Posts Tagged ‘Caesars Entertainment’

Zynga Seeks Stamp of Approval from Nevada Gaming Regulators

by , Dec 17, 2012 | 10:00 am

ZyngaSocial gaming giant Zynga Inc. filed an application for a preliminary finding of suitability with Nevada gaming regulators [last] week as the San Francisco-based company looks to break into real money online gambling.

The company, which makes free-play social games such as Words with Friends, FarmVille and Mafia Wars, has been hinting at finding a way to jump into the potential U.S. regulated online gaming industry. The company operates the free-play Zynga Poker.

Zynga Chief Revenue Officer Barry Cottle said in a statement that his company is looking beyond Nevada. Zynga recently signed a partnership agreement with European online gaming giant Bwin.party to provide games that can be played for real money online by the company’s customers in the United Kingdom. The first games are expected to launch next year.

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Fixin’ to Close: Bill’s Gamblin’ Hall, Feb. 4

by , Dec 10, 2012 | 1:00 pm

Bill’s Gamblin’ Hall on the Strip will close Feb. 4 when Caesars Entertainment Corp. begins a $185 million renovation of the 198-room hotel-casino.

The hotel-casino, which was built by Michael Gaughan and opened in 1979, will be reopened in early 2014 under a new name and theme, Caesars Entertainment said in statement.

The casino’s 600 employees were notified Thursday morning of the closing under the Worker Adjustment and Retraining Notification Act.

Caesars Entertainment Senior Vice President Jan Jones said efforts are already under way to place the workers in jobs at the company’s casinos. Caesars operates 10 resorts on or near the Strip, including Caesars Palace, Harrah’s Las Vegas, Planet Hollywood and the Rio.

Jones said the company has roughly 10,000 open positions at its more than 50 casinos throughout the U.S., and some of Bill’s soon-to-be former employees might choose to relocate.

The renamed Bill’s is expected to employ more than 1,000 workers.

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Regional Casinos Face Market Gluts as Action Spreads

by , Dec 6, 2012 | 1:00 pm

An Indiana lawmaker wants to protect the Hoosier State’s casino industry, which was the nation’s third-largest commercial gaming market by revenue in 2011.

Ten of Indiana’s 13 casinos are in counties adjacent to Illinois, Michigan and Ohio – states that have provided Indiana casinos with a wealth of customers.

Not anymore.

Those patrons no longer have to cross state lines to satisfy their gambling fix. Over the past 24 months, casino expansion in neighboring states has caused Indiana gaming revenues to decline.

In 2011, Indiana’s 13 casinos collected $2.721 billion in gaming revenues, a 2.5 percent drop from 2010. In October, gaming revenues statewide suffered their largest percentage decrease since January 2008.

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Fiscal Cliff Concerns Add Volatility to Gaming Sector

by , Dec 4, 2012 | 10:00 am

Concerns over the looming fiscal cliff added increased volatility to an already shaky gaming sector.

Average daily stock prices for eight of the 12 casino operators and slot machine manufacturers followed by financial consultant Applied Analysis tumbled in November.

Boyd Gaming Corp. and Caesars Entertainment Corp. experienced double-digit percentage declines in their average daily stock prices despite events that what many analysts termed as good news.

Overall, the stock price dip contributed to a 10 point decline in the Applied Analysis Gaming Index, which accounts for more than 300 different market variables. It finished at 420.52.

Applied Analysis principal Brian Gordon said mixed results in third-quarter earnings reports announced by several gaming companies contributed to the slide.

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From Vegas to Macau to Toronto?

by , Nov 19, 2012 | 10:00 am

A study by UNLV’s International Gaming Institute concluded a resort complex featuring a hotel, casino, convention space and other entertainment amenities in the heart of Toronto could stimulate the economy of Canada’s largest city.

Instead of cannibalizing the market, the complex would spur growth for any surrounding businesses.

