Posts Tagged ‘Caesars Entertainment’

AGA, Rational Group Slug It out before New Jersey Regulators

by , Mar 14, 2013 | 3:00 pm

Attorneys for online gaming giant PokerStars said an attempt by the American Gaming Association to block the company from buying a failing Atlantic City casino was a thinly veiled anti-competitive campaign to keep new ownership out of the market.

In a lengthy letter to New Jersey gaming regulators, attorneys for PokerStars ownership, The Rational Group, said the American Gaming Association lacks standing in the matter.

Attorneys also raised a reported offer by Caesars Entertainment Corp. to sell the Rio to PokerStars. According to the letter, Caesars offered to sell the off-Strip casino to PokerStars because it would better the two companies relationship and would help PokerStars earn a Nevada gaming license.

PokerStars declined the offer because it had no plans to acquire another casino in the near term, according to a letter dated March 10 from Washington, D.C., attorneys Jeff Ifrah and David Deitch. Within weeks the AGA submitted its petition to the (New Jersey Casino Control) Commission.

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Gaming Stocks on the Rise with Passage of Internet Gambling Bills

by , Mar 12, 2013 | 10:00 am

CaesarsLogoApproval of Internet gaming bills in Nevada and New Jersey less than a week apart helped fuel investors’ interest in the gaming industry during the last half of February.

The largest beneficiary was Caesars Entertainment Corp.

Nevada and New Jersey began implementing online gaming websites directed at customers gambling on computers or mobile devices within state borders.

Gov. Brian Sandoval signed Nevada’s interactive gaming bill Feb. 21 after less than one day of debate. Not to be outdone, New Jersey Gov. Chris Christie signed his state’s online gaming bill Tuesday after state lawmakers approved changes suggested by the governor when he vetoed the initial legislation.

Caesars owns four of Atlantic City’s 12 casinos. In Las Vegas, Caesars operates 10 casinos on or near the Strip.

But the company also owns the popular World Series of Poker.

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The Euros are Coming!

by , Mar 11, 2013 | 1:00 pm

888 logoThe Gaming Control Board spent almost two hours Wednesday delving into the background of European online gaming operator 888 Holdings, which is seeking an interactive Nevada gaming license.

After recommending that Gibraltar-based 888 be approved the state’s 20th interactive license, the three control board members spent all of five minutes discussing Treasure Island’s request to hold the state’s 21st interactive license.

“I don’t have any questions, unless you want me to make some up,” Control Board Chairman A.G. Burnett told Treasure Island attorney Frank Schreck.

It took board member Shawn Reid longer to read the license conditions into the public record than it did to approve Treasure Island.

Why?

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Did Caesars Really Just Try to Unload the Rio and the WSOP?

by , Mar 7, 2013 | 10:00 am

CaesarsLogoCaesars Entertainment Corp. reportedly offered to sell the off-Strip Rio and the World Series of Poker to PokerStars, a spokesman for the owner of the online gaming business claimed in an email Tuesday.

The statement by Eric Hollreiser, head of corporate communications for The Rational Group, came a day after attorneys for the American Gaming Association wrote in a legal brief that PokerStars had been a “criminal enterprise for many years.”

The Washington, D.C.-based trade organization wants New Jersey gaming regulators to reject PokerStars’ application to operate the failing Atlantic Club Casino in Atlantic City.

Caesars representatives declined to comment on any “assertions” made by PokerStars.

Hollreiser, who is based at The Rational Group’s corporate offices in the Isle of Man, said PokerStars “declined the offer because we had no plans to acquire another casino in the near term.”

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Inside Gaming: Boardwalk Bruises

by , Mar 3, 2013 | 1:00 pm

Atlantic CityAtlantic City can’t catch a break.

The gaming market has seemingly been covered by dark clouds for much of the past six years. Last week’s announcement that Revel, the Boardwalk’s newest resort, was filing for bankruptcy less than a year after opening, didn’t shock anyone.

Bad news has become expected.

Atlantic City gaming revenues have declined more than 40 percent over the last six years. The Boardwalk suffered through labor strife, competition from resorts in neighboring states, casino closures, stalled investments and the recession.

When Hurricane Sandy washed ashore in October, shutting down portions of the Boardwalk for as long as to a week, several analysts quietly wondered whether the freakish storm was a warning sign from above.

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MGM Resorts Joins Fray Competing for Toronto Casino Development

by , Feb 5, 2013 | 10:00 am

MGMResortsMGM Resorts International entered into a partnership with a Canadian real estate developer to bid on, build and operate a hotel-casino complex in downtown Toronto.

