The hospitality and nightclub empire founded by Sam Nazarian asserted it would move ahead with its global expansion plans without its leader after Nazarian admitted paying millions in extortion cash to a convicted felon, using cocaine and fathering a child out of wedlock.Sam Bakhshandehpour, the president of SBE Entertainment for the last two years, has taken over as chief executive while Nazarian takes time to overcome what he described as … Read the rest

Quick start on $425M Finger Lakes casino

Now that’s a shovel-ready grab for cash. Work started Friday on the $425 million, Las Vegas-style Lago Resort & Casino Hotel in the Finger Lakes region — just two days after the state approved three new upstate gambling dens. “They are moving equipment on the site as we speak,” Thomas Wilmot, head of the development company behind the ambitious venture, told The Syracuse Post-Standard. “The following week we’ll really get … Read the rest

<!– google_ad_section_start –> By Clare Jim<!– –> MACAU (Reuters) – Chinese President Xi Jinping on Saturday urged the world’s biggest gambling hub, Macau, to accelerate diversification away from its bread-and-butter casino industry, which has lost about $60 billion in market value over the last six months. Xi, in Macau to celebrate the 15th anniversary of the former Portuguese colony’s handover to Chinese rule, asserted although it had developed rapidly, certain … Read the rest

[unable to retrieve full-text content]Three casinos OK’d Thursday will join the 14 other gambling halls already in New York.                

Read the rest…Gambling field getting crowded in NYRead the rest

The new ownership of the Cosmopolitan of Las Vegas will undoubtedly institute changes to the resort. But the resort’s workforce, apparently, will remain intact. The Culinary Union Local 226 asserted today in that Cosmopolitan employees, whom the resort calls CoStars, will retain their employment through the sale. Gaming regulators gave their final blessing Thursday to the $1.73 billion sale to a division of Blackstone Group. A Cosmopolitan spokeswoman confirmed to … Read the rest

Wonkblog: Investors who can’t bet on Uber are betting instead on the death of taxi medallions

(REUTERS/Sergio Perez)The 23-page market report warns of “financial ruin” for Medallion Financial Corp., a 70-year-old company in that has long lent cash to drivers and investors in New York, Chicago and Boston looking to buy expensive taxi medallions. The coveted assets give owners the right to operate taxicabs, and for decades they have been the best investment in America, providing a steady business for a company that goes by the … Read the rest

Casino giant Caesars Entertainment, which for years of time has struggled with massive debt, formally announced today in that its biggest subsidiary reached an agreement with key creditors on a financial restructuring plan. The subsidiary, Caesars Entertainment Operating Company or CEOC, will file for bankruptcy in mid-January, the company asserted in a statement. Bloomberg News reported this morning in that an agreement was in the works. Steve Marcus Gary Loveman, … Read the rest

19 December 2014By Howard StutzLAS VEGAS — The $1.2 billion buyout of slot machine maker Multimedia Games, Inc. by Global Cash Access was approved Thursday by the Nevada Gaming, which allowed the transaction to clear its final regulatory hurdle.Global Cash Access provides casinos with ATMs, point-of-sale and debit-card transactions and offers slot-machine ticket redemption and jackpot kiosks. The company processes about 90 million transactions annually, dispensing more than $19 billion … Read the rest

With an Android phone and some cardboard you can take a virtual trip around the world.

Google launch of its Cardboard do-it-yourself VR viewer. Cardboard is not for sale from Google directly, yet you can make it yourself with instructions. A few companies are offering pre-assembled cardboard kits, such as Unofficial Cardboard, I Am Cardboard and Dodcase cardboard kit

Launched this summer Google Cardboard which there are already dozens … Read the rest

19 December 2014By Howard StutzLAS VEGAS — The Cosmopolitan of Las Vegas could be under new management as shortly as Friday.The Nevada State Gaming Commission Thursday signed off on the $1.73 billion purchase of Strip resort by Blackstone Real Estate Partners VII, a division of New York City-based Blackstone Group, a multinational private equity investment fund.The deal could close by Friday and is expected to breath new life in to … Read the rest

Nasdaq 100 Movers: XLNX, WYNN

December 19, 2014

In early trading on Friday, shares of Wynn Resorts (WYNN) topped the list of the day’s best performing components of the Nasdaq 100 index, trading up 2.3%.  Year to date, Wynn Resorts has lost about 23.5% of its value. And the worst performing Nasdaq 100 component thus far on the day is Xilinx (XLNX), trading down 2.8%.  Xilinx is lower by about 7.5% looking at the year to date performance. … Read the rest