floor Okada with the actions taken by the Wynn Resorts board last week, stripping Okada of his shares in the company and paying him a pittance over a long term. Will Okada get up or could he throw in the towel?
Sat, Feb 18, 2012
Kentucky Governor Steve Beshear’s proposal to create five racetrack casinos and two free-standing casinos through a constitutional amendment was introduced in the state Senate. Bi-partisan support for the bill includes several powerful Republicans. The legendary Louisville racetrack, Churchill Downs (l.), would be a main benefactor.
Sat, Feb 11, 2012
Atlantic City’s newest casino will open on April 2, giving it eight weeks to gear up for the May 25 grand opening. The new resort will be the first “smoke free” casino in Atlantic City and will feature a wide array of non-gaming amenities. The property takes full advantage of Atlantic City’s greatest assets, the beach and the Boardwalk.
Sat, Feb 04, 2012
The Florida casino bill is dead after a House committee fails to vote on it. Supporters could not overcome a coalition of anti-gaming forces, led by Disney, to make the case for more jobs and increased tourism to the economically struggling state. Genting stands to be the big loser because of the massive investment it has made in Florida.
Sun, Jan 29, 2012
The International Casino Exposition has known no other home but the Earl’s Court convention center in London, but with plans to demolish that facility to add new housing, ICE was forced to relocate. The final event held at Earl’s Court was a momentous one and a healthy mix of land-based and online casino suppliers vied for attention on a packed exhibit floor.
Sat, Jan 21, 2012
The debt problems weighing on Kerzner International’s Atlantis property just got worse. Brookfield, the creditor that was going to step in and take over, has pulled out of the deal. Now the impact of the court-ruling inspired decision is creating ripples in the Bahamas’ political world. And legendary developer Sol Kerzner (l.) has stepped down as CEO of Kerzner International but remains as chairman of the company.
Sun, Jan 15, 2012
A rift has developed on the board of Wynn Resorts pitting the chairman, Steve Wynn, against the former vice chairman and single-largest shareholder in the company, Kazuo Okada (l). A lawsuit filed last week by Okada requesting to see some financial statements followed a bid at the last Wynn board meeting to oust the vice chairman. Okada’s Universal Entertainment is connected to the grey market pachinko industry in Japan and has begun building a casino in Manila.
Sun, Jan 08, 2012
The “green light” given online gaming by last month’s Department of Justice decision concerning lottery ticket sales on the internet, may be the tiniest bit premature, given the narrow focus of the letter and traditional opposition to gambling. But that hasn’t stopped online gaming advocates and investors in climbing on board what they see as a potential gravy train as states begin to jockey for position to legalize the activity.
Sat, Dec 24, 2011
After a shaky 2010 and a more encouraging 2011, the gaming industry is hoping the rebound will come in 2012. But that was the hope for 2011. GGB News writers recap the year and look forward to next in an exclusive peek into the jurisdictions and industry segments that will make the news—either good or bad—in 2012.
Sun, Dec 18, 2011
Governor Deval Patrick’s decision to name Stephen P. Crosby (l., with Patrick), a man who has worked with both Democratic and Republican administrations in Massachusetts, to head the state’s gaming commission, is meeting with almost universal praise. Crosby promises dedication, deliberations and integrity.
Sun, Dec 11, 2011
Las Vegas Sands Chairman and CEO Sheldon Adelson has decided that he is personally opposed to internet gambling, although he stresses he was not speaking specifically for his company. In an exclusive interview with Adelson conducted in November, he told Global Gaming Business the reasons why he can’t support or help promote online gaming.
Sat, Dec 03, 2011
Boyd Gaming has called off its plan to sell Florida’s Dania Jai-Alai racino after the investor group was unable to close the sale. Analysts believe the consideration of integrated resorts in South Florida prevented the funding of the project.
Sun, Nov 27, 2011
After two Congressional hearings on internet gambling cast doubts about legalization, the failure of the “super-committee” seemed to put the final nail in the coffin for online gaming in 2011. The result could be the revival of interest in state-by-state legalization, a move now considered more acceptable to the land-based gaming industry.
