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New York Gambling News Brief

Suspension of casino cash impacts Falls finances

Tonawanda News,  Wednesday, September 01, 2010 at 10:48:52 AM
A lengthy casino cash dispute between the Seneca Nation of Indians and New York state could pose some problems for the city's finances.

City Comptroller Maria Brown said Tuesday the decision by Seneca tribal leaders to suspend casino cash payments to the state is not cause for immediate concern, but could present at least one serious challenge if the two sides remain at odds months from now.

Brown said the city's 2010 budget relies on 2009 casino cash revenues to cover a debt service increase of roughly $4.5 million. Brown said the city was still awaiting payment for its share of the 2009 casino revenue when Seneca leaders agreed on Monday to withhold future allocations because they felt state-approved gambling operations threatened their Western New York casino operations. Brown said the city has enough cash reserves to cover its debt service obligations through the end of the year, but would not have sufficient funds to do the same in 2011.

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Nevada Gambling News Brief

Las Vegas casino fined over gambler's card table dance

BBC,  Thursday, August 26, 2010 at 1:56:00 PM
Caesars Palace settled with Nevada regulators who accused the casino of failing to protect the game and its patrons, according to documents.

The high-stakes gambler cavorted on a baccarat table and placed bets while a game was in progress last October.

The state gaming control board said Caesars' security should have stopped him from behaving in such a manner.

Over a 45-minute period during high-stakes gambling the patron "climbed onto the baccarat table from his chair, walked on his baccarat table and placed baccarat wagers before returning to stand on his chair and eventually sitting", the regulators' complaint read.

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Nevada Gambling News Brief

Cosmopolitan resort-casino unveils Strip marquee

Las Vegas Sun,  Wednesday, August 04, 2010 at 11:52:14 AM
Las Vegas' neon highway became a bit brighter Tuesday as the Strip welcomed its newest marquee.

Cosmopolitan of Las Vegas Chief Executive John Unwin flicked the switch for the Cosmopolitan's 65-foot marquee at a media event Tuesday afternoon. Comprised of four LED screens, the marquee took more than six months to build.

The 2,995-room, 50-story resort-casino between the Bellagio and CityCenter is planning a soft opening in December with a grand opening celebration on New Year's Eve weekend.

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Nevada Gambling News Brief

Boyd withdraws bid for Station Casino assets

Rueters,  Friday, July 30, 2010 at 9:10:17 PM
Casino operator Boyd Gaming Corp has given up on efforts to acquire assets held by bankrupt Station Casinos Inc, citing bidding procedures that favor Station insiders.

The move clears the way for a $772 million bid led by Station's founding Fertitta family to acquire most of the assets.

"Unfortunately, given bidding procedures that favor Station insiders, and our current view of the limited potential value of the operating and development assets, we have concluded this opportunity no longer makes sense for our company," Boyd Chief Executive Officer Keith Smith said in a statement.

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Washington Gambling News Brief

Nevada Gold acquires six Washington mini-casinos

Press Release,  Monday, July 26, 2010 at 8:54:16 AM
Nevada Gold & Casinos, Inc. has completed its previously announced acquisition of six mini-casinos in Washington. The casinos are The Silver Dollar Seatac, The Silver Dollar Renton, The Silver Dollar Mill Creek, Club Hollywood, located in Shoreline, the Royal Casino located in Everett and The Golden Nugget Casino located in Tukwila.

"We are pleased to add these properties to our portfolio and are delighted that we were able to close the acquisition just three months after signing," said Robert Sturges, CEO of Nevada Gold. "The Nevada Gold team, including Victor Mena, Chief Operating Officer of the Washington Gold Casinos, and other members of the existing management teams at each casino, look forward to working with each facility to make improvements to drive future growth and profitability."

With this acquisition Nevada Gold has become the largest owner of mini-casinos in the state of Washington with nine such facilities, which represents 13% of the state's active mini-casinos.

"The synergies amongst our Washington properties will allow us to operate with great efficiency, cross market and offer a high level of consistent guest service and promotional incentives. These advantages enhance the attractiveness of the already attractive effective multiple we are paying for these properties," concluded Mr. Sturges.

Nevada Gold decided not to pursue the acquisition of the Silver Dollar Tukwila to which, due to consistent losses, only $1.00 of the total purchase price had been allocated in the Asset Purchase Agreement.


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