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Back Story on Caesars Entertainment Third Quarter Financials and What it Means
October 29, 2013
Oct. 29--Las Vegas-based Caesars Entertainment, operator of Caesars Palace, Bally's, Paris-Las Vegas, Harrah's, the Quad, the Flamingo and the Rio in Las Vegas, as well as several properties around the country, reported its third-quarter earnings Tuesday. Company: Caesars Entertainment (NYSE: CZR) Revenue: $2.18 billion (down 0.7 percent from the third quarter of 2012). The company reported a 7.1 percent decline in casino revenue of $112.2 million, which was offset by lower promotional expenses and increases in non-gaming revenue. Losses: $761.4 million (losses increased 50.6 percent from the third quarter of 2012). Interest expenses in
Marriott Pere Marquette, Open for Four Months in Peoria, Illinois Gets Positive Reviews
October 29, 2013
Oct. 29--PEORIA -- Table 19 appears to be a hit. Parking for $12 a day was a miss. Overall, after four months of operation in Downtown Peoria, the Marriott Pere Marquette appears to be batting above average. "I think that the positive public reaction from both the local community and in the business community, from travelers who use the hotel who we've had the opportunity to interact with, it's been fantastic," City Manager Patrick Urich said. Urich's outside perspective matches those of two insiders -- project developer Gary Matthews and Laura Lojas, the Pere Marquette general manager. "Things are going extremely well," Lojas said. "Th
Casino MonteLago at Lake Las Vegas in Henderson, NV Closes Over Lease Issues
October 29, 2013
Oct. 29--For the second time in three and a half years, Casino MonteLago has shut its doors. Management announced that the small gambling spot, part of the lavish but financially plagued Lake Las Vegas master-planned community in Henderson, "suspended operations today pending resolution of lease issues with the property owners." Details were not disclosed. "We hope that the owners of the casino find a way to support its reopening soon," General Manager Marcus Suan said in a news release. Phil Wolfgramm, senior vice president of landlord Kam Sang Co., told VEGAS INC today that his group is looking for other companies to run the casino. H
Suffolks Downs: We Were ‘In the Dark’ about Caesars Probe; Could have been Warned in April 2013
October 29, 2013
Oct. 29--Caesars executives were told of potential licensing problems back in April but never flagged Suffolk Downs until this month, when the companies suddenly parted ways, officials said today. Massachusetts gaming investigators, including state police, questioned Caesars officials in Las Vegas in April about the company's ties to Gansevoort hotels, but the concerns weren't passed along to Suffolk Downs until early October, former Attorney General Tom Reilly, an investigator hired by the racetrack, told the state gaming board today. "Suffolk was totally in the dark," Reilly testified. "Suffolk was blindsided with this." A 600-page ga
Google, Apple and Other Technology Giants Look to a Post-Cookie Era, With it, Privacy Concerns Rise
October 28, 2013
Oct. 28--After nearly 20 years, the era of web-based "cookies" appears headed for an end, as companies like Google (GOOG), Apple (AAPL) and Microsoft explore new ways to track Internet users' habits, from desktop PCs to smartphones and tablets. And that's causing fresh consternation among privacy advocates, as well as leaders in the $100 billion digital ad industry, while sparking new debates over who should control that user information. Cookies are those little bits of code that track your web preferences, in part so advertisers can show you messages based on your supposed interests. They've long been a central part of the grand barga
China Poised to Surpass U.S. in Business Travel Spending by 2016 with a 14% Increase this Year Alone
October 27, 2013
Oct. 27--For years Americans have led the world in business travel spending. That is about to change. With China's economy surging, business travel spending from the world's most populous country is expected to jump 14% in 2013 and 17% next year, according to the Global Business Travel Assn., the trade group for corporate travel managers. China is expected to surpass the U.S. as the world's largest business travel market by 2016, the trade group says. About 95% of that business travel traffic will stay in Asia, with trips to South Korea, Singapore and Hong Kong the top destinations. The GBTA estimates that the U.S. will be No. 8 on the
Indus Hotels Plans to Develop Three Hotels in Columbus, Ohio; The First One to Open in August 2014
October 27, 2013
Oct. 27--Columbus is seeing a spurt in hotel development, and Indus Hotels is in the thick of it. The Columbus-based developer and operator is working on three local projects: two close to Ohio State University, and the newest in the heart of Dublin's Bridge Street corridor. Indus operates six local hotels, including the Hampton Inn & Suites Downtown. President David Patel attributes his company's building boom to the recovering economy, a loosening of lenders' purse strings and his company's track record. "It's a combination of everything," Patel said. "Our company is doing well, and the hotel business is coming back." The company'
MGM Resorts Proposes $925 Million Casino for Prince George’s County, Maryland
October 26, 2013
Oct. 26--Playing the last hand of the week in a round of bidding for the rights to build a casino in Prince George's County, MGM Resorts on Friday said the merits of its $925 million resort next to the Capital Beltway trumps the others. Its ace-in-the-hole is an unrivaled location on a hill above the Potomac River at National Harbor, said Jim Murren, MGM's chairman and CEO. "We have never seen a site more perfectly tailored," said Murren during a site visit Friday by members of the state's Video Lottery Facility Location Commission. The commission is considering three bids for the state's sixth and final casino, and expects to award a l