Vegas Wire: Wynn says gambling industry 'not healthy' - pressofAtlanticCity.com: Business

Vegas Wire: Wynn says gambling industry 'not healthy' - pressofAtlanticCity.com: Business

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Vegas Wire: Wynn says gambling industry 'not healthy'

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Posted: Saturday, May 4, 2013 9:56 pm

Gambling magnate Steve Wynn met behind closed doors with the governor and legislative leaders Wednesday, proclaiming in a brief interview that the gambling industry is not in a “healthy” condition and future growth will be in places other than Nevada.

“Right now, the gaming industry has a serious health problem,” Wynn said in a brief hallway interview.

He visited first privately with Gov. Brian Sandoval in the Capitol, then with legislative leaders.

“We are just up here today to try and share insights as we see the gaming industry,” Wynn said. “We want them to know what the real outlook of the industry is and that understanding will lead them to proper decisions going forward.”

Further growth in the gaming industry is not going to occur in Nevada, but Nevada needs to make sure it has a healthy product that will bring visitors to the state, he said.

Right down their alley

South Point cemented Las Vegas’ position as a major U.S. bowling hub by unveiling plans Tuesday for a $30 million tournament center that will host seven major league events under a 12-year deal with the sport’s governing body.

Construction for the 60-lane, two-level bowling center will start in this month, with the first major event — the USBC Women’s Championships — set for 2016. South Point, which has a widely used 64-lane bowling facility that will remain open, will cover the entire $30 million for the new venue to open in September 2015.

Under the four-way partnership, the United States Bowling Congress, the sport’s governing body, will stage Women’s Championships and USBC Open Championships at South Point’s new facility starting in 2016.

The Las Vegas Convention and Visitors Authority will chip in a maximum of $5.6 million to help stage those seven tournaments.

Cheat blacklisted

A convicted slot machine cheat on Thursday became the first nominee in almost four years to Nevada’s Excluded Person List, commonly referred to as the Black Book.

The Gaming Control Board unanimously nominated Roderick William Dee II for inclusion on the list, which makes it a felony for that person to enter a Nevada casino. The list has 33 names.

Dee, 58, who lives in Las Vegas, has at least four felony convictions for trying to use different devices to rig jackpots or change payouts on a slot machine. Three of the convictions are in Las Vegas. One was from Kansas City, Mo.

Deputy Attorney General Ed Magaw told the control board there are outstanding warrants for Dee’s arrest in California and Indiana for attempted slot machine cheating activities. Missouri gaming regulators also placed Dee on that state’s excluded persons list.

MGM profits up

MGM Resorts International surprised Wall Street with a net profit of $6.5 million for the quarter that ended March 31.

The figure might not seem earth-shattering. However, in the same quarter a year ago, MGM Resorts reported a net loss of $217.2 million.

Overall revenues for MGM Resorts grew 3 percent to $2.35 billion.

MGM Resorts Chairman Jim Murren called the quarterly results the company’s “best we have reported” since 2008.

Sands bucks expectations

Las Vegas Sands Corp., the gambling company controlled by billionaire Sheldon Adelson, reported first-quarter earnings Wednesday that easily surpassed analysts’ estimates as growth at its Macau properties accelerated.

The casino company last year increased its share of the Macau market with the opening of Sands Cotai Central, its fourth casino in the Chinese gambling enclave. Las Vegas Sands is building the Parisian, its second Cotai Strip resort at a cost of $3 billion.

Las Vegas Sands net income for the quarter was $572 million, compared with $498.9 million in the first quarter of 2012.

Cabbies back on job

Striking drivers at Yellow Checker Star Transportation, Las Vegas’ second-largest cab company voted Wednesday to return to work after receiving concessions on several key contract provisions.

“We didn’t get everything we demanded, but we got several improvements,” said Sam Moffitt, the steward with the Industrial Technical and Professional Employees union, Local 4873.

River Palms sold

Tropicana Entertainment Inc. announced Wednesday it sold the River Palms in Laughlin to Reno-based M1 Gaming for $7 million.

M1, which is headed by former Station Casinos gambling executive Dean DiLullo, owns the Boomtown Casino in Reno and the Reserve Casino in Central City, Colo. M1 acquired Boomtown for $12.9 million from Pinnacle Entertainment last June.

“We plan to make a significant investment in the property and in the Laughlin market,” DiLullo said of the 1,001-room hotel-casino. “We look forward to building a strong team and developing the River Palms to its fullest potential.”

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