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Updated: 21 min 51 sec ago
Genting Group faces a delay in building its casino on an island in South Korea, because of a review ordered by the governor of Jeju Island. The $2.2 billion resort is now expected to begin construction in the third quarter of 2014 instead of this summer, according to GGR Asia. The Rakyat Post (Malaysia) (8/19)
The G2E Welcome Reception is taking place at TAO Las Vegas on Tuesday, Sept. 30. Join us to network with other industry professionals and enjoy cocktails, hors d'oeuvres, and music! Open to all G2E badge holders -- register today for your free Exhibit Hall Pass to G2E 2014 (a $299 value).
Nelson Mandela, former South African president
The SLS Las Vegas, scheduled to open later this year, could bring a renaissance to the northern end of the Las Vegas Strip, said SBE Entertainment CEO Sam Nazarian. "We always planned on being a destination, and the area is now building up around us," Nazarian said. A Walgreens is under construction near the SLS, and MGM Resorts International plans to open a concert venue across the street. Las Vegas Review-Journal (8/16)
The Revel Casino Hotel in Atlantic City, N.J., announced plans to close the casino on Sept. 2, eight days earlier than previously announced. The Showboat is slated to close Aug. 31 and Trump Plaza is to close Sept. 16. WCAU-TV (Philadelphia) (8/16)
Gaming companies in Las Vegas are cheering the recent investment by Australian casino mogul James Packer, who announced plans to build a casino on the site of the former New Frontier on the Las Vegas Strip. Jim Murren, chairman of MGM Resorts International, said the project, along with Genting Resorts World, should attract more tourists from Asia as well as boost land values along the Strip. Wynn Resorts Chairman Steve Wynn began landscaping efforts to beautify the vacant property across from Encore in 2010. Las Vegas Review-Journal (8/17)
Sun-Sentinel (Fort Lauderdale, Fla.) (8/16)
MGM Resorts International has rebounded from the 2009 financial hit from its ill-timed CityCenter, which opened in Las Vegas during a downturn. During the second quarter, MGM reported $105.5 million in revenue on strong visitation in Las Vegas and Macau. "Our key markets are continuing to grow, and we continue to invest and focus where we see opportunity," said Jim Murren, chairman of MGM Resorts. Las Vegas Review-Journal (8/17)
This week, the Global Gaming Business Podcast features an interview with Liza Cartmell, the president of the Atlantic City Alliance, on how the bad news about the casino closings in Atlantic City, N.J., has affected her organization.
The Poarch Band of Creek Indians could finally negotiate a gaming compact with Alabama after 20 years of trying, because of budget woes in the state. "I think we need to put everything on the table and take a look at it," said state Sen. Jabo Waggoner. The Poarch Band is the only tribe in the state that is recognized by the federal government. The Republic (Columbus, Ind.) (8/16)
Best Sunshine International Ltd. presented its agreement to develop a $3.14 billion casino on the island of Saipan last week to Commonwealth of the Northern Mariana Islands Gov. Eloy Inos. Best Sunshine has inked a 40-year deal with the Lottery Commission for the integrated casino resort. Saipan Tribune (Northern Mariana Islands) (8/18)
Stuff (New Zealand) (8/18)
The owner of Dover Downs in Kent County, Del., has refinanced a $60 million line of credit for one year; its previous line was set to expire Aug. 15. A tax break from the state assisted the casino in securing the line of credit, said CEO Denis McGlynn. The News Journal (Wilmington, Del.) (tiered subscription model) (8/15)
View the one-minute highlight video to see what's new at G2E 2014 and why you simply cannot miss it, and register today for your free Exhibit Hall Pass to G2E 2014 (a $299 value!).
Diane Arbus, American photographer and writer
A regulatory crackdown on money laundering has ratcheted up pressure on banks to collaborate with the casino industry to prevent lapses, executives say. Banks have vetted casinos' anti-laundering systems and offered resources to casinos to help them pinpoint high-risk transactions. Banks have increasingly become targets for the Justice Department's enforcement actions, while a change in leadership at the Financial Crimes Enforcement Network has tightened oversight on casinos since 2012. The American Gaming Association's upcoming "know your customer" initiative is designed to be an anti-money laundering guide for the industry. Reuters (8/15)
Deutsche Bank forecasts the number of casinos in Atlantic City, N.J., will drop to six by 2017, with only Caesars, Bally's, the Tropicana, Borgata, Harrah's and Golden Nugget remaining. Three casinos have announced closures by the end of summer, bringing the tally from 11 casinos now to 8 by the end of 2014, and the report predicts Resorts and Trump Taj Mahal will also close. The Press of Atlantic City (N.J.) (tiered subscription model) (8/14)