May 29, 2009

Luck running low in Las Vegas - Will it Turn Around?

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There's a really interesting article over at CNN. Seems like luck and money is running out in Las Vegas, and this means more than just cheap rooms.

A search online turns up rooms at Fitzgeralds Casino and Hotel for as low as $26 -- a sure sign the recession is taking a toll on Las Vegas and rates are being slashed to attract visitors.

Judy Bagley, a casino cashier who traded chips for cash and vice versa, found out about recession's toll another way.

"My supervisor came and said I had to close the booth and she was going to count me out and I was to go and meet with the manager and director," Bagley told CNN. "When I went up there they said my services were no longer needed and my job was being eliminated."

So three months ago, after more than 28 years at Fitzgeralds, she was out of work.

"It felt like I was more or less stabbed in the back after all the years I had been there," Bagley said. "I'd been very loyal to the company and never called in sick and I have very little discipline [issues] and it felt like betrayal."

At King: Luck running low in Las Vegas - CNN.com

Jay Brewer Permalink | Comments (1) | social bookmarking

May 22, 2009

Sands Opens New Casino in Bethehem Steel Mill

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Pennsylvania is in for a treat because nearly 14 years after a century of steelmaking ended in south Bethlehem, PA, gambling will step into the void left by the death of Bethlehem Steel. At 9 a.m. today, Bethlehem will become Pennsylvania's eighth casino town.

The $743 million gambling hall in the former Bethlehem Steel ore field at the south end of the Minsi Trail Bridge features four restaurants and two lounges.

At A new era to begin at the old Steel site

Jay Brewer Permalink | Comments (0) | social bookmarking

May 15, 2009

New Bill May Make Online Gambling Legal in the US

Let's hope this passes - come on Mr. Frank!

In a move that shows the US Congress aren’t all misguided and shooting in the dark, a new bill that would overturn the 3-yr old ban on Internet gambling was introduced last Wed.

The new bill, titled “Internet Gambling Regulation Consumer Protection & Enforcement Act” would allow the US Treasury to regulate the industry instead of the current practice.

As representative Frank puts it “The government should not interfere with people’s liberties.” Well said.

For those that disagree, consider this - if we’re going to ban online gambling, shouldn’t we ban other forms of gambling as well?

Via Gizmos for Geeks

Jay Brewer Permalink | Comments (0) | social bookmarking

May 9, 2009

Nevada Gaming Revenue Slips 11.6% in March

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That's right - the numbers are still slipping, but we predict a Summer and Fall turn around.

Numbers from the Nevada Gaming Control Board released on Thursday show that the recession's hold on Las Vegas could be loosening.

Although gaming win on the Strip fell 12 percent year over year, there was an uptick in revenue when compared to February 2009.

For Las Vegas, March revenue came in at $456.1 million -- up 6.7 percent from $427.4 million in February. In February, year-over-year Las Vegas casino win dipped 23 percent.

At Nevada Gaming Revenue Slips 11.6% in March

Jay Brewer Permalink | Comments (0) | social bookmarking

May 1, 2009

MGM Mirage Gets Full Funding for City Center Project

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Looks like it's a go!

Shares of MGM Mirage skyrocketed Thursday, gaining as much as 50% after the company cut a deal with a joint-venture partner -- and its lenders -- that will apparently ensure the completion of its massive CityCenter project.

After the close of trading Wednesday, MGM Mirage (MGM:MGM 7.97, -0.41, -4.9%) and Dubai World, co-owners of CityCenter, ended more than a month of turmoil and infighting with a pact under which they will fund their remaining contributions to CityCenter via letters of credit, while current lenders will fully fund a $1.8 billion senior secured credit facility.

Furthermore, Dubai World said it will dismiss a lawsuit it filed last month against MGM Mirage, which charged that the casino giant was mismanaging the project.

"CityCenter is now fully funded and on track to open in December 2009," the two companies said in a joint statement.

At MGM Mirage shares soar on CityCenter pact - MarketWatch

Jay Brewer Permalink | Comments (0) | social bookmarking
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