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Rod Smith Gaming Guru - Page 22Casino Merger Value Rises23 August 2004
The preliminary price for MGM Mirage to buy Mandalay Resort Group has edged up to $8.1 billion in the two months since the deal was announced in June, but Wall Street analysts on Friday said the merger still makes sense for investors and the combined company.
Required pro forma estimates for ... (read more)
Another Buyer Emerges to Make Offer for Riviera Holdings23 August 2004
Yet another buyer is taking a swing at buying Riviera Holdings Corp., a Securities and Exchange Commission filing said Friday.
Riviera Holding shareholder D.E. Shaw Laminar Portfolios, part of the New York-based D.E. Shaw Group, suggested it is interested in buying all of the outstanding stock in Riviera Holdings for $12 a share, just less than the company's closing price Friday. ... (read more)
Merger Stirs Vendors' Fears20 August 2004
LAS VEGAS -- Blake Porter agrees the pending MGM Mirage and Harrah's Entertainment megamergers
will be profitable for some people. Just not business people like him.
Porter, owner of True Power, a local $1.2-million-a-year
construction-and-office-materials supply company, doubts small companies ... (read more)
California Deal Helps Las Vegas Group20 August 2004
LAS VEGAS -- George Maloof, owner of the Palms, and Jerry Turk, former owner of Fitzgeralds, were
the big winners in California Gov. Arnold Schwarzenegger's latest wager on expanded
tribal gaming to solve his state's budget woes.
Schwarzenegger on Thursday announced new gambling compacts with five ... (read more)
Strip Property Up for Redevelopment19 August 2004
LAS VEGAS -- The little Villa de Flores apartment complex, the subject of an intense legal battle
between developer Steve Wynn and hotel owner Mike Flores in the mid-1990s, is again
being slated for redevelopment as a hotel and time-share tower.
The Clark County Commission recently approved plans ... (read more)
Hooters Brands Casino Off Strip18 August 2004
Just when it seemed as if every brand imaginable had made it to the Strip, along comes Hooters -- billing itself as delightfully tacky, yet unrefined -- with plans to plant its high-profile brand on one of the quietest little hotels in town.
The world's first Hooters Casino Hotel will debut in Las ... (read more)
Aladdin Buyers Issue Letter to Reassure Rank-and-File Staff17 August 2004
LAS VEGAS -- The likely new owner of the Aladdin, whose gaming licenses are up for final approval before state regulators next week, is trying to send reassuring messages to rank-and-file employees of the Strip hotel-casino that their jobs are safe.
At same time, the Planet Hollywood ... (read more)
Respect Caesars, Harrah's Told13 August 2004
LAS VEGAS -- Shirley Marx, a widowed Chicago businesswoman, won $40,000 on a recent visit to
Caesars Palace, and promptly dropped $25,000 of it.
Marx, a high roller who loves playing craps and a 25-year customer at Caesars Palace,
decided it was time for a change of pace and headed across the Strip to Harrah's Las
Vegas where she had no trouble losing another $6,000. ... (read more)
Nevada Gaming Results Up13 August 2004
NEVADA --Nevada's gaming industry propped up the state's economy in June with a total gaming
win of $855.5 million, up nearly 6 percent from a year earlier, the state Gaming
Control Board reported Thursday.
For the fiscal year ending June 30, the gaming win was $10.1 billion, also up 6
percent from the previous fiscal year. ... (read more)
Alliance Gaming Beats Wall Street Estimates11 August 2004
Although Las Vegas-based slot machine maker Alliance Gaming Corp. beat Wall Street earnings projections in the second quarter, analysts said Tuesday the company, like other slot makers, faces faltering demand for the balance of 2004 and 2005.
"They beat a low number. I'd call the quarter just OK," Eric Hausler, gaming analyst for Susquehanna Financial Group, said. ... (read more)
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