Special to the Las Vegas Business Press
Monday, December 31, 2007
Saturday, December 29, 2007
Friday, December 28, 2007
Monday, December 24, 2007
Saturday, December 22, 2007
Friday, December 21, 2007
Thursday, December 20, 2007
Saturday, December 15, 2007
Thursday, December 13, 2007
Wednesday, December 12, 2007
Tuesday, December 11, 2007
Saturday, December 08, 2007
Friday, December 07, 2007
Thursday, December 06, 2007
Wednesday, December 05, 2007
Tuesday, December 04, 2007
Monday, December 03, 2007
Saturday, December 01, 2007
Friday, November 30, 2007
Wednesday, November 28, 2007
Tuesday, November 27, 2007
Monday, November 26, 2007
Thursday, November 22, 2007
Tuesday, November 20, 2007
Saturday, November 17, 2007
Friday, November 16, 2007
Thursday, November 15, 2007
Wednesday, November 14, 2007
Tuesday, November 13, 2007
Monday, November 12, 2007
Sunday, November 11, 2007
Saturday, November 10, 2007
Friday, November 09, 2007
Thursday, November 08, 2007
Tuesday, November 06, 2007
Time granted to reach accord: Mission Industries gets week to find way to fund health plan
Las Vegas Review-Journal
Saturday, November 03, 2007
Friday, November 02, 2007
Thursday, November 01, 2007
Wednesday, October 31, 2007
Monday, October 29, 2007
Sunday, October 28, 2007
Saturday, October 27, 2007
Thursday, October 25, 2007
Wednesday, October 24, 2007
Friday, October 19, 2007
Friday, October 12, 2007
Thursday, October 11, 2007
Wednesday, October 10, 2007
Tuesday, October 09, 2007
Friday, October 05, 2007
Thursday, October 04, 2007
Wednesday, October 03, 2007
Monday, October 01, 2007
Sunday, September 30, 2007
Gaming Column Item
Four months after holding elections, dealers at Wynn Las Vegas are negotiating a union contract with the casino. Negotiators for Wynn Las Vegas and New York-based Transport Workers Union of America have held five sessions since the dealers voted by a margin of 444-149 in May to unionize.
Greg Kamer, attorney for Wynn Las Vegas, said talks are proceeding with the next meeting scheduled for Oct. 23. The union effort was a reaction to a move last year by Wynn Las Vegas to add certain managers and casino supervisors to the dealers' tip pool.
Las Vegas Review-Journal
Greg Kamer, attorney for Wynn Las Vegas, said talks are proceeding with the next meeting scheduled for Oct. 23. The union effort was a reaction to a move last year by Wynn Las Vegas to add certain managers and casino supervisors to the dealers' tip pool.
Las Vegas Review-Journal
Thursday, September 27, 2007
Tuesday, September 25, 2007
Monday, September 24, 2007
Sunday, September 23, 2007
Gaming Column Item #1
O.J. Simpson's much-ballyhooed visit to Las Vegas gave Palace Station some unwanted publicity.
But not all publicity is bad publicity. The off-Strip casino is probably now more well-known than Bellagio.
The alleged robbery, for which the disgraced Hall of Fame football player charged with 10 felonies, took place in a Palace Station hotel room.
For a week, images of the Palace Station's exterior and train locomotive marquee were blasted across the nation's media. Station Casinos spokeswoman Lori Nelson tracked more than 4,000 television news stories that featured video of Palace Station.
Las Vegas Review-Journal
But not all publicity is bad publicity. The off-Strip casino is probably now more well-known than Bellagio.
The alleged robbery, for which the disgraced Hall of Fame football player charged with 10 felonies, took place in a Palace Station hotel room.
For a week, images of the Palace Station's exterior and train locomotive marquee were blasted across the nation's media. Station Casinos spokeswoman Lori Nelson tracked more than 4,000 television news stories that featured video of Palace Station.
Las Vegas Review-Journal
Wednesday, September 19, 2007
Monday, September 17, 2007
NEVADAN AT WORK: Certified chef serves as tastemaker for Station Casinos' culinary future
Las Vegas Review-Journal
Sunday, September 16, 2007
Gaming Column Item #1
Harrah's Entertainment has built a reputation by looking for new ways to ease the flow of customers from property to property.
Now this effort has moved to the employees.
The gaming giant introduced a new employee hot line last week for its on-call banquet servers, allowing them to work at the company's multiple properties.
Debbie Munch, Harrah's spokeswoman for the Las Vegas area, said the workers benefit from more job opportunities while the properties benefit from a deeper pool of experienced servers.
Before the change last week, workers were tied to the property at which they were originally employed.
Las Vegas Review-Journal
Now this effort has moved to the employees.
The gaming giant introduced a new employee hot line last week for its on-call banquet servers, allowing them to work at the company's multiple properties.
Debbie Munch, Harrah's spokeswoman for the Las Vegas area, said the workers benefit from more job opportunities while the properties benefit from a deeper pool of experienced servers.
Before the change last week, workers were tied to the property at which they were originally employed.
Las Vegas Review-Journal
Harrah's after the fiscal benefits of physical fitness
Las Vegas Review-Journal
Note: This article first appeared in the Sept. 10 issue of the Las Vegas Business Press.
Note: This article first appeared in the Sept. 10 issue of the Las Vegas Business Press.
