Money, and its availability on Wall
Street, has been the subject of conversation within the gaming industry thus
making the timing just right for the Bear Stearns 11th Credit Research
The conference, featuring presentations
from 120 major companies including 14 gaming companies, will be held at the
Waldorf Astoria in New York City on Tuesday and Wednesday, April 23-24.
most comprehensive gaming newspaper, will be represented at the conference and
will report on its activities in next week’s edition.
Among the companies to make
presentations are: Ameristar Casinos Inc. (ASCA), Aztar Corporation (AZR), Boyd
Gaming Corporation (BYD), Harrah’s Entertainment Inc. (HET), Herbst Gaming,
Hollywood Casino Corporation (HWD), Isle of Capri Casinos Inc. (ISLE), Las Vegas
Sands Inc., Majestic Star Casinos, MGM MIRAGE Inc. (MGG), Park Place
Entertainment Corporation (PPE), Pinnacle Entertainment Inc. (PNK), Riviera
Holdings Corp. (RIV), and Sun International Hotels Limited (SIH).
The conference falls at a time when the
resort industry contemplates the mood of
bankers and investment houses relative to making the necessary funds available
for major developments. Still awaited are financial details for the development
of the $1.5 billion La Reve that Steve Wynn is planning for his property
on the Las Vegas Strip at the intersection of Spring Mountain Road. Also
awaited is the financing for the second phase development of The Venetian, as
well as projects being planned by MGM MIRAGE, Phil Ruffin and his New Frontier,
Like so many other publicly-traded
companies, several gaming companies have announced the times for their quarterly
April 16, at 10 a.m. (PDT), Station Casinos Inc. (STN) will make its financials
available in a conference call that will be broadcast live over the Internet.
On Wednesday, Harrah’s Entertainment
Inc. (HET) will host its conference call beginning at 6 a.m. (PDT) with a live
broadcast offered over the Internet. While, MGM MIRAGE Inc. (MGG) will begin its
call at 8 a.m. (PDT).
Next week, Penn National Gaming Inc.
(PENN) will broadcast its call on Monday, April 22, at 8 a.m. (PDT) while
Riviera Holdings Inc. (RIV) will host its conference call on Monday, April 22,
beginning at 11 a.m. (PDT).
Ameristar Casinos (ASCA) has scheduled
its call for Wednesday, April 24, beginning at 6 a.m. (PDT).
Top of the heap
Dan Lee, for many years the CFO of
Mirage Resorts during the Wynn tenure, has taken the helm of Pinnacle
Entertainment Inc. (PNK) just when the company faces some major tasks.
Lee, who left Wynn’s employ to help
develop an Internet dotcom food service company, replaces veteran casino
executive Paul Alanis who resigned without giving a reason.
Among the tasks that Lee will have to
address will be generating the financing for the company’s planned $220
million gaming complex in Lake Charles, La., and resolving a lawsuit brought by
two female former employees of the company’s Belterra riverboat in Indiana.
The sexual discrimination suit alleges that company executives employed
prostitutes to entertain high rollers.
Pinnacle Entertainment emerged from a
restructuring of Hollywood Park Inc. (HPK) whose chairman, R.D. Hubbard, will
resign at the forthcoming annual meeting. At that time, Lee will assume the role
of chairman as well as president and CEO.
Pinnacle operates casinos in Nevada,
Louisiana, Mississippi and Indiana.
Mitt Romney, GOP candidate for governor
of Massachusetts, says he looks longingly at Connecticut and its multi-million
dollar deal with the two Indian casinos and should he be successful in his bid
would be inclined to foster a similar program in the Bay State.
Gaming revenues in Missouri set a
record in March, with the state’s 11 casinos taking in $114.4 million. Leading
the pack were a pair of casinos operated by Harrah’s Entertainment Inc. (HET).
Harrah’s Maryland Heights riverboat took in $23.6 million and its North Kansas
City riverboat recorded $19.36 million.
Alliance Gaming reported earnings of
$0.32 a share for the third quarter of its fiscal year. Meanwhile, the company
reported that its president and CEO, Robert Miodunski, sold 73,998 shares at
prices from $32.30 to $32.97, prior to the 2-1 stock split.
WagerWorks, the Las Vegas company that
already has an Internet development project with MGM MIRAGE Inc., has been
granted a gaming license by the tax haven island of Alderney.
N.Y. regulators have granted a
probationary license to Vernon Downs racetrack contingent on a licensing
investigation of Las Vegas investor Shawn Scott. Recently, Scott loaned the
track $8.5 million so that it could meet current financial obligations.
Magna Entertainment Corp. (MIEC) says
it has completed its public offering of 20 million shares of Class A stock.
All expanded gaming proposals were put
on hold in Rhode Island so that the state can conduct a casino study, thus
delaying plans for the Narraganset Indians from getting together with Boyd
Gaming Corp. (BYD) for the development of a casino.
has placed the stock of Ameristar Casinos Inc. (ASCA) on its No. 1 Ranked List.
chairman of the New York Racing Association Barry Schwartz has recommended to
N.Y. City Mayor Mike BloomÂÃ‚Âberg that his operation be merged with the N.Y.