Sat, Nov 19, 2011
After years of debate and consideration, a gaming expansion bill that would authorize three casino resorts and one slot parlor in Massachusetts is heading to Governor Deval Patrick’s desk. Now the race begins to see who can land the licenses.
Sun, Nov 13, 2011
There were few gaming issues on the ballot in this off-year election. The most interesting was a vote that would supposedly allow sports betting in New Jersey, but don’t expect to see Las Vegas-style sports books cropping up on the Boardwalk anytime soon. Also decided on Election Day last Tuesday were whether to allow additional casinos in Maine and several races that brought in new governors that would impact gaming jurisdictions.
Sat, Nov 05, 2011
MGM Mirage and Boyd Gaming enter a joint venture with Bwin.Party to work together on an online gaming site once it becomes legal in the U.S. MGM will own 25 percent of the business, while Boyd takes a 10 percent piece. Jim Ryan (l.), co-CEO of Bwin.Party, says the companies have been working toward this agreement for 18 months.
Sun, Oct 30, 2011
With a “destination resort” bill in the pipeline, which would permit three casino resorts, the real showdown is about to begin. Many businesses including Disney want to guard their turf; parimutuels, like Isle of Capri’s Pompano Park (l.), just want to survive.
Sun, Oct 23, 2011
MGM Resorts last week reached an agreement with Dan Lee’s Creative Casinos to become a part owner and operator of the $400 million Mojito Pointe casino resort (rendering at l.) in Lake Charles, Louisiana. It will be MGM ‘s first resort in Louisiana and should complement the company’s Beau Rivage in Biloxi. Lee obtained Louisiana’s last gaming license and was former head of Pinnacle Entertainment, which owns the neighboring L’Auberge Casino Resort.
Fri, Oct 14, 2011
As Genting (a rendering of the company’s $3 billion resort planned for Miami, above) and Las Vegas Sands vie to build the first big casino project in Miami, smaller communities weigh in on the risks and benefits of expanded commercial gaming. A court decision last week allows the legislature to determine the shape of a state gaming industry, with no public referendum required. And what will it mean to the existing racinos and tribal gaming operations?
Fri, Sep 30, 2011
The advent of a new administration in Japan gives hope that gaming could become a means of economic redevelopment in the nation that has been slammed by earthquakes, tsunami, typhoons and the economy in recent years. New Prime Minister Yoshihiko Noda (above) will be asked to evaluate a plan that would introduce Singapore-style integrated resorts in several regions of Japan.
Sun, Sep 25, 2011
The U.S. Department of Justice accuses the disgraced online poker site of operating a Ponzi scheme, using deposits collected from player to enrich the board of directors, including poker superstar Howard Lederer (left). The accusation causes the American Gaming Association to renew its push for a legalized poker industry, highlighted by an effective regulatory process that will prevent such scams from occurring.
Sun, Sep 18, 2011
Ecuador is closing down all gaming, including 32 casinos in 5-star hotels. A decree from President Rafael Correa (l.) last week ordered the immediate stop of all gaming and the closure of the casinos and legal bingo halls in six months. The move followed a May referendum to end all gaming in the country.
Sat, Sep 10, 2011
Recent media speculation that Macau casino resort operator Melco Crown might be getting involved in the Philippines PAGCOR City project has brought nothing but silence on the matter from Melco Crown and its primary owners. When the project was first announced four years ago, Melco co-CEO Jamie Packer (left) decided not to participate. At least one analyst isn’t buying the news at all.
Sat, Sep 03, 2011
A deadly fire in a Monterey casino kills 52 people. Several arrests are made in an attempt to “scare” the casino owners. Then corruption probes have been launched that have closed more than half a dozen Mexican casinos from coast to coast. What will this mean for Mexican gaming?
Sat, Aug 27, 2011
Bay State lawmakers have taken the covers off a bill that would authorize three regional casino resorts and one slots parlor. An agreement between Governor Deval Patrick, House Speaker Robert DeLeo and Senate President Theresa Murray (l.) should finally result in a Massachusetts gaming industry.
