Entries tagged "gaming"

MGM Mirage could fold

With its shares halted pending news, MGM Mirage may be on the verge of bankruptcy.

EA chief: Downturn clears away 'junk'

John Riccitiello said the current downturn is a blessing in disguise that will help clear away the video game "junk" that fills retail shelves.

No Trump card for the Donald on debt payment

If Donald Trump isn't dealt a good hand by creditors on Wednesday, his casino company, Trump Entertainment Resorts Inc., will likely once again fold into bankruptcy protection. ...

Taking Trump Entertainment private is a risky bet

If Donald Trump is looking for a challenging assignment for the contestants on his "Apprentice" television show, here's one: How about putting together a plan to turn around his financially strapped Trump Entertainment Resorts Inc., which operates casinos in Atlantic City, N.J.? The task would be an enormous undertaking and one solution that Trump himself is considering by taking the company private, according to the Financial Times....

Harrah's a bad bet for PE?

Harrah's Entertainment Inc.'s ills reportedly continue to erode the value of a $5.87 billion equity bet that buyout sponsors made on the casino and hotel operator. GoldenTree Asset Management LP, a New York alternative investment house that co-invested in the $29.9 billion LBO of Harrah's that closed Jan. 28, has written down its equity in the deal by 75%, according to Monday's Wall Street Journal. GoldenTree declined to comment on the report....

Is Stein gambling with Tropicana AC's value?

Tropicana Entertainment LLC's bankruptcy saga has been full of twists and turns, but the events taking place outside the scope of its Chapter 11 case have now grabbed the spotlight. ...

Casinos are increasingly a gamble, as consumers' purse strings tighten

Gaming was the most active sector in Moody's Investors Service's August report on liquidity of speculative-grade companies, released Friday. The report reflects ratings changes and additions to Moody's liquidity watch during July, when the gaming business saw two downgrades and five newcomers to the list of companies with speculative-grade liquidity. ...

Casino bankruptcies making gaming sector a real gamble

So much for that notion that gaming companies are recession-proof. We've seen particular gaming locales (see Atlantic City, N.J.) and particular owners (see Donald Trump) have bankruptcy issues, but not the industry as a whole. If 2008 has taught us one thing, however, it's that a struggling economy can reach every sector. ...

Tropicana case hinges on a Yung presence

With all due respect to The Clash, the crux of Tropicana Entertainment LLC's bankruptcy looks like it will come down to one thing: Should William Yung stay or should he go? ...

N.Y. governor excoriates NYRA deal, but will honor it

As Belmont Park prepares for the possibility of the first Triple Crown winner since 1978, New York Gov. David Paterson threw cold water on whatever goodwill the track's operator has engendered as it finally prepares to exit bankruptcy protection. ...

Tropicana: Events turn on 'former' subsidiary's plight

The bankruptcy filing of Tropicana Entertainment LLC has been a long time coming, but what's interesting is that the Tropicana Casino & Resort in Atlantic City, now deemed its "former" subsidiary, was left out of the filing after causing the problems that made Tropicana file for bankruptcy in the first place. ...

Tropicana files Ch. 11

After being dealt bad hands by the N.J. Casino Control Commission and the Delaware Court of Chancery, the casino operator has finally tossed in its chips....

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