Gaming Column Item #2
Harrah's Entertainment is receiving support for its philanthropic endeavors from the two private-equity firms that are taking the gaming giant private through a $17.1 billion buyout.
Karl Peterson, a partner at Texas Pacific, Rick Press of Texas Pacific and Apollo Management founding partner Marc Rowan were in the crowd when Harrah's Chairman and Chief Executive Officer Gary Loveman bestowed Harrah's Foundation's $30 million gift to the University of Nevada, Las Vegas' William F. Harrah College of Hotel Administration.
Las Vegas Review-Journal
Karl Peterson, a partner at Texas Pacific, Rick Press of Texas Pacific and Apollo Management founding partner Marc Rowan were in the crowd when Harrah's Chairman and Chief Executive Officer Gary Loveman bestowed Harrah's Foundation's $30 million gift to the University of Nevada, Las Vegas' William F. Harrah College of Hotel Administration.
Las Vegas Review-Journal
Saturday, September 15, 2007
Study: Gambling in check for British
By Arnold M. Knightly
Review-Journal
A gambling study will demonstrate the British casino industry has taken a proactive and socially responsible role in dealing with problem gambling, the new chief executive officer of London Clubs International said Friday.
The study by academics in the United Kingdom hopes to establish a baseline on the rate of gambling and problem gambling in the region.
John Bruns, the newly appointed CEO of London Clubs, believes gamblers know what they're doing.
"These players have means and they choose to game," Bruns said. "It's their form of entertainment. They are not at risk and they are not vulnerable."
The report by the independent Gambling Commission on the prevalence of gambling is due Wednesday .
Las Vegas-based Harrah's Entertainment paid $570 million for London Clubs in December, giving it six casinos in England, two in Egypt and one in South Africa.
Bruns, who joined Harrah's in 2000, replaced Bill Timmins, London Clubs' longtime chief executive officer, before the acquisition.
Bruns said the pending study could also help clarify what the government plans to do with future casinos.
An independent Casino Advisory Panel, formed after the Gambling Act passed in January, awarded the city of Manchester a "supercasino" with 1,250 slots. However, the House of Lords in March voted against the plan, simultaneously killing plans for 16 smaller casinos that would have been built around the United Kingdom.
Harrah's Entertainment, the only major Las Vegas-based operator in the region, MGM Mirage and Las Vegas Sands Corp. have all expressed interest in developing large casinos. Harrah's is developing clubs in Glasgow, Scotland, and the English cities of Manchester, Leeds and Blackpool, to accompany the recently opened Nottingham club.
Bruns assumed his position Sept. 1, coinciding with the opening of a new London Club in Nottingham.
The same day, the Gambling Act of 2005 took effect, replacing most of the region's gambling regulations, some of which were 160 years old.
Bruns said every day reveals more about the business and political climate in London.
"It's in transitional times right now," Bruns said. "We thought deregulation was going to provide a lot of things for the casino industry. It's turning out to be more like reregulation."
Adding to the uncertainty are questions about the government of Gordon Brown, who replaced Tony Blair as prime minister in June.
Gaming industry watchers wonder if the government will make sweeping changes to casino licensing laws before general elections are held in 2009 or 2010.
Bruns also said the company is in a "freeze mode" on the issue of open admissions, which was once expected to be lifted with deregulation. Players now have to show proof of their identity before they can gamble at a London Club.
However, the European Union expressed concerns about possible money laundering issues if the requirement is lifted.
Harrah's is awaiting clarification from the European Union before proceeding with open admissions.
"I can't think of more exciting times than now to be in London during this discovery stage," Bruns said. "The question is, 'What will the business environment look like going forward and how can we compete effectively within that market?' "
London Clubs in the U.K. are considerably smaller than casinos in Las Vegas and have licenses for 20 slots, 40 electronic roulette games and unlimited table games.
Review-Journal
A gambling study will demonstrate the British casino industry has taken a proactive and socially responsible role in dealing with problem gambling, the new chief executive officer of London Clubs International said Friday.
The study by academics in the United Kingdom hopes to establish a baseline on the rate of gambling and problem gambling in the region.
John Bruns, the newly appointed CEO of London Clubs, believes gamblers know what they're doing.
"These players have means and they choose to game," Bruns said. "It's their form of entertainment. They are not at risk and they are not vulnerable."
The report by the independent Gambling Commission on the prevalence of gambling is due Wednesday .
Las Vegas-based Harrah's Entertainment paid $570 million for London Clubs in December, giving it six casinos in England, two in Egypt and one in South Africa.
Bruns, who joined Harrah's in 2000, replaced Bill Timmins, London Clubs' longtime chief executive officer, before the acquisition.
Bruns said the pending study could also help clarify what the government plans to do with future casinos.
An independent Casino Advisory Panel, formed after the Gambling Act passed in January, awarded the city of Manchester a "supercasino" with 1,250 slots. However, the House of Lords in March voted against the plan, simultaneously killing plans for 16 smaller casinos that would have been built around the United Kingdom.
Harrah's Entertainment, the only major Las Vegas-based operator in the region, MGM Mirage and Las Vegas Sands Corp. have all expressed interest in developing large casinos. Harrah's is developing clubs in Glasgow, Scotland, and the English cities of Manchester, Leeds and Blackpool, to accompany the recently opened Nottingham club.
Bruns assumed his position Sept. 1, coinciding with the opening of a new London Club in Nottingham.
