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Construction work halted on tribal casino in Oklahoma

Industry Article
Casino Insider January 30, 2012 7:37 PM by Ray Poirier

Ameristar Casinos Inc. (ASCA) has closed on the purchase of a 41-acre site in Springfield, Mass., that the company would like to use for the development of a casino. Purchase price was $16 million.

On Monday, Ameristar announced it was increasing its quarterly cash dividend by 19 percent to $0.125 per share. This represents an annual rate of $0.50 per share. The quarterly dividend will be paid on March 15 to shareholders of record on Feb. 29.

MGM Resorts International (MGM) announced Monday it had hired Gensler, a leader in "global sustainability," as the architectural firm that will design the MGM’s Rolling Hills Resorts project in Brimfield, Mass.

IP Casino in Biloxi, Mississippi, recently acquired by Boyd Gaming Corp. (BYD), has announced a personnel layoff "in the dozens." The company said the layoffs affected people in all departments.

For the fourth straight year, gaming revenues in Mississippi have declined. Officials said gamblers lost $2.24 billion in the state’s casinos in 2011, a drop of 6.3 percent from 2010.

Gaming officials in South Dakota reported that gambling revenues in Deadwood declined by nearly 5 percent during 2011.

International Game Technology (IGT) says it has received a six-year contract extension from the University of Iceland Lottery for the installation of gaming equipment.

Las Vegas Sands Corp. (LVS) will hold a conference call to discuss the fourth quarter financial results on Wednesday, Feb. 1, at l:30 p.m. (PDT)

The Nevada Gaming Commission has granted a gaming license to Nevada Gold & Casino Inc. The company invested $26,000 to buy a 1 percent stake in a small Reno casino.

An amended version of a Florida House expanded gambling bill is expected to be voted on sometime this week.

Wells Fargo reports it has taken a 5.08% stake in Scientific Games Corporation (SGMS).

The Miami Herald has announced it is moving its downtown Miami location to the former headquarters of the U.S. Southern Command in nearby Doral. The downtown property was recently sold to Genting Group for $236 million.

Newport Grand, the slots facility in Newport, Rhode Island, has requested lawmakers for permission to seek a statewide referendum on permitting the property to have casino games.

The long-awaited gambling expansion plan, that probably would include casinos, is expected to be introduced in the Kentucky Senate shortly. Lead sponsor is expected to be Sen. Damon Thayer.

The Seneca Gaming Corp., a division of the Seneca Indian Nation, has hired a Memphis-based company to design a permanent casino in Buffalo, New York.

The property selected as the site for a casino to be operated by the Sault Ste. Marie Tribe of Chippewa Indians in Lansing, Michigan, has been appraised at $1.24 million.

Lawmakers in Nebraska are being asked to consider approving the use of gambling machines to wager on horse races that have already happened as a means of supporting live racing at horse tracks in that state.

A lawsuit by six former spa employees at Phil Ruffin’s TI Hotel/Casino on the Las Vegas Strip, who charged age discrimination in the loss of their jobs, has been dismissed by a federal judge. An appeal is being considered. The suit was filed by women whose ages ranged from 47 to 60.

Officials of the Minnesota Vikings have agreed to support the construction of a new stadium on the current site of the Metrodome in Minneapolis-St. Paul. The stadium will require state funding which many believe will come from expanded gambling in the state.

David Rebuck’s position as director of the Division of Gaming Enforcement for the state of New Jersey has been made permanent.

Financially-troubled Mohegan Tribal Gaming Authority, operators of a casino in Connecticut and a racino in Pennsylvania, have announced a debt refinancing plan offering new terms to bond holders and a reduction in the loan amount.

Negotiators in Illinois report that progress is being made toward developing a compromise to a bill that expands gambling in the state. Providing the single greatest challenge, they say, is the pressure being applied by racetrack operators who seek approval for the installation of slot machines, a move that is strongly opposed by Gov. Pat Quinn.

Hollywood Casino in Kansas City is slated to open on Feb3. The casino, owned jointly by Penn National Gaming Inc. (PENN) and International Speedway Corp. (ISCA), sits next to Kansas Speedway.

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