Herbst Gaming reverses loss, but revenue drops in quarter

Bankrupt Herbst Gaming suffered a steep drop in revenue in the third quarter, though the company managed to turn an earlier loss into a small profit.

The company, which has 12 casinos in Nevada, including three properties in Primm and Terrible’s at Paradise and Flamingo roads, posted quarterly net income of $385,000 in the quarter ended Sept. 30, reversing a $22.4 million loss from a year earlier.

Revenue fell 14.1 percent to $168.7 million from $196.5 million.

Herbst also continued to see big drops in revenue from route operations, or money it makes managing slot machines inside bars, restaurants and other nongaming businesses. Route operations earned $47.5 million in the quarter, an 18.5 percent drop from $58.3 million a year ago. Casino operations were down 6.7 percent, from $122.8 million to $114.6 million. A 2006 ban on smoking in almost all public places besides casinos has hurt gaming revenue in the route-operating segment.

Herbst filed Chapter 11 bankruptcy protection in March. A U.S. bankruptcy judge has approved Herbst’s plan to hand over its operations to a group of lenders that hold $876.5 million in company debt.

Loss widens, revenue falls for Planet Hollywood Resort

Planet Hollywood Resort had lower revenue and bigger losses in the third quarter than a year earlier.

The company’s loss grew to $17.5 million in the third quarter ended Sept. 30, up 63.6 percent from $10.7 million a year ago.

Revenue fell 20.5 percent to $55.1 million from $69.3 million.

Planet Hollywood is privately owned, but must report its earnings to the Securities and Exchange Commission because of an $860 million term loan.


Solar-power projects secure key land-use approvals

Two solar-power projects proposed in northwest Arizona secured key land-use-related approvals during Monday’s meeting of the Mohave County Board of Supervisors.

Construction of both plants would start late next year if additional state and federal approvals are secured.

Mohave Sun Power LLC plans to build a 340-megawatt solar-power plant about 27 miles north of Kingman on a site Las Vegas developer Jim Rhodes once wanted to use for a master-planned community.

The company has an option to buy the site as it goes through development.

Project Director Greg Bartlett said about 1,500 workers will be employed during peak construction of the $2 billion Hualapai Valley Solar plant.

Meanwhile, a Spanish company, Albiasa Corp., plans to employ another 1,500 workers during peak construction of its $1 billion, 200-megawatt power plant about 40 miles southeast of Kingman.

A 100-member work force is projected for both plants, which company officials hope will be operating in 2013.

Caterpillar applies to open industrial loan company in LV

Caterpillar Inc., the Peoria, Ill.-based heavy-equipment maker, has filed an application with the Federal Deposit Insurance Corp. to open Power Capital Bank, an industrial loan company in Las Vegas.

A spokeswoman for Caterpillar didn’t return a call late Monday, but the manufacturer could use the ILC to make loans to customers buying its bulldozers, road graders and other heavy equipment.

Nevada has about 30 licensed industrial loan companies; it is one of six states that authorizes them.

Sen. Christopher Dodd, D-Conn., has proposed legislation that would require ILCs to restructure and become bank holding companies for financial operations.

