Sunday, February 29, 2004
Copyright © Las Vegas Review-Journal
INSIDE GAMING: Filegate left for control board to finish
The investigation into Station Casinos' 2003 failure to file anti-money laundering reports with the federal government shifted into second gear last week. The discovery that the company had not filed all the necessary reports that are used to track large cash transactions launched an internal audit last April. After nearly a year, the audit has been given to the state Gaming Control Board so the agency's independent investigation could start. No word yet on when it may finish or become public. The fine for failing to submit the reports is as much as $25,000 per count.
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Las Vegas developer Steve Wynn has turned corporate raider. He didn't stray far from home to tap a pair of management aces for the proposed retail operation at his $2 billion Wynn Las Vegas resort. Instead, he picked up Terri Monsour, who helped open Neiman Marcus' Fashion Show mall store and recently left her position as the retailers's general manager, to be senior vice president of retail. And he landed Keri Frame, another former Neiman Marcus and Bloomingdale's Home store executive, as Wynn's director of stores. Hotel-casino operators, watch out.
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Forbes magazine really did it this time. It named the world's 10 best casinos and only one in Las Vegas made the list: Bellagio. Actually, only one other U.S. casino made the list: the newly opened Borgata in Atlantic City. Others named were in Antigua; Baden-Baden, Germany; the Bahamas; London; Macau; Monaco; Moscow; and Sun City, South Africa. The magazine says proximity to the world's 100 million gamblers, half of whom reside in the United States, helped determine which casinos made the list. Say what? Another key factor, the magazine says, was how the casino pampered its guests, which won Bellagio kudos.
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The Motley Fool says Donald Trump "isn't ceding control (of his own company) because things are going well." A refinancing scheme to fend off debt wolves left Credit Suisse First Boston the majority owner of Trump Hotels and Casino Resorts. Still, the Fool says the whiff of global expansion will be too enticing for Trump to play it safe. Even though he'll no longer own the majority of the company's stock, it's still his name on the washroom, the corporate jet, the hand towels and the matchbooks. "It's also his `magic' that people buy into," the Fool said.
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Quote of the week: "I think anybody would look at those (casinos in London) and think 'this could be much better,' " says International Game Technology chief Tom Baker. That's why gaming companies are salivating as Britain considers liberalizing its gambling laws.
The Inside Gaming column is compiled by Gaming Wire Editor Rod Smith. You can contact him by phone at (702) 477-3893, fax (702) 387-5243 or e-mail at rsmith@reviewjournal.com.
The Inside Gaming column is compiled by Gaming Wire Editor Rod Smith. You can contact him by phone at (702) 477-3893, fax (702) 387-5243 or e-mail at rsmith@reviewjournal.com.
