Like Blackjack players who have played for hours, powerful corporate casinos can tell you whether you have good or bad shoes through a stack of chips. Two casinos in Nevada are exploring new changes.
The Regent Casino in Summerlin, Nevada filed for Chapter 11 bankruptcy protection on Nov. 21. It laid off 500 employees and closed two restaurants in October after failing to repay a $5 million loan in September. It opened in July 1999.
Prior to the opening, it reported construction delays and cost overruns were responsible for its financial problems. Regent plans to reduce at least a portion of its stake in Blackjack from $5 and actively explore more conference and convention businesses to reorganize its finances and attract more local businesses. 안전한 파워볼사이트
The newly opened $1.4 billion Aladdin casino has also begun to heat up, reporting a $40.2 million loss to Wall Street compared with $4.06 million in revenue. Aladdin says it will find additional sources of funding through additional borrowing or debt or stock financing if needed. Aladdin will have to pay $5 million in interest to financial institutions in December and $11.7 million in January.
However, management remains optimistic, citing the reconfiguration of some slot areas, the popularity of London Club casinos, room occupancy and increased convention businesses.
“As all of our predecessors have experienced, we knew we were actually going to be in a period of growth,” Aladdin Gaming CEO Richard Göglain said during a recent conference call with investors. He hinted at a slow start to the opening ceremonies in Venice and Paris in 1999.
However, not all the skies in gaming are cloudy. The Mandalay Resort Group, which owns properties such as Las Vegas’ Mandalay Bay, Luxor, Excalibur, Monte Carlo, and Circus-Circus, recently reported a 3% increase in revenue from last year. Amerista Casino, which operates casinos in the Midwest and Gulf Coast, reported 11% increase in revenue and Amerista Casino, which operates gaming facilities in the Midwest, reported 16% increase in revenue.