Expansion would provide electricity to serve 30,000 homes
Wednesday, April 15, 2009
A big expansion of a solar energy power plant near Boulder City was announced today. Sempra Generation of San Diego, a subsidiary of Sempra Energy, reported its intention to construct a 48-megawatt expansion of its existing 10-megawatt photovoltaic power plant near Boulder City. The expansion will produce enough energy to serve 30,000 homes.
Type "gastric band Las Vegas" into Google and the top result is for the Gastric Band Institute, with the header "Free Informational Seminar on Gastric Band and Bypass Surgery."
A New York-based company said Tuesday it may file for bankruptcy protection following the collapse of its plans to build celebrity-themed properties in Las Vegas and other cities. The company owns of a parcel of land at Las Vegas Boulevard and Harmon Avenue, across the Strip from the CityCenter development.
Personal filings 38 percent higher in fourth quarter 2008 than previous year
Tuesday, April 14, 2009
Personal and business bankruptcy filings in Nevada surged in the fourth quarter, with the national recession compounding problems associated with declining home prices.
Former Congressman Jon Porter is included in a Bloomberg News story on the booming lobbying industry and the revolving door between Congress and lobbying companies.
MGM Mirage took another step Monday on the road to finalizing the financing for CityCenter, confirming its banks will allow it to make the next $70 million payment due Friday with or without partner Dubai World.
Harrah's Entertainment Inc.'s latest debt-exchange deal apparently didn't extinguish enough debt to ease fears that the world's largest casino resort company may be headed toward bankruptcy.
The economic slowdown apparently isn't the only financial issue facing the Las Vegas Chamber of Commerce. The chamber, which laid off staff this week, also filed suit seeking advertising revenue and royalties from the publisher of two of its publications.
Deal makes Pulte nation's largest homebuilding company
Wednesday, April 8, 2009
Pulte Homes and Centex, two homebuilders active in Las Vegas, today said they will merge in a $1.3 billion all-stock deal that will create the nation's largest homebuilding company.
Everyone is pulling for the Las Vegas economy to turn around, and soon.
But forecaster after forecaster is being extra cautious. After all, just a year ago few realized how deep the recession would be both locally and nationally.
A group of creditors filed an involuntary Chapter 11 bankruptcy petition Monday asserting claims against the 202-room Greek Isles Hotel & Casino on Convention Center Drive in Las Vegas.
That's what Las Vegas attorneys are asking illusionist Steve Wyrick.
A marketing company last month sued Wyrick, two performers and several businesses associated with him, alleging they failed to pay for advertising expenses for shows at Wyrick's theater.
One of the reasons newspapers, magazines and companies issue "Best of" and "Worst of" lists is to generate readership and attract customers. Keeping that in mind, we couldn't resist sharing this:
Punam Mathur, a longtime executive with the Las Vegas Chamber of Commerce and MGM Mirage known for her work in workplace diversity, is joining NV Energy as vice president, human resources, effective April 29. NV Energy announced the appointment today. Mathur is senior vice president, corporate diversity and community affairs at MGM Mirage. "I will be forever grateful to the leaders and employees of MGM Mirage," Mathur said in a statement issued by NV Energy.
Dennis Hof, owner of one of Nevada's legal brothels, has weighed in on a proposal for the state to ease its budget troubles by imposing a $5 per-day excise tax on customers of prostitutes.
The parent company of Community Bank of Nevada disclosed deepening financial problems late Wednesday and said it's looking for ways to bolster its capital structure including the sale of assets.
It's probably not as ominous as it sounds, but a dispute over a bagel business at the Suncoast hotel-casino in Las Vegas has led to the filing of a racketeering lawsuit.
Attorneys Noel Gage and Janelle Lavigne hit Coast Hotels and Casinos Inc. with the suit March 30 in Clark County District Court. Their clients, the Bagel Cafe at the casino and its owners, claim the Suncoast has been falsifying reimbursements for gamblers' slot club points the cafe accepts for food and beverage purchases. The lawsuit also claims the Suncoast has been trying to pirate away key employees.
Nevada and Arizona companies hit by falling land and home values
Wednesday, April 1, 2009
Rhodes Design and Development, a big homebuilder in Nevada and Arizona, and several affiliated companies filed for Chapter 11 bankruptcy protection Tuesday in Las Vegas when they were unable to meet a principal and interest payment on a key loan, the companies said.
In a story in Barron's arguing the stock of NV Energy is undervalued, it was noted that key electrical customers of NV Energy -- casino resorts --- are facing hard times because of the recession.
Bright spot shows rate of decline slowed over the previous month
Tuesday, March 31, 2009
A closely-watched national index today showed continued declines in home values in Las Vegas and other big cities nationwide. Prices in Las Vegas, S&P said, were off 32.5 percent in January compared to January 2008.
The stock of Riviera hotel-casino owner Riviera Holdings Corp. sunk today when the Las Vegas company said it missed a $4 million interest payment due Monday and may need to file for bankruptcy protection. Riviera stock traded at $1.07, down 40 cents or 27 percent, on the news. The company said its casino properties in Las Vegas and Colorado continue to generate positive cash flow, despite the recession, but that it's not generating enough cash to make its loan payments.
Why would Las Vegas Sands Corp. board member Michael Leven want to take over as president and chief operating officer at the gaming company, replacing the ousted William Weidner?
A pair of Las Vegas real estate investment trusts operated by businessman Michael Shustek are reporting big losses for 2008, as the recession pushed numerous borrowers into default.
