The Casino Industry Insider - April 29, 2008

April 29, 2008 7:00 PM
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The Insider by Ray Poirier | THE INSIDER: Caesars Entertainment’s $485 million Horseshoe Casino in Hammond, Indiana, will open in late summer rather than in late fall as previously announced.

Louisiana casinos reported gaming revenue of $229.6 million in March. This was lower than the $234 million in February and a shade lighter than the $230.3 million reported a year ago.

The Water Club, a luxury hotel built next to the Borgata in Atlantic City, has begun taking reservations. The property, co-owned by Boyd Gaming Corp. (BYD) and MGM MIRAGE Inc. (MGM) will open on July 1.

Legislative efforts are being made in Colorado to eliminate the $5 bet limit at the state’s casinos.

The Pennsylvania Department of Revenue says it has selected Scientific Games International Inc. (SGMS) to provide terminal-based game services to the state lottery.

Moody’s Investors Service has reduced its rating on the debt of Hooters Casino Hotel in Las Vegas. Moody’s also expressed skepticism about the sale of the property.

Mohegan Sun at Pocono Downs near Wilkes-Barre, Pennsylvania, is advertising openings for 700 additional workers.

Casino developer Don Barden has decided to put on hold his request to eliminate a $3 million commitment to help revitalize a Pittsburgh, Pennsylvania, neighborhood.

Because of political differences among the legislative leadership, Rhode Island lawmakers still haven’t voted on the plan to permit its two racinos to stay open round-the-clock on weekends.

Las Vegas Sands Corp. (LVS) has elected Dr. George P. Koo as a member of the board of directors. Also, LVS announced it plans to open a second retail mall in Macau in July.

Dover Downs Gaming & Entertainment Inc. (DDE) has declared a regular quarterly cash dividend of $0.05 per share to be paid on June 10 to shareholders of record on May 10.

Analysts at KeyBanc Capital Markets have downgraded the DDE shares from buy to hold.

Cash Systems Inc. (CKNN) has announced a new multi-year contract with Fantasy Springs Resort Casino in Indio, California.

Lakes Entertainment Inc. (LACO) has hired Rick Charles as its new senior vice president of operations. He previously was general manager of the Aquarius Hotel/Casino in Laughlin, Nevada.