Gaming News Archives

“It is worth noting that this is not a management to throw out things on conference calls”

Las Vegas Gaming Wire MGM Mirage investors may soon be able to double down. Chairman and Chief Executive Officer Terry Lanni said last week the company might consider splitting its nongaming hotel subsidiary ... via RGT Online

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A Securities and Exchange Commission filing says casino owner Pinnacle Entertainment has settled with two insurance companies over Hurricane Katrina damage at its former casino in Mississippi. via The Clarion-Ledger

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“You see more competition, and it will just increase”

Investors who bet on companies that offer gambling in Las Vegas aren't used to losing money. via Hotels

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Shares of CryptoLogic Ltd. are treading lower after the internet gaming software company posted first-quarter earnings this morning substantially below the consensus estimate on Wall Street. via All Stories

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“The video game sector is poised to be one of the fastest-growing parts of the entertainment industry in the years ahead”

New York City may be the star of the Grand Theft Auto IV , but from a business standpoint, New York isn't investing enough in the gaming industry, according to a study released today by the Center for an Urban ... via The Media Mob

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MTR Gaming Group Inc. is reporting a first-quarter loss of $2.6 million, or 10 cents a share. via PittsburghLIVE.com

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“We continue to be disheartened that the Florida horsemen are blocking out-of-state wagering on Calder's races, and although we regret having to implement further purse cuts, it is a move that must be made in light of our current business situation”

Calder Race Course on May 9 announced it will cut purses for eight upcoming stakes, including six on its July 12 Summit of Speed card. via Blood Horse

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“Performance across the remainder of the group has been good”

Southern Cross Healthcare said its first-half net loss widened to 8.6 million pounds from 600,000 pounds, while revenue rose 28% to 431 million pounds. via MarketWatch

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“Together, we offer the world's best online games through one of the world's largest Internet casinos.”

CryptoLogic Limited, a leading software developer to the global Internet gaming market, through its wholly owned subsidiary WagerLogic, has announced a three-year licensing contract with 888 Holdings PLC, one ... via RGT Online

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“We think it's because (Stronach's) proposed reorganization contains a multi-hundred-million dollar payoff for Mr. Stronach, while the 2005 board recommendations do not.”

Frank Stronach, founder of MI Developments Inc., has easily defeated an attempt by shareholder Greenlight Capital to block his restructuring plan. via The Toronto Star

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“They're expected to ramp up and I have no reason to doubt that”

MGM Mirage, owner of MGM Grand Detroit, said first-quarter profit fell, weighed down by expenses of opening new casinos such as the one in Detroit and lost revenue as U.S. gamblers stayed away because of the ... via Detroit Free Press

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“We're seeing softness across the board”

Casino operator Harrah's Entertainment Inc. reported Friday that it swung to a first-quarter loss, citing costs associated with a deal to take it private and "challenging economic conditions." The world's ... via Reno Gazette-Journal

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Date Posted: May 7, 2008 Last Updated: May 7, 2008 Photo: MEC Due primarily to losses by Magna Entertainment racetracks, MI Developments, the property arm of Canadian auto-parts empire Magna International, ... via Blood Horse

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“If you don't move ahead with these projects, you will end up being in a very difficult position when the economy does turn around”

Projects looking up in downtime The chief executive of MGM Mirage, the parent company of Biloxi's Beau Rivage, said Tuesday he planned to push ahead with new projects even after construction costs and an ... via Sunherald.com

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“People have been saying for years that the gaming industry is recession-proof, but that's not a valid statement”

Carlos Bueno and his wife, Mayra, drove three times last year from their home in Houston to a casino in Lake Charles, La., but they won't be making the two-hour drive this summer. via USA Today

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“If we had bought it, we would have managed things better and stayed in the good graces of the Atlantic City regulators. Columbia Sussex had a different attitude. 'We've made our bet in Atlantic City,'”

Prospects for Pinnacle Entertainment's plan for a mega-casino and hotel project in Atlantic City look to be about the same as the red-and-black numbers on a roulette wheel: 50-50. Company CEO Dan Lee said ... via Asbury Park Press Online

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“We need to end this stalemate”

- A reform proposal by dissident shareholder Greenlight Capital was defeated, as expected, at the annual meeting of MI Developments Inc. (TSX:MIM.A) - a dramatic event featuring an emotional speech by company founder Frank Stronach.

Greenlight, a New York investment firm, had called for MI Developments to provide only short-term funding to horse-track subsidiary Magna Entertainment (TSX:MEC.A), and for the land developer to raise its dividend, repurchase stock and increase debt.

