New numbers are out showing Las Vegas and Nevada continue to lead the nation in residential real estate loan foreclosures. Despite an 18 percent decrease in foreclosure activity from the previous month, Nevada continued to post the nation's highest state foreclosure rate in April.
Tropicana Entertainment, owner of the Tropicana Las Vegas, announced today that a federal bankruptcy court in Delaware has approved its bankruptcy plan.
Morgans Hotel Group Co. of New York, co-owner and manager of the Hard Rock hotel-casino in Las Vegas, Monday said it plans to reduce its ownership stake in the Paradise Road property. Morgans made the disclosure as its companywide first quarter loss widened as revenue slumped amid recessionary pressures.
Congresswoman Shelley Berkley today weighed in on the dispute between the $2.9 billion Fontainebleau resort and its banks, asking the Obama administration to get involved and "urging all parties to enter into discussions as soon as possible to rectify the situation."
Regional casino operator Pinnacle Entertainment Inc. of Las Vegas today said revenue increased in the first quarter and it posted a profit, reversing a loss in the same quarter of 2008.
Western Alliance Bancorporation of Las Vegas, parent company of Bank of Nevada, today reported a first quarter loss of $86.5 million, or $2.33 per share vs. a profit in the year-ago quarter of $4.14 million or 14 cents per share.
U.S. Bancorp, a significant lender in the Las Vegas area, today reported a decline in its quarterly profit as the recession caused more loans to become delinquent.
UnitedHealth Group, a big health insurer and medical care provider in Las Vegas following its $2.6 billion acquisition of Sierra Health Services last year, today reported steady financial results for the first quarter.
Investor Carl Icahn is disputing suggestions he plans to do battle with Kirk Kerkorian for control of MGM Mirage. "I have absolutely no quarrel with Kirk Kerkorian. I like him. I respect him. I have been his friend for years,'' Icahn told CNBC during an interview Friday.
Harrah's Entertainment Inc. of Las Vegas today reported that a member of its board of directors, Jeanne P. Jackson, notified the company April 15 that she was resigning from the board immediately.
The private equity investors that control Harrah's Entertainment Inc. of Las Vegas said Wednesday they've extended the deadline for certain bondholders to swap their notes for cash under a $350 million offer announced last month.
Investor Carl Icahn and private-equity fund Oaktree Capital Management have bought hundreds of millions of dollars of MGM Mirage bonds and last month told the gaming company a bankruptcy is its best option, the Wall Street Journal reported today, citing people familiar with the matter.
Northbound and southbound motor vehicle traffic on Las Vegas Boulevard South between Harmon Avenue and Paris Drive will be reduced to one lane in each direction during construction of the Harmon pedestrian bridge that will extend over the Strip.
Airline company finds success in flying vacationers
Wednesday, April 15, 2009
The high-flying stock of Allegiant Travel Co. of Las Vegas was in the spotlight again today after the airline company said its first-quarter profit exceeded expectations.
A shakeup at Empire Resorts Inc. of Henderson on Tuesday included the immediate resignation of longtime local gaming executive David Hanlon as chief executive officer and the announcement of a plan to move the company headquarters to New York.
Zappos.com, the online retailer based in Henderson, today was named one of the world's most ethical companies in a ranking compiled by the Ethisphere Institute.
Harrah's Entertainment Inc. of Las Vegas today disclosed the results of its latest effort to reduce its debt load and annual interest costs. The company said a debt-exchange offer that expired Wednesday resulted in it accepting exchange notes with a principal amount of $5.55 billion, which it will exchange for $3.4 billion in new 10 percent notes due 2018 and about $102 million in cash.
MGM Mirage stock closed up 19 percent today on news it may sell some of its casinos and could land some new corporate financing. The morning started with Australia's Crown Ltd. saying it's not in discussions about investing in the $8.7 billion CityCenter complex under construction on the Las Vegas Strip.
MGM Mirage has hired investment bank Morgan Stanley to help with the potential sales of two properties. The newspaper, citing people with knowledge of the matter, said Morgan Stanley is in discussions with potential buyers and is vetting them to ensure they can finance a deal or deals and could obtain gaming licenses.
