In recession-battered Las Vegas, there is still plenty of elbow room at the craps tables. Not so in Macau. Gambling revenue in the Chinese region soared in September, according to figures released this week, and two hotly anticipated stock offerings show that the high rollers have returned.
Recession-weary Americans aren't gambling the way they used to -- and that could be a problem for many U.S. states already struggling with record budget gaps due to the weak economy.
At a time when local officials coast to coast are frantically slashing municipal budgets, furloughing employees, and trying to soothe recession-wounded constituents, Curtis Calder, the city manager in Elko, Nev., has a hard time coming up with much to worry about.
If your favorite book happens to be Seabiscuit, you already know the answer to the following question: What are the three legal forms of online gambling in the United States?
The slot machines are ringing, music is blasting at the crowded poolside bar, and people are dancing to celebrity DJs at hip nightclubs. But this is not a scene on the Las Vegas strip. This action is taking place on an Indian reservation.
The annual March Madness U.S. college basketball tournament, which starts on Thursday, is a pressure cooker for the 65 teams involved.
It looks like the house doesn't always win, after all.
Atlantic City gambling floors will go smoke-free for seven days before allowing visitors to light up again because the city can't legally stop a smoking ban from taking effect
Flip through a rack of postcards in any Biloxi, Mississippi, gift shop, and along with images of magnolia trees and sunsets, you're likely to find a few satellite shots of Hurricane Katrina looming over the Gulf Coast. "Why not?" asks a store clerk downtown. "We lived it."
Kevin Warren, a New York City doorman, knows what he's going to do with his tax rebate check: "I'm going to try to double it."
In recession-battered Las Vegas, there is still plenty of elbow room at the craps tables. Not so in Macau. Gambling revenue in the Chinese region soared in September, according to figures released this week, and two hotly anticipated stock offerings show that the high rollers have returned.
Recession-weary Americans aren't gambling the way they used to -- and that could be a problem for many U.S. states already struggling with record budget gaps due to the weak economy.
At a time when local officials coast to coast are frantically slashing municipal budgets, furloughing employees, and trying to soothe recession-wounded constituents, Curtis Calder, the city manager in Elko, Nev., has a hard time coming up with much to worry about.
If your favorite book happens to be Seabiscuit, you already know the answer to the following question: What are the three legal forms of online gambling in the United States?
The slot machines are ringing, music is blasting at the crowded poolside bar, and people are dancing to celebrity DJs at hip nightclubs. But this is not a scene on the Las Vegas strip. This action is taking place on an Indian reservation.
The annual March Madness U.S. college basketball tournament, which starts on Thursday, is a pressure cooker for the 65 teams involved.
It looks like the house doesn't always win, after all.
Atlantic City gambling floors will go smoke-free for seven days before allowing visitors to light up again because the city can't legally stop a smoking ban from taking effect
Flip through a rack of postcards in any Biloxi, Mississippi, gift shop, and along with images of magnolia trees and sunsets, you're likely to find a few satellite shots of Hurricane Katrina looming over the Gulf Coast. "Why not?" asks a store clerk downtown. "We lived it."
Kevin Warren, a New York City doorman, knows what he's going to do with his tax rebate check: "I'm going to try to double it."
The Democratic Party can go ahead with a plan to set up "at-large" precincts for this weekend's Nevada caucuses in nine casinos on the Las Vegas strip, a federal judge ruled Thursday.
A bill in Congress seeks to eliminate military slot machines overseas that take in $130 million a year, mostly from soldiers.
All this striped-shirt news is rather confusing, isn't it?
American billionaire and gambling tycoon Sheldon Adelson said Wednesday he wanted to set up variations of Las Vegas-style strips around the world, with Asia alone having room for several more casinos.
Six weeks have passed since NBA commissioner David Stern let us all know that he was shocked -- shocked! -- to find that gambling was going on in his league, in his initial public comments about rogue referee Tim Donaghy's criminal activity.