Casino giant is gaming industry’s only recipient of prestigious award
Monday, March 30, 2009
Tears emerged from the eyes of several hotel and casino employees as they listened to the horrible comments about their co-workers. The white men were asked if these words reflected their characters. Of course not, everyone agreed. Welcome to a stereotype-breaking session during an MGM Mirage diversity training class.
Layoffs forced 283 people out of work today at Las Vegas Sands Corp. in Las Vegas. A spokesman for the company said the affected employees worked in the corporate offices as well as the Venetian and Palazzo resorts on the Strip. He said the company now employs just under 7,000 people in Las Vegas.
The Las Vegas economy dodged a bullet today when MGM Mirage stepped up to fund a required payment for CityCenter, keeping the project on track. The hotel and gaming giant said that with the consent of its lenders, it provided $200 million in funding -- including a required payment of $100 million that partner Dubai World did not make today. This allows construction work to proceed on the mammoth project on the Las Vegas Strip that includes hotels, residences, gaming, shopping and entertainment.
Harrah's Entertainment Inc. said today it's extending and widening a debt-exchange offer aimed at reducing its debt load and annual interest expenses. It also removed a cap of $2.8 billion on the amount of new notes it will issue in exchange for debt.
Businesses, casinos to douse decorative lighting for one hour Saturday night
Wednesday, March 25, 2009
Scores of casino-hotels and other businesses and organizations on and off the Las Vegas Strip have committed to show their support for the environment by participating in "Earth Hour'' on Saturday night, when they'll dim or turn off their signs and decorative lighting for an hour to raise awareness about climate change.
Under scenario, ex-MGM Mirage exec would operate casino for lenders
Tuesday, March 24, 2009
Creditors of bankrupt Tropicana Entertainment LLC want the Tropicana hotel-casino on the Las Vegas Strip to be split off from the parent company and former MGM Mirage executive Alex Yemenidjian would be a key part of the deal. A disclosure statement filed by the creditors with their reorganization plan Monday shows that under the plan, a new company controlled by the lenders would own the Tropicana and Yemenidjian and one of his companies have agreed to lease the gaming operations.
Herbst Gaming Inc. of Las Vegas on Sunday announced that, as anticipated, it filed for Chapter 11 bankruptcy protection as part of a deal with creditors that is expected to keep its casinos and slot routes operating.
Casino supplier Progressive Gaming International Corp. of Las Vegas filed for a Chapter 7 bankruptcy liquidation this week. The company listed assets of $263,600 and liabilities of $5.62 million. In January, International Game Technology of Reno acquired certain operating assets of PGIC for undisclosed terms. Details of that deal were spelled out in this week’s bankruptcy filing and show IGT agreed to pay $16.237 million in cash.
Harrah's Entertainment Inc. today said the companies that took it private and now own it are increasing their investment in the gaming company by offering to buy up to $350 million of Harrah's outstanding debt.
In court filing, company fights injunction sought by bondholder
Wednesday, March 18, 2009
Station Casinos Inc. executives moved Wednesday to clarify when the company may file for bankruptcy protection, saying there's no assurance the filing will be made on or before April 15 as suggested in a court filing.
Casino giant warns cash flow might fall short to make debt payments
Tuesday, March 17, 2009
Cost-cutting measures and debt-refinancing programs at Harrah's Entertainment Inc. may help the company work its way through the recession gripping the gaming industry, Harrah's suggested in its 2008 annual report today.
Wynn Resorts Ltd. of Las Vegas today received a positive response to a secondary offering of shares of common stock, with analysts saying cash from the sale will give Wynn more flexibility to pay down debt and to look at profit-making opportunities in today's depressed gaming industry.
Shuffle Master Inc. of Las Vegas has abandoned an unsuccessful patent-infringement lawsuit against a competitor and instead will buy the competing product lines at issue for as much as $2.8 million.
Police said driver was not at fault in October accident
Monday, March 16, 2009
A police investigation found Republic Services was not at fault in a 2008 traffic accident in which a Las Vegas boy was killed, but Republic nonetheless is being sued over the incident.
Las Vegas-based Ameristar Casinos Inc., which faces declining revenue because of the recession, said today that a key loan was amended so it could stay in compliance with debt covenants -- but with higher interest rates.
A homebuilder claims a Las Vegas company is fraudulently offering free home inspections as part of a scheme to induce homeowners into filing construction defect claims and lawsuits.
Harrah's Entertainment Inc. today reported final results for the fourth quarter of 2008 and detailed how its Las Vegas properties have been particularly hard hit by the recession.
Telecommunications company Nortel Networks Inc. says it booked too many rooms and suites at Caesars Palace for a big industry convention and is asking a court for approval to cancel its contract with the resort on the Las Vegas Strip.
Denizen Hotels will also come to other tourist destinations
Wednesday, March 11, 2009
Hilton Hotels Corp. said Tuesday it's creating an eclectic brand called Denizen Hotels and is working to bring that brand to Las Vegas and other major destinations worldwide. The Denizen brand is expected to take the place of the Cosmopolitan, an under-construction resort at Harmon Avenue and Las Vegas Boulevard, as Hilton Hotels executives have been working at the Cosmopolitan site for months.
More Southern Nevadans are losing their jobs, with Sportsman's Warehouse and Weyerhaeuser separately announcing plans to close operations in the Las Vegas area.