Bellagio, MGM Resorts International’s luxury hotel turns 20
The more than 3,000-room Bellagio hotel is situated on the site of the former Dunes Hotel. The Dunes was imploded in 1993, and construction of the Bellagio started in 1996. It cost $1.6 billion to build, making it the most expensive hotel in the world at the time. The Bellagio was former Wynn Resorts Ltd. Chairman and CEO Steve Wynn’s second major casino on the Strip after The Mirage. MGM Resorts International acquired the property from Steve Wynn in 2000. (Tara Mack/Las Vegas Review-Journal)
Facial recognition software at G2E – Todd Prince
Shing Tao, CEO of Las Vegas-based Remark Holdings, talks about his facial recognition product. (Todd Prince/Las Vegas Review-Journal)
Former NBA player, Shaquille O'Neal, speaks about his new Las Vegas chicken restaurant
Former NBA player, Shaquille O'Neal, speaks about his new Las Vegas chicken restaurant. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Bobby Baldwin to leave MGM
MGM Resorts International executive and professional poker player Bobby Baldwin is set to leave MGM.
Caesars has new armed emergency response teams
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Las Vegas, airlines prepare for CES
CES in January is expected to attract more than 180,000 attendees. (Las Vegas Review-Journal)
AGS partners with Vegas Golden Knights
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Lehman Brothers bet big on Las Vegas
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Fremont9 opens downtown
Fremont9 apartment complex has opened in downtown Las Vegas. (Marcus Villagran/Las Vegas Review-Journal) @marcusvillagran
Ross & Snow launches in Las Vegas
Luxury shoe brand Ross & Snow has opened in Las Vegas, featuring "functional luxury" with premium shearling footwear. (Bailey Schulz/Las Vegas Review-Journal)
Remote Identification and Drones
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Drones and public safety in Nevada
Two representatives in the drone industry discuss UAV's impact on public safety. (Bailey Schulz/Las Vegas Review-Journal)
Frontier Airlines to launch flights from Las Vegas to Mexico
Frontier, a Denver-based ultra-low-cost carrier, will become the first airline in more than a decade to offer international service to Canada and Mexico from Las Vegas when flights to Cancun and Los Cabos begin Dec. 15. (Rick Velotta/Las Vegas Review-Journal)
MGM Resorts International CEO Jim Murren addresses Oct. 1 lawsuits
MGM Resorts International Chairman and CEO Jim Murren addresses criticism his company has received for filing a lawsuit against the survivors of the Oct. 1 shooting. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International opens the doors on MGM Springfield
Massachusetts’ first hotel-casino opens in downtown Springfield. The $960 million MGM Springfield has 252 rooms and 125,000-square-feet of casino. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International prepares to open MGM Springfield
Las Vegas-based MGM Resorts International gave news media and invited guests a preview of the $960 million MGM Springfield casino in Massachusetts. The commonwealth's first resort casino will open Friday, Aug. 24. (K.M. Cannon/Las Vegas Review-Journal)
A Walk Through Circus Circus
It only takes a short walk through Circus Circus to realize it attracts a demographic like no other casino on the Strip: families with young children. (Todd Prince/Las Vegas Review-Journal)
Morphy Auctions, a vintage slot machines seller, wants gaming license
Vice president Don Grimmer talks about Morphy Auctions at the company's warehouse located at 4520 Arville Street in Las Vegas on Thursday, Aug. 16, 2018. (Rick Velotta/Las Vegas Review-Journal)
Nevada's venture capital money doesn't stay in state
Zach Miles, associate vice president for economic development for UNLV, said there’s venture money in Southern Nevada, “but trying to find the right groups to tap into for that money is different.” According to a 2017 report from the Kauffman Foundation, Las Vegas ranked number 34 out of 40 metropolitan areas for growth entrepreneurship, a metric of how much startups grow. With a lack of growing startups in Las Vegas, investment money is being sent outside of state borders. The southwest region of the U.S. received $386 million in funding in the second quarter, with about $25.2 million in Nevada. The San Francisco area alone received about $5.6 billion. (source: CB Insights)
Neon wraps can light up the night for advertising
Vinyl wrap company 5150 Wraps talks about neon wraps, a new technology that the company believes can boost advertising at night. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Nevada on the forefront of drone safety
Dr. Chris Walach, senior director of Nevada Institute for Autonomous Systems, talks to a reporter at NIAS's new Nevada Drone Center for Excellence of Public Safety, located inside the Switch Innevation Center in Las Vegas. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
Motel 8 on south Strip will become site of hotel-casino
Israeli hoteliers Asher Gabay and Benny Zerah bought Motel 8 on the south Strip for $7.4 million, records show. They plan to bulldoze the property and build a hotel-casino. Motel 8 was built in the 1960s and used to be one of several roadside inns on what's now the south Strip. But it looks out of place today, dwarfed by the towering Mandalay Bay right across the street.
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