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MGM Mirage Taps Burton Cohen for Board Post

LAS VEGAS -- MGM Mirage Inc. named industry veteran Burton Cohen as a board member, the casino operator said Wednesday.

Cohen, who is retired, is the former co-owner and general manager of the Frontier Hotel & Casino. He also served as executive vice president of the Flamingo Hotel Casino and president and CEO of the Desert Inn Hotel & Country Club. All of the properties are located in Las Vegas.

MGM Mirage is currently trying to reduce its debt. In February the company reached a deal with lenders to extend the deadline for paying off about $3.6 billion of its $13 billion in debt to February 2014.

MGM Mirage owns and operates 15 properties in Nevada, Mississippi and Michigan, and has 50 percent stakes in four other properties in Nevada, Illinois and Macau. It also holds the sole economic interest in a trust that owns 50 percent of Borgata Hotel Casino & Spa in Atlantic City. N.J.

Las Vegas Picked to Host Global Tourism Summit

LAS VEGAS -- Tourism officials in Las Vegas say the city has been picked to host an international summit next year for tourism leaders from around the world.

The Las Vegas Convention and Visitors Authority is expected to vote Tuesday on whether to invest $1.5 million to host the Global Travel & Tourism Summit. This year's summit is being held next month in Beijing.

The agency in charge of promoting Las Vegas says the summit include heads of state, government representatives and business leaders from around the world.

 

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

Nevada Casino Winnings Jump 14-Percent in February

LAS VEGAS -- Regulators say casinos on the Las Vegas Strip did better in February, pushing gambling winnings up almost 14 percent statewide compared with a dismal month in 2009.

The state Gaming Control Board reported Thursday that Nevada casino win increased to almost $947 million, compared with $831 million in February 2009.

Most of the increase was driven by the Strip, where the casino win figure was up a whopping 33 percent. The board tallied a decline in the rest of Clark County, and modest increases in Washoe and Elko counties.

The state's $47 million share of overall winnings was still down more than 28 percent, compared with the same period a year ago. Analysts were anticipating signs of improvement in February, based on Super Bowl and Chinese New Year events.

The big game packed not only hotel rooms but also sportsbooks and the tables.

Cosmopolitan of Las Vegas to Open in December

LAS VEGAS  -- The CEO of the new $3.9 billion Cosmopolitan of Las Vegas casino says it will open in mid-December with about one-third of its rooms delayed until July 2011.

It is likely to be the last major new casino-resort likely to open on the struggling Las Vegas Strip for at least a few years. Even before the Cosmopolitan plays its first hand, executives and analysts say it must draw new customers who feel it is a must-see draw to Sin City.

Cosmopolitan CEO John Unwin said the hotel's amenities,including 13 restaurants, a spa, nightclub, 150,000 square feet of meeting and convention space and retail stores, would open in mid-December with the casino and the bulk of its 2,995 rooms. 

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

Luxor in Legal Battle over Bar's Name

LAS VEGAS  -- MGM Mirage's Luxor hotel and casino is in a legal fight over whether it can use the name "Liquidity" for one of its bars.

Records show a Florida man in April 2008 obtained a federal trademark for the word "Liquidity" for use in the sale of red wine. Hotel attorneys say the man intentionally made false statements to obtain registration for the name.

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

Casino Equipment Manufacturers Group Adds Members

LAS VEGAS  -- A trade group for casino equipment manufacturers says it has added three new companies as members.

The Association of Gaming Equipment Manufacturers said its board of directors approved AxesNetwork Solutions, Phelps Dunbar LLP and THT to be added to the group. The group says it now has 93 members.

AxesNetwork Solutions is based in Sherbrooke, Quebec and provides casinos online cashless payment management software. Louisiana-based Phelps Dunbar is a law firm. THT of Slovenia manufactures gambling machines, including electronic poker tables.

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

Wynn Resorts CEO Steve Wynn Paid $8.39M in 2009

LAS VEGAS -- An Associated Press analysis shows that billionaire Steve Wynn's compensation as chief executive of Wynn Resorts changed little in 2009 as the casino operator struggled in Las Vegas.

Wynn's compensation totaled $8.39 million in 2009, compared with $8.45 million in 2008. The package included $2.95 million in salary, a $4.06 million cash bonus and $1.37 million in perks, mostly for personal use of a company aircraft. Wynn received no stock or options.

The AP calculation is based on a regulatory filing. It 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.)