29th
February Las Vegas Source:
Press release
The
$17 per share offer for Mirage Resorts from MGM Grand has been rejected
by the Mirage Board of Directors as inadequate. At the same time Mirage
is leaving the door ajar for MGM to place an increased offer on the table.
The Board commented that the offer had come at a time when the value of
gaming stocks are generally undervalued and that the MGM bid failed to
recognize the long term value in the Mirage brand and properties.
28th
February Las Vegas Source:
Press release
Las
Vegas based Paul-Son
Gaming have announced new orders for casino equipment from five customers
including Isle of Capri for the newly acquired Lady Luck properties. Foxwoods
also require over 1 million chips and the possibility of a playing card
deal totalling 2 million decks over 3 years. Other orders are from the
Greektown casino in downtown Detroit and for casinos in California &
Michigan.
27th
February Littleton, Mass Source:
Press release
The
trend of bringing the latest high tech gadgetry into the casino environment
continues. Biometrica
Systems a subsidiary of Viisage Technology has announced that it has
installed its facial recognition system and software at the Stratosphere
in Las Vegas. Previous installations for the company include Foxwoods and
Trump casinos.
23rd
February Las Vegas Source:
Press release
While
most of the attention was focused on the Mirage/MGM bid proposals, Mandalay
Resort Group (formerly Circus Circus) revealed fourth quarter and year
end results.
The portfolio of mainly Nevada properties generated revenues of $518,256
million for the 3 months and just over $2 billion for the year. After all
expenses, opening costs and taxes this amazingly worked out at only $0.01
earnings per share for the three month period.
23rd
February Las Vegas Source:
Press release
MGM
Grand has made an offer to buy Mirage
Resorts. The bid valued at around $3.25 billion was made in a letter
to Mirage Chairman and Chief Executive Steve Wynn from Terrence Lanni Chairman
of MGM. Shareholders will be offered $7 in cash and $10 of MGM stock for
each Mirage share held.
The premium offered is over 50% more than the $10 7/8ths closing price
on the 22nd. The offer is made subject to regulatory approval and agreements
from the Mirage board, and is set to expire on March 8th.
22nd
February US Source:
AFR
The
Australian Financial Review on February 19th carried an article detailing
the scale of gambling in the United States with some interesting statistics.
Casinos in Las Vegas and on Native Indian reservations each generate annual
revenues (win) of $6.7 billion. Gambling in all forms increased 10 fold
from 1975 to $47 billion in 1997. The Gaming industry in general is also
said to generate 600,000 jobs nation-wide.
18th
February Atlantic City Source:
Press release
Trump
Hotels & Casino Resorts that now have 3 gaming properties in the
Atlantic City market after the closure of the Trump Worlds Fair, have released
year end results for 1999. Revenues for the year were $1,394 million. After
all expenses and taxes the company lost $134 million.
In what is an amazingly detailed report, noticeable in the results are
the unusually low hold figures for both the Trump Plaza and Taj Mahal,
coming in at 13.5% and 16.1% respectively. Revenue per slot and table at
the Taj Mahal was $201 and $3,229. Including the Trump Indiana riverboat
table game numbers were down over the year from 399 to 374.
17th
February Connecticut Source:
Press release
Further
details of the expansion of the Mohegan Sun have been released by the Mohegan
tribe. The $800 million development will add 115,000 sq. ft of additional
gaming space and a 10,000 seat arena. The new gaming area called the "Casino
of the Sky" will be beneath a dome containing a fully functional planetarium.
17th
February Iowa Source:
Dow Jones
The
Iowa
Racing and Gaming Commission's January 2000 figures for the state's
10 riverboat casinos show revenue up 29% over January 1999. Total win for
the month was $49.8 million. Iowa also has three pari-mutuel tracks with
slots that generated $22.7 million or a $235 daily win per machine. The
riverboat slots averaged $149 per day.
Iowa
Casinos Jan. Adj Gross Revenue $49.8M Vs $38.6M
16th
February Las Vegas Source:
Press release
Las
Vegas Sands Inc. operator of the Venetian
has announced that total revenues for the property in the 4th quarter of
1999 were $125 million. Of that figure $57 million (45%) was gaming and
$68 million (55%) hotel, food and beverage etc. All the 17 restaurants
at the Venetian are concessions. Hotel occupancy was 83% at an average
daily rate of $176. Table game hold was 20.3% up from 16.3% in the prior
quarter.
16th
February Biloxi Source:
Press release
Isle
of Capri Casinos Inc. have announced that they expect the acquisition
of 4 riverboat and dockside casinos with the purchase of Lady Luck Gaming
Corporation to be completed in early March. The company at the moment owns
seven casinos and according to Bernard Goldstein, Chairman of the Board
and Chief Executive Officer the Isle will become one of the 10 largest
gaming companies in the US.
In an earlier release Isle of Capri detailed 3rd quarter gross gaming revenues
ending January 23rd at $139 million.
