casino

Beating the House: Rise and Fall of a Casino Con Man

Any fan of the Ocean's Eleven films knows the setup: An inside man handles the cards, and a high roller rakes in the dough. For Phuong Quoc Truong, the big scam wasn't a movie script: For an estimated six years, it was his way of life and a multimillion dollar business.

The Painfully High Price of Gambling Addiction

The severity of America's gambling addiction isn't too far behind the nation's drug problem, and it's growing. In 2007, Americans lost more than $92 billion gambling, almost 10 times more than what U.S. moviegoers spent on tickets -- and about nine times what they lost 15 years earlier.

For Las Vegas Sands, the House Edge Is Global Reach

Las Vegas Sands benefits from being more geographically diversified than its major competitors. With a casino resort presence that spans the U.S., Macau and Singapore, LVS is a strong player that can ride out local downturns, and Trefis thinks its stock is undervalued by 10% to 15%.

Trump Entertainment Resorts to Sell Atlantic City Casino

Trump Entertainment Resorts agreed to sell the Trump Marina Hotel Casino in Atlantic City for $38 million. The casino will be sold to Landry%u2019s Inc., which operates the Golden Nugget casinos in Las Vegas and Laughlin, Nevada, Trump Entertainment Resorts said in a statement.

Casino Heists: Criminals Are Flush With Creative Ideas

Casinos must look like easy targets for criminal minds -- like the robber this week who swept $1.5 million worth of gambling chips off a table at the Bellagio in Las Vegas and escaped by motorcycle -- all in under three minutes. But casino robberies are fairly rare, according to the Las Vegas police department. Here are some of the biggest heists of the last few years:

Motorcycle Robber Steals $1.5M in Bellagio Casino Chips

An armed man stole as much as $2 million in casino chips from Las Vegas' Bellagio hotel-casino early Tuesday morning, then escaped, the Associated Press reported, citing Las Vegas police officials. No shots were fired and no one was injured.

Apollo and TPG Plan an IPO for Harrah's

Private-equity firms Apollo Management and TPG, which took Harrah's Entertainment private in January 2008, are now preparing a $575 million initial public offering. An IPO may be just as bold a move as the buyout, as investors remain wary of IPOs from private-equity firms.

MGM Resorts May List Macau Gambling Venture in Hong Kong

MGM Resorts International (MGM) may list its Macau gambling venture on the Hong Kong stock market. MGM is a partner in MGM China holdings, a casino in a historic district of Macau, MarketWatch reported. The casino is a joint venture with Pansy Ho, daughter of Macau gambling kingpin Stanley Ho.

Churchill Downs to Buy Miss. Casino for $138 Million

Horse racing track owner Churchill Downs (CHDN) agreed to purchase Harlow%u2019s Casino Resort & Hotel in Greenville, Miss., for $138 million cash. The deal is expected to close within six months, MarketWatch reported.

N.J. Governor Gambles on a Gaming Overhaul

New Jersey's GOP Gov. Chris Christie is preparing to announce sweeping plans to overhaul Atlantic City's casino district, just one part of a set of proposals that would mark the most sweeping changes to the state's gaming industry since casino gambling was legalized.

Did the Atlantic City Hilton Bet Wrong on Bill Clinton?

The struggling Jersey Shore casino has booked the former president on July 23 as part of its speaker series , but plenty of seats are still available. Why would Clinton even want to appear there? And do people think he'll say that he hasn't said already?

Playboy to Cut More Jobs in Bid to Restructure

Playboy Enterprises is downsizing its organizational structure as it continues its transition into a brand management company. The company expects to take a second quarter restructuring charge of $3 million, but will save more than $3 million annually.

Casino Industry Ends Its Losing Streak

The U.S. casino gaming market is finally improving, according to a recently released report from Moody's Investor Services. After more than two years of negative outlooks, Moody's has changed its view to neutral and recognizes "signs [that the] industry has bottomed out."

Does the Mohegan Tribe Need a Big Government Loan?

In spite of the fact that Connecticut's Mohegan Indian tribe owns the Mohegan Sun Casino, which ranks among the most successful gambling operations on the East Coast, the USDA granted it a $54 million loan.

Trump's Win in Atlantic City Is Far From a Victory

The bare-knuckle battle between Donald Trump and Carl Icahn over control of the addled Trump Entertainment Resorts and its three Atlantic City casinos has finally ended, with a New Jersey bankruptcy court declaring Trump's group the winner. But The Donald may have gotten himself into a losing a proposition.

Steve Wynn Abruptly Exits From Philadelphia

Last week, Steve Wynn met with Philadelphia's Mayor and appeared to be weeks ahead of schedule in the design of the former Foxwoods Casino. By the meeting's end, he said "the deal is done." But within a matter of days, Wynn backed out of the deal -- and no one knows exactly why.

Las Vegas Strip Has a Winning Streak in February

The Las Vegas gambling industry seems to have some fight left in it. Following a seemingly endless run of negative months, gambling revenues on the Las Vegas Strip jumped 33% in February to $568 million from $427.4 million a year ago, according to WHO TK. Casino operators have their Chinese patrons to thank for the fortunate turn of events.

Casino Mogul Wynn Raises the Stakes in Philly

Two months ago, when Steve Wynn first publicly proposed taking over the stalled Foxwoods casino project in Philadelphia, his plan seemed modest. Wynn described the would-be enterprise as "cute." On Monday, the casino mogul got serious with a proposal for a gambling hall that he promised would be "Wynn top to bottom."

Morgan Stanley Walking Away from Revel Casino

Morgan Stanley has decided to cut its losses in Atlantic City. The investment bank is selling its stake in the Revel casino and taking a "substantial loss," one that some analysts estimate could amount to $800 million to $1 billion.

Will Casino Have to Make Good on Slot 'Error'?

While playing the slots at Fortune Valley Casino in Colorado, Louise Chavez thought she had won close to $43 million. But the casino denied her those winnings, saying the slot machine was broken. Does Chavez have a shot at getting her winnings back? Las Vegas lawyers are doubtful.

Las Vegas Struggles to Save the 'Whales'

The most prized commodity of Las Vegas casinos is the "whale": a lucrative loser, lured by penthouse suites and transport by private jets to blow big money at the tables. But in this economy, deep-pocketed players are getting shrewd about how -- and where -- to lose a fortune.