MGM REVENUES ARE ROARING BACK
MGM Resorts International has reported its best quarterly operating performance in six years and is building for the future
Nevada - Operations
MGM Resorts International, whose Strip holdings include Bellagio, MGM Grand, Mandalay Bay and the CityCenter development, has posted its best quarterly results since 2008, and is now looking to better that performance.
The Las Vegas-based casino giant said its net income for the quarter that ended March 31 was $108.2m, or 21 cents per share. In the same quarter a year ago, MGM Resorts earned $6.5m, or 1 cent per share. The company’s overall revenue grew 11.8 per cent to $2.63bn. MGM Resorts credited the company’s performance in Macau for helping the results
Net revenue from the 600-room MGM Macau was $941m , a 26 per cent increase. The company’s publicly traded Chinese subsidiary paid MGM China paid a $499m dividend in March, of which $254m was distributed to MGM Resorts and $245m was distributed to non-controlling inter- ests.
MGM Resorts Chairman Jim Murren said the Macau results came despite having the smallest footprint of any of the competition in the Chinese market, including Las Vegas Sands Corp. and Wynn Resorts Ltd. MGM Resorts is building a sec- ond Macau casino, a $2.9bn property on the Cotai
Strip that is expected to open in 2016. Mr. Murren said MGM Resorts will dramatically grow its casi- no space in the market and is looking at other expansion opportunities beyond the Cotai proper- ty. “The smallest presence in Macau will no longer be the smallest presence,” Mr. Murren said.
MGM Resorts has also confirmed that its focus is also firmly fixed on Las Vegas. Mr. Murren said MGM Resorts has been improving its luxury prop- erties since 2010, focusing 83 per cent of its capital expenditures on the segment. The enhancements included room upgrades at Bellagio, MGM Grand and other resorts, along with upgrades to nongam- ing areas. The new focus is on attractions and other amenities to increase visitation to Las Vegas.
MGM Resorts broke ground in May on a $350m, 20,000-seat sports arena and events center behind New York-New York and announced designs for The Park, a $100m outdoor dining, retail and entertainment district between New York-New York and Monte Carlo. The two resorts have undergone remodelings as part of the devel- opment.
Haddrill takes over the reins as CEO of Bally Technologies
NEVADA Bally Technologies has announced the appointment of Richard "Dick" Haddrill as Chief Executive Officer of the Company, effective May 23, 2014. Haddrill will continue serv- ing as a member of Bally's Board of Directors (the "Board"). Ramesh Srinivasan will no longer serve as President and CEO and as a mem- ber of the Board.
Haddrill has served as a member of the Board since 2003 and Chairman of the Board since 2012. Additionally, he was the Company's Chief Executive Officer from 2004 to 2012. David Robbins, who has been serving as the Board's Lead Independent Director, has been appointed Chairman of the Board effective May 23, 2014. Robbins also served as Chairman from 1997 to 2010.
"The Board would like to thank Ramesh for his many years of
service to Bally and for his leader- ship in guiding the company through the acquisition and inte- gration of SHFL entertainment, as well as his exemplary execution in developing Bally's systems busi- ness," said Robbins.
"Dick's depth of knowledge about our company and our industry is unparalleled. As a result of his many years of being Bally's CEO, a director and Chairman of the Board, as well as CEO of two other successful public companies, we believe that he is uniquely quali- fied to lead Bally through its next era of growth.
“We are confident that Dick, together with our management team, will ensure a seamless tran- sition and execute our strategy of continuing to grow Bally into the leading provider of technology based products and services to the global gaming industry.”
New Jersey Caesars Entertainment is looking at how it can lessen the impact its New Jersey properties have on its results, with options including selling and even closing one of the East Coast properties. Caesars’ CEO Gary Loveman said: “There’s much too much capacity in Atlantic City currently. We’ve experienced that as the largest provider. All the businesses in A.C. are under tremendous pressure. We are looking at all of our options to reduce the cost of doing business here.” With its first-quarter loss widening to US$ 386.4m from US$217.6m, Caesars will also close a venue in Tunica, Mississippi, which according to Mr. Loveman could set a precedent for other struggling markets including Atlantic City.