Casinos such as the Wynn and Sands have already helped this southern coastal Chinese city surpass the Las Vegas Strip as the world's most lucrative gambling center.
The world's biggest casino opens in Macau on Tuesday, the most ambitious throw of the dice yet in a $24 billion effort to build a Las Vegas-style "neon alley" in this Chinese gambling enclave.
Gamblers lost $959.8 million at Nevada casinos in June, almost 6 percent more than in the same month a year earlier, helping the state notch record winnings for the fiscal year, Nevada's Gaming Control Board said Friday.
Harrah's Entertainment Inc., the world's biggest casino operator, said Tuesday that second-quarter profit rose largely on higher revenue at its casinos in Las Vegas and on the Gulf Coast.
Carrie Walsh's husband was a decorated Apache helicopter pilot for the U.S. Army. But years ago, Aaron Walsh started playing slot machines on military bases. He became a gambling addict. It eventually ruined his military career.
About 20 miles south of Memphis, along the Mississippi River, Tunica County, Miss., used to be a popular stop for journalists and politicians looking to be appalled by black poverty.
Poker may not seem as hip as it was just a few years ago. And nobody's feeling that more than shareholders of WPT Enterprises, operator of the World Poker Tour.
This would be a particularly awesome time for the Fertitta brothers to finally disagree. That's because the dispute resolution clause in their ownership contract of the Ultimate Fighting Championsh...
This would be a particularly awesome time for the Fertitta brothers to finally disagree. That's because the dispute resolution clause in their ownership contract of the Ultimate Fighting Championship states that "in order to resolve a Deadlock among the LLC Members, Frank and Lorenzo shall engage in a Sport Jiu-Jitsu match under the rules as set forth herein."
$6.5 billion: The amount wiped off the value of online gambling shares on Monday after the U.S. Congress passed legislation to ban Internet gaming there.
Harrah's Entertainment Inc., the world's biggest casino operator, said Monday it had received a $15 billion buyout offer from private equity firms Apollo Management and Texas Pacific Group., sending shares of the whole gaming sector up.
France coach Raymond Domenech has extended his contract and will remain in charge of the national team at least until after the 2010 World Cup finals in South Africa, the French Football Federation (FFF) said on Friday.
The habit started seemingly innocent enough, buying scratch tickets at local liquor stores and gas stations 10 years ago. But a few years later, he would find himself -- night after night -- in a Kinko's FedEx store. He wasn't there for the copiers, but for the Internet connection. And he was in trouble.
He dreamed that with the next game, the next jackpot, the next click of his mouse, he would solve all his problems. But as he got sucked deeper into the anonymous world of online gambling, his problems only got worse.
Kathleen Budz had been at the slots in the New York-New York casino for only a couple of hours when the big money came along.
New Jersey Gov. Jon Corzine signed a $30.9 billion compromise state budget into law Saturday evening, formally ending a financial impasse that essentially shut down the state and some of its businesses.
AT LAS VEGAS'S NOBHILL RESTAURANT, GAMAL Aziz is feasting on Tasmanian trout topped with apple-ponzu dressing and basking in the glow of parchment-paper chandeliers. But Aziz remembers this place s...
Singapore has picked Las Vegas Sands, the world's top casino operator, to build and run its first casino, a project that will cost more than S$5 billion ($3.2 billion).
Hooters restaurants is taking a gamble on the casino business.
Sheldon Adelson has made billions of dollars by seeing things others do not. But even he was stumped three years ago when he first laid eyes on the real estate that Chinese officials were offering him to build a new casino in Macau. "It's very nice, very picturesque," he thought. "But it's under- water! They've relegated me to the boonies!" Like every other bigtime casino developer, he was well aware of Macau's potential: The former Portuguese colony south of Hong Kong is the only place in the Chinese-speaking world where betting is legal. It's located a short drive or plane ride away from a billion-plus Chinese --who, by the way, are the world's most ferocious gamblers. But out here? On a future landfill project several miles from the crowded downtown peninsula where the action had always been? Still, the more Adelson thought about it, the more he became convinced that he had spotted something glittering beneath the blue water of the South China Sea. More than glittering: a gold mine. A bustling gambling
Mayor Ray Nagin called Friday for a major expansion of casino gambling in hurricane-hit New Orleans in a desperate attempt to quickly heal its battered lifeblood industry -- tourism.
