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Turnaround story unfolds for MGM Resorts International

Wall Street and gaming analysts have high praise for MGM Resorts International's turnaround from the tough days of the Great Recession.

CityCenter opened in December 2009 to cost-overruns and a depressed consumer market. MGM Resorts’ stock price was trading in single digits and the company was looking to unload several hotel-casinos to bolster its sagging balance sheet. MGM Resorts’ survival was in doubt — but today it’s a whole new story.

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Exterior signage complete for Delano Las Vegas

The sign on the hotel formerly known as The Hotel has been changed, marking part of its transformation to the Delano Las Vegas.

The completed exterior signage at the Delano Las Vegas is seen Wednesday. Formerly known as The Hotel, the 1,100-room nongaming hotel on the south Strip is a collaboration between MGM Resorts International and the Morgans Hotel Group, which owns the Delano brand.

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SLS Las Vegas poised to be SBE Entertainment’s flagship property

SLS Las Vegas poised to be SBE Entertainment’s flagship property

The newly renovated SLS Las Vegas will be the first project of its size for SBE Entertainment.

SLS Las Vegas will become SBE Entertainment’s flagship property as soon as the $415 million hotel-casino opens on the north end of the Strip in late August.

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Room reservations open for new SLS Las Vegas Hotel and Casino

Room reservations open for new SLS Las Vegas Hotel and Casino

Room reservations are now open for the new SLS Las Vegas Hotel and Casino. The resort announced the first rooms will be available beginning August 25. The property's grand opening celebration will be Labor Day weekend.

Reservations can be made through SLSlasvegas.com. Rooms will start at $109 per night on weekdays and $139 per night on weekends. The offer requires a two-night minimum stay and is valid from Sept. 1 through Dec. 27. There are some blackout dates.

The website will also allow people to book restaurant and nightlife venues along with tickets to events on the property.

Hospitality company sbe remodeled the Sahara Hotel and Casino to create the SLS Las Vegas. The newly remodeled resort will feature 1,600 rooms and suites, 30,000 square feet of convention and meeting space, along with new dining and nightlife options.

The Quad Workers Vote to Join Culinary Union

Workers at The Quad Resort and Hotel have joined the Culinary Workers Union Local 226 and Bartender Union Local 165.

The workers made their decision to join the union under a card-check neutrality agreement. The process allows workers to decide whether to join the union while the employer remains neutral.

On Wednesday, a independent, third party verified that a majority of workers signed union authorization cards, so the company recognized the union as the collective bargaining unit.

The Quad is owned by Caesars Entertainment, which already has a contract agreement for its other properties with the Culinary Union.

Negotiations for collective bargaining agreement to cover the workers at The Quad, which was formerly the Imperial Palace, will start shortly. 

MGM Resorts 4Q Loss Narrows as Expenses Decline

MGM Resorts 4Q Loss Narrows as Expenses Decline

LAS VEGAS (AP) -- MGM Resorts International's fourth-quarter loss narrowed, helped by reduced expenses.

The casino operator lost $38.3 million, or 8 cents per share, for the period ended December 31. That compares with a loss of $1.22 billion, or $2.50 per share, a year ago.

Analysts, whose estimates typically exclude one-time items, predicted a loss of a penny per share. Expenses declined to $2.2 billion from $2.72 billion.

Revenue rose 10 percent to $2.51 billion from $2.29 billion. Casino revenue climbed, as did revenue for rooms, food and beverages and entertainment. Wall Street forecast revenue of $2.47 billion.

MGM China's board also announced a $500 million special dividend on Wednesday. Shares of MGM Resorts shed 20 cents to $25.65 in premarket trading 45 minutes ahead of the market opening.