Company maintained room occupancy levels, but with lower rates
Thursday, Nov. 5, 2009
With its CityCenter resort set to open, MGM Mirage today reported a loss for the third quarter as revenue fell on the Las Vegas Strip -- but also said its results are improving in the fourth quarter. "We continue to show sequential improvement in our operating results over the course of 2009,'' Chairman and Chief Executive Jim Murren said in a statement. MGM Mirage lost $750.4 million, or $1.70 per share in the third quarter vs. a profit in the year-ago quarter of $61.3 million or 22 cents per share.
The recession continued to hurt results in the third quarter at two real estate investment trusts run by Vestin Mortgage Inc. of Las Vegas, though both trusts narrowed their losses from year-ago levels.
A federal appeals court has upheld a ruling rejecting claims that two Las Vegas companies conspired to monopolize the Louisiana casino market. The 5th U.S. Court of Appeals last week ruled in favor of Harrah's Operating Co. and Pinnacle Entertainment Inc.
Clark County Commissioner Tom Collins' lawsuit challenging a deal blocking him from voting on a highway contract was dismissed by a federal judge Tuesday, likely clearing the way for a third vote on the project. Collins on Oct. 5 sued the county and contractors Fisher Sand & Gravel Co. and Las Vegas Paving Corp. over a settlement in another lawsuit.
The developer of the stalled Fontainebleau resort on the Las Vegas Strip plans to appeal two key legal rulings in its lawsuit against banks over their decision to stop funding for the bankrupt project.
A marketplace for the buying and selling of Web site names has blocked access to a site that allegedly infringed on the trademark of Henderson's M Resort.
Las Vegas Sands Corp. today released detailed information on its operations in the Chinese gambling district of Macau as it seeks to raise some $2.5 billion in a public stock offering on the Hong Kong Stock Exchange.
Sunday filing shows Boyd backs lenders seeking a look into finances
Sunday, Nov. 1, 2009
Boyd Gaming Corp. stepped up its campaign over the weekend to buy some or all of the assets of bankrupt competitor Station Casinos. In a rare Sunday court filing, Boyd said it supports a motion by a minority group of lenders that an examiner be appointed to study Station's finances.
A legal dispute has emerged pitting MGM Mirage's CityCenter against an air tour operator over the name of a CityCenter retail store. MGM Mirage's CityCenter Land LLC filed suit Thursday in Las Vegas against Grand Canyon tour operator Papillon Airways.
Sands reports higher overall revenue, but says Venetian and Palazzo declined
Thursday, Oct. 29, 2009
Las Vegas Sands Corp. offered an optimistic outlook for Las Vegas, despite a quarterly loss. It reported higher revenue for the third quarter but said its loss widened — in part because of higher taxes and weaker results on the Strip.
Three shareholder lawsuits were filed in Las Vegas this week challenging a merger involving a Chinese corporation that has publicly traded stock in the United States. Sinoenergy Corp. of Beijing owns compressed natural gas (CNG) filling stations in China and makes CNG transport truck trailers, CNG filling station equipment and CNG fuel conversion kits for vehicles.
The M Resort in Henderson is suing to block a Chinese Web site operator from infringing on the M Resort's trademarks. Attorneys for the hotel-casino filed suit in U.S. District Court in Las Vegas on Tuesday, claiming Hu Mei Li in Shanghai is operating a Web site with a domain name confusingly similar to the M Resort Web site name, themresort.com.
Another report on residential mortgage foreclosures is out, this one largely confirming grim statistics for Nevada. Numbers show Las Vegas leading the nation in foreclosure filings with one in every 20 housing units receiving a filing in the quarter.
A World Series of Poker tournament winner is suing Harrah's and the World Series of Poker Academy, charging they've been using her name and likeness for advertising without authorization and falsely claiming she endorses the academy.
Gaming stocks fell broadly Tuesday after three big Las Vegas hotel-casino operators reported third-quarter results reflecting the economic downturn. With consumer confidence nationwide falling in October, more pain may be in store.