American Casino & Entertainment Properties LLC, owner of three hotel-casinos in Las Vegas, said in its annual report today that revenue fell in 2008 and it wrote down the value of its assets as the economy weakened.
Two Las Vegas-based gaming companies, Gaming Partners International Corp. and Full House Resorts Inc., reported profits Monday for the fourth quarter of 2008. Gaming Partners, which sells casino chips and table game equipment, reported a fourth quarter profit of $1.8 million or 22 cents per share vs. a profit in the year-ago quarter of $900,000 or 11 cents. Revenue, however, fell 21 percent to $15.7 million.
KB Home, a big homebuilder in the Las Vegas area, today heightened optimism about a potential economic turnaround as it reported an increase in orders for new homes.
International Game Technology President and Chief Executive TJ Matthews' resignation from those two posts will likely be followed by his departure as chairman at some point in the future, a JPMorgan analyst said Wednesday.
A new report shows January home prices in the Las Vegas area dropped more than 28 percent in the past year. The First American CoreLogic Home Price Index shows prices across the country fell 11.6 percent compared to a year ago, although Las Vegas joined several cities in California and Florida that posted declines of more than 20 percent.
Forbes magazine is out with its annual ranking of the world's billionaires and the new list confirms that the recession has not been kind to Las Vegas casino titans.
Luxury handbag and accessories retailer Lambertson Truex has filed for bankruptcy protection and said it closed its stores in Los Angeles and Las Vegas.
Republic Services Inc., the main garbage hauler in Las Vegas, today reported a quarterly loss as it completed its purchase of Allied Waste Industries Inc.
Las Vegas Sands Corp. today disputed reports in the media in Singapore that it faces significant cost overruns for its $5.4 billion resort under construction there.
Boyd Gaming is offering to purchase Station Casinos as part of a reorganization plan or a bankruptcy auction. In a letter delivered to Station's board of directors today, Boyd Chief Executive Officer Keith Smith said his company is prepared to offer about $950 million for the company's "OpCo" casinos.
Community Bank of Nevada issued a warning today that bank customers are being targeted by fraudulent text messages in which the perpetrators are trying to obtain sensitive private financial information.
EMBARQ, the main local telephone company in Las Vegas, today said its quarterly profit remained steady even as it continued to lose landline customers.
NV Energy Inc. of Las Vegas today reported a fourth quarter loss of $2.1 million or 1 cent per share, which is a reversal from a profit in the year-ago quarter of $3.7 million or 2 cents per share.
Company owns 29 Camden and Oasis apartment complexes in the Las Vegas area
Tuesday, Feb. 10, 2009
Camden Property Trust of Houston, a big operator of apartment complexes throughout the Las Vegas area, Monday reported a big quarterly loss as it wrote down the value of some land holdings in response to the national recession.
Charging more for services made up for fewer patients, company said
Tuesday, Feb. 10, 2009
IASIS Healthcare, owner of the 178-bed North Vista Hospital in North Las Vegas, today said its quarterly profit increased as it charged patients more for services even as the number of patients checking into its 16 hospitals around the country declined.
Bally Technologies Inc. of Las Vegas, which sells slot machines and casino management systems to the gaming industry, said it has won the prestigious 2009 International Gaming Award for best customer service and support.
Casino slot machine supplier WMS Industries Inc. today reported a higher quarterly profit and said it expects its business to remain steady this fiscal year despite a slowdown in orders affecting other game suppliers.
Southwest Airlines of Dallas, the No. 1 flier of tourists to Las Vegas, today reported a rare quarterly loss and disclosed plans to trim its operations because of soft bookings for flights this year.
Slot machine maker International Game Technology of Reno announced today that it has acquired certain operating assets of casino systems supplier Progressive Gaming International Corporation of Las Vegas.
Planet Hollywood Resort & Casino today named Thomas J. McCartney as president and chief executive officer, replacing Michael V. Mecca, who has resigned from the company.