Company says Weidner informed of his firing on March 4
Tuesday, March 10, 2009
Las Vegas Sands Corp. Chairman and Chief Executive Sheldon Adelson today said business remains sound for the company in Las Vegas despite the recession, a decline in corporate travel and the replacement of his top corporate lieutenant.
School was the only technical school for broadcasting in the area
Monday, March 9, 2009
The Las Vegas campus of a school for students pursuing careers in broadcasting has abruptly closed, potentially leaving some two dozen students looking for other options to pursue their educations. The CSB School of Broadcasting at Eastern Avenue and the Interstate 215 beltway closed last week.
Boyd Gaming Corp. of Las Vegas today stepped up its campaign to acquire some or all of Station Casinos Inc., arguing its $950 million offer is a better deal to Station creditors than are Station's owners.
Wynn Resorts received a double serving of positive national publicity this weekend, landing on Barron's list of 10 good stocks to hold for the long haul and ranking highest among gaming companies on Fortune's list of the world's most admired companies.
Store near Summerlin will be sold to comply with FTC ruling on Wild Oats acquisition
Friday, March 6, 2009
Whole Foods Market Inc. must sell one of its four Las Vegas-area stores under an antitrust settlement announced today with the Federal Trade Commission over Whole Foods' 2007 acquisition of competitor Wild Oats Markets Inc.
Harrah's Entertainment Inc. today disclosed preliminary financial results for the fourth quarter of 2008 and, as expected, they showed steep declines in revenue and cash flow as the recession deterred visitation to Las Vegas and slowed activity at many of Harrah's casinos nationwide.
Financial pressures are increasing for the owner of the Riviera hotel-casino in Las Vegas and the company's stock sunk to a 52-week low today on news that it's in technical default on a $245 million line of credit.
Pinnacle Entertainment Inc. of Las Vegas, owner of several casinos around the country, said today it didn't file its required annual financial report on time because it needs more time to determine how badly the recession has eroded the value of its assets.
ILX Resorts Inc., a timeshare operator with inventory at the Carriage House Hotel in Las Vegas, filed for Chapter 11 bankruptcy protection Monday after talks collapsed with a key lender over extending a loan.
Station Casinos Inc. of Las Vegas said Wednesday it's not interested in entertaining Boyd Gaming Corp.'s offer to buy part of Station. And with bondholders apparently hoping for a better deal, Station said today it extended the deadline for the note holders to vote on a debt-exchange deal that would leave the current owners in place after a proposed bankruptcy reorganization.
A covert North Las Vegas airline is denying claims that it withheld federal hazard pay from flight crews that flew dangerous military and diplomatic missions into Afghanistan and Iraq.
Mortgage giant Countrywide Financial Corp. has agreed in Nevada to lower interest rates for some borrowers, pay settlements and relocation expenses for some borrowers who lost their homes and reform its lending practices to settle a predatory lending lawsuit filed by the state's attorney general.
A big Southern Nevada air tour business filed for bankruptcy protection Friday and has laid off 20 employees, citing the economic downturn that has reduced interest in aircraft tours of the Las Vegas Strip and the Grand Canyon.A big Southern Nevada air tour business filed for bankruptcy protection Friday and has laid off 20 employees, citing the economic downturn that has reduced interest in aircraft tours of the Las Vegas Strip and the Grand Canyon.
Attorneys for Harrah’s Entertainment Inc. are seeking dismissal of a class-action lawsuit challenging the hotel and casino giant’s recent debt-swap deal.
Employers Holdings Inc., a big workers’ compensation insurance company in Nevada, today said its quarterly profit declined as the recession cut into its business.
Gaming giant sees stock climb 71 cents in morning trading
Thursday, Feb. 26, 2009
The stock of gaming giant Las Vegas Sands Corp. jumped 33 percent today as investors weighed news involving new analyst opinions and a dispute over a ferry that the company uses to bring gamblers from Hong Kong to its properties in the Chinese district of Macau.
Company: Loss reflects decrease in consumer discretionary spending
Thursday, Feb. 26, 2009
Boyd Gaming Corp., the Las Vegas company interested in buying part or all of competitor Station Casinos Inc., today reported a quarterly loss from continuing operations of $220.8 million, or $2.51 per share, compared to a profit of $31 million, or 35 cents per share, in the same period last year.
The stock of Nevada shopping mall owner Developers Diversified Realty Corp. jumped Tuesday on news that Germany's Otto family had committed to invest $112.5 million in the company and loan it another $60 million.
The stock of Las Vegas development and retail giant General Growth Properties Inc. rose this morning despite a decline in quarterly earnings -- apparently on news that the Chicago company's lenders have not taken action against General Growth for falling behind on loan payments for two Las Vegas malls.
Companies accused of 'abusive' and 'deceptive' collection tactics
Tuesday, Feb. 24, 2009
Federal and state regulators have obtained a court order in Nevada barring seven online payday loan companies from engaging in deceptive lending and collection practices, the Federal Trade Commission said Monday.
Plans by two companies to launch a new celebrity poker tournament have fallen apart, with each company suing the other over the collapse of their deal.
Despite slow economy, hotel giant to build near the Las Vegas Strip
Sunday, Feb. 22, 2009
Hotel giant Marriott International Inc. officials say despite the economic slowdown, they’re proceeding with plans to double the size of Marriott’s big timeshare vacation resort near the Las Vegas Strip.