15th
February Chicago Source:
Press release
WMS
Gaming have filed an antitrust lawsuit in the United States District
Court of Nevada against IGT. The lawsuit comes less than 6 months after
IGT and Alliance Gaming decided to halt their litigation against one another
and enter into a degree of measured co-operation. It is also only 2 months
since WMS & IGT ended their last dispute over the Telnaes patent with
WMS making a $27 million payment to IGT.
As part of the lawsuit WMS allege that IGT has entered into agreements
with operators that restrain trade in the gaming industry. In all, six
specific points are made in the company press release. WMS Gaming is seeking
substantial compensatory and punitive damages.
WMS
Gaming Files Antitrust Lawsuit Against International Game Technologyull
Story
15th
February Atlantic City Source:
Press release
The
Louisiana Gaming Control Board has approved the proposed merger between
Players International, Inc. and Harrah's Entertainment. Players presently
operates three riverboats along the Ohio River in Illinois, Louisiana,
and Missouri. The Illinois Gaming Control Board is expected to discuss
the merger at its February meeting.
12th
February Las Vegas Source:
Press release
Gamecraft
Inc. have won the Gold Medal at the American Gaming, Lodging &
Leisure Summit at the Paris Hotel in Las Vegas for their "Heads Up" interactive
video poker game. The award follows on from the best of show awarded to
the company at the 1998 WGCE for the game. Heads up, is a poker game that
allows the player to play directly against the machine by either checking,
betting, raising or folding.
Incorporated into the game is artificial intelligence that enables the
machine to play a perfect strategy against the player. For players who
do not wish to take on the machine directly, it may also be played as a
traditional video poker game.
11th
February Connecticut Source:
Press release
The
Mohegan Sun, presently the 4th largest casino in the US, and catering for
18,000 to 20,000 visitors a day is to be expanded. The work which will
add a 1,200 room hotel will be completed by April 2002. The Mohegan Tribe
also manage the facility after Sun International's contract ran out on
Jan 1st.
The Sun is located 10 miles from Foxwoods which has a daily attendance
averaging 40,000 and is the worlds largest casino.
11th
February Las Vegas Source:
Press release
Bear
Stearns specialist gaming analyst Jason Ader has detailed at the American
Gaming, Lodging & Leisure Summit in Las Vegas how Native Indian casinos
in California could effect the revenues of Nevada casinos
According to Mr Ader, Downtown Las Vegas, Reno, Lake Tahoe and Laughlin
could lose as much as 23%, 21%,15% and 16% respectively by 2004. The Las
Vegas Strip being seen as a destination in its own right is forecast to
see business decline only slightly.
11th
February Las Vegas Source:
Press release
Mirage
Resorts at the request of investors and analysts has released figures that
detail the financial results for 1998 and 1999 from the companies six properties.
The Bellagio is clearly the jewel in the crown and for 1999 won on average
$3 million per day. The other casinos in order of win being the Mirage,
Treasure Island, The Beau Rivage (Mississippi), Golden Nugget (Downtown
Las Vegas) and Golden Nugget (Laughlin)
Combined, again before all operating costs and taxes, the company won $2,650
million during the year or approximately $7.25 million per day.
9th
February California Source:
Press release
Hollywood
Park has also weighed in with it's year end results. The company has eight
casinos under the Boomtown and Casino Magic names in Mississippi, Louisiana
and Reno. Two of which are due to be sold to Penn National Gaming. The
company also sold the Hollywood Park racetrack in Los Angeles to Churchill
Downs.
Total revenues for the year were $709 million an increase of 66% on 1998.
9th
February Las Vegas Source:
Press release
Fourth
quarter and 1999 year end results have been released by Harrah's
Entertainment. The company had revenues for the year at just over $3
billion a 50% increase over 1998 from the total of 19 properties in the
US either owned or managed.
The upmarket Rio in Las Vegas whilst contributing $114 million in revenues
for the quarter saw a profit on operations of just $8 million. Table game
hold declined to 16% from a normal 21%. The riverboats located in Illinois
also showed good advances on 1998 due to the changes in the law allowing
dockside gaming. The company sold it's interests in the Star City, Sydney
during the year and opened the Harrah's New Orleans in late October.
8th
February Las Vegas Source:
Press release
The
Betty Boop themed wide area progressive is due to begin field trials in
Atlantic City. Alliance Gaming
the parent company of Bally
Gaming and Systems has announced. For the three months ended December
30th Alliance lost $7.2 million on revenues of $114 million.
The company sold 2,300 machines in the period and has an installed base
of over 2,000 machines on lease/profit sharing arrangements. Also part
of the Alliance group is Bally Wulff that chiefly supplies wall mounted
gaming machines to the German market.
8th
February Chicago Source:
Press release
Williams
Gaming have announced that "Reel em In Cast for cash" has been approved
by the Nevada Gaming Control Board and Gaming
Laboratories International.
