Gamingfloor.com
Google
Find in page
February 2000
North America

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.