Local gaming executive Bill Warner has resigned as a director of casino supplier Shuffle Master Inc., just one year after joining the board. Shuffle Master said in a regulatory filing Tuesday that Warner, 45, resigned effective last Saturday for personal business reasons.
Las Vegas posted a decline in home prices in August as measured by the widely-followed S&P/Case-Shiller Home Price Indices. The debt rating company Standard & Poor's today issued the report, showing that from July to August prices rose in 17 of 20 cities it follows. The exceptions were Las Vegas, down 0.3 percent, as well as Charlotte and Cleveland.
Boyd Gaming Corp. of Las Vegas today said it remained profitable in the third quarter, despite a decline in revenue for its biggest hotel-casinos in Las Vegas, where unemployment is running at an unprecedented 13.9 percent.
Still struggling with the recession, Harrah's Entertainment Inc. of Las Vegas today posted a $1.33 billion charge against earnings to write down the value of certain assets around the country, and overall posted a third quarter loss.
A group of Fontainebleau subcontractors has lost part two of a two-part effort to move the casino resort bankruptcy case from Miami to Las Vegas. Bankruptcy Judge A. Jay Cristol in Miami filed an order Monday denying a motion by the contractors.
Company asks judge for four-month extension in Reno court filing
Monday, Oct. 26, 2009
Station Casinos Inc. of Las Vegas has asked its bankruptcy judge for more time to exclusively propose a plan to reorganize its finances -- not a simple task given the recession and the competing demands of creditors. In a motion filed Friday in U.S. Bankruptcy Court in Reno, Station asked Bankruptcy Judge Gregg Zive to extend by four months the period in which Station can exclusively file a reorganization plan. The current deadline is Nov. 25.
FortuNet Inc., a Las Vegas company that supplies electronic bingo systems around the country, has shelved plans to offer mobile gambling devices in casinos for non-bingo games like poker, keno and slots.
A second creditor is seeking to foreclose on land held by Leading Investments Inc., a Las Vegas real estate development company that was forced into bankruptcy liquidation this year.
Las Vegas Sands Corp. on Thursday said Michelin Guide three-star winner Daniel Boulud will be one of the featured chefs at its Marina Bay Sands resort preparing to open in Singapore.
Las Vegas-area home prices are likely to fall further as local foreclosure activity shows no sign of slowing down, two reports said this week. The Wall Street Journal today reported on its quarterly survey of housing-market data in Las Vegas and 27 other major areas. The report found sharp declines in the number of homes listed for sale around the nation as government programs tried to help delinquent mortgage borrowers keep their homes.
Wynn Las Vegas suit follows similar suit filed against Caesars Palace
Wednesday, Oct. 21, 2009
A second Strip casino is being sued over allegations that the health of employees is being affected by second-hand smoke. A suit seeking class action status to represent affected workers was filed by Wynn employee Kanie Kastroll.
Sister of Ashley Furniture manager shot during failed robbery in 2007 claims negligence, wrongful death
Wednesday, Oct. 21, 2009
Security was inadequate at a Las Vegas shopping center when a furniture store manager was shot and killed during a robbery attempt, the victim's sister charges in a lawsuit.
Report finds 25.55 percent of Nevada-based business accounts are late
Tuesday, Oct. 20, 2009
Individuals in Nevada aren't alone in struggling to pay their bills. With their customers facing high unemployment and bankruptcies rates, many businesses aren't paying their bills on time and the state leads the nation in a new report.
MGM Mirage today said it's slashing by 31 percent the value of its investment in CityCenter. The company plans to take $1.1 billion in non-cash charges against earnings to reflect reduced profit expectations for the $8.5 billion development. In a separate announcement this morning, Tracinda Corp. said it's exploring "the possibility of strategic partnerships or other alternatives" with respect to its stake in MGM Mirage.