The same day, the Gambling Act of 2005 took effect, replacing most of the region's gambling regulations, some of which were 160 years old.
Bruns said every day reveals more about the business and political climate in London.
"It's in transitional times right now," Bruns said. "We thought deregulation was going to provide a lot of things for the casino industry. It's turning out to be more like reregulation."
Adding to the uncertainty are questions about the government of Gordon Brown, who replaced Tony Blair as prime minister in June.
Gaming industry watchers wonder if the government will make sweeping changes to casino licensing laws before general elections are held in 2009 or 2010.
Bruns also said the company is in a "freeze mode" on the issue of open admissions, which was once expected to be lifted with deregulation. Players now have to show proof of their identity before they can gamble at a London Club.
However, the European Union expressed concerns about possible money laundering issues if the requirement is lifted.
Harrah's is awaiting clarification from the European Union before proceeding with open admissions.
"I can't think of more exciting times than now to be in London during this discovery stage," Bruns said. "The question is, 'What will the business environment look like going forward and how can we compete effectively within that market?' "
London Clubs in the U.K. are considerably smaller than casinos in Las Vegas and have licenses for 20 slots, 40 electronic roulette games and unlimited table games.
Friday, September 14, 2007
Thursday, September 13, 2007
Wednesday, September 12, 2007
Tuesday, September 11, 2007
Sunday, September 09, 2007
Gaming Column Item #1
Call it Trailer Station.
Station Casinos won preliminary approval from gaming regulators last week to operate a small trailer with 16 slot machines at the former Castaways site near Fremont Street and the Boulder Highway.
But don't sign up for those Boarding Passes too quickly. The trailer will have an eight-hour life span.
Station Casinos is protecting a grandfather clause on the site, which would allow the company to build a large casino without a now-required hotel component. To keep the old zoning alive, the company must have active gambling at least one day every two years.
The Castaways, which was best known as the Showboat, was imploded in January 2006 and the 26-acre site was turned into a dirt lot.
Station Casinos acquired the bankrupt Castaways in October 2004 for $33.7 million.
Gaming Control Board member Mark Clayton said requests similar to Station Casinos' appear two or three times a year from land owners around the state who want to protect entitlements.
Station Casinos spokeswoman Lori Nelson said a date has not been set for when the trailer will be on site. Las Vegas officials still need to approve the trailer.
Las Vegas Review-Journal
Station Casinos won preliminary approval from gaming regulators last week to operate a small trailer with 16 slot machines at the former Castaways site near Fremont Street and the Boulder Highway.
But don't sign up for those Boarding Passes too quickly. The trailer will have an eight-hour life span.
Station Casinos is protecting a grandfather clause on the site, which would allow the company to build a large casino without a now-required hotel component. To keep the old zoning alive, the company must have active gambling at least one day every two years.
The Castaways, which was best known as the Showboat, was imploded in January 2006 and the 26-acre site was turned into a dirt lot.
Station Casinos acquired the bankrupt Castaways in October 2004 for $33.7 million.
Gaming Control Board member Mark Clayton said requests similar to Station Casinos' appear two or three times a year from land owners around the state who want to protect entitlements.
Station Casinos spokeswoman Lori Nelson said a date has not been set for when the trailer will be on site. Las Vegas officials still need to approve the trailer.
Las Vegas Review-Journal
Gaming Column Item #2
Billionaire Kirk Kerkorian, typically media-shy, released a brief statement on the death of former casino executive Alex James Shoofey, who worked for the gaming pioneer in the 1960s.
"Alex was instrumental to the development and success of the International Hotel, and his contributions to Las Vegas cannot be overstated," said Kerkorian, 90, the largest shareholder in MGM Mirage.
Las Vegas Review-Journal
"Alex was instrumental to the development and success of the International Hotel, and his contributions to Las Vegas cannot be overstated," said Kerkorian, 90, the largest shareholder in MGM Mirage.
Las Vegas Review-Journal
Friday, September 07, 2007
Punch in that PIN to wager: Device would allow use of debit card to buy gaming voucher
Las Vegas Review-Journal
Thursday, September 06, 2007
Sunday, September 02, 2007
Gaming Column Item #1
Olympia Gaming, which has delayed its planned $1 billion Southern Highlands resort project because of the fluctuating bond market, plans to break ground early next year on the $800 million Legends Marina Resort in Sparks.
The Northern Nevada project will sit on 14 acres next to a 1.2 million-square-foot retail and entertainment center being built by Scottsdale, Ariz.-based RED Development.
Olympia spokes man D.C. Graham said the connection to another development in Sparks and the smaller scale of the hotel-casino allows the project to move forward. The Sparks resort is scheduled to open in 2010.
Financing options for Southern Highlands project will be visited quarterly and will move ahead when the markets are right, Graham said.
Las Vegas Review-Journal
The Northern Nevada project will sit on 14 acres next to a 1.2 million-square-foot retail and entertainment center being built by Scottsdale, Ariz.-based RED Development.
Olympia spokes man D.C. Graham said the connection to another development in Sparks and the smaller scale of the hotel-casino allows the project to move forward. The Sparks resort is scheduled to open in 2010.
Financing options for Southern Highlands project will be visited quarterly and will move ahead when the markets are right, Graham said.
