Las Vegas Sands CEO and Chairman Sheldon Adelson underscored the value of the company's property in the resort city when he addressed hospitality and gaming program students at the University of Nevada, Las Vegas. "Las Vegas is a core asset. I'm never going to sell it. Because if I sell it, I'm giving away the keys to my kingdom," Adelson said.
Bally Technologies saw its year-to-year revenue increase by 20% to $229 million in the quarter ended March 31. The company reported profit of $30 million, compared with $23.8 million in the same period last year. "Our third-quarter financial and operating results are showing the payoffs from multiple investments as we execute on our growth initiatives," said CEO Richard Haddrill.
The developer of the $500 million casino project at Arundel Mills mall in Maryland said the facility is scheduled to open on June 6. Cordish Cos. said the Maryland Live! Casino, which promises a "world-class gaming experience," will offer 3,200 slot machines and electronic table games.
Pinnacle Entertainment agreed to purchase a 75.5% stake in the Retama Park Racetrack in Selma, Texas, for $22.8 million. "Having a stake in this property will give Pinnacle a seat at the bargaining table if Texas considers gaming at racetracks and should help to mitigate investor concerns," said Joel Simkins, a gaming analyst at Credit Suisse.
Maryland officials granted Rocky Gap Lodge and Golf Resort a slot machine license. Evitts Resort and Lakes Maryland Development, the chosen developers for the casino, will put in 850 slot machines. The facility is expected to open in the summer of 2014.
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The owners of the Plainridge Racecourse in Plainville, Mass., are seeking to win the bid to obtain a slot-parlor license from the Massachusetts Gaming Commission. Included in Plainridge's plans, which have been approved by the town's Planning Board, is a 70,000-square-foot facility that would have 1,250 slot machines. Suffolk Downs racetrack is also seeking license for its proposed full casino in Revere, Mass.
The Seminole tribe of Florida is expanding the Billie Swamp Safari at its Big Cypress reservation, beginning with a 36-machine slot room addition. The tribe plans to start construction on a larger casino at the safari at the end of the year. "We think we could give them a gaming experience combined with an authentic Seminole meal, storytelling and nature walks," said Seminole Gaming CEO James Allen.
MGM Resorts International appointed William M. Scott IV as senior resident executive for China. Scott, who joined the company in 2009, will serve as the company's resident director for MGM China Holdings and Diaoyutai MGM Hospitality.
The AGA white paper, Improving Gaming Regulation: 10 Recommendations for Streamlining Processes While Maintaining Integrity, makes a wide range of recommendations for national and state-specific reforms that would improve the gaming regulatory system. The paper notes that regulation must evolve to keep pace as advancing technology transforms the industry, changing both the games to be regulated and the tools available to regulators. To download a full copy of the report, visit the AGA website.
G2E 2011 featured session recording: Safety First: Managing Employee Risk
In the G2E 2011 session recording Safety First: Managing Employee Risk, experts explain how to incorporate ergonomics into employee tasks, establish effective safety programs and reduce workers' compensation as well as insurance costs. Whether you have hundreds or thousands of employees, their safety is always paramount. From job-related tasks to accidental slip-and-falls, employers must be diligent in keeping their workplaces safe. Listen to the whole session recording, and don't forget G2E 2012 takes place Oct. 1-4 at The Sands Expo & Convention Center!