Company seeking approval to bring on additional attorneys
Monday, Aug. 24, 2009
Station Casinos Inc.'s lenders continue to fight amongst themselves and Station is seeking court approval to pay for more attorneys to deal with threatened litigation associated with its bankruptcy case.
While Station has expressed hope for a speedy resolution to its bankruptcy case, court papers filed Friday show the case is becoming increasingly complex and contentious as the company, lenders and other creditors assert arguments in the restructuring process.
Another lawsuit claiming workers were shorted on overtime pay has been filed in Las Vegas, this one targeting Cox Communications Inc. and its installation contractors.
Another landlord is suing Terry Caudill's downtown Las Vegas casino group over Caudill's move to unilaterally lower the rent paid by the Binion's and Four Queens hotel-casinos. Natalie Ruth Rittenhouse, trustee of the 1999 Rittenhouse Family Trust, filed suit Wednesday in Clark County District Court against TLC Casino Enterprises Inc. and Speakeasy Gaming of Fremont Inc., which owns Binion's Gambling Hall & Hotel.
A group of attorneys is going after two Nevada employers, charging they failed to pay required overtime to workers allegedly misclassified as managers. Lawsuits seeking class-action status were filed in Las Vegas against AutoZone Inc. and Wells Fargo Bank.
Location to stay open as new owners access its future
Wednesday, Aug. 19, 2009
The new owners of the Greek Isles Hotel and Casino on Wednesday said they plan to keep the Las Vegas property open while they assess its future. Canpartners Realty Holding Co. IV LLC assumed ownership of the property last week.
The Greek Isles hotel-casino in Las Vegas has a new owner now that it has been foreclosed on. Clark County records show Canpartners Realty Holding Co. IV LLC became the owner of the property last week, buying it with a credit bid of $47 million during foreclosure proceedings -- far less than the $67.3 million owed to Canpartners by the former owner, bankrupt GIH-SPE II LLC.
While numbers are improving nationwide, report shows more pain for Nevada
Monday, Aug. 17, 2009
Nevada's beleaguered residential real estate market is expected to deteriorate through the end of the year, a credit-rating agency forecast Monday. TransUnion.com said Nevada led the nation's mortgage borrower delinquency list in the second quarter.
Progress is being made in court-ordered mediation aimed at settling disputes and lining up new financing so construction can resume on the big Fontainebleau casino-resort in Las Vegas. That's according to a report issued Friday to a federal judge in Miami who is overseeing a lawsuit filed by Fontainebleau against big bank lenders that this spring halted $656 million in planned funding for the $2.9 billion resort.
The company that owns Hooters Casino Hotel in Las Vegas today said it swung to a loss in the second quarter and again warned it may seek bankruptcy protection if it can't restructure operations, refinance its debt or gain forbearance deals from lenders.
With unemployment in the Las Vegas area running at 12.3 percent in June, locals are spending less and Station Casinos Inc. appeared to be hit hard by that trend in the second quarter ended June 30.
The owner of the 2,519-room Planet Hollywood resort on the Las Vegas Strip today said its financial position is deteriorating and that it may have trouble meeting its loan commitments.
With business down about 22 percent, Black Gaming LLC warned again today that it's in default on its loans and may be headed for bankruptcy protection. The Las Vegas company said in a regulatory filing that for the quarter ended June 30, it lost $4.829 million on revenue of $27.3 million.
The decline in visitation to Las Vegas this spring hurt business at the Las Vegas Hilton, which sustained a loss for the second quarter ended June 30. Revenue declined from $75.5 million to $45.2 million.
Three more reports show that the Las Vegas and Nevada real estate markets remain at or near the top of the nationwide lists for foreclosures, lower prices and homeowners being underwater in their mortgages.
Motivational speaker Daniel "Rudy" Ruettiger is suing a contractor over problems with a $5.3 million house he's building in Las Vegas. Ruettiger, his wife, Cheryl Ruettiger, and their Henderson company, Rudy International Motivational Speaking Ltd., filed suit in Clark County District Court Tuesday against Premier Building Group Inc. of Las Vegas.
Bally Technologies Inc. of Las Vegas, a big supplier of casino games and systems, today said its profit for the June quarter improved even as casinos purchased fewer slot machines because of the recession.
