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
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