September 2011

A Restructuring Success: The Inn of the Mountain Gods

By Valerie Red-Horse

Valerie Red-Horse

I recently had the pleasure of serving as the financial advisor for the Mescalero Apache Tribe with regard to the exchange offer restructure of its $200 million 12 percent bonds for the Inn of the Mountain Gods, the tribe’s casino resort property. It was a long, much awaited, publicly visible process, as well as one of the first successful win-win restructurings of bond debt in Indian country, with both the bondholders and the tribe coming away extremely satisfied with the results.

The Gaming Life: Frank Neborsky

By Taaren Haak

Taaren Haak

He’s the vice president of slot operations that helped build Mohegan Sun’s floor from the ground up. And with 30-plus years of gaming under his belt, he certainly knows his way around the business. So then why, upon meeting him, do people often say, “Oh, so you’re Frank Neborsky!?”

A Different Look at “Go for Your Own”

By Mark Jones

Mark Jones

After reading Bill Zender’s article on allowing dealers to keep their own tips in the December 2010 issue of CEM, I felt the need respond. As a person who has dealt and managed in a “go for your own” tips environment, I know there are several aspects to consider before adopting (or abolishing) that system.

London’s Trade Show Scene

By Amanda Huggett

Amanda Huggett

London’s weather may be typically rainy and dark, but the city itself is quite bright in many other ways. This U.K. destination is a leading global city, with international business, culture, diversity and trends. No wonder it’s home to some of the best trade shows, with the International Casino Exhibition and EAG International Expo among them, representing the gaming and amusement industries, respectively.

Latin American News Round-Up

By James Marrison

James Marrison

This month, a committee in Mexico is calling for an investigation into gaming licenses, a new gaming law could be in effect by December in Nicaragua, the number of illegal slot machines is on the rise in Uruguay and Argentina’s Trilenium Casino’s license has been extended.

Case Comment on Cohen v. Canada

By Stuart Hoegner

Stuart Hoegner

In early May of this year, before Justice Frank Pizzitelli of the Tax Court of Canada in Toronto, an appeal took place that once again tested whether the Income Tax Act will compel the inclusion of gaming winnings into—or allow the deduction of gaming losses from—the income of a taxpayer in Canada. Once again, the answer came back that Canadian courts are reluctant to bring gaming winnings, except under very specific circumstances, into the taxation net.

Where’s the Money? Part 3: Horizontal Innovation in Gaming Machines, Gaming Software and Casino Architecture

By Andrew Cardno and Dr. Ralph Thomas

Andrew Cardno and Dr. Ralph Thomas

In this installment of our "where is the money" series, we’ll give some specific examples of horizontal innovation that are available today and look into the future at what may yet be to come. First we look at horizontal innovation within a vertical.

Renaissance on the Strasses of Henderson and the Proving of FOFI

By David J. Paster

David J. Paster

What an opening! It was an awakening from dormancy that included defiance of the laws of physics when gaming industry legends neared each other at Casino MonteLago’s renaissance on July 26, 2011. The opening festivities and the desert air were hot, and these legends’ enthusiastic support added only marginal exuberance to the at-capacity festivities at hand.

AGEM Index

By N/A


Separating themselves from the broader market, investors pushed the AGEM Index upward to a level not seen in 15 months, as 10 of the 17 publicly traded global gaming suppliers reported a month-over-month increase in their stock valuations during the month of July 2011. Overall, the AGEM Index grew 3.46 points, or 3.1 percent, closing at 114.07 points.

The Status of Gaming in Illinois

By Cory Aronovitz

Cory Aronovitz

Now that the Illinois Supreme Court has ruled that the Video Gaming Act is constitutional and the Illinois Legislature has passed a gaming expansion bill, where does the state actually stand when it comes to gaming? There are a number of things that need to occur before video gambling terminals are turned on.