The Gamble for Casinos

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June 2009
- Russia Bans Gambling as Mega-Casinos Crap Out
  
  Independent (UK) | Jun 17, 09 9:23 AM CDT
  
  (Newser) - Gambling has played a major role in Russian life since 1989, with high-rolling casinos—more than 30 in Moscow alone—echoing the cowboy capitalism of the post-Soviet years. But July 1, Russia is shutting down all gaming and slot machine halls, confining gambling to four Vegas-style zones across the country. Trouble is, as the Independent reports, the financial crisis has dried up investment, so none of the four is anywhere near completion. More »
- Terminally Ill Man Picks a Winner: Himself
  
  BBC | Jun 1, 09 3:55 PM CDT
  
  (Newser) - A terminally ill British man collected about $8,200 today after betting he’d stay alive, the BBC reports. After being diagnosed with asbestos-related cancer in 2006 and told he had just months left, 59-year-old Jon Matthews made £100 bets he’d stick around until June 1, 2008, and June 1, 2009—at 50-1 odds. He’ll double his money if he lives until this date next year. More »
May 2009
- Obama Can't Pack the House in Vegas
  
  Los Angeles Times | May 26, 09 8:46 AM CDT
  
  (Newser) - Not being able to fill a room isn’t a charge usually leveled at President Obama, but, the Los Angeles Times reports, there are still (relatively cheap) tickets available for a fundraiser he’s hosting tonight for Sen. Harry Reid at Caesars Palace in Las Vegas. Elton John and Celine Dion routinely sold out the venue; Obama hasn’t, despite backup from Sheryl Crow and Bette Midler. More »
- MGM Mirage Doubles Down on Global Market
  
  Wall Street Journal | May 20, 09 8:32 AM CDT
  
  (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 »
- Del. Moves to Legalize Sports Betting
  
  News Journal (Del.) | May 13, 09 1:19 PM CDT
  
  (Newser) - The Delaware State Senate has approved a bill legalizing sports betting and allowing casinos to operate table games like roulette, the News Journal of Wilmington reports. The governor, seeking to close a gaping budget gap, will sign the bill this week. The measure sailed through the senate after a pitched battle in the house that resulted in many changes. The state’s casinos lobbied hard against it. More »
April 2009
- Casinos Score Big With 1¢ Slots
  
  Associated Press | Apr 19, 09 5:08 PM CDT
  
  (Newser) - Penny-pinching gamblers are flocking to casinos for a cheaper bet these days: penny slots. The machines enable them to play longer with the same amount of cash, and, thanks to modern paper payouts, no longer burden them with noisy bucket-loads of coins. Casinos don't mind the games, either. "Their house edge is bigger" on them, one slots expert told the AP. More »
- Cash-Poor MGM Mirage May Sell Casinos
  
  Wall Street Journal | Apr 4, 09 12:42 PM CDT
  
  (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 »
March 2009
- Giant Vegas Project May File for Bankruptcy
  
  Wall Street Journal | Mar 27, 09 7:33 AM CDT
  
  (Newser) - City Center, the sprawling $8.6 billion Las Vegas development and the largest private construction project in history, will likely fail to make a $220 million debt payment today and may file for bankruptcy. The project is a collaboration between Kirk Kerkorian's MGM Mirage and Dubai World, a conglomerate owed by the emirate's government. The project's collapse would eliminate thousands of jobs and could have major consequences across Las Vegas, reports the Wall Street Journal . More »
February 2009
- Trump Casinos Expected to Go Bankrupt
  
  Wall Street Journal | Feb 16, 09 8:41 PM CST
  
  (Newser) - Owing bondholders more than a billion dollars, Donald Trump's Atlantic City casino company is expected to file for chapter 11 tomorrow, the Wall Street Journal reports. Board members are discussing it tonight, but if they don't file, creditors will force them into bankruptcy tomorrow. It will mark Trump Entertainment Resorts' third visit to bankruptcy court. More »
December 2008
- What Downturn? Vegas Gets New $2.3B Resort
  
  AFP | Dec 20, 08 4:15 PM CST
  
  (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 »
- Oops! Broken Arm Not Part of Trick
  
  People | Dec 19, 08 11:11 AM CST
  
  (Newser) - David Copperfield fans may feel disillusioned after one of the magician’s tricks went horribly wrong onstage in Las Vegas this week, breaking an assistant’s arm. The employee got his limb stuck in a fan during a routine stunt in which Copperfield “disappears” while passing through the whirling object, People reports; he’s recovering. The producer says the show will go on despite the “freak accident.” More »
- Vegas Is US Suicide Capital
  