After all 13 of Mississippi's floating casinos were destroyed by Hurricane Katrina, Mississippi lawmakers are considering a plan to rebuild closer to land.
In another sign of the gaming industry's anxiety about its future in the hurricane-ravaged Gulf Coast, CEOs of the top casino companies are expected to discuss the matter next week during the industry's annual G2E trade show in Las Vegas.
Before Katrina, Mississippi's Gulf Coast had evolved from a swampy backwater to a boom town of casinos, tourism and beachfront entertainment employing thousands.
Just three years ago, penny slot machines had three main growth markets--eBay, museums, and the city dump. Today a new generation of penny, nickel, and dime slots aren't just reclaiming space on ca...
Until the late 1970s, playing the blackjack tables or the slot machines were not regular pastimes for middle America. A trek to Nevada was the only way to get the excitement and ambience of a casino without leaving the country..
You've probably heard how Diana Duyser scored $28,000 on the Internet. In 1994, after sitting down to eat a grilled cheese sandwich, Duyser made a shocking discovery: A scorch mark on her bread res...
The Internet casino noted for its unusual eBay purchases acquired Britney Spears' alleged pregnancy test for $5,001, according to a statement Thursday.
An offshore online casino operator says he's making a bid to acquire a 31 percent stake in Donald Trump's casino companies, according to a published report Wednesday.
It seems strange to say this, but placing an online bet shouldn't be a gamble.
An announcement is expected early Wednesday in the United States on whether a revised $7.9 billion offer by MGM Mirage for Las Vegas-based casino operator Mandalay Resort Group has been successful.
A revised $7.9 billion offer by MGM Mirage for Las Vegas-based casino operator Mandalay Resort Group is expected to win board approval Tuesday.
Las Vegas-based casino operator Mandalay Resort Group has turned down a $4.85 billion takeover from MGM Mirage that would have created the world's largest casino company.
MGM Mirage (MGG) Friday night said it has offered to buy rival casino operator Mandalay Resort Group (MBG) for about $4.55 billion in cash.
Lounging in his gold-bedecked 727 not long ago, Donald Trump explained one of his rules of investing: "I only do a deal if I think it has the greatest glamour."
When most gamblers get on a hot streak, they have to worry about it coming to an end. Shares of the biggest U.S. casino operators, on the other hand, have been on a winning streak since -- well, forever -- with little sign of stopping.
Talk about betting on a long-shot. Members of Congress, sports organizations such as the NCAA and some federal prosecutors believe they can hold back the growth of Internet gambling.
Like a drawn out New Year's Day hangover, the first quarter hit the stock market hard.
It looked like a textbook acquisition. For four months Gary Loveman, the CEO of gambling giant Harrah's Entertainment, had been negotiating with Becky Binion Behnen, the daughter of legendary Las V...
Many viewers of this weekend's Super Bowl will tune in for the commercials as much as the game itself. Now they can join fans of the game and place bets on those ads.
State budgets have seen better days. In the most recent fiscal year, estimated state budget shortfalls totaled close to $75 billion, according to the Center on Budget and Policy Priorities. But tha...
There's something of the night about this industry," a Merrill Lynch investment banker has warned. One evening in November in the lobby of London's Landmark hotel, where the elusive operator of the...
This husband-and-wife team admits that moving their polling company from New Jersey to Las Vegas five years ago wasn't a sure thing. They'd found a nice niche conducting surveys for Atlantic City c...