A new nongaming hotel has opened across the street from the Las Vegas Convention Center, giving business and leisure travelers another option and boosting competition for the nearby Riviera and Las Vegas Hilton properties.
An executive experienced in financial restructurings was appointed Friday as the examiner in the Fontainebleau Las Vegas bankruptcy case. The U.S. Trustee for Miami's bankruptcy court appointed as examiner Jeff Truitt.
A year-long delay has been granted for the trial of a couple accused of orchestrating a massive residential real estate and mortgage scam in Las Vegas. Eve Mazzarella and her husband, Steven Grimm, were indicted in March 2008.
The Planet Hollywood hotel-casino on the Las Vegas Strip says its facade was damaged by giant banners promoting a movie and wants insurers to cover costs for repairs and interruption of its business.
As developers of the bankrupt Fontainebleau Las Vegas resort attempt to sell the unfinished project, the company continues to trim its staff and most recently revealed the departure of its top local executive.
Filings increase nearly 5 percent from previous month in state
Thursday, Oct. 15, 2009
Residential mortgage foreclosure filings fell nationwide in September -- but not in Nevada. Statistics released today by RealtyTrac of Irvine, Calif., show the numbers were up for Nevada and the state continued to lead the nation in foreclosure filings in both the third quarter and in September. With unemployment running at 13.2 percent in the state, 18,766 foreclosure filings were reported in Nevada in September.
T.J. Matthews, former International Game Technology chief executive officer, is stepping down as chairman of the IGT board of directors but will remain on the board.
Moody's says situation could get worse before getting better
Wednesday, Oct. 14, 2009
The recession continues to pound Nevada's commercial real estate industry, with the state ranking third in a new report on delinquencies involving mortgage backed securities. Arizona, Michigan and Nevada led the nation in delinquency rates.
The company that owns the Las Vegas Hilton disclosed Tuesday the departure of Rudy Prieto, who has been serving as chief executive and general manager of the hotel-casino.
Casino industry supplier International Game Technology today said it expects to take noncash charges totaling $77 million or 26 cents per share after taxes.
U.S. Bank, already an established operator in the Las Vegas area, today announced plans to acquire $800 million in deposits and certain branches of the former Colonial Bank in Nevada.
Shares of Wynn Resorts drop despite upgrade from Fitch Ratings
Monday, Oct. 12, 2009
Despite an improved credit outlook for Wynn Resorts Ltd., its shares and those of competitor Las Vegas Sands Corp. fell Monday after the government of Macau said it's reviewing growth of the casino industry and that the six gaming operators there agree it "shouldn’t expand infinitely." Local reports said the Chinese gambling enclave is considering imposing limits on table numbers, removing gaming operations from residential areas and raising the age limit for entering casinos from 18 to 21.
The Venetian casino-resort on the Las Vegas Strip has prevailed in a two-year-old lawsuit accusing it of violating copyright law by allegedly stealing a San Francisco firm's design for thousands of light fixtures used in a room remodeling project.
The Fontainebleau Las Vegas bankruptcy judge today said he's decided to appoint an examiner to supervise the sale of the property. The judge encouraged Fontainebleau to continue sales talks with Penn National Gaming.
County commissioner says he didn't authorize pact in Beltway paving deal
Tuesday, Oct. 6, 2009
Clark County Commissioner Tom Collins is suing the county and two contractors, challenging a deal that barred him from voting on a disputed $117 million northern 215 Beltway construction job.
There's a new twist in the shareholder legal actions against International Game Technology over the decline in IGT's stock price since 2007. The casino supplier is now being sued by two groups of employee retirement plan participants who say the plan made a poor investment decision.
A judge rejected a request Friday that the $728 million Lake Las Vegas bankruptcy case be dismissed -- setting the stage for further court battles between the current and former owners of the Henderson resort community.
Businessman Jason Ader's company, looking to buy small banks in Nevada, said Friday it's no longer negotiating to buy the former Colonial Bank operations in the state.