Las Vegas Review-Journal
Saturday, September 01, 2007
Wednesday, August 29, 2007
Tuesday, August 28, 2007
Monday, August 27, 2007
Saturday, August 25, 2007
Another project on Strip delayed: Olympia Gaming puts off work on $1 billion hotel-casino
Las Vegas Review-Journal
Friday, August 24, 2007
Thursday, August 23, 2007
Tuesday, August 21, 2007
Monday, August 20, 2007
Collective Vision: North Las Vegas business leaders set to redefine city's center
special to the Business Press
Business Press item
If you're going to commit a crime at any Harrah's Entertainment property, you might not want to use a Total Rewards customer loyalty card.
A California couple was arrested at Caesars Palace on July 30 and charged with passing $100 counterfeit bills through slot machines.
The couple alledgedly had spent a wild weekend at the Strip property, dropping Benjamins in 13 slot machines.
Caesars security got wise after identifying the machines that had accepted the fake greenbacks and crossing the information with the loyalty card database, according to a recent article in the Review-Journal.
This bit of sleuthing follows a request by an Indiana prosecutor for customer information regarding a faulty slot machine at Caesars Indiana.
The casino reported a loss of $487,000 in July 2006 to patrons who used a slot machine installed with software not designed for U.S. currency.
The problem was discovered after a patron reported receiving $200 in credit after playing $20.
The casino's report to the police said 24 patrons had swiped their Total Rewards card before ripping off the machine.
State gaming officials did, however, fine the casino $15,000 for failing to test the machine.
A California couple was arrested at Caesars Palace on July 30 and charged with passing $100 counterfeit bills through slot machines.
The couple alledgedly had spent a wild weekend at the Strip property, dropping Benjamins in 13 slot machines.
Caesars security got wise after identifying the machines that had accepted the fake greenbacks and crossing the information with the loyalty card database, according to a recent article in the Review-Journal.
This bit of sleuthing follows a request by an Indiana prosecutor for customer information regarding a faulty slot machine at Caesars Indiana.
The casino reported a loss of $487,000 in July 2006 to patrons who used a slot machine installed with software not designed for U.S. currency.
The problem was discovered after a patron reported receiving $200 in credit after playing $20.
The casino's report to the police said 24 patrons had swiped their Total Rewards card before ripping off the machine.
State gaming officials did, however, fine the casino $15,000 for failing to test the machine.
Sunday, August 19, 2007
Gaming Column Item
A Nevada Supreme Court appeal by two dealers challenging Wynn Las Vegas' tip-pooling policy is quietly winding through the system.
The court said in July it would accept briefs from two former state assemblymen, David Mello and Jack Lund Schofield, and the dealer's new union in support of the dealer's arguments.
The ex-assemblymen said a 1971 state law revision they authored has been misinterpreted by the courts when used in tip-pooling cases. The revision was intended to prevent an employer from taking tips from one group of employees and giving the money to another, they said.
The dealers filed their appeal in May after a judge dismissed the class action lawsuit Dec. 6, saying the dealers are not contract employees and state law allows casinos to change their tip-pooling policies.
Las Vegas Review-Journal
The court said in July it would accept briefs from two former state assemblymen, David Mello and Jack Lund Schofield, and the dealer's new union in support of the dealer's arguments.
The ex-assemblymen said a 1971 state law revision they authored has been misinterpreted by the courts when used in tip-pooling cases. The revision was intended to prevent an employer from taking tips from one group of employees and giving the money to another, they said.
The dealers filed their appeal in May after a judge dismissed the class action lawsuit Dec. 6, saying the dealers are not contract employees and state law allows casinos to change their tip-pooling policies.
Las Vegas Review-Journal
Saturday, August 18, 2007
Friday, August 17, 2007
Thursday, August 16, 2007
Wednesday, August 15, 2007
Tuesday, August 14, 2007
Monday, August 13, 2007
Business Press item
The Hard Rock Hotel quietly started bulldozing a few apartments on an adjacent property to make way for a $600 million expansion scheduled to begin in the fall.
Plans for a ground-breaking around Aug. 7 were pulled when hotel officials decided to wait for a more photogenic backdrop in the next few months.
Expansion plans include use of eight acres of the adjacent 23-acre Paradise Bay Club weekly apartments.
The remaining 15 acres will be either sold or developed in a partnership utilizing the Hard Rock brand.
An investment group led by Morgans Hotels Group paid $770 million in early 2007 for 39 acres covering the hotel and apartment complex.
Plans for a ground-breaking around Aug. 7 were pulled when hotel officials decided to wait for a more photogenic backdrop in the next few months.
Expansion plans include use of eight acres of the adjacent 23-acre Paradise Bay Club weekly apartments.
The remaining 15 acres will be either sold or developed in a partnership utilizing the Hard Rock brand.
An investment group led by Morgans Hotels Group paid $770 million in early 2007 for 39 acres covering the hotel and apartment complex.
Sunday, August 12, 2007
Friday, August 10, 2007
Thursday, August 09, 2007
Wednesday, August 08, 2007
Monday, August 06, 2007
Business Press item
A dispute with a trade union stopped construction for three days at Aliante Station, Station Casinos' latest project.
Company spokeswoman Lori Nelson declined to identify which trade union the dispute was with, only saying that it was over a "previously unresolved issue."
"We're on the path to a resolution that is mutually beneficial to both sides," Nelson said.
Construction halted on July 27 but resumed on July 31.