Community One Federal Credit Union will operate as America First
Wednesday, Aug. 12, 2009
Federal regulators on Tuesday closed Community One Federal Credit Union of Las Vegas because of its declining financial condition and turned most of its operations over to America First Credit Union.
Summerlin developer General Growth Properties Inc. is disputing assertions by the heirs of Howard Hughes that their Las Vegas assets have been improperly tied up in the bankruptcy of General Growth. Since selling their Summerlin land holdings in 1996 to the Rouse Co. — now owned by General Growth — the Hughes heirs have been receiving periodic payments in the form of stock from General Growth as Summerlin has been developed.
Former parent company of Vegas resort files counterclaim
Tuesday, Aug. 11, 2009
The dispute over use of the "Tropicana" name by the Tropicana hotel-casino in Las Vegas is heating up, with the property's former parent company filing a counterclaim to the Las Vegas hotel's lawsuit.
The Las Vegas Tropicana, having emerged as a standalone company from Tropicana Entertainment LLC's bankruptcy, last month sued Tropicana Entertainment in Clark County District Court and filed motions in the bankruptcy case asserting its rights to use the Tropicana name.
Company says it earned $167,000 or 1 cent per share
Tuesday, Aug. 11, 2009
Full House Resorts Inc. of Las Vegas, which last week opened a big Indian casino in Michigan, on Monday reported its profit for the second quarter improved even as revenue declined.
CEO Gerard Charlier to be succeeded by Gregory Gronau
Tuesday, Aug. 11, 2009
Casino industry supplier Gaming Partners International Corp. of Las Vegas today said President and Chief Executive Officer Gerard Charlier is retiring Sept. 12, but will remain on the company's board of directors.
The Las Vegas Strip's Riviera hotel-casino was hit hard by the recession in the second quarter, with casino and room revenue declining, parent company Riviera Holdings Corp. reported Monday.
MTR Gaming Group Inc. has disclosed that it faces up to $1.1 million in rental costs for Binion's hotel-casino in Las Vegas because Binion's new owner is delinquent on rental payments to two landlords.
Las Vegas-area home sales and prices generally held up in July following June's record sales showing, the Greater Las Vegas Association of Realtors reported Monday. The Realtors said sales totaled 4,602, down 100 from June's record numbers, but the second-best showing on record.
Second-quarter results weakened at the Hard Rock hotel-casino in Las Vegas, one of the property's joint-venture partners reported Monday. The hotel's average daily room rate tumbled from $217.34 to $165.14 while revenue per available room declined from $204.95 to $152.42.
Las Vegas hypnotist and success seminar operator Marshall Sylver says problems with a charter jet flight caused him emotional distress and gave him migraine headaches — apparently big problems for a man whose career has been based on harnessing the power of the human mind. So Sylver and his company, Mind Power Inc., have sued the charter jet company, Executive Jet Management Inc. of Cincinnati.
Fontainebleau Las Vegas resort builder Turnberry West Construction Inc. has settled a complaint filed by the Nevada State Contractors Board by agreeing to a six-month suspension of its license. The settlement, approved by the Contractors Board July 23, relates to a subcontractors' claim that it's owed millions of dollars for work on the casino-resort project on Las Vegas Boulevard. Work on the $2.9 billion project, which was 70 percent complete, was halted in June when Fontainebleau filed for bankruptcy reorganization after major banks halted funding.
Clark County has sued another Las Vegas architectural company over construction problems at McCarran International Airport. The county filed suit this week against Domingo Cambeiro Professional Corp. over a $2.86 million contract involving design work for adding a gate, a pedestrian bridge and associated projects.
Denver Broncos player LaMont Jordan was sued by the Mirage hotel-casino in Las Vegas Thursday over allegations Jordan owes the casino $20,000 in gambling debts.
Gaming executives Wednesday disputed reports that hackers in town for the annual DEFCON conference over the weekend perpetrated frauds involving casino ATM machines. One Internet headline proclaimed: "Hacker exposes hacked Las Vegas ATM at DEFCON"
Major bank lenders to the Fontainebleau Las Vegas have won a tactical victory in their legal dispute with the bankrupt resort. A U.S. district judge in Miami has granted the banks' motion to move Fontainebleau's lawsuit against them from the bankruptcy court to the federal district court in Miami.
