Casino Industry Insider news bites - 12-09-2008

Dec 9, 2008 5:02 PM
by Ray Poirier | Officials of Herbst Gaming have notified the Securities & Exchange Commission that they are discussing restructuring debt with lenders after missing a $4.1 million interest payment.

Charles Atwood, a 30-year employee, has announced his retirement as chief financial officer and as vice chairman of the board of directors of Harrah’s Entertainment Inc. to take effect on Dec. 19.

Despite the problems in the credit market, Station Casinos Inc. denied funding problems for the Mono Indian Casino in Madera, California. The casino awaits federal and state approval.

Seventeen former Trump Entertainment Resorts Inc. (TRMP) shareholders are suing the company for $4.1 million that they say was due them from a former Trump bankruptcy.

Shares of Penn National Gaming Inc. (PENN) have been rising since an analyst for Stifle Nicolaus & Co. initiated coverage with a "buy" rating.

Wynn Resorts Ltd. (WYNN) has launched a new website (www.lasvegasencore.com) for Encore, the property the company plans to open on Dec. 22.

Michael Speller, who has held key positions in Indian gambling operations for more than two decades, has been appointed president of the Mashantucket Pequot Gaming Enterprise.

After many months of trying, Max "Jethro" Baer has received approval for an outdoor sign at a "Beverly Hillbillies"-themed hotel-casino in Minden, Nevada.

Foxwoods Casino Resort has reopened a voluntary buyout program for some of its employees. It has eliminated some 800 positions in recent months.