A third lawsuit has been filed on behalf of Las Vegas Sands Corp. shareholders against members of the company's board of directors. The suit levels allegations of mismanagement and violation of fiduciary duty, similar to claims asserted in earlier suits filed in November and January in the same court.
Homebuilders in Las Vegas and around the nation continue to struggle against the tide of foreclosures depressing the real estate market, with a new report showing U.S. housing starts in January plunged more than 50 percent from the rate one year ago.
A new lawsuit charges that officials at the Orleans hotel-casino knowingly ordered employees to violate safety procedures and directed them into dangerous situations, causing the deaths of two workers.
Despite delay, Wyndham says 19-story project still a 'priority'
Tuesday, Feb. 17, 2009
Four days after lodging giant Wyndham Worldwide Corp. reported a huge loss because of the economic slowdown, Wyndham's timeshare unit said Tuesday it’s suspending construction on its high-profile Desert Blue resort in Las Vegas. The Wyndham Vacation Ownership resort near the Rio hotel-casino is planned to consist of 19 stories with 281 condominium-style units. Martin-Harris Construction Co. and its subcontractors had completed the building shell on the 14.75-acre site.
Add Harrah’s Entertainment Inc. to the list of Las Vegas gaming companies facing class-action lawsuits filed by securities lawyers. Harrah’s was sued by two bondholders who claim a recent debt-exchange deal engineered by Harrah’s benefited some big corporate bondholders while placing others in jeopardy.
Lawsuit claims debt-reduction plan would harm bondholders
Friday, Feb. 13, 2009
Two of the attorneys who sued Station Casinos Inc. three years ago over the company’s deal to go private are going after Station again, this time over Station’s plan to get rid of its high-cost debt and reorganize in bankruptcy court.
Harrah’s Entertainment Inc. disclosed Friday it submitted requests to tap the remaining $740 million of its $2 billion senior secured revolving credit line -- a move one analyst said indicates financial troubles are deepening at the gambling giant.
Marriott International Inc., a big player in the Las Vegas hotel and timeshare resort industries, today reported a quarterly loss as the national recession weakened the travel industry and reduced occupancy and rates at Marriott properties.
A second report issued this week on foreclosure trends shows foreclosure filings declined nationwide and in Nevada last month, but offered little optimism for a quick turnaround in the housing market.
One company that tracks foreclosures issued a report Wednesday suggesting the housing market is finally turning around in Nevada and the rest of the nation. But an analyst at a competing firm said things are likely to get worse before turning around later this year.
Developers Diversified Realty of Cleveland this week said it finalized a deal expected to bring retailer Kohl's to a third former Mervyns location in the Las Vegas area.
Two purchasers of Las Vegas vacation timeshare properties say they were victimized by dishonest sales tactics and are taking the timeshare companies to court.
A Las Vegas attorney has filed a class-action lawsuit on behalf of current and former banquet servers who claim the Venetian resort failed to pay them all of the overtime wages they are due.
Beazer Homes says recession, foreclosures mean fewer orders
Monday, Feb. 9, 2009
Beazer Homes USA Inc. of Atlanta, one of the Top 20 homebuilders in Las Vegas, today reported another quarterly loss as the recession and a glut of foreclosed homes on the market reduced orders for new homes.
The stock of Summerlin developer and Las Vegas mall owner General Growth Properties Inc. of Chicago slumped early Monday but later recovered as investors weighed the financial outlook for the big real estate investment trust.
Among a handful of names familiar to Nevadans on the list of clients who invested with Bernard Madoff is that of casino executive Lyle Berman. A "Lyle Berman Family/Partnership" is listed under a Las Vegas address.
Labor Department figures show layoffs aren't the only reason for unemployment spike
Friday, Feb. 6, 2009
Nevada’s unemployment rate has soared not just because of layoffs, but because job seekers apparently have continued to move to the state. Labor Department statistics show that in Nevada, this was driven only partly by job losses.
Las Vegas-based manufacturer American Pacific Corp. today said its quarterly revenue and profit declined, largely because a customer reduced orders for one of its chemical products.
Sunrise Children’s Hospital is expanding to a second location -- this one at MountainView Hospital in northwest Las Vegas. Sunrise Children’s at MountainView will include a 12-bed, 10-room medical/surgical pediatric unit with private rooms when it opens this month at a date that has yet to be announced.
Hospital Corporation of America, a big health care operator in Las Vegas, today said its profit remained steady in the fourth quarter as admissions increased and it billed more for services at its 166 hospitals around the country.
Some professionals around the real estate industry report seeing more commercial activity in the first weeks of the new year, but what it means is up for debate. A Las Vegas law firm involved in numerous real estate and business deals says business picked up in January as companies and investors who sat on the sidelines in 2008 are now looking at getting back in the game.
Western Alliance Bancorporation says economy is taking its toll
Friday, Jan. 30, 2009
Western Alliance Bancorporation of Las Vegas, owner of two banks in Nevada, Thursday reported a substantial quarterly loss as it marked down the value of some assets in response to the troubled U.S. economy.
Simon Property Group says it's less affected by downturn in U.S. economy
Friday, Jan. 30, 2009
Simon Property Group Inc., owner of three big shopping destinations in Las Vegas, today said its business worldwide remained steady in the fourth quarter despite the slowdown in the U.S. economy.