Clark County District Court Judge Elizabeth Gonzalez denies assertions
Wednesday, Aug. 5, 2009
Attorneys in one of the investor lawsuits against Aspen Financial Services are seeking to have Clark County District Court Judge Elizabeth Gonzalez disqualified from the case, charging she has been biased in favor of Aspen and failed to fully disclose her prior relationships with officials associated with Aspen. Gonzalez has denied those assertions.
The owner of the Stratosphere offered low room rates to nearly fill the 2,444-room Las Vegas property during the second quarter, but room occupancy was weak at three sister hotel-casinos.
Investors who lost billions of dollars by buying "auction rate securities" are fighting back with lawsuits around the country -- including one involving a prominent Las Vegas family.
A lawsuit has been filed over a dispute among developers of the CatHouse restaurant and lounge in Las Vegas. Seth Yudof and his company, Creative Eyes LLC, on Thursday filed suit in Clark County District Court against companies and individuals involved in the CatHouse at the Luxor hotel-casino on the Las Vegas Strip.
MGM Mirage's Las Vegas customers spent considerably less in the second quarter, a decline contributing to a quarterly loss by the hotel-casino operator. With the recession reducing travel and discretionary spending worldwide, MGM Mirage responded in the quarter with lower room rates and deals to entice visitors. Hotel revenue per available room tumbled from $151 in the 2008 quarter to $104 in the most recent quarter, as the average daily room rate fell from $156 to $111.
Man arrested in scam filed for Chapter 11 bankruptcy shortly before arrest
Sunday, Aug. 2, 2009
Investor lawsuits are piling up against a Las Vegas man who was arrested last week in what investigators are calling a massive real estate investment scam involving dozens of victims worldwide.
Regulators question whether Pansy Ho is suitable business partner
Friday, July 31, 2009
MGM Mirage and Boyd Gaming Corp. today said New Jersey regulators are moving ahead with plans for a hearing on whether MGM Mirage's partner in Macau is a suitable business partner for the gaming company.
Company reports loss of $222.2 million or 34 cents per share
Thursday, July 30, 2009
Las Vegas Sands Corp. reported a wider second-quarter loss Thursday, citing lower revenue and a reduction in proceeds from the sale of a Las Vegas shopping center at its Palazzo Resort.
Top lenders seek to protect their positions in Chapter 11 case
Thursday, July 30, 2009
The bankruptcy of Station Casinos Inc. has revealed that the Las Vegas company's banks are fighting amongst themselves as different groups of lenders move to protect their positions in the company's $6.4 billion of debt. In advance of a hearing today in Reno on Station's initial plans to use cash during the bankruptcy process, a group of 12 lenders filed an objection.
Las Vegas real estate development company gives in to creditors demands
Thursday, July 30, 2009
Leading Investments Inc., a Las Vegas real estate development company, this week consented to creditors' demands that it be placed under Chapter 7 bankruptcy supervision.
Now that it's operating under bankruptcy protection, Station Casinos Inc. is seeking approval to get out of a lease for unneeded office space in Las Vegas. Station said the lease was supposed to have a monthly cost initially of $70,207 to $76,717.
Company will continue normal operations with existing management
Tuesday, July 28, 2009
Las Vegas locals gaming leader Station Casinos Inc. today said it was unable to reach an agreement with creditors on a prepackaged bankruptcy reorganization, and instead announced that it and certain subsidiaries filed regular Chapter 11 bankruptcy reorganization petitions in Reno. The lack of an agreement with creditors means a plan for the controlling Fertitta family and Colony Capital to invest more money in the company in exchange for concessions from lenders is off the table for now -- and that the court will sort out the future of the company's assets and debts.
Home prices continued to fall through May in the Las Vegas area, a closely watched national report showed today.
Las Vegas was among a few exceptions in Standard & Poor's monthly housing report, which overall showed the first monthly increase in three years in home prices in 20 big cities tracked in the report.
Federal regulators are suing two Las Vegas companies as part of a national campaign targeting deceptive telemarketing practices involving discount health care programs.
The recession took its toll in the second quarter on two more Nevada bank operators, which Thursday reported losses as more borrowers became delinquent on loan payments.