LV companies to present at Bear Stearns confab

April 16, 2002 7:28 AM
by

share

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 Conference.

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.

GamingToday, America’s 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, and others.

Reporting time

Like so many other publicly-traded companies, several gaming companies have announced the times for their quarterly fiscal reports.

 Tuesday, 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.

The Insider

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.

Zacks.com has placed the stock of Ameristar Casinos Inc. (ASCA) on its No. 1 Ranked List.

The chairman of the New York Racing Association Barry Schwartz has recommended to N.Y. City Mayor Mike Bloom­­berg that his operation be merged with the N.Y. O.T.B. operation.

Harrah’s Entertainment Inc. (HET) is suing Station Casinos Inc. (STN) alleging the latter’s “Boarding Pass” slot club ­­program violates Harrah’s patents covering its player reward system.