Station subsidiary Station Construction is the general contractor on the project. The Penta Building Group is also listed as a contractor.
Multiple inquiries to Penta were not returned.
The gaming company broke ground in February on the $650 million North Las Vegas project.
Station Casinos' 17th property in Southern Nevada is scheduled to open in early 2009.
Company spokeswoman Lori Nelson declined to identify which trade union the dispute was with, only saying that it was over a "previously unresolved issue."
"We're on the path to a resolution that is mutually beneficial to both sides," Nelson said.
Construction halted on July 27 but resumed on July 31.
Station subsidiary Station Construction is the general contractor on the project. The Penta Building Group is also listed as a contractor.
Multiple inquiries to Penta were not returned.
The gaming company broke ground in February on the $650 million North Las Vegas project.
Station Casinos' 17th property in Southern Nevada is scheduled to open in early 2009.
Sunday, August 05, 2007
Gaming Column Item #2
The Imperial Palace has been spared the wrecking ball and is getting an upgrade.
Harrah's Entertainment is spending money and labor to enable the Strip casino's slot machines and amenities to accept the company's Total Rewards customer loyalty card.
The conversion is scheduled to finish by January.
Recent speculation had centered on the Imperial Palace's demise. Observers figured the land would become part of the company's larger Strip master plan.
Las Vegas Review-Journa;
Harrah's Entertainment is spending money and labor to enable the Strip casino's slot machines and amenities to accept the company's Total Rewards customer loyalty card.
The conversion is scheduled to finish by January.
Recent speculation had centered on the Imperial Palace's demise. Observers figured the land would become part of the company's larger Strip master plan.
Las Vegas Review-Journa;
Gaming Column Item #1
New York-based developer Elad Group says it does not owe local broker David Atwell any fees related to its $1.2 billion purchase of the New Frontier.
Atwell's company, Resort Properties of America, is suing Elad and an escrow company, claiming the brokerage company was the "procuring cause" for the sale.
In response to a July 28 Review-Journal article on the federal lawsuit, an Elad spokesman said the company is confident in its position.
"The company did not engage Mr. Atwell to act as a broker and he did not earn and is not entitled to a commission."
Resort Properties is asking for a $12 million buyer's broker fee plus damages.
Las Vegas Review-Journal
Atwell's company, Resort Properties of America, is suing Elad and an escrow company, claiming the brokerage company was the "procuring cause" for the sale.
In response to a July 28 Review-Journal article on the federal lawsuit, an Elad spokesman said the company is confident in its position.
"The company did not engage Mr. Atwell to act as a broker and he did not earn and is not entitled to a commission."
Resort Properties is asking for a $12 million buyer's broker fee plus damages.
Las Vegas Review-Journal
Saturday, August 04, 2007
Monday, July 30, 2007
Business Press item
Harrah's Entertainment Chairman and Chief Executive Officer Gary Loveman said the general public continues to misunderstand what life for the gaming giant will be under its new private equity ownership.
Texas Pacific Group and Apollo Management are not looking to come in, strip down the company and start flipping assets. That is the old way of doing business.
"Today, the problem is how do they invest almost an unimaginably large amount of money profitably where they can earn fees and do good investments."
Loveman said people can look to Texas Pacific's ownership of Neiman Marcus, which it bought in October 2005 for $5.1 billion.
"It was nothing where they needed to shake it down and flip but rather where they wanted to help it experience its growth plan and invest in a high quality asset. This is exactly the same thing that applies to us."
Same-store sales for the high-end retailer rose 6.8 percent last quarter. Texas Pacific announced in April it could be taking the company public again at the end of this summer.
Texas Pacific Group and Apollo Management are not looking to come in, strip down the company and start flipping assets. That is the old way of doing business.
"Today, the problem is how do they invest almost an unimaginably large amount of money profitably where they can earn fees and do good investments."
Loveman said people can look to Texas Pacific's ownership of Neiman Marcus, which it bought in October 2005 for $5.1 billion.
"It was nothing where they needed to shake it down and flip but rather where they wanted to help it experience its growth plan and invest in a high quality asset. This is exactly the same thing that applies to us."
Same-store sales for the high-end retailer rose 6.8 percent last quarter. Texas Pacific announced in April it could be taking the company public again at the end of this summer.
Saturday, July 28, 2007
Friday, July 27, 2007
Tuesday, July 24, 2007
Friday, July 20, 2007
Emperor's new clothes: Harrah's unveils plans for addition to Caesars Palace
Las Vegas Review-Journal
Thursday, July 19, 2007
Monday, July 16, 2007
Business Press item
Jeffrey Pollack, World Series of Poker commissioner for Harrah's Entertainment, said poker still has a public stigma that makes it hard to penetrate mainstream America for sponsorship dollars.
While the statement may seem odd considering how much poker is programmed on various cable channels, he insists that mainstream America still has not warmed up to the game.
"We still have a long way to go in convincing Madison Avenue that poker is a good property to associate with," he said. "The connectivity to Vegas and to gaming for some companies is a little too out-of-the-box. But we are starting to change perception."
Pollack added poker is where NASCAR was 10 years ago in acceptability.
He was NASCAR's managing director of broadcasting and new media for five years before joining Harrah's in August 2005
The world's largest poker tournament has sponsorship deals with Miller Brewing Co., Hershey's and Hertz
While the statement may seem odd considering how much poker is programmed on various cable channels, he insists that mainstream America still has not warmed up to the game.
