Most Clicked Casino & Gaming SmartBrief Stories


1. Bank of America reaches settlement over Fontainebleau

Casino & Gaming SmartBrief | Feb 26, 2015

Bank of America has settled a lawsuit with lenders over the defunct Fontainebleau Las Vegas. The bank will pay lenders $300 million in the settlement after being accused of improperly advancing funds to the project as its finances worsened. The casino project planned for the north end of the Las Vegas Strip filed for bankruptcy in 2009. Reuters (02/25) Wall Street Journal (tiered subscription model), The (02/25)


2. Rock Gaming to buy out Caesars' 20% stake in Ohio

Casino & Gaming SmartBrief | Feb 27, 2015

Caesars Entertainment reached a deal to sell for an undisclosed amount its 20% stake in three casinos, including two Horseshoe properties in Ohio to Rock Gaming, which now fully owns the properties. The properties are not part of Caesars' bankruptcy package and will continue to be managed by Caesars. Cincinnati Enquirer (tiered subscription model), The (02/26) Las Vegas Review-Journal (02/26) Plain Dealer (Cleveland), The (02/26)


3. IRS considers safe harbor method for slot play

Casino & Gaming SmartBrief | Mar 04, 2015

The Internal Revenue Service has proposed a safe harbor method for gamblers to figure out their gains or losses from slot machine transactions. The optional method applies to slot machine play that is tracked electronically. Accounting Today (03/03)


4. Hard Rock promotes Lucas to executive vice president

Casino & Gaming SmartBrief | Feb 26, 2015

GGRAsia (Macau) (02/26)


5. Wynn Resorts seeks to boot Elaine Wynn from board; she'll nominate herself

Casino & Gaming SmartBrief | Mar 02, 2015

Las Vegas Review-Journal (03/02)


6. Loveman: Slot machine options are "antiquated"

Casino & Gaming SmartBrief | Mar 04, 2015

Expectations of IGT will remain high after its takeover by GTECH is complete, writes Howard Stutz, as many casino operators criticize slots manufacturers for not changing as quickly as casino patrons. "I remain very concerned that the product is antiquated as a category," said Gary Loveman, CEO of Caesars Entertainment. A.G. Burnett, the chairman of the state Gaming Control Board, said slot machines need to "be attractive to the younger demographic." Las Vegas Review-Journal (03/04)


7. Loveman "fascinated" by complexities of High Roller

Casino & Gaming SmartBrief | Mar 03, 2015

Ridership on the High Roller Ferris wheel on the Las Vegas Strip increased 10% in the fourth quarter over the third quarter, but the ride attracts less than half of the 11,000 riders per day needed to meet company forecasts of up to 4 million riders per year. Chairman and CEO Gary Loveman said marketing the ride has been a challenge, but he remains optimistic. "I'm very excited about how the wheel is doing," Loveman said. "I'm also fascinated by how complicated it is." Bloomberg (03/02)


8. Lady Luck Casino in Pa. is up for sale

Casino & Gaming SmartBrief | Feb 26, 2015

Isle of Capri Casinos is looking for a buyer for the Lady Luck Casino it opened in Pennsylvania in July 2013. The resort casino was initially plagued with financial difficulties as it is one of two statewide that require patrons to be overnight guests or resort customers, but business has improved in the past few months. Pittsburgh Post-Gazette (02/25)


9. Markantonis to take over at Sands' Las Vegas casinos March 17

Casino & Gaming SmartBrief | Mar 04, 2015

Las Vegas Sands has hired George Markantonis as president of the Venetian and Palazzo in Las Vegas, effective March 17. Markantonis worked for the Westin hotel chain for 16 years, was senior vice president of hotel operations at Caesars Palace, and most recently led the Atlantis resort in the Bahamas. VegasInc.com (Las Vegas) (03/03)


10. Caesars unit outlines bankruptcy strategy

Casino & Gaming SmartBrief | Mar 04, 2015

Caesars Entertainment unveiled a plan in bankruptcy court to split Caesars Entertainment Operating Co. into a property company controlled by a real estate investment trust, which would manage properties and generate value for creditors, and an operating company that would manage 38 casinos nationwide. Upon exiting bankruptcy, the operating company would be owned by first-lien noteholders, who would also own close to 70% of the REIT; junior creditors would own the rest. "The debtors believe this structure materially improves stakeholder recoveries versus a more traditional 'standalone' restructuring," the company said. The plan would trim $10 billion of debt. Reuters (03/03)




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