Meanwhile, the worldwide accounting firm Ernst & Young found that Toronto could collect almost $200 million a year from a casino complex in the form of tax revenues, on top of a one-time sale or lease of city-owned land.

So it wasn’t a surprise last week that Toronto city leaders, following the public release of the two reports, decided to ask residents if they favor a casino.

It’s also no wonder that Caesars Entertainment Corp. Senior Vice President Jan Jones and MGM Resorts Senior Vice President Alan Feldman are bumping into each other more often in Toronto than on the Strip.

Nevada’s biggest casino companies view Toronto as the industry’s next major battleground.

“It’s truly a potential destination we can’t ignore,” Jones said.

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October Gaming Stocks a ‘Mixed Bag’

by , Nov 6, 2012 | 1:00 pm

October was one those “mixed bags” for the gaming industry.

Compared with a year ago, that average daily stock prices for 12 publicly traded gaming companies are down collectively 8.5 percent.

However, more than half of the companies followed by Las Vegas-based financial adviser Applied Analysis for the firm’s monthly gaming index, experienced moderate increases in their average daily price.

The index, which tracks some 300 market variables, grew 10.5 percent.

“The sector’s annual performance moved in an opposite direction compared to the broader equities market,” Applied Analysis principal Brian Gordon told the firm’s clients in a research report. “Gaming stocks appear to be making up ground.”

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Is Caesars Bound for Bankruptcy?

by , Sep 7, 2012 | 10:00 am

Fitch Ratings Service said Wednesday it downgraded its view on Caesars Entertainment Corp. from stable to negative, hinting that the casino operator could look at Chapter 11 bankruptcy protection as a method to restructure its sizable debt.

Another option could include spinning off the Caesars Interactive Division as a separate public company. Caesars Interactive oversees the World Series of Poker.

“The outlook revision reflects Fitch’s heightened concern regarding (Caesars) near-to-medium term cash burn rate and potential covenant compliance pressure,” Fitch analyst Michael Paladino wrote in a report to investors. “These factors, combined with previously expressed concerns about weakening relative asset quality due to constrained capital reinvestment, more than offset the positive credit impact from recent transactions executed to push out its debt maturities meaningfully.”

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Inside Gaming

by , Aug 15, 2012 | 12:00 pm

Within a span of 16 hours last week, the two casino companies that operate half of all the Strip’s resorts told the investment community they had lost a combined $387.2 million during the second quarter.

Don’t expect to see that statement in the next “Come to Las Vegas” advertising blitz.

In reality, the quarterly net losses reported by Caesars Entertainment Corp. ($241.7 million) and MGM Resorts International ($145.5 million) did not entirely hinge on results from the Strip.

Caesars owns hotel-casinos in several regions of the U.S., including Atlantic City, where second quarter revenues faltered. As for MGM Resorts, results declined in Detroit and Mississippi while the company took a noncash impairment charge on its jointly-owned Illinois riverboat.

But to the investment community, the companies’ outlooks are entwined with the Strip’s fortunes.

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Caesars Recruiting Dealers for 2012 WSOP

by , Mar 8, 2012 | 2:44 pm

The 2012 WSOP is looking for a few good dealers, or perhaps I should say a few hundred, and Caesars Entertainment still has a couple of 3-week boot camps to prep the troops.

You won’t get paid while attending the academy, but as far as I can tell you don’t have to pay either. Caesars promises to equip you with the skills to pitch cards and cut chips at RIO All Suites Hotel from May 27 to July 16, aka the 2012 World Series. A session in late April provides advanced lessons for dealing non-hold’em games.
I’m still waiting for a response on my application. If I get accepted, I hope to document the experience. And since Caesars stresses “good customer service skills,” we’ll do it with a smile.

The job ad also says “a neat professional appearance and good personal hygiene are essential.”┬áThat might narrow the competition in the poker community. But I know I’m ready to shave and shower before I shuffle up and deal.