Archive for November, 2009

The federal government has simplified the path to legalizing Internet gaming in the US, if Barney Frank can get his bill passed. As expected, the Department of Treasury has decided on a six-month delay to implement rules to enforce the 2006 law that makes it illegal to process financial transactions involving Internet betting. That, in turn,... »

It appears that, for what may be the first time, the government of Atlantic City is sitting down with its tourism and gaming industries to create an atmosphere for success. Mayor Lorenzo Langford has hosted a meeting of leaders to plot out a plan for Atlantic City in what the Press of Atlantic City says may become... »

Carl Icahn, the master of buying distressed properties, has jumped ahead of Penn National in the bidding for Fontainebleau Las Vegas. On Monday, Icahn bid $155 million for the project, outlasting PENN, which raised its bid to $145 million before dropping out. That makes Icahn the stalking horse bidder going into the January bankruptcy auction. PENN had originally bid $50... »

As expected, Majestic Star has filed for Chapter 11 bankruptcy protection. The company listed assets $100 million to $500 million, and liabilities of $500 million to $1 billion. Majestic has $300 million in 9.5 percent senior secured notes due 2010 and $200 million of 9.75 percent notes due 2011, plus an $80 million revolving credit... »

Las Vegas Sands raised less than expected in its Hong Kong IPO. Sands China raised $2.5 billion compared to the $3.4 billion to $3.8 billion that had been expected. However, combined with $1.75 billion in sought bank financing, LVS can resume the next stages of its Cotai Strip development in Macau, adding 6,000 hotel rooms to... »

The decline in room rates along the Strip is showing mild improvement as we progress into 2010. Rates quoted to free and independent travelers for the week ending December 12 are up 1 percent from last year to $122, according to the weekly JP Morgan survey. Weekday rates are up 7 percent and weekend rates are... »

Las Vegas Sands plans to begin preliminary work in January to restart construction of its stalled Macau project, the Wall Street Journal reported. The company halted work on its project a year ago due to financing problems. With $2 billion worth of work to finish, LVS recently reported that it secured financing for $1.45... »

Real estate giant CB Richard Ellis forecasts that gaming and nongaming casino revenue on the Las Vegas Strip will grow 3 to 7 percent next year thanks to CityCenter, but at the price of cannibalization. ... »

Pinnacle stock rose 4.13 percent Monday after Dan Lee resigned as chairman and CEO following the Missouri incident reported below. The rise of the stock is not unusual on a day when Ameristar jumped on an upgrade by Brian McGill of Janney Capital and the Dow vaulted 203.5 points, but it also indicated that his departure was not... »

Las Vegas Sands apparently will seek to raise nearly twice the money in a Hong Kong IPO than previously thought. The company is proposing to raise up to US$3.35 billion by selling stakes in its Macau operations, the Wall Street Journal reported from sources. Previously, LVS had been expected to raise $2 billion or so. The... »