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Nevada Casino Winnings Down 5.7 Percent in April

LAS VEGAS -- Regulators say monthly casino winnings in Nevada decreased 5.7 percent in April, to a little more than $810 million, compared with the same month a year ago.

The state Gaming Control Board reported Wednesday that state tax collections based on those winnings was just under $40 million, or 23.4 percent less than last year.

North Las Vegas and the Boulder Strip in Clark County, and North and South Lake Tahoe all showed steep drops in casino win during the month.

Only the Carson Valley area, Mesquite and Wendover showed any increase. On the Las Vegas Strip, casino winnings were down just under 1 percent.

The report shows an overall decrease in casino winnings of about4 percent for the first 10 months of the 2010 fiscal year, ending June 30.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

Judge Approves Auctioning Station Casino Hotels

RENO, Nev. -- A federal bankruptcy judge in Nevada has approved a plan to auction 11 Station Casinos properties on the open market.

U.S. Bankruptcy Court Judge Gregg Zive in Reno said Friday that he'll supervise the Aug. 6 sale. The judge says he wants to control disentangling what he called a complex set of relationships with "legal issues and questions at every step of that separation."

The proposal would spin off the Red Rock Resort, Palace Station, Sunset Station, Boulder Station and Wild Wild West properties into a holding company owned by company lenders, real estate investor Colony Capital, and members of the casino company's founding family.

The holding company would offer $772 million for the remaining 11 casinos, land holdings, and American Indian casino contracts as one entity.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

Special Table for Wealthy Card Sharks

LAS VEGAS  -- Wealthy card sharks have a new exclusive table on the Las Vegas Strip that honors one of the game's most famous players.

Casino operator MGM Mirage plans to open a one-table, high-limit poker room named for Phil Ivey at the Aria Resort & Casino at CityCenter. Ivey is widely considered the best card player alive today, having won millions in cash games and tournaments.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

Las Vegas Sands Closes on $1.75B in Macau Loans

LAS VEGAS  -- Las Vegas Sands Corp. says it has secured $1.75 billion in financing to build its next two phases of development in Macau.

The Las Vegas-based casino company said Thursday the money will be used to build hotels along with casino, convention and retail space in the Cotai area of the Chinese gambling enclave.

Sands chief executive Sheldon Adelson says a total of 6,000 hotel rooms will be built in phases to attract large conventions and trade shows. Adelson says the development's first phase includes 3,700 hotel rooms and will open during the third quarter of 2011.

He says another 2,300 hotel rooms will open in 2012. The owner of the Venetian and Palazzo resorts in Las Vegas already owns three casino-resorts in Macau.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

Nevada Casino Winnings Decrease Slightly in March

CARSON CITY, Nev.-- Regulators say Nevada casinos won a little more than $912 million in March, a slight decline compared with the same month a year ago. The state Gaming Control Board reported Tuesday that Nevada casino winnings were down less than 1 percent year-to-year, after winning $918 million in March 2009.

However, the state took in almost $80 million based on those revenues. That's a nearly 7 percent increase compared with the same period a year ago. The Las Vegas Strip, Laughlin, Reno area and South Lake Tahoe all showed increases in casino win. Downtown Las Vegas, North Las Vegas and Sparks showed the biggest declines.

The board says statewide casino winnings are down just under 4 percent for the fiscal year beginning last July 1.

 

(Copyright 2010 by The Associated Press. All Rights Reserved.)

Boyd Gaming Moves to 1Q Profit on Lower Expenses

LAS VEGAS -- Casino operator Boyd Gaming Corp. says it returned to a first-quarter profit as cost cuts helped offset a drop in gambling revenue and forecast growth in the second half of the year.

Consumers have tightened their discretionary spending during the economic downturn. While conditions appear to be improving, spending on nonessentials and leisure activities is still only slowly increasing.

The Las Vegas company on Tuesday reported net income of $8.4 million, or 10 cents per share, for the period ended March 31. That compares with a loss of $13.8 million, or 16 cents per share, a year earlier.

Revenue fell 5 percent to $415.1 million from $434.8 million as a decline in gaming revenue offset an uptick in food and beverage and room revenue.

 (Copyright 2010 by The Associated Press. All Rights Reserved.)

Las Vegas Sands CEO Adelson got $5.58 Million in 2009

LAS VEGAS  -- An Associated Press analysis shows billionaire Sheldon Adelson received $5.58 million in 2009 as the chairman and chief executive of casino-resort developer and operator Las Vegas Sands Corp.

Adelson's pay package detailed Friday in a Securities and Exchange Commission filing from the company. It includes a $1 million salary and $2.73 million in perks -- including $2.45 million for security for Adelson and his family.

Adelson got $1.28 million in 2008, but that did not include roughly $2.1 million for similar security. The AP calculation aims to isolate the value company boards place on CEOs' total compensation package. It includes salary, bonus, incentives, perks and the estimated value of stock options and awards.

(Copyright 2010 by The Associated Press. All Rights Reserved.)