Casino Insider

Jun 21, 2010 5:41 PM

Analysts at Zacks Equity Research have upgraded the shares of Wynn Resorts Ltd. (WYNN). The rating change, the analysts said, was based on the recent earnings performance of the company.

International Game Technology (IGT) has signed an extension of its contract with the University of Iceland Lottery through Oct. 1, 2018.

The word "Mirage" has been removed from its official name which now becomes MGM Resorts International (MGM). However, the company emphasized that the move was to better reflect the company’s business and was not intended to indicate that the Mirage Resorts property on the Las Vegas Strip was for sale.

MTR Gaming Group Inc. (MNTG) is planning "golden parachutes" for its top executives just in case the company is sold.

Goldman Sachs gaming analyst Steve Kent has downgraded the shares of Bally Technologies Inc. (BYI) and International Game Technology (IGT) because he believes there will be little to no growth in gaming over the next several years. He’s looking for a recovery in the industry beginning in 2012.

PokerTek Inc. (PTEK) says it will unveil a new multi-game platform at its shareholders’ meeting this week.

Louisiana gaming regulators are now accepting applications for a riverboat casino license made available when Pinnacle Entertainment Inc. (PNK) scrapped plans for a second casino-hotel project in Lake Charles.

Also, Louisiana’s licensed casinos reported revenue of $203.6 million, down 9.3 percent in May.

Mississippi’s gaming revenue for May was $203.2 million, a decline of 8.8 percent from the revenue reported in May, 2009.

Six casinos in Missouri are expected to take advantage of a change in the law permitting them to operate 24 hours daily.

Sharp decline in slots revenue was reported by the two Indian casinos in Connecticut. Foxwoods Resort Casino said revenue fell to $56.4 million, down 9.4 percent from the previous year while the Mohegan Sun said its slots revenue was down 7 percent to $65 million.

United Food and Commercial Workers Union is trying to represent the bartenders and beverage servers at Foxwoods. The union has petitioned the National Labor Relations Board to supervise an election. Last year, the union lost an election.

Galaxy Entertainment Group says it has received the necessary funding for its Galaxy Macau casino on the Cotai Strip.

Casino supporters in the Massachusetts Senate have not set aside a provision for a tribal casino in its recently announced legislation proposal. At least two Indian tribes have indicated they hope to receive approval for a casino in the Fall River area.