US Casinos Dotting Macau Can't Cash In

Mogul riding high while rivals, Vegas struggle

(NEWSER) - Recession has dimmed the glittering lights of Las Vegas, but it hasn’t stopped hotel and casino mogul Steve Wynn, AFP reports. Wynn is preparing to open the lavish $2.3 billion resort Encore on Monday as Sin City weathers its worst economic meltdown in decades. “I don't owe a dime personally and the company's solid as a rock,” said Wynn, 66. More»

Casino owner says that's why no one's hiring or investing

(NEWSER) - Why aren’t businesses hiring more people with the piles of cash at their disposal? Casino magnate Steve Wynn thinks it’s because they’re scared of Barack Obama. “I'm telling you that the business community in this company is frightened to death of the weird political philosophy of the president,” Wynn said on a recent conference call, according to USA Today . “Until he’s gone, everybody’s going to be sitting on their thumbs.” More»

Vegas prepares for 'cutter' scam

(NEWSER) - Las Vegas casinos are readying their defenses against a group of baccarat cheaters, the Las Vegas Sun reports. The group, known as "cutters" and described by police as "extremely well-organized," are thought to have stolen tens of millions from casinos worldwide. They take advantage of the baccarat custom in which the dealer allows a player to cut the deck after shuffling. Using a tiny camera embedded in a sleeve or cufflink, the "cutter" spreads the cards slightly, videotaping their suit, value, and order. More»

Vegas brand expands to Asia, Middle East despite industry woes

(NEWSER) - With the hospitality business gasping for air and its own core business in trouble, MGM Mirage is going global in hopes of building its brand well beyond Las Vegas. Having sealed eight deals with hotel developers and in talks with 10 more, the company will introduce the Bellagio and MGM Grand brands to Asia and the Middle East, the Wall Street Journal reports. More»

(NEWSER) - MGM Mirage, the gambling conglomerate, is considering the sale of casino properties in Michigan and Mississippi to pay down debt and save an underfunded Las Vegas development, the Wall Street Journal reports. The Vegas-based company has retained Morgan Stanley to shepherd the sales of the MGM Grand Detroit and Biloxi’s Beau Rivage, two of its best-performing casinos. MGM holds $13.5 billion in debt. More»