Blogs: Gaming and Business

Casino stocks plunge to new lows

By Liz Benston · October 24, 2008 · 5:53 PM

Major casino stocks hit new all-time lows today, their shares pulverized by panicking investors on a day when global markets plunged. Except for MGM Mirage, whose shares are up less than half a point. The company has one of the lighter debt loads in the industry, relative to earnings, in spite of its massive CityCenter joint venture. It also has the assistance of a very wealthy man, majority shareholder Kirk Kerkorian, who has indicated that he won't be bailing out ...

Continue reading... 18 comments

MGM Mirage stock still on downslide

By Liz Benston · October 22, 2008 · 6:42 PM

Those investors who figured MGM Mirage couldn’t trade much below $20 a share a few weeks ago got another nasty surprise today, when bond rating agency Fitch Ratings issued an especially bearish outlook on the company.

Continue reading... 12 comments

MGM Mirage announces end to bonuses

By Liz Benston · October 21, 2008 · 10:27 AM

While some Strip operators have been cagey about layoffs, firings and other employee moves during this time of economic turbulence, MGM Mirage appears to be going the route of full disclosure.

Continue reading... 13 comments

MGM Mirage splits from Nevada Resort Association

By Liz Benston · October 14, 2008 · 4:27 PM

Citing cost-cutting measures, MGM Mirage said today the company has resigned from the Nevada Resort Association, the casino industry's primary voice in the state Legislature for more than 40 years. ...

Wynn: Encore will take hit despite ‘position of strength’

By Jeff Simpson · October 9, 2008 · 12:29 PM

The financial whirlwind swirling down Wall Street and the Las Vegas Strip won’t affect Wynn Resorts nearly as much as his big competitors, Steve Wynn said this morning.

Continue reading... 3 comments

CityCenter secures $1.8 billion; Wynn avoiding worst of crunch

By Liz Benston · October 6, 2008 · 1:07 PM

It wasn’t that long ago that Wall Street was criticizing Steve Wynn, who then owned Mirage Resorts, for spending money like a drunken sailor.

Continue reading... 5 comments

Adelson bails out Las Vegas Sands with cash

By Liz Benston · October 1, 2008 · 2:17 PM

It takes more than skill to survive on the Strip, especially now with business plans and financing deals imploding like so many old hotels.

Developers minimize Strip resort delays

By Liz Benston · September 25, 2008 · 6:14 PM

The smart money on Wall Street says developers won’t be financing resorts that aren’t already far along in the construction process – at least not until banks have had a few years to recover from The Great Bad Mortgage Purge of 2008.

Continue reading... 9 comments

Slot players pinch pennies

By Liz Benston · September 10, 2008 · 12:51 PM

While the major casinos are doing a bang up job attracting visitors to Las Vegas with big discounts and other perks, their slot business continues to suffer. And that’s bad news for Nevada, where slots make up about two thirds of the state’s gaming revenue.

Continue reading... 14 comments

Atwell settles suit over New Frontier sale fees

By Liz Benston · September 10, 2008 · 7:09 PM

At a bankruptcy auction in 1987, local real estate broker David Atwell was lucky enough to represent a Japanese billionaire who entered the winning bid of $157 million for the Dunes hotel.