Golden Entertainment Buys American Casino and Entertainment, Adding Stratosphere in Las Vegas to Gaming Portfolio

Golden Entertainment Buys American Casino and Entertainment, Adding Stratosphere in Las Vegas to Gaming Portfolio

Las Vegas-based gaming distributor and casino conglomerate Golden Entertainment is increasing its holdings, the company announced on Monday. Stratosphere owner American Casino and Entertainment is being snapped up by Golden for an $850 million cost, which includes $781 million on the table in money, plus four million shares of the owner that is new stocks right back to the vendor.

The Stratosphere has a new owner, after Golden Entertainment purchased the home along side three other resorts for $850 million in money and stock.

Once the deal is completed, Golden Entertainment will own eight casino resorts as a whole, with the best-known coming in the sale through the Stratosphere, which stands 1,149 feet high at the far north end of the Las Vegas Strip.

Created in Taverns and Supermarkets

The company’s other gaming properties are in Pahrump, Nevada and Flintstone, Maryland. Also in Golden’s pre-existing portfolio are PT’s Entertainment Group and its more than 50 Nevada-based taverns with video gaming, as well as the lucrative lock on one of the gaming device distribution companies that are largest in the usa, which brings slot machines to almost 1,000 supermarkets in Nevada and Montana.

Upon completion of the transaction, Golden Entertainment will operate 15,800 slots, 114 table games, and over 5,100 hotel rooms in Nevada. Traded on NASDAQ, shares of Golden Continue reading “Golden Entertainment Buys American Casino and Entertainment, Adding Stratosphere in Las Vegas to Gaming Portfolio”

Universal Entertainment’s Kazuo Okada Ousted from Philippines Casino for Alleged $17 Million Improper Transfer

Universal Entertainment’s Kazuo Okada Ousted from Philippines Casino for Alleged $17 Million Improper Transfer

Japanese slots maker and gaming magnate Kazuo Okada ended up being removed as chairman from Manila’s Okada Casino into the Philippines on Monday. It was the position that is second 73-year-old billionaire has lost in as numerous weeks, after allegations that he improperly transferred $17.3 million from chichi casino Tiger Resorts Asia in March of 2015 to Okada Holdings.

Kazuo Okada (left, seen right here in 2004 with his bestie that is former Wynn) was ousted as chairman from his Okada Casino in the Philippines this week, being an research into a presumably improper $17.3 million transfer continues in that country.

A couple of weeks prior, he ended up being relieved as chairman of Universal Entertainment Corp., the ongoing company he founded that settings both Philippine gambling enterprises.

‘As a consequence of the present actions at Universal Entertainment a special stockholders’ meeting of Tiger Resort was convened followed by the organizational conference associated with the board,’ stated the casino’s press launch. ‘Mr. Kazuo Okada ended up being eliminated as chairman of the board.’

‘Serious Violation of Governance’

The prospective fraud was uncovered earlier this month and Okada was asked for an explanation as to why $17.3 million was taken from Tiger Resorts Asia and put in a company controlled by Okada and his son. When he could not satisfactorily justify t Continue reading “Universal Entertainment’s Kazuo Okada Ousted from Philippines Casino for Alleged $17 Million Improper Transfer”

Adelson Casino Wages Ad War Against Pennsylvania VGT Expansion

Adelson Casino Wages Ad War Against Pennsylvania VGT Expansion

An aggressive $1 million marketing campaign backed by Sheldon Adelson, chairman and CEO of Las Vegas Sands, is wanting to block legislation in Pennsylvania that would allow movie gaming terminals (VGTs) in vehicle stops, restaurants, pubs, and off-track betting facilities.

Billionaire casino magnate Sheldon Adelson is funding team to fight proposed legislation that threatens his hold on gambling activity into the Keystone State.

Adelson’s Sands Casino Resort Bethlehem is leading the battle against House Bill 1010, which will permit certain establishments to install VGTs real-money that is offering, poker, and other casino games.

You can find currently nearly 27,000 VGTs in Pennsylvania, most of them in the state’s 12 casinos. The number could more than double if HB 1010 passes.

John Cunnane, a Wall Street video gaming and leisure analyst for Stifel Investment Services, told the Allentown Morning Call that this kind of expansion of VGTs and authorized locations that are VGT could hurt founded gaming facilities.

‘That’s a number that is insane of, and we’ve heard of impact that’s had on casinos in places like Iowa and Illinois,’ Cunnane said. ‘It won’t cause a mass exodus from gambling enterprises, but they will feel the pain, no doubt.’

Media Wars

Through Sands Casino Resort Bethlehem, Adeslon provided $1 million to Pennsylvanians For accountable Government (PRG), a newly created lobbying company producing the a Continue reading “Adelson Casino Wages Ad War Against Pennsylvania VGT Expansion”

Adelson Casino Wages Ad War Against Pennsylvania VGT Expansion

Adelson Casino Wages Ad War Against Pennsylvania VGT Expansion

An aggressive $1 million advertising campaign backed by Sheldon Adelson, chairman and CEO of Las Vegas Sands, is attempting to block legislation in Pennsylvania that would allow video gaming terminals (VGTs) in vehicle stops, restaurants, pubs, and off-track betting facilities.

Billionaire casino magnate Sheldon Adelson is funding group to fight proposed legislation that threatens his hold on gambling activity into the Keystone State.

Adelson’s Sands Casino Resort Bethlehem is leading the battle against House Bill 1010, which may permit certain establishments to install VGTs real-money that is offering, poker, and other casino games.

There are currently almost 27,000 VGTs in Pennsylvania, most of them in the state’s 12 casinos. The number could more than double if HB 1010 passes.

John Cunnane, a Wall Street video gaming and leisure analyst for Stifel Investment Services, told the Allentown Morning Call that this kind of expansion of VGTs and authorized VGT locations certainly could harm established gaming facilities.

‘That’s a number that is insane of, and we’ve heard of impact that’s had on casinos in places like Iowa and Illinois,’ Cunnane said. ‘It won’t cause a mass exodus from gambling enterprises, but they shall feel the pain, no doubt.’

Media Wars

Through Sands Casino Resort Bethlehem, Adeslon gave $1 million to Pennsylvanians For Responsible federal Government (PRG), a newly formed organization that is l Continue reading “Adelson Casino Wages Ad War Against Pennsylvania VGT Expansion”