Beating its revenue estimates by $20 million, MGM Resorts International enjoyed better fourth-quarter earnings than the previous year, thanks in part to its new National Harbor casino near Washington, D.C., and higher performances from its 10 properties in Las Vegas. "We are excited about the outlook for 2017, including the full-year contributions from MGM National Harbor and Borgata, the continued favorable Las Vegas dynamics supported by our investments including T-Mobile Arena and the Park Theater, the opening of MGM Cotai in Macau and our persistent drive for continuous improvement throughout all aspects of our company," CEO Jim Murren said.
Slovenia-based Interblock has nearly ballooned its Las Vegas staff to 73 since January 2015 and hopes to have 80 employees by this summer after experiencing a 30% pretax earnings growth last year, CEO John Connelly said. The developer estimates it holds about 60% of North America's electronic table games market and has high hopes for its Pulse Arena, which offers several games in a stadiumlike environment on one play station.
New Jersey Gov. Chris Christie's administration says the Borgata casino has agreed to receive $72 million from financially troubled Atlantic City instead of the full $165 million the casino overpaid on taxes between 2009 to 2015. The Borgata had been allowed to withhold additional tax payments after the city was unable to reimburse the casino but will resume regular payments as part of the new agreement.
The recently opened Level Up in Las Vegas is a hybrid bar, arcade and gaming lounge from MGM Grand designed to appeal to millennials, who spend less time and money on gaming than Generation Xers or baby boomers, according to the Las Vegas Convention and Visitors Authority. The 12,000-square-foot facility features foosball, table tennis and arcade games like "Giant Pac-Man" alongside the electronic-enabled Level Up arena, where casino dealers onstage manage large games of baccarat, blackjack and more.
The Legend Palace Hotel and casino from Macau Legend Development will debut with up to 66 live-dealer gaming tables and is approved to host 91 slot machines. "We are planning to house between 46 and 55 mass tables, plus 11 self-run VIP tables, during the grand opening period," CEO David Chow Kam Fai said.
A New York bill that would legalize online poker passed the state Senate Gaming Committee and is headed to the Finance Committee for deliberation. A companion bill making its way through the Assembly is more likely to pass this year, due to three brick-and-mortar casinos opening up in the past several months, appealing to officials who wanted those sites operational before contemplating internet gaming.
The Mississippi Gaming Commission held a public hearing today on two casino site approvals for RW Development and Jacobs Entertainment. Both developers' requests to build on their respective properties previously have been denied due to concerns about the high-water line and the legality of owning the water's edge.
The new owner of closed Trump Taj Mahal Casino Resort in Atlantic City has removed the Trump name from the building's Boardwalk entrance in compliance with a 2015 settlement. The name is still on the hotel tower and at the property's front entrance.
Instead of banning smoking lounges in Macau casinos, the Health Bureau wants to prohibit smoking at VIP gaming tables and create higher technical requirements for lounges. Officials were swayed to abandon their zero-smoking goals after results from a University of Macau survey revealed that more than half of respondents favored smoking lounges.
Singapore enjoyed a 7.7% growth in tourists during 2016 compared with the year before, reaching a record number of 16.4 million, according to the Singapore Tourism Board. However, the gaming market has not seen an appreciable difference in revenue, with tourist receipts from entertainment, gaming and sightseeing accounting for 18% of all tourism receipts for the nine months leading up to Sept. 30.
- Page 1