"We still have a long way to go in convincing Madison Avenue that poker is a good property to associate with," he said. "The connectivity to Vegas and to gaming for some companies is a little too out-of-the-box. But we are starting to change perception."
Pollack added poker is where NASCAR was 10 years ago in acceptability.
He was NASCAR's managing director of broadcasting and new media for five years before joining Harrah's in August 2005
The world's largest poker tournament has sponsorship deals with Miller Brewing Co., Hershey's and Hertz
Sunday, July 15, 2007
Inside Gaming Column Item
Harrah's Chairman Gary Loveman returned to his academic roots. He wrote the forward for a new book published by Harvard Business School Press, "Competing on Analytics -- the new science of winning," by Thomas Davenport and Jeanne Harris.
Loveman was an associate professor at the Harvard University Graduate School of Business Administration before joining Harrah's in 1998 as chief operating officer.
Las Vegas Review-Journal
Loveman was an associate professor at the Harvard University Graduate School of Business Administration before joining Harrah's in 1998 as chief operating officer.
Las Vegas Review-Journal
Saturday, July 14, 2007
Wednesday, July 11, 2007
Sunday, July 08, 2007
Inside Gaming Column Item #2
The $18.5 billion buyout of the Hilton Hotels Corp. by the Blackstone Group does not affect the Las Vegas Hilton, which is owned by a joint-venture partnership led by Los Angeles-based Colony Capital.
Colony Capital signed a licensing agreement to continue using the Hilton brand until 2008.
Las Vegas Review-Journal
Colony Capital signed a licensing agreement to continue using the Hilton brand until 2008.
Las Vegas Review-Journal
Inside Gaming Column Item #1
Edge Group's dreams of building a large resort along Harmon Avenue may have new life, a Reuters report from Israel suggests.
Israeli-based investment group Africa Israel Investments is heading a joint-venture partnership, which includes a "subsidiary of the land owner," that is buying 60 acres along the Harmon corridor west of the Hard Rock Hotel for $625 million, or $10.4 million an acre.
The property includes 49 acres owned by Edge Group, previously slated for the folded W Las Vegas project, and an adjacent 11 acres owned by home builder D.R. Horton.
Edge Group Co-Chairman and Chief Executive Officer Reagan Silber declined to comment through a spokeswoman on any pending deals, citing confidentiality agreements.
Reuters is reporting that Africa Israel Investments will take a 49 percent stake; a New York-based partnership between developers Steve Witkoff and the Cipriani family will take a 30.6 percent stake; and financial consulting firm Credit Suisse and the "subsidiary of the landowner" will each take 10.2 percent stakes.
The Reuters report said the new group intends to build a casino accompanied by several hotels, retail, restaurants and convention space.
The deal is expected to close in August; the project is expected to open in 2012.
The Edge Group announced the demise of W Las Vegas on May 11 when minority partner Starwood Hotels and Resorts Worldwide pulled out of the project.
Las Vegas Review-Journal
Israeli-based investment group Africa Israel Investments is heading a joint-venture partnership, which includes a "subsidiary of the land owner," that is buying 60 acres along the Harmon corridor west of the Hard Rock Hotel for $625 million, or $10.4 million an acre.
The property includes 49 acres owned by Edge Group, previously slated for the folded W Las Vegas project, and an adjacent 11 acres owned by home builder D.R. Horton.
Edge Group Co-Chairman and Chief Executive Officer Reagan Silber declined to comment through a spokeswoman on any pending deals, citing confidentiality agreements.
Reuters is reporting that Africa Israel Investments will take a 49 percent stake; a New York-based partnership between developers Steve Witkoff and the Cipriani family will take a 30.6 percent stake; and financial consulting firm Credit Suisse and the "subsidiary of the landowner" will each take 10.2 percent stakes.
The Reuters report said the new group intends to build a casino accompanied by several hotels, retail, restaurants and convention space.
The deal is expected to close in August; the project is expected to open in 2012.
The Edge Group announced the demise of W Las Vegas on May 11 when minority partner Starwood Hotels and Resorts Worldwide pulled out of the project.
Las Vegas Review-Journal
Saturday, July 07, 2007
Friday, July 06, 2007
Wednesday, July 04, 2007
Sunday, July 01, 2007
Inside Gaming Column item
The Harrah's Entertainment acquisition is one of 10 leveraged buyouts that will determine the current trend now happening with private equity firms, according to the Wall Street Journal Web site.
Apollo Management and Texas Pacific Group need to raise $9 billion in bonds to finance the $17.1 billion buyout, part of nearly $200 billion in financing various firms will be seeking from credit investors to finance deals over the next six months.
How successful the private equity firms are in placing Harrah's bonds could pave the way for additional large buyouts on the Strip. Most speculation centers on MGM Mirage, which has a current market value of approximately $25 billion.
Las Vegas Review-Journal
Saturday, June 30, 2007
Friday, June 29, 2007
GAMING 101, LV STYLE: Students from Macau get a taste of how things work on Strip
Las Vegas Review-Journal
Thursday, June 28, 2007
Buyout to rely on securities: Joint venture will tap CMBS market to finance Station buyout
Las Vegas Review-Journal
Tuesday, June 26, 2007
Monday, June 25, 2007
Business Press item
Former Las Vegas Mayor Jan Jones said the floundering Neonopolis suffers from two separate problems: tourists stopping at the edge of the Fremont Street Experience covering and a lack of a permanent population downtown.