DES AGENTS APPARTENANT AU MINISTÈRE DE l’intérieur (SEGOB) ont fermé six casinos dans six Etats au cours d’une opération d’envergure visant la société locale local de jeux Entertainment Mexico (EMEX). Appartenant à celui qu’on appelle le « Tsar des Casinos », José Rojas Cardona, l’au- torité mexicaine de régulation des jeux de hasard, SEGOB, avait révoqué en mai l’autorisation fédérale qui permettait à la société d’exploiter jusqu’à 50 centres de jeu dans le pays.
LE DÉPUTÉ JUAN CARLOS JUÁREZ (DU PARTI GEN- FAP) a introduit une proposition de loi au parlement de Buenos Aires qui interdirait les paris d’argent dans la province. La loi pourrait contraindre tous les salons de machines à sous, les casinos et autres guichets de loterie à mettre en place des technologies pour permettre aux joueurs miser : « via des cartes de paiement, des cartes de crédit et d’autres moyens de paiement électronique. »
AU FUR ET À MESURE QUE LA POLÉMIQUE ENFLE AU sujet des jeux de hasard dans la capitale argentine, les législa- teurs réclament un contrôle plus strict du secteur via la con- nexion de toutes les machines à sous de Buenos Aires à un serveur central contrôlé par le gouvernement. Certains mem- bres du parti Frente Amplio-UNEN (Unifié) en appellent ainsi à un contrôle plus strict et des propositions de loi ont été intro- duites dans ce sens le mois dernier par le législateur Inés Gorbea et sont actuellement en cours de discussion au sein de la Commission du Développement Economique.
LES SOCIÉTÉS DE JEUX DE HASARD QUI SOUHAITENT ouvrir de nouveaux points de vente pour jeux de hasard sur le marché du Royaume-Uni, peuvent avoir l’impression d’avoir été arrêtés dans leur élan au regard des nouveaux projets visant à accorder aux autorités locales un contrôle plus strict sur la présentation de leurs points de vente. Les bookmakers qui souhaitent ouvrir de nouveaux points de vente vont devoir soumettre une demande d’autorisation et les conseils munici- paux seront en droit de refuser les demandes et de mettre un frein à l’ouverture de nouveaux bureaux de prise de paris souhaitant s’établir dans leur secteur.
PARMI LES PROPOSITIONS DE PRIVATISATION actuellement en cours de discussion aux Pays-Bas, touchant le secteur bancaire, les chemins de fer, les équipements édu- catifs, les secteurs du gaz et de l’électricité, le Ministre néer- landais du logement et membre du gouvernement central, Stef Blok, a indiqué que le gouvernement national étudiait la possi- bilité de privatiser la loterie d’Etat des Pays-Bas, en plus de la privatisation de Holland Casino, déjà actée.
LA COUR DE JUSTICE DE L’UNION EUROPÉENNE (CJUE) a émis des doutes à propos des lois autrichiennes régissant les jeux de hasard, à l’occasion d’une décision touchant les opérateurs nationaux de machines à sous. La Cour a soulevé de sérieuses préoccupations déclarant que le système de licences pour les opérateurs de machines à sous en Autriche violerait la liberté des entreprises à fournir des services, inscrite à l’article 56 du traité sur le fonctionnement de l’Union européenne (TFUE).
LE PROMOTEUR DE CASINOS DE MACAO, LAWRENCE Ho, prévoit de porter à 85% sa participation dans Melco International développant un resort de casino près de Vladivostok en Russie.
3 1
G3Newswire NORTH AMERICA NEWS
WWW.G3NEWSWIRE.COM
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60