Our network

Gaming News

MGM Mirage to Sell $845 Million in Bonds

LAS VEGAS -- Casino operator MGM Mirage says it will sell $845 million in new bonds due in 2020, looking to build a healthier balance sheet amid a gambling industry slump.

MGM Mirage, the world's second biggest casino operator, is seeing gamblers make fewer trips to its resorts and spend less money when they do.

Last month the company said it had reached a deal with lenders to extend the deadline for paying off about $3.6 billion worth of debt to February 2014. In all, the company owes almost $13 billion. MGM Mirage said Tuesday it will offer the new bonds in a private sale. The company says the notes will be backed by a mortgage on the MGM Grand Las Vegas resort with the proceeds used to pay off bank debt.

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

Wynn Resorts Inks Deal to Open Philadelphia Casino

PHILADELPHIA -- Las Vegas casino mogul Steve Wynn wants to take over the embattled Foxwoods casino project on Philadelphia's waterfront.

Wynn Resorts Ltd. signed a letter of intent today for an affiliate to take over as managing partner in the project that's has been stalled for the three years by political and neighborhood opposition.

Wynn Resorts currently operates two casinos in Las Vegas and another in Macau. Wynn's role is contingent on approval by Pennsylvania gambling regulators.

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

Nevada Gaming Revenues Suffer Biggest Percentage Drop

CARSON CITY, Nev. -- Nevada casino revenues plunged 10.4 percent in the 2009 calendar year, when casinos reported a total gambling win of $10.4 billion.

A report by the Nevada Gaming Control Board released Thursday shows last year's steep decline followed a 9.7 percent drop in 2008.

For December, casinos statewide reported a win of $859.3 million, down 3.2 percent from the same month a year ago. The state collected $33.4 million in taxes, down 6.7 percent.

Taxes paid by casinos make up about a third of the state's general fund. Nevada's gambling industry has been especially hard hit in the recession as tourists and residents keep a tighter hold on discretionary spending that historically fueled the state's economy.

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

Nevada Casino Winnings Up for First Time in 23 Months

LAS VEGAS -- For the first time in 23 months, gamblers are spending more money in Nevada. In November, casinos won more than $873 million, up more than 4-percent from the same time last year.

But that's not the only number going up. Las Vegas saw a near 3-percent jump in visitor volume in November. The CES convention also saw a 6-percent increase in attendance. Las Vegas leaders are hoping this good luck lasts through all of 2010.

"We think convention numbers are going to be up a little bit, and so we think that is how 2010 is going to go -- that we are going to gradually see some increases in the numbers. That's what we're expecting for the first quarter," said Cathy Tull with the Las Vegas Convention and Visitor's Authority.

The LVCVA says they have 25 major trade shows scheduled for 2010 that will pump more than $2 billion non-gaming revenue into the economy. Last year, they had 24 large trade shows.

Hard Rock's Newest Tower Opens

LAS VEGAS -- The Hard Rock Hotel & Casino in Las Vegas unveiled its latest tower with 40,000 square feet of casino space and 375 suites.

The hotel is being billed as a mix of traditional Hard Rock style blended with modern luxury.

"We've gotten a little bit more sophisticated with the new HRH tower. We now have a product that compares the Bellagio, Wynn and Venetian and all the high end products out there," said Phil Shalala, Hard Rock.

The tower is part of a $750 million expansion at the off-Strip property owned by Morgans Hotel Group and equity partner DLJ Merchant Banking Partners.

The tower also features a spa and night club called Vanity which will open New Year's Eve. 

(The Associated Press contributed to this report.)

Newest Las Vegas Casino Prepped for Opening

LAS VEGAS -- The centerpiece of CityCenter is all set for a big grand opening Wednesday evening.

ARIA Resort & Casino boasts 4,000 rooms and dozens of restaurants and bars. It also has the only casino on the massive resort.

Luxury blended with technology promises guests at ARIA a one of a kind experience.

Will West is the CEO of Control4, the company that helped design the personalized features in all 4,004 rooms. "ARIA wanted to create an environment that was a much more comfortable, home-like and also energy efficient," he said.

Everything about ARIA and CityCenter is touted to be environmentally friendly. It's often invisible to the naked eye, but it's here. "That would be things like putting in the right fixtures for water and the right lighting in daylight," said Cindy Ortega, Senior Vice President of Energy and Environmental Design with MGM Mirage.

Nevada Gaming Revenues Down in October

LAS VEGAS, Nv -- Nevada gambling regulators have released October casino win figures, which show another decline.

Nevada gaming revenue was down 11.6 percent in October as compared to a year earlier. Total gaming revenues for the past year were $800.3 million as compared to nearly $905 million a year ago.

Casino taxes, along with sales and use taxes, account for about two-thirds of state revenues. For the fiscal year that began July 1, total collections are about $50 million short of projections that were used to set the state budget.