Boyd Gaming Corp

New Jersey gaming regulators bade an unceremonious farewell to MGM Mirage Inc., approving a settlement Wednesday that requires the Las Vegas-based company to sell its 50 percent interest in Borgata Hotel Casino & Spa. The state Casino Control Commission also approved, in a 5-0 vote, an agreement that will place MGM's stake in Borgata in a trust until the sale is completed. MGM also plans to sell its Atlantic City land holdings as it prepares to pull out of the nation's second-largest gaming market. Boyd

The DGE’s report acknowledges there is no evidence that Pansy Ho has engaged in any wrongdoing or been accused of any illegal activity   -Jim Murren

 

 

 

Macau is the only place in China where gambling is legal, meaning that companies with a great foothold there could really cash in on consumer spending in Asia. What's more, Credit Suisse said in a client note that the Chinese government will only be able to adopt limited measures to slow Macau's breakneck gaming growth and that traffic to casinos will remain strong. In a nutshell, says Credit Suisse, this trend should lead to "substantial earnings upgrades" across the sector.  

Tightening credit default swap (CDS) spreads are pointing to healthier earnings for a handful of consumer service companies this week, according to Fitch Solutions in its latest update on Global CDS Spreads/Liquidity Scores for companies scheduled to come out with earnings announcements this week. AutoZone Inc.'s performance is shedding some positive light within the North American consumer services industry, with CDS spreads tightening 22 percent, compared with 1 percent sector-wide. CDS liquidity for  

 

MGM Mirage said on Friday it will sell its 50 per cent interest in the Borgata Hotel in Atlantic City in a settlement with New Jersey, which objects to the casino owner's partner in a separate venture in Macau. MGM Mirage said it will cease business as a gaming licensee in New Jersey, if the settlement be approved by the New Jersey Casino Control Commission. The settlement comes after New Jersey gaming regulators questioned the suitability of businesswoman Pansy Ho, MGM Mirage's venture partner in Mac

Since the (New Jersey gaming enforcement division) takes a different view, we believe that the best course of action for our company and its shareholders is to settle this matter and move forward with the compelling growth opportunities we have in Macau   -Jim Murren

 

Nevada gaming revenue continued its losing streak in January. Navada gaming revenue for the month of January dropped 3.2% year-over-year to $883.3 million. On the Las Vegas strip, revenue also declined, by 3% to $495 million.

We believe the company's longer-term position is strengthening, especially given data suggesting potentially at or above peak convention rates and booking across its properties   -David Bain

 

As an "entertainment news" columnist looking for exciting scoops every week, it's usually the entertainers themselves, the shows or maybe just the showrooms and beautiful hotels that are the subject. Recent events remind us that entertainers are regular people subject to the highs and lows faced by many. And so, we send our condolences and sympathy to Marie Osmond and her family over the loss of Marie's 18-year-old son Michael Blosil.