In a statement, MGM Resorts Chairman Jim Murren said the 50/50 joint venture with The Cadillac Fairview Corporation Ltd. gives the Las Vegas-based casino giant a partner with extensive Canadian development experience.

In Cadillac Fairview we are partnering with the industry leader in developing high quality properties across North America and a company with whom we share a common vision for the development of an iconic integrated resort in Toronto,” Murren said.

MGM Resorts, along with Las Vegas Sands Corp. and Caesars Entertainment Corp., are exploring a potential casino development in Toronto. The Ontario Lottery Corp. has selected Toronto, Canadas largest city, for a single casino destination. But the concept still needs the approval of city leaders and residents.

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Borgata Group could Benefit if New Jersey Legalizes Net Bets

by , Jan 31, 2013 | 10:00 am

borgatalogoIt hasn’t been the best of times for Atlantic City.

The question now is whether intrastate online gaming is the panacea that revives the Boardwalk.

Union Gaming Group managing director Bill Lerner believes the state’s Internet gambling bill sitting on Gov. Chris Christie’s desk could benefit the two Las Vegas gaming companies that own Atlantic City’s largest resort.

But the bill, which would allow Atlantic City casinos to operate a full catalog of online games — not just poker — would have different results for Boyd Gaming Corp. and MGM Resorts International.

The Borgata, which is now 50-50 owned by Boyd and MGM Resorts, is the market leader in Atlantic City — collecting roughly 20 percent of Atlantic City’s $3.05 billion in gaming revenues in 2012 — and figures to hold the same role in a potential Atlantic City Internet gambling space.

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Caesars Emperor Advises Federal Gov on Social Security, Medicare

by , Jan 23, 2013 | 10:00 am

GaryLovemanAn association of influential chief executive officers, which includes Caesars Entertainment Corp. Chairman and CEO Gary Loveman, suggested several changes Wednesday to Social Security and Medicare that would protect both programs.

Loveman, chairman for the Washington, D.C.-based Business Roundtable’s health and retirement committee, outlined the recommendations during a news conference at the organization’s offices. He also outlined the plan in a Wall Street Journal opinion article.

The suggested changes to Social Security include gradually raising the retirement age from 67 to 70, changing benefit formulas to increase progressivity, updating the method for calculating cost of living adjustments and including newly hired state and local workers in the system.

The Business Roundtable’s plan would protect those 55 and older from cuts, but younger workers would face significant changes. The plan unveiled Wednesday would result in smaller annual benefit increases for all Social Security recipients. Initial benefits for wealthy retirees would be smaller.

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Instapoker

by , Jan 18, 2013 | 2:00 pm

Baptiste Chavillaz Photo: WSOP.com

Baptiste Chavillaz
Photo: WSOP.com


Today’s Boxscore

Baptiste Chavillaz $216,275 – WSOP-C Bicycle Main Event
James Henson $31,021 – WSOP-C Choctaw No Limit Hold’em
Ross Bybee $168,433 – WSOP-C Choctaw NLHE Re-entry
Erin Slaughter $23,660 – WSOP-C Choctaw Tubro
Kevin Eyster $27,573 – WSOP-C Choctaw NLHE 6-Handed


The first WSOP Circuit event of 2013 wrapped up this week with the Bicycle Casino Main Event which drew a nice 721 entrants, up from the 549 last year. Baptiste Chavillaz turned his first ever WSOP-C tournament cash into a $216,275 title and a seat in the National Championship. In almost bigger news, poker reporter/blogger/photographer/tweeter/hair model Jay “WhoJedi” Newnum managed to make it through most of the field to finish an impressive 57th. A close friend was quoted as saying “What a lucksack.” *

On the east coast, the Borgata kicked off their Winter Poker Open festival with a record breaking field. They opened with a $560 re-entry tournament with two starting days and a $1,000,000 guarantee that drew a huge crowd. By the end of registration there were 3,871 entrees which nearly doubled the guarantee. The BWPO continues in balmy, scenic Atlantic City until the WPT televised Main Event starts on the 27th with a $2,000,000 guarantee.

* – Guilty

Link Dump

Tweet of the Day – After going over the list of players in the National Heads Up Poker Championship, the most obvious omission was Vanessa Selbst. She answered all the questions in one simple tweet.


NHUPC 2013: Field of 64 announced – And here is the list, nicely typed out by Andrew Feldman. No real big eye raisers here except maybe the presence of Jean-Robert Bellande. He’ll add a little TV flair but at the expense of more deserving players like David “Doc” Sands and others. I like the inclusion of Shaun Deeb, Kyle Julius, Mohsin Charania, and Dan Smith.

The Best Poker Movie Scenes of All-Time – The Poker Archivist(tm) Nolan Dalla put together a great list of poker scenes. Give it a look and then your two cents.

