A study by the UNLV Center for Gaming Research, made public over the weekend, found that Nevada casino debt rose 18-fold to $51.2 billion during the period from 1984 to 2011.
According to Dave Schwartz, the Center’s director, the casinos have owed more in long-term debt than they collectively earn in revenue each year.
"This says that the growth that we saw and the investment that we saw in the middle of the decade was quite different from what we saw in the middle of the 90’s," Schwartz was quoted as saying.
Contributing to the debt increase were the privatizations of Harrah’s Entertainment and Station Casinos Inc. Another factor was the financing needed for the creation of CityCenter by MGM Resorts International.
The Las Vegas Strip’s only bingo room is going virtual. The Riviera Hotel and Casino in Las Vegas is launching a partnership this week with Buffalo Studios, the company behind the popular Facebook game Bingo Blitz.
Atlantic City honored Dennis Gomes, by naming the street in front of the casino in his honor Friday. At a curbside ceremony, Mayor Lorenzo Langford unveiled a sign renaming a portion of North Carolina Avenue as Dennis C. Gomes Avenue.
Big changes are in store for gamblers and hotel guests at the Atlantic City Tropicana Casino and Resort as the establishment starts a $25 million renovation project. The undertaking is the first of what could be four or five years of work to re-do the casino resort.
Expanding its hopes of an online future, WMS Industries Inc. (WMS) announced on Monday that it was acquiring Jadestone Group AB, the Swedish online gaming developer.
Pro basketball's San Antonio Spurs and Miami Heat win on the road in the NBA playoffs, Phoenix Coyotes avoid elimination in pro hockey and Bodemeister will skip the Belmont.