"In retrospect, we should have brought the Fremont Street Experience all the way to Las Vegas Boulevard," said Jones, currently Harrah's Entertainment's senior vice president of government relations. "I absolutely believe people perceive safety."
On population, "There is going to come a time when a demand for housing is realized in the downtown corridor and that's when all of this will become vibrant."
Jones added the much-criticized design "has nothing to do" with the mall's problems. She said that the developer made the decision to go ahead and build, not the city, but she defends it as "still the right decision ... just ahead of its time."
Although Neonopolis opened in 2002, Jones had championed the downtown entertainment and retail center in the final years of her term, which ended in 1999, as part of a larger downtown revitalization.
"In retrospect, we should have brought the Fremont Street Experience all the way to Las Vegas Boulevard," said Jones, currently Harrah's Entertainment's senior vice president of government relations. "I absolutely believe people perceive safety."
On population, "There is going to come a time when a demand for housing is realized in the downtown corridor and that's when all of this will become vibrant."
Jones added the much-criticized design "has nothing to do" with the mall's problems. She said that the developer made the decision to go ahead and build, not the city, but she defends it as "still the right decision ... just ahead of its time."
Although Neonopolis opened in 2002, Jones had championed the downtown entertainment and retail center in the final years of her term, which ended in 1999, as part of a larger downtown revitalization.
Friday, June 22, 2007
Thursday, June 21, 2007
Wednesday, June 20, 2007
Monday, June 18, 2007
Business Press item
UP FOR SALE -- While Edge Resorts is out seeking offers and weighing options for the 50 acres of land on Harmon Avenue, another large parcel of land owned by the company has sat quietly for months with a "For Sale" sign planted in the ground.
Edge also owns 62 acres west of Interstate 15 and the Mandalay Bay and has been advertising its sale for the past few months.
According to Edge Resorts spokeswoman Maggie Feldman, while the group is still trying to figure what direction to go with the Harmon parcel - sell outright or develop new partnerships - the company is just looking to sell the I-15 parcel.
The W Las Vegas mixed-use project slated for the Harmon land was canceled May 11 after minority partner Starwood Hotels and Resorts Worldwide pulled out of the project.
Edge also owns 62 acres west of Interstate 15 and the Mandalay Bay and has been advertising its sale for the past few months.
According to Edge Resorts spokeswoman Maggie Feldman, while the group is still trying to figure what direction to go with the Harmon parcel - sell outright or develop new partnerships - the company is just looking to sell the I-15 parcel.
The W Las Vegas mixed-use project slated for the Harmon land was canceled May 11 after minority partner Starwood Hotels and Resorts Worldwide pulled out of the project.
NEVADAN AT WORK: Former Strip casino executive turns to role with nonprofit organization
Las Vegas Review-Journal
Sunday, June 17, 2007
Inside Gaming Column item
Cannery Casino Resorts co-owner Bill Paulos said Pennsylvania's high gaming tax rate prevents developers from investing heavily in casino projects there.
The Las Vegas-based gaming company opened a $50 million temporary racino 25 miles southwest of Pittsburgh last week and is building a $155 million permanent facility.
The state receives a 54 percent tax from gross gaming revenues but the burden to operators is closer to 60 percent when figuring in fees paid to local county and city governments.
"Many of the jurisdictions don't realize that sometimes by charging less taxes they'll get more out of it," Paulos said. "We would have certainly invested more money in building a facility but you just can't get a return on investment."
Las Vegas Review-Journal
The Las Vegas-based gaming company opened a $50 million temporary racino 25 miles southwest of Pittsburgh last week and is building a $155 million permanent facility.
The state receives a 54 percent tax from gross gaming revenues but the burden to operators is closer to 60 percent when figuring in fees paid to local county and city governments.
"Many of the jurisdictions don't realize that sometimes by charging less taxes they'll get more out of it," Paulos said. "We would have certainly invested more money in building a facility but you just can't get a return on investment."
Las Vegas Review-Journal
Wednesday, June 13, 2007
Tuesday, June 12, 2007
A MANOR OF SPEAKING: Designer alters spaces to say 'rock 'n' roll' at Hard Rock Hotel
Las Vegas Review-Journal
Monday, June 11, 2007
Business Press item
UNWANTED BUSINESS: Hey you! Frat kid hauling that cooler of beer to your room with your buddies in tank tops and flip flops, the Hard Rock Hotel is not interested in your business any longer.
Executives from Morgans Hotel Group and the Hard Rock made that point crystal clear during a media presentation June 2 discussing upcoming renovations and other operational changes for the property.
The New York-based boutique hotel operator closed on the $770 million purchase of the Hard Rock Hotel in early February and announced a $600 million renovation in March.
The company said the property has been running at 96 percent occupancy the first few months of ownership but will slowly shift its customer base more toward its boutique hotel customer base.
That includes pricing out those frat boys for a more financially sophisticated customer.
Las Vegas Business Press
Sunday, June 10, 2007
Inside Gaming Column item
Station Casinos opened Sunset Station in Henderson 10 years ago today against a backdrop of uncertainty about the company's future.
At the time, management was battling Missouri regulators and the company's stock price was fluctuating between $8 and $9 per share.
