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MGM Resorts 4Q Loss Narrows as Expenses Decline

Submitted by Natalie Cullen, Online Editor
Wednesday, February 19th, 2014, 1:20pm
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.

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Progress Being Made on New Club on the Strip

Submitted by Natalie Cullen, Online Editor
Friday, February 14th, 2014, 5:31pm

Progress is being made on the newest megaclub coming to the Las Vegas Strip.

Drai's dayclub and nightclub is being built at the top of the new Cromwell boutique hotel. The creator is long-time nightclub owner Victor Drai, whose afterhours club was legendary night spot.

When finished, the $100 million club will have pools, DJs, and an amazing view of the Strip.

"I think it is going to be the prettiest background in the world, and you got an amazing experience between the outside and the inside will be all one," Drai said.

The Cromwell is at the corner of Las Vegas Boulevard and Flamingo Road. The old Bill's Gamblin' Hall and Saloon is being remodeled to create the new boutique hotel set to open later this year.

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MGM Adds 27 Charging Stations for Electric Cars

Submitted by Natalie Cullen, Online Editor
Thursday, February 13th, 2014, 2:21pm

LAS VEGAS (AP) -- Casino giant MGM Resorts International wants you to be able to charge your electric car while you gamble.

The company is installing 27 car charging stations at nine Las Vegas casinos, and at its corporate offices. The stations will free to use.

Chief Sustainability Officer Cindy Ortega says the company wants to make it easy for patrons to continue their sustainable habits while they use the hotel-casinos.

MGM has already installed charging stations at Mandalay Bay and MGM Grand on the Las Vegas Strip. The company expects to install the rest of the stations later this month.

 

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Gambling Industry Fights Self on Internet Gambling

Submitted by Natalie Cullen, Online Editor
Monday, February 10th, 2014, 3:43pm
Gambling Industry Fights Self on Internet Gambling

LAS VEGAS (AP) -- Many experts believe online wagering is the future of gambling, but the casino industry is increasingly divided on the issue.

The latest evidence of the split comes Monday as the Coalition to Stop Internet Gambling launches the first commercial in a six-figure campaign warning of the dangers of legalized Internet gambling.

The group is supported by casino mogul Sheldon Adelson, CEO of Las Vegas Sands.

Meanwhile, the casino lobby has made the legalization of online gambling its signature issue for the year. Major members including Caesars Entertainment Corp. are taking steps to get into the market.

Morgan Stanley predicts that by 2020, online gambling in the U.S. will produce the same amount of revenue as Las Vegas and Atlantic City markets combined: $9.3 billion.

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Club X Train Cars On Display

Submitted by Natalie Cullen, Online Editor
Tuesday, February 4th, 2014, 4:32pm
Bill Roe/8 News NOW
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Las Vegas Reports Nearly 40 Million Visitors in 2013

Submitted by Natalie Cullen, Online Editor
Monday, February 3rd, 2014, 8:17pm
Las Vegas Reports Nearly 40 Million Visitors in 2013

 

LAS VEGAS (AP) -- Tourism officials say Las Vegas conventions, casinos and clubs drew 39.67 million visitors in 2013, just under the record 39.73 million set the year before.

The Las Vegas Convention and Visitors Authority said Friday that the year-end statistics reflect strength in an industry with a $45 billion local economic impact.

The nearly 150,600 rooms in the city and Strip averaged 84.3 percent occupancy, and average daily room rates increased $3, to nearly $111 per night in 2013.

Casino revenues reached $9.7 billion countywide, up 2.9 percent from 2012.

Downtown Las Vegas revenues decreased 1.6 percent; the Las Vegas Strip increased 4.8 percent.

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Nevada Gambling Revenue Down 2.6 Percent in October

Submitted by Natalie Cullen, Online Editor
Wednesday, November 27th, 2013, 1:21pm
Nevada Gambling Revenue Down 2.6 Percent in October

CARSON CITY, Nev. (AP) -- Nevada gambling revenues are down 2.6 percent in October compared with a year earlier.

Officials from the Nevada Gaming Control Board say Wednesday that the state's casinos brought in $954 million last month.

Las Vegas Strip winnings of $551 million were down 5 percent from the same month last year, while downtown Las Vegas revenues of $47 million were down 3 percent.

Reno casinos saw their winnings drop 1 percent to $43 million. South Lake Tahoe saw revenue fall 23 percent to $12 million in October.

The state collected $61 million in taxes based on October gambling winnings. That's an 11.9 percent increase from the same month last year.

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