Nevada News - Page 325

Following the company’s release of second-quarter earnings this month — a profit of $105.5 million on revenue of $2.6 billion — the investment community praised the company and lauded expansion opportunities in the U.S. and Macau.

James Packer is forming a company with ex-Wynn Las Vegas President Andrew Pascal and investment firm Oaktree Capital Management to construct a hotel-casino on the 35-acre site where the New Frontier once was.

Before downtown became the canvas for Hsieh’s creative business marketing and real estate vision, Benny Binion defined the Fremont Street experience.

The old Sahara’s location at a somewhat desolate intersection at Las Vegas Boulevard and Sahara Avenue was a disadvantage, said SBE Entertainment CEO Sam Nazarian.

The SLS Las Vegas will be christened the Strip’s newest resort in a lavish Friday-night VIP reception, with the property unveiled to the public shortly after midnight Saturday.

Las Vegas-based Affinity, which owns 11 casinos in four states, is not publicly traded but has publicly held debt.

The Strip resort, which operates as Nevada Property 1, said in a filing with the Securities and Exchange Commission Thursday it lost $13.6 million in the quarter that ended June 30.

American Casino & Entertainment Properties said its overall net revenue for the quarter that ended June 30 increased 1.1 percent to $89.4 million.

Lucky player won $1,770,331 on Wheel of Fortune Double video slot at Excalibur Hotel & Casino in Las Vegas.

The company said it increased revenue and cash flow in the second quarter despite the struggles of a challenging market.

The 1,600-room resort, a redevelopment of the Rat Pack-era Sahara, is scheduled to open Aug. 23.

Commissioners approved a zoning change to make possible a $1.4 billion resort and arena project at the old Wet ‘n Wild site next to SLS Las Vegas on the north end of the Strip.

Spiegelworld has sued The Cosmopolitan for allegedly sabotaging its critically-acclaimed Vegas Nocturne show.

Malaysian businessman Wei Seng “Paul” Phua, the man authorities consider the ringleader of a multimillion-dollar World Cup betting scheme, pleaded not guilty in federal court Tuesday to illegal gambling charges.

The Downtown Project, a $350 million initiative to redevelop a section of downtown with East Fremont as the spine, would transform Fergusons Motel at 11th Street.

The long dormant site was subject of the Strip’s most expensive real estate transaction.

Bloomberg News Service reported Thursday that Australian billionaire James Packer had acquired a portion of the loan covering the 34.5-acre site and would consider building a hotel-casino on the land.

The effort is part of an overall restructuring plan announced in May that eliminated more than $1 billion in debt that was due next year while providing a different ownership structure to pieces of the company.

Man who allegedly held up the Bellagio has to be restrained during his first court appearance in Las Vegas.

Casino ownership in Las Vegas has attracted its share of characters, from the mob-backed era of the 1960s and 1970s to reclusive billionaire Howard Hughes to the publicly traded corporate titans of today. Then there was Bob Stupak.