Casino Industry Insider news bites - 03-03-09

Mar 3, 2009 5:07 PM
by Ray Poirier |

Ameristar Casinos Inc. (ASCA) stock was upgrade by analysts at JP Morgan on Monday resulting in the share being one of the few that increased in value on a decidedly down day. The shares gained $0.19 per share to $10.03 each.

Tourism in Singapore fell by 13% during the month of January, according to tourist officials. Singapore is hoping that the resorts casino being built by Las Vegas Sands Corp. (LVS) will improve tourism. The property is scheduled to open before year end.

The Meskwaki tribe in Iowa has rejected a move to lower monthly payments to tribal members because casino revenues have decreased. The proposal would have cut the monthly checks from $1,800 to $500 per adult and from $500 to $125 per child.

Within the past week, two directors of Magna Entertainment Corp. (MECA) have resigned. Anthony Campbell of Knott Partners and Jerry Campbell of Citizens Republic Bancorp have yet to be replaced.

Mississippi casino revenue in January reached $221 million, slightly higher than the $204.3 million recorded in December, 2008. However, the January figure was still 3% lower than what was reported a year earlier.

MGM MIRAGE has warned that someone was using the company’s logo to conduct a scam. Apparently, the scammers have been sending out bogus checks and then attempting to collect a fee as administrative costs.