  NPR | Dec 11, 08 3:54 PM CST
  
  (Newser) - Being in Las Vegas is quite a gamble: The risk of committing suicide for Sin City residents is twice as high as in the rest of the US, a recent study finds—with its 40 million annual visitors at even greater risk. But Harvard sociologists noted that those odds for Vegas dwellers drop if residents move away or go on vacation, NPR reports. More »
November 2008
- MGM Mirage Chief Quits Amid Fake MBA Flap
  
  Wall Street Journal | Nov 14, 08 2:04 AM CST
  
  (Newser) - The CEO of MGM Mirage has announced his resignation, but denied it had anything to do with lying about having an MBA, reports the Wall Street Journal . J. Terence Lanni, one of the most powerful figures in the gambling world, has long claimed to have an MBA from the University of Southern California. But university records don't back him up. More »
- In Slump, Vegas Pushes Escapism
  
  Advertising Age | Nov 10, 08 11:27 AM CST
  
  (Newser) - Las Vegas has enthusiastically promoted itself to travelers interested in pastimes other than gambling in recent years, but now that economic woes are tightening leisure budgets, Sin City is taking a hit, reports Advertising Age. With visitor volume and gaming revenue down, casinos are scrambling to respond. One has a less-than-subtle new slogan: "Shut up & play." More »
- Las Vegas Sands Nears Bankruptcy
  
  Las Vegas Sun | Nov 7, 08 4:11 AM CST
  
  (Newser) - Casino giant Las Vegas Sands is on the verge of bankruptcy, reports the Las Vegas Sun . The company, which owns the Venetian and Palazzo casinos in Las Vegas and has several gambling resorts in development around the world, filed paperwork with the federal government yesterday declaring that the Sands’ ratio of debt to earnings has fallen out of compliance with its lenders’ requirements. More »
October 2008
- MGM Delays New Casinos for Vegas, Atlantic City
  
  Wall Street Journal | Oct 29, 08 3:03 PM CDT
  
  (Newser) - MGM Mirage will suspend work on new casinos in Las Vegas and Atlantic City due to the dismal credit climate, the Wall Street Journal reports. The firm reported a 67% drop in third-quarter net income as the slumping economy quells consumers’ desire to gamble or spend at casino restaurants and luxury shops. Fitch downgraded MGM Mirage’s credit rating to “junk” level last week. More »
September 2008
- Casinos Choke on Smoke Bans
  
  Wall Street Journal | Sep 19, 08 2:20 PM CDT
  
  (Newser) - Taking deep breaths of clean air won’t stave off panic for casinos confronted with smoking bans in an increasing number of states, the Wall Street Journal reports. In Illinois, casinos have posted double-digit revenue drops since a ban took effect in January. “Gamblers like to smoke and drink while they gamble,” explained one consultant. “You've got three co-dependent bad behaviors that go together.” More »
August 2008
- School Offers Slot Machine Repair Course
  
  Miami Herald | Aug 25, 08 8:08 PM CDT
  
  (Newser) - A Florida vocational school is helping students hit the jackpot in the lucrative world of slot machine repair. The Sheridan Technical Center recently became the first school to offer a state-approved slot repair course, the Miami Herald reports. The inaugural class of 25 students is already underway. “We try to stay really relevant,” explained one school executive, “and this is such a new industry.” More »
July 2008
- In Gloomy Economy, Even Vegas Is Down on Its Luck
  
  Wall Street Journal | Jul 1, 08 11:14 AM CDT
  
  (Newser) - The economic downturn is hitting Las Vegas casinos with a one-two punch: Gamblers have less money to spare, and investors are less willing to shell out for glamorous new projects. Several casino companies have recently filed for bankruptcy protection, the Wall Street Journal reports. "This is the toughest environment we've faced," says one gaming exec. More »
June 2008
- Rock, Paper, Scissors Champ Wins $50K in Vegas
  
  Boston Globe | Jun 25, 08 6:47 AM CDT
  
  (Newser) - A Massachusetts systems analyst covered, cut, and smashed his opponents to win the USA Rock, Paper, Scissors championship in Las Vegas. Sean Sears, 23, is now headed to China to play for the world title. He beat out 300 opponents to win the $50,000 championship purse. More »