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Casino industry business bites 12-16-08

Dec 16, 2008 5:07 PM
The Insider by Ray Poirier | Two beautiful new restaurants were opened in September in The Colonnade at the refurbished Dover Downs in Delaware. Unfortunately, business was so poor that the facilities were closed last week.

MGM MIRAGE Inc. (MGM) has announced the formation of a new division, the MGM MIRAGE Global Gaming Development, to seek out hospitality opportunities in non-gaming areas of the world.

Bob Bittman, an executive with International Game Technology (IGT) for nearly a quarter-century, has announced his retirement as executive vice president of product strategy.

Maryland now has an expanded Lottery Commission ready to consider applications for the slots licenses it plans to award.

Fidelity Investments revealed last week that it has increased its investment in Las Vegas Sands Corp. (LVS) to 108,440,131 shares or 14.9% of the total outstanding.

Nevada Gold & Casinos Inc. (UWN) experienced a loss of $1.6 million or $0.13 per share in the second fiscal quarter. The loss included a write down of $1.2 million for an investment deposit.

While other gaming companies have been looking at potential loss of revenue during the economic slowdown, Shuffle Master Inc. (SHFL) sees the slump as an opportunity. The company believes that more casinos will be looking to take advantage of the company’s leasing service.