The Greenlight proposal went down to defeat Wednesday, and Stronach - the controlling shareholder of MID, MEC and Magna International (TSX:MG.A), from which they were spun off - joined MI Developments chief executive John Simonetti in calling for an end to the public feud with Greenlight. Read more

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ATLANTIC CITY, N.J. -- Plans for a new $2 billion casino at Atlantic City's south end are one step closer to reality now that the City Council has approved a redevelopment plan for the area. via Daily Record

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BATON ROUGE - A Metairie man who runs his own construction company claimed a $97 million Powerball prize, becoming the largest winner in Louisiana Lottery history. via The Daily Advertiser

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' newest casino takes a loss in its first full quarter of operation. Las Vegas-based Pinnacle Entertainment opened the $507 million Lumiere Place on the St. via MyFox St. Louis

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Casino operator Pinnacle Entertainment Inc. said Wednesday its first-quarter profit soared 76 percent, helped by Hurricane Katrina insurance proceeds. via Canadian Business Magazine

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' Even though the Unlawful Internet Gambling Enforcement Act is coming under fire, don't expect legalized online wagering in the United States anytime soon.

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“We don't think it is likely they will be granted a review.”

A group opposed to gaming plans to appeal a court decision letting an American Indian tribe proceed with plans to build a casino in west Michigan. via RGT Online

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MGM Mirage says its first-quarter profit fell 30%, weighed down by resort opening costs and the Monte Carlo's temporary closing. via KTVN Reno

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“The stock price is going to be based on the performance of the overall company”

Publicly owned gambling companies lost 2.5 percent of their value in April, in large part due to economic tumult that has home prices in the basement and oil costs in the stratosphere. via RGT Online

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“And I think when we're done, we will have this wonderful nonurban environment ... people will be able to enjoy when they come for conventions and meeting space”

Steve Wynn, the casino developer credited with changing the way people experience gambling resorts , says he ready to do the same for another pillar of the Las Vegas economy - trade shows and conventions. via Hotels

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The Lottery Commission has approved a contract with a developer for a casino in southeast Kansas. via KSNT-TV Topeka

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“Did Galaxy get a concession it did not deserve?”

Jorge Oliveira Macau official testifies Friday A Macau government official said Friday he was faced with a Catch-22 dilemma in late 2002: either split a shared gambling concession between feuding Las Vegas ... via Las Vegas Review Journal

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Dubai World, the state-owned investment group, will start meetings with potential lenders in London, Dubai and Singapore this week as it seeks to refinance a $5 billion loan it got in October to buy stakes in ... via Bloomberg Business News

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“Ohio is a no fun state. The MyOhioNow.com proposal will bring the fun back to Ohio.”

Here we go again: Ohio voters, having already rejected an expansion of legalized gambling twice, are being asked to reconsider the idea. via Wheeling News

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“I'm very happy. I'm very honored”

The Olympic torch began its relay Saturday past glitzy Las Vegas-style casinos and pastel colored colonial buildings in the Chinese city of Macau _ the world's most lucrative gambling center. via Hugh Hewitt

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Stocks that moved substantially or traded heavily Thursday on the New York Stock Exchange and Nasdaq Stock Market: NYSE Exxon Mobil Corp., down $3.37 at $89.70 Record crude prices lifted profit to $10.9 billion ... via WJLA-TV Arlington

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Wynn Resorts, Limited today reported financial results for the first quarter ended March 31, 2008. via Hotel Interactive

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A line of severe thunderstorms moved through central and western Kentucky on Friday bringing rain and high winds. via WLKY

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Casino operator Wynn Resorts Ltd. reported Thursday that first-quarter profit fell 20 percent on an increase in operating costs, but said revenue rose thanks primarily to business at its resort in Macau. via PR-inside.com

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The CEO of the company that would operate what might be Ohio's first casino predicts Ohioans will approve the gambling proposal on the November ballot. via WKYC-TV

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“If business doesn't make a profit, then business is no good to anyone.”

Magna International founder Frank Stronach, right, and company director Belinda Stronach. via Canadian Business Magazine

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The more than 300 workers in the engineering department at the Foxwoods Resort Casino are voting on whether to be represented by a union. via KTNV

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“Our first-quarter operating results reflect both an intensely competitive operating environment in Macau as well as a weaker environment here in the US”

When times are hard, gamblers resist the bright lights of Vegas Las Vegas Sands, the hotel and casino company, has gone into the red as a US economic slowdown sees punters stay away from the world's gambling ... via BBC News

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