Gary Loveman, CEO of Caesars Entertainment, said spending is on the upswing. "The business we're seeing now is improving," he said. Loveman also said Caesars plans to focus on nongaming revenue for growth.
Gary Loveman, CEO of Caesars Entertainment, said the casino industry is on an upswing in Las Vegas. During an appearance on CNBC's "Closing Bell," Loveman said Las Vegas "is more buoyant, in large part because supply has been stable now for some time, demand patterns are improving, the convention and meeting business is robust."
Kirk Kerkorian, founder of MGM Resorts International, plans to step down from the board in June. "I just didn't care to keep going back to meetings," he said. Kerkorian, 93, will stay involved with the company as a senior adviser and director emeritus.
Suffolk Downs signed an agreement with Caesars Entertainment to manage the racetrack if Massachusetts approves gambling, sources said. The Las Vegas company would build a $600 million gaming resort at the racetrack in Boston.
A second bid this year to authorize resort-casinos in Florida fizzled after a Senate committee voted against the bill. Lawmakers expressed concern about the bill's effect on the Florida horse-racing industry. "It's not dead," said Nick Iarossi, a lobbyist for Las Vegas Sands. "We will need to go back and regroup."
The Casino Reinvestment Development Authority in Atlantic City, N.J., plans to locate state offices in one building. The agency will consolidate offices into a downtown structure near The Walk outlet mall. The Division of Gaming Enforcement and the Casino Control Commission are on the Boardwalk, and relocating them will free up prime real estate.