Las Vegas News - Page 674

The bankruptcy filing paves the way for the struggling Strip megaresort to remain open while a judge supervises a reorganization of about $500 million of debt. The Aladdin opened in August 2000.

Cox Communications is offering more than $600,000 in free advertising to be shown in four southwestern markets for Las Vegas resort properties.

The Venetian is exploring offering electronic gambling through wireless devices such as cell phones and handheld organizers.

The window of opportunity for Las Vegas casino operators to enter and dominate the Internet gambling industry will be closed within 12 months, predicts one analyst.

Mandalay Resort Group has eliminated 4,500 jobs in Nevada, or 15 percent of its statewide workforce, in the aftermath of the dramatic decline in travel that has followed the Sept. 11 terrorist attacks.

According to a phone survey, Las Vegas hotel room rates are 5.7 percent higher this coming weekend than they were last weekend.

Occupancy is rising but room rates at major Strip hotel-casinos will remain depressed well into October, says a survey issued by the Wall Street investment house Bear Stearns.

Major credit agencies are considering downgrading big Las Vegas Strip hotel-casino operators, following a tourism slump triggered by terrorist attacks Sept. 11.

Las Vegas' largest union will ask members to accept reduced work hours for the next two months in an effort to get laid-off casino employees back to work.

The off-Strip property – which plans to compete with the Rio, Hard Rock and Mandalay Bay for the younger, hip market -- expects to open Nov. 15.

High rollers would have to bet $10,000 a hand on table games and $500 a pull on slots to gamble in private Nevada casinos. The goal of the proposed rule is to compete with private gaming areas at Foxwoods and at Asian casinos.

The Las Vegas Strip's Venetian resort has reduced its workers' hours by more than one-fourth, and has temporarily suspended construction of a new 1,000-room hotel tower, company officials said Tuesday.

The bankrupt Regent Las Vegas hotel-casino, which cost $276 million to build, has been sold for $80 million to a Canadian real estate firm. Creditors will take a huge bath.

Three upcoming Las Vegas gaming conferences are moving forward, though the hijackings of two weeks ago have led to the cancellation or postponement of 256 other Las Vegas meetings and conventions.

Action Gaming sued to force Alliance Gaming Corp. to recall all video poker gaming devices that it has made and sold using Action's alleged gaming patents.

The Aladdin disclosed Monday that its bankers began the process of foreclosing on the $1.2 billion Las Vegas Strip resort, as the property hung on the brink of bankruptcy.

The Strip's oldest stand-alone hotel-casinos are fighting the city's recent tourist slowdown by laying off workers and cutting employee work schedules, property executives said.

Feeling the pressure from a slowdown in tourism, companies all along the Strip are re-evaluating their plans.

News Brief: They're back. Not all of them, but tourists are once again stuffing quarters into slot machines and checking into Las Vegas hotels.

The Las Vegas gaming industry faces tough challenges, but two new projects continue on course: the Maloof family's Palms and Station Casinos' Green Valley Ranch.