The fishing themed, twin video screen game was unveiled at the WGCE in
September. The nine-line game, contains animated fishing sequences where
the player can hook various size fish that will then determine the payout.
It is available in 9, 18, 45 or 90-coin versions.
WMS
Gaming's Reel 'em In Cast for Cash Approved for Sale in Nevada and Midwest
7th
February San Diego Source:
Press release
International
Thunderbird Corp. based in Vancouver but with casino interests in Venezuela,
Panama and Guatemala has announced details of a joint venture in California
to fund new Indian gaming projects in the state. These projects pending
the approval of Proposition 1A on March 7, 2000 by electors.
The company is also currently negotiating with several Internet technology
based companies with regard to using its latin american casino interests
as a springboard for entering the Spanish speaking online gaming market.
California
Joint Venture and Internet Gaming
7th
February San Diego Source:
AP
The
San Diego Padres baseball team will be part sponsored in 2000 by the Sycuan
tribe who operate a Native Indian Casino in San Diego county. The deal
worth $1.5 million to the club is thought to be the first time that an
Indian Casino will be a major sponsor of an American sports team.
7th
February Las Vegas Source:
Press release
Riviera
holdings that owns the Riviera Hotel and Casino at the north end of the
Las Vegas Strip has announced the opening of the Black Hawk Casino in Colorado.
The casino has 990 slots and 12 table games. Colorado casinos are still
officialy classed as low stake. Maximum bets are limited to $5 on Blackjack
and other table games.
7th
February Chicago/Sydney Source:
Press release
WMS
Gaming Inc., a subsidiary of WMS Industries Inc.has announced that
it has, subject to regulatory approvals, entered into an exclusive agreement
with Australia's Vidco Holdings Pty. Ltd. Vidco will manufacture and sell
WMS Gaming's multi-line, multi-coin video games in Australia, New Zealand
and Papua New Guinea. WMS Gaming will act as Vidco's sales representative
for a select number of key accounts in Australia while Vidco will sell
to other clubs, hotels and casinos in all three countries.
WMS
Gaming Expands International Presence to Australia and New Zealand Through
Alliance With Vidco Holdings
7th
February Vancouver Source:
Canadian Press/Canoe
British
Columbia's 7 race tracks are feeling the effects of there now been 17 operational
casinos in the state with a combined total of 2,175 slots. Bets at the
tracks dropped to C$67.4 million in 1999 from C$102.97 million in 1998.
In what appears to be a classic double whammy, race tracks are also not
permitted to have slots and is the only form of gaming in the state that
is taxed on gross, rather than net revenues.
6th
February Ohio Source:
Toledo Blade
The
Toledo Blade carried a strong article by editorial writer Marilou Johanek
condemning Detroit city leaders on their decision to use gambling and casinos
as a spring board for the cities economic revival. The story also focuses
on the suicide of off duty police officer Solomon Bell at a Blackjack table
of the newly opened MotorCity.
"Of course, nobody gets rich in the lavishly adorned casinos except the
casino owners. Proponents of such gambling Mecca's always promote them
as a bonanza for the local economy - more jobs, development, and revenue
- but it's all bunk. The local tradeoff is simply more minimum wage paying
jobs for the privilege of gambling in a rich man's casino."
Marilou
Johanek: Casino tragedy reflects gambling's human toll
5th
February Reno Source:
Philadelphia Inquirer/AP
At
the end of January preservationists that had fought to save the 12 story
Mapes Hotel in Reno lost their battle, and the building was imploded. Built
in 1947, the hotel was the first built to house a Casino, Hotel and live
entertainment under one roof. In the hotels heyday it hosted stars such
as Mae West, The Marx Brothers and Sammy Davis Jr.
Historic
hotel is demolished in Reno, Nev.
4th
February Las Vegas Source:
Press release
IGT's
Megabucks progressive slot system has been won again at the MGM
Grand "City of Entertainment". The jackpot of $7.6 million was
won by a woman visiting Las Vegas for the Chinese New Year.
This latest jackpot is just 8 days after the world record win of $35 million
at the Desert Inn. Punters can access the latest information on IGT's progressive
systems at www.igtmegajackpots.com
1st
February Mississippi Source:
Dow Jones
Figures
released for the two casinos located in Gulfport, Mississippi, the Grand
and Copa show that the number of table games in operation between December
1998 and December 1999 declined from 121 to 98. Slots numbers were slightly
up at 3,050.
Win per table and slot for December 1999 was $1,137 and $100 respectively.
1st
February Las Vegas Source:
Press release
The
world's largest gaming company Park
Place Entertainment's has released it's fourth quarter and year end
results. The acquisition of Caesars World for $3 billion was completed
at the turn of the year.
Casinos in Las Vegas owned by the company now include Ceasars Palace, Paris,
Bally's and the Flamingo Hilton. The company has an interest in or owns
29 gaming properties with a combined total of 2,000,000 sq. ft of gaming
area and 28,000 hotel rooms. Revenues for the three months was $850 million,
before all operating expenses and taxes.
|