Want This Job? Wear Your Poker Face – Caesars Entertainment running a management recruiting program dressed up as a poker series? Well played.

Sergio García: ‘I am as competitive as possible in anything I do’ – Garcia gave an interview to The Guardian while in the Bahamas for the PokerStars Caribbean Adventure where he talks about poker and competitiveness.


Casino Lobby Elects New Representatives


AGAThe chief executive of Deutsche Bank Securities was elected to serve as a director of the American Gaming Association, the Washington D.C.-based lobbying arm of the casino industry.

Richard Byrne, previously director-elect, was elected for a one-year term as an at-large director.

William Newby, global head of gaming investment banking at Jefferies & Company Inc., was selected by the AGA board as a director-elect for the coming year.

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Wynn Looks to Challenge Caesars with $1 Billion Resort in Massachusetts

by , Jan 15, 2013 | 1:00 pm

wynn_resorts_logoAs Wynn Resorts Ltd. Chairman and CEO Steve Wynn confirms his intentions to build a $1 billion hotel-casino in Massachusetts, a key issue ahead will be obtaining local approval, a Las Vegas-based gaming industry analyst said Friday.

“To that end, there have been press reports in recent weeks suggesting that neighboring locations could oppose Wynn’s site,” Union Gaming Group principal Bill Lerner said in a research report. “In addition, Wynn is already bidding for a license in Philadelphia, and typically prefers to develop two projects (at most) at the same time.”

Wynn Resorts is developing its $3 billion hotel-casino complex on 51 acres on the Cotai Strip in Macau and has casino projects in Philadelphia and perhaps Massachusetts.

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Fiscal Cliff Shmiscal Cliff

by , Jan 2, 2013 | 1:00 pm

gaming-stocks-dec12What fiscal cliff?

Gaming stocks were oblivious to investor worries that the lack of a year-end agreement in Congress to avoid wide-ranging tax increases and spending cuts would push the economy over the edge.

The sector closed out 2012 on a positive note in December.

Of the 12 gaming companies followed by Las Vegas financial adviser Applied Analysis, 11 showed marked increases in their average daily stock prices during the month.

Eight of the companies finished 2012 with a higher average daily stock price than in 2011.

Applied Analysis principal Brian Gordon told the firm’s clients Monday in a research report that investors believed a compromise would likely take place in Congress concerning federal revenue enhancements and other measures.

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Inside Gaming: Atlantic City in for Economic Storm

by , Dec 21, 2012 | 10:00 am

Atlantic CityIt can’t get any worse for Atlantic City.

Can it?

Last week’s news that November gaming revenues at Atlantic City’s 12 casinos suffered their worst single-month decline in the New Jersey community’s 34-year history of legalized gaming had to be the low point.

Or was it?

Granted, Superstorm Sandy, which hit the region in late October, caused most of Atlantic City’s casinos to stay closed between Oct. 28 and Nov. 5.

Infrastructure impairments hindered travel from key feeder markets while residents of the Atlantic City – many of whom are employed in the casinos – were dealing with their own property damages.

In November, casino revenues fell 27.9 percent, which followed a 19.9 percent drop in October.

Not all the declines can be attributed to the storm.

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Reid Says No Hope for Internet Poker in 2012

by , Dec 20, 2012 | 1:00 pm

WASHINGTON – Its dim prospects finally fading to black, Sen. Harry Reid pulled the plug [last] Friday on the effort in Congress to legalize Internet poker this year.

With only days remaining in the session, and with consensus far from reached on a bill that sought to reshape the landscape of online gaming, “we have simply run out of time in this legislative calendar,” he said.

“I am disappointed,” Reid said, adding he and Sen. Dean Heller, R-Nev., “remain committed to this issue and it will be a priority for us in the new Congress.”

Reid’s comment in a statement came shortly after his chief of staff, David Krone, said in an interview that “this bill for this year is dead.”

The poker bill was a priority for several Nevada casino companies seeking a lucrative new and national market for their brands and for poker players seeking legal and federally regulated online games accompanied by consumer protections.

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A Slow Grind

by , Dec 19, 2012 | 1:00 pm

The Linq won’t be confused with CityCenter.

Then again, analysts have said the last thing the Strip needs right now is another massive hotel-casino complex. The Las Vegas gaming market is still in economic recovery mode after the recession sent gaming figures crashing back to 2004 levels.

Through September, Strip gaming revenues have increased 2.5 percent over the same nine months of 2011, lending some to speculate that the market is slowly coming back.

This brings us back to The Linq.

As 2013 unfolds, the $550 million nongaming Linq is one of three Strip construction projects expected to heat up during the year.

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