Today, Station Casinos is building its 16th property and is being taken private for $90 a share.
Las Vegas Review-Journal
At the time, management was battling Missouri regulators and the company's stock price was fluctuating between $8 and $9 per share.
Today, Station Casinos is building its 16th property and is being taken private for $90 a share.
Las Vegas Review-Journal
Saturday, June 09, 2007
Friday, June 08, 2007
Sunday, June 03, 2007
Sunday column item
Miami-based developer Masoud Shojaee obtained use permits from Clark County in May to build a large mixed-use development north of McCarran International Airport on the site of the former Tropicana Mobile Home Park.
The yet-to-be-named project is approved for a hotel-condominium-casino with five towers ranging in height from 240 feet to 500 feet.
The 37-acre site on Tropicana Avenue and Koval Lane was bought in May 2005 for $120 million by Shojaee through Alkimya Investments, his Nevada holding company. Shojaee is president of Shoma Development Corp., a residential builder in south Florida.
Las Vegas Review-Journal
Saturday, June 02, 2007
Friday, June 01, 2007
Sunday, May 27, 2007
Sunday column item
Station Casinos is expected to pursue its Durango Station project after completing the $600 million Aliante Station in North Las Vegas in 2008.
The project near Rhodes Ranch has gained Clark County approvals, including permission on May 16 to begin early grading on the 71-acre site.
Durango Station is expected to have 400 hotel rooms and a 120,000-square-foot casino.
Station Casinos also owns 337.9 acres at 10 potential sites in the Las Vegas Valley and 100 acres in Reno.
Las Vegas Review-Journal
The project near Rhodes Ranch has gained Clark County approvals, including permission on May 16 to begin early grading on the 71-acre site.
Durango Station is expected to have 400 hotel rooms and a 120,000-square-foot casino.
Station Casinos also owns 337.9 acres at 10 potential sites in the Las Vegas Valley and 100 acres in Reno.
Las Vegas Review-Journal
Saturday, May 26, 2007
Tuesday, May 22, 2007
Monday, May 21, 2007
Sunday, May 20, 2007
Sunday column item
While announcing the company's $704 million Margaritaville development in Biloxi, Miss., Harrah's Chief Executive Officer Gary Loveman said that Las Vegas expansion is still on his company's radar.
Harrah's owns seven Strip properties and large land holdings along Koval Lane.
"I'm not sure you'll hear about it in one fell swoop," he said. "But you'll hear about it incrementally fairly soon."
Las Vegas Review-Journal
Harrah's owns seven Strip properties and large land holdings along Koval Lane.
"I'm not sure you'll hear about it in one fell swoop," he said. "But you'll hear about it incrementally fairly soon."
Las Vegas Review-Journal
Friday, May 18, 2007
Thursday, May 17, 2007
Wednesday, May 16, 2007
Tuesday, May 15, 2007
Monday, May 14, 2007
Saturday, May 12, 2007
Thursday, May 10, 2007
Wednesday, May 09, 2007
Tuesday, May 08, 2007
Saturday, May 05, 2007
Thursday, May 03, 2007
Tuesday, May 01, 2007
Sunday, April 29, 2007
Saturday, April 28, 2007
Thursday, April 26, 2007
Tuesday, April 24, 2007
Saturday, April 21, 2007
Wednesday, April 18, 2007
Monday, April 16, 2007
NEVADAN AT WORK: What gets thrown away occupies days for trash-collection company engineer
Las Vegas Review-Journal
Saturday, April 14, 2007
Friday, April 13, 2007
Tuesday, April 10, 2007
Sunday, April 08, 2007
Friday, April 06, 2007
Thursday, April 05, 2007
Wednesday, April 04, 2007
Monday, April 02, 2007
Saturday, March 31, 2007
Friday, March 30, 2007
Wednesday, March 28, 2007
Sunday, March 25, 2007
Thursday, March 22, 2007
Picking up the slack: Riviera sees increase in profits after nearby Strip properties close
Las Vegas Review-Journal
Sunday, March 18, 2007
Saturday, March 17, 2007
Friday, March 16, 2007
Wednesday, March 14, 2007
Tuesday, March 13, 2007
Friday, March 09, 2007
Wednesday, March 07, 2007
Saturday, March 03, 2007
Friday, March 02, 2007
Thursday, March 01, 2007
Wednesday, February 28, 2007
Tuesday, February 27, 2007
Sunday, February 25, 2007
Saturday, February 24, 2007
Friday, February 23, 2007
Thursday, February 22, 2007
Saturday, February 17, 2007
Going Hollywood: Renovations are fueling Aladdin's identity change to Planet Hollywood
Las Vegas Review-Journal
Friday, February 16, 2007
Wednesday, February 14, 2007
Tuesday, February 13, 2007
Monday, February 12, 2007
Monday, February 05, 2007
Saturday, February 03, 2007
Friday, February 02, 2007
Monday, January 29, 2007
Wednesday, January 24, 2007
Monday, January 22, 2007
Monday, January 15, 2007
NBA is on the case: All-Star Game could produce a lot of fakes
Las Vegas Business Press (Front Page)
Thursday, January 11, 2007
Monday, January 08, 2007
Friday, January 05, 2007
Thursday, January 04, 2007
Wednesday, January 03, 2007
Monday, January 01, 2007
Subscribe to:
Posts (Atom)