Sun, Aug 21, 2011
The creditors of the Mashantucket Pequot Tribal Nation, owners of the Foxwoods Resort Casino, appear near to a deal with tribe to restructure its debt. The deal could blaze a trail for other tribes that also issues with their lenders.
Sat, Aug 13, 2011
With a few public comments, New York Governor Andrew Cuomo (l.) opens the floodgates—of enthusiasm, of criticism, of multi-million-dollar revenue projections. But the change won’t be easy or quick and will require a constitutional amendment that may be difficult to pass. And what about neighboring Massachusetts, also eyeing casinos?
Sat, Aug 06, 2011
Caesars Entertainment moves forward with the center-Strip Las Vegas project that will create an entertainment district along with a massive 500-foot observation wheel that can carry almost 1,000 people at one time. The project is slated to cost $500 million.
Fri, Jul 29, 2011
FairPlayUSA, a Washington D.C.-based group whose advisory board includes former Homeland Security chief Tom Ridge, has recently been established to gather support for U.S. regulation on internet gaming. The coalition, founded and funded by major land-based casino companies, supports the establishment of a comprehensive online poker law, as well as strengthening the 2006 Unlawful Internet Gambling Enforcement Act to give law enforcement the tools to crackdown on illegal operators.
Sat, Jul 23, 2011
The Rivers Casino in Des Plaines, Illinois opened last week, but whether it will be the final casino to open in the state remains uncertain as Illinois Governor Pat Quinn continues to consider a massive gaming expansion law.
Sun, Jul 17, 2011
The Illinois State Supreme Court has upheld the constitutionality of the 2009 Video Gaming Act, striking down a lower court’s decision, clearing the way for thousands of new slots at bars and restaurants. The decision is separate from a proposed massive increase in gaming positions proposed by the state legislature and being considered by the governor.
Sun, Jul 10, 2011
The Ohio legislature has passed legislation that sets the landscape for gaming in the state for the next 10 years, and limits it to four regional casinos and seven racinos. Beulah Park (l.), near Columbus, Ohio, is owned by Penn National, and would be moved to Dayton. The law was passed after Ohio Governor John Kasich and the casino/racetrack owners came to an agreement.
Fri, Jul 01, 2011
Alderney suspends the license of Full Tilt Poker, causing the online poker giant to go offline in Europe, casting doubt on whether it will ever be successful again. But reports of a possible buyout could save the deposits of U.S. players.
Sun, Jun 26, 2011
Korea appears ready to change its regulations and allow residents of the country to patronize future integrated resorts. The position taken by tourism minster Chung Byoung-gug (left) follows reports in recent months that major operators Wynn Resorts and Las Vegas Sands would be willing to build if locals are allowed to play.
Mon, Jun 20, 2011
The controversial memo that essentially halted the spread of off-reservation casinos in the U.S. was withdrawn last week by the Obama administration’s Bureau of Indian Affairs head Larry Echo Hawk (l.), which will begin to accept applications again for taking land into trust for gaming purposes.
Sun, Jun 12, 2011
The long-stalled Macau Studio City project will reportedly be taken over by Melco Crown Entertainment, led by Lawrence Ho. The Studio City site (rendering of the original project above) is located on the Cotai Strip past the Venetian and near the Wynn Resorts site. The agreement with the previous owners would give Melco its third casino in the SAR, the second in Cotai.
Sat, Jun 04, 2011
A surprise gaming expansion bill passes quickly through the Illinois legislature and lands on Governor Pat Quinn’s desk, due to heavy lobbying by new Chicago Mayor Rahm Emanuel (l.). With a new Windy City casino, four more riverboat licenses, and slots at racetracks, it represents a huge jump in capacity and threatens market equilibrium.
Sun, May 29, 2011
Federal authorities bust another 10 online gaming websites, but this time they go beyond poker. Gaming industry ramps up efforts to get approval for a federal bill that would legalize, regulate and tax online poker.
Fri, May 20, 2011
Macau’s newest integrated resort opens in the Cotai region. Galaxy Macau, the Cotai flagship of parent company, Galaxy Entertainment, promises that an Asian-centric design will make it the preferred resort for the major segment of the Macau market.
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