At times the sport of kings is still just that. On the first Saturday in May, expensively clad women in big hats and men in sharp suits flock to Churchill Downs for the Kentucky Derby, which just c...
On the day that President Bush asked Americans to observe a national day of mourning, all the Las Vegas casinos owned by the giant MGM Mirage shut down their tables for a minute of silence. After t...
Until recently, gaming stocks were on a winning streak. When the economy began to slow late last year, investors rushed to casino stocks, betting that gamblers' passion for the roulette wheel and t...
Outside Philadelphia, Miss., a wrinkled man drops coins into a slot machine. He's wearing overalls and a Marine Corps cap festooned with pins, and tendrils of smoke rise from the pipe clamped in hi...
Lounging in a limo as it cruised through the streets of Las Vegas, Barry Sternlicht, the CEO of Starwood Hotels, picked up the phone. On the line was Arthur Goldberg, who had made his first fortune...
If you need further proof that Congress works in weird ways, here it is. Lawmakers are now considering a bill called the Internet Gambling Prohibition Act of 1999. Common sense says that such legis...
Want to see a white elephant? Just take a look at the photograph on the opposite page.
STEVE WYNN: A $2.5 BILLION WAGER
In the black days of 1991, Donald Trump often strolled with his finance chief, Stephen Bollenbach, from the peach marble atrium of Trump Tower to lunch at another Trump trophy, New York's fabled Pl...
Wholesome enough for a church outing. As antiseptic as a modern theme park. Able to attract free-spending families in a single swoop. Look, it's a Disneyland. It's a futuristic fun world. No, betch...
Better watch your wallet: One-armed bandits could be coming to your town, if they aren't there already. Slot machines, as well as other casino games, are springing up all over the country. Since Io...
When retired Army Lt. Col. Chuck Luce, 62, became executive director of the South Carolina Association for Retarded Citizens in January 1990, he was confident that the group's high-stakes bingo gam...
The Mississippi River is recapturing some of its colorful 19th-century past as Illinois, Iowa, and Mississippi launch floating casinos to snare tourist dollars and increase state revenues. First to...
PROMUS COS. A big player in casinos and hotels, Promus has shown a deft touch at finding niches while keeping an eye on the main stakes. Until February 1990, the company was known as Holiday Corp.,...
We keep looking for something to happen in the great American casino industry, and it never happens, even though economic theory tells us it must happen. Baffling, eh? And definitely requiring an e...
HAS DONALD TRUMP finally dealt himself a bad hand? He appears overextended on the Trump Taj Mahal, a new casino-hotel he is building in Atlantic City. In a recent interview with FORTUNE, he didn't ...
Is it possible to trump Donald Trump? Ramada Inc., the hotelier to the middle class, is playing a high-stakes game against Trump, the paragon of the monied ; class, in Atlantic City, New Jersey. Sq...
From his luxurious penthouse atop the Aladdin Hotel in Las Vegas, Ginji Yasuda can keep a constant watch on the gamblers in his casino below, thanks to an elaborate NEC eye-in-the-sky camera system...
ATLANTIC CITY -- Lately in this gambler's mecca, hordes of visitors are forsaking the blackjack tables, roulette wheels, and slot machines for the chance to bowl a few frames. At times, bowlers hav...
The Supreme Court will doubtless be relieved to hear that Keeping Up applauds its recent decision in the slot machine case but possibly depressed to learn that we feel the Brethren didn't go far en...
Will casino stocks make a winning hand in 1986? Last year lady luck deserted the casino operators, whose stocks rose only 15.7% on average, vs. a 26.3% advance in Standard & Poor's 500-stock index....
Donald Trump's growing empire is also upsetting the status quo in Atlantic City. He owns one and a half of the last two casinos to open there and is currently negotiating to buy the half he doesn't...
STEPHEN A. WYNN, the 43-year-old chairman of Golden Nugget Inc., changes into a jogging suit and sinks into an armchair in his company's plush DC-9 as it soars over the Great Plains from Atlantic C...
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