IN BRIEF

Black Gaming names chief operating officer

Randy Black Sr. has relinquished some operational control of his troubled Mesquite casino empire.

Black Gaming has named Anthony Toti chief operating officer. He will oversee operations that includes the company’s three Mesquite properties, a filing Tuesday with the Securities and Exchange Commission shows.

The 49-year-old Toti joined Black Gaming in October 2007 as vice president of gaming operations and general manager of the CasaBlanca.

Black Gaming also owns the Virgin River and the Oasis, which closed its casino and part of its hotel Dec. 6, cutting 340 jobs.

The company is struggling financially and has defaulted on a portion of its $188.7 million debt load.

Toti is the first chief operating officer for Black Gaming since Jonathan Lowenhar left the company in September 2007 as part of an executive and management restructure that gave Black more day-to-day control.

Toti will receive a salary of $250,000 per year on a series of one-year contracts that will renew each Dec. 31. He will also receive an annual bonus of $50,000 on each renewal date.

 

Southwest cuts fare to LV, if you book today

Southwest Airlines, the biggest carrier of Las Vegas-bound passengers, is doing its part to goose bookings for early 2009.

The airline said it will knock 50 percent off the lowest fare to Las Vegas for people who book by midnight today and travel between Jan. 13 and March 11.

Round-trip fares available include $69 round-trip from Phoenix, $149 from Philadelphia, $159 from Dallas and $169 from Orlando, Fla.

The fares are available at www.southwest.com/lasvegas under the code "lasvegas."

Travel to Las Vegas by air was down nearly 15 percent in November and hotels are reducing rates to fill rooms.

 

Slot maker IGT names chief financial officer

Slot machine giant International Game Technology named Pat Cavanaugh chief financial officer Tuesday, filling a position than had been vacant for more than 18 months.

Cavanaugh, 48, joined IGT in 2004 and has been the company’s vice president of finance and investor relations. He had been CFO of Acres Gaming, a gaming technology company that was purchased by IGT in 2003.

IGT shares rose 76 cents, or 7.24 percent, Tuesday to close at $11.26 on the New York Stock Exchange.

NEW YORK

Price of liquidating Madoff firm climbs

The financial whirlpool created by Bernard Madoff continued to churn Tuesday as the price of liquidating his old firm rose, and duped investors, including the actor Kevin Bacon and actress Kyra Sedgwick, struggled to accurately estimate how much they lost.

A publicist for the celebrities confirmed that they, too, were among the unlikely victims of what Madoff, according to the FBI, has described as a giant Ponzi scheme. The spokesman, Allen Eichhorn, wouldn’t say how much of their savings were gone.

Madoff himself has pegged the losses at $50 billion, but details of who lost what remain unclear.

Yeshiva University, which had initially estimated its losses in Madoff’s alleged scheme at $110 million, offered a clarification Tuesday, saying that its actual losses had been much smaller.

 

Thrift ordered to reveal prices for fund stakes

Washington Mutual Inc., the bankrupt former parent of the biggest U.S. bank to fail, must reveal the prices it gets for stakes in a group of venture capital funds, a court ruled.

U.S. Bankruptcy Judge Mary Walrath in Wilmington, Del., on Tuesday rejected WaMu’s request to keep secret how much it gets for shares in 10 funds and three technology companies.

DENVER

Investors withdraw from pipeline project

The credit crunch has prompted some investors to withdraw from construction of a natural gas pipeline in northwestern Colorado.

Enterprise Products Partners and Quicksilver Gas Services have terminated plans for a 50 percent stake in TransCanada’s $2 billion Pathfinder pipeline project. The 673-mile pipeline would run from Colorado to North Dakota, where it would link to a major system in the Midwest.

Quicksilver Gas Services, based in Fort Worth, Texas, decided in August that it wouldn’t pursue the project, spokesman Rick Buterbaugh said Tuesday.

 

Tech execs contribute to inauguration events

Executives at Microsoft Corp. and Google Inc. are the largest contributors among technology companies to Barack Obama’s presidential inauguration festivities.

Microsoft Chief Executive Officer Steven Ballmer, his wife, Connie, and company executive Steven VanRoekel all gave the individual maximum of $50,000 to the inaugural committee, which organizes events around the Jan. 20 swearing-in. Contributions from those affiliated with the company totaled $200,250, according to the committee’s Web site.

Six Google executives, including co-founder Larry Page and Chief Executive Officer Eric Schmidt, gave a total of $150,000, $25,000 each.

The inaugural committee raised more than $24 million to pay for receptions, dinners and formal balls.

 

Bratz doll maker loses bid to extend freeze

MGA Entertainment Inc., maker of the pouty, multiethnic Bratz dolls, lost a bid to extend beyond Feb. 11 a freeze on a court-ordered ban on manufacturing and selling the toys while it appeals a jury verdict that they infringed Mattel Inc. copyrights.

U.S. District Judge Stephen Larson denied MGA’s request, saying it was premature while he was considering post-trial motions to be argued at a Feb. 11 hearing.

Larson ruled Dec. 3 that MGA may no longer make most of the Bratz dolls, which have contributed to a drop in Mattel’s Barbie sales.

NEW YORK

Treasury prices rise on consumer-faith news

Treasury prices rose Tuesday as a disappointing report on consumer confidence sent investors again searching for the safety of government debt.

The 10-year Treasury note rose 0.44 points to 115 and its yield fell to 2.08 percent from 2.09 percent.

The 30-year Treasury bond rose to 1.94 to 139.84 and its yield fell to 2.59 percent from 2.64 percent.

ad-high_impact_4
Business
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
Caesars Entertainment Corp. has created armed emergency response teams. They are composed of former military and law enforcement officials. "These teams provide valuable additional security capabilities,” Caesars spokeswoman Jennifer Forkish said. Caesars is hiring Security Saturation Team supervisors, managers and officers, according to LinkedIn. The company did not say how many people it plans to hire for the units. (Las Vegas Review-Journal)
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
AGS is the nation’s second-largest manufacturer of Class II slot machines used primarily in tribal jurisdictions. It announced a marketing partnership with the Vegas Golden Knights NHL team. (Las Vegas Review-Journal)
Lehman Brothers bet big on Las Vegas
Lehman Brothers collapsed 10 years ago, helping send the country into the Great Recession.
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
DJI vice president of policy and public affairs discusses using remote identification on drones. (Bailey Schulz/Las Vegas Review-Journal)
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
TOP NEWS
News Headlines
ad-infeed_1
ads_infeed_2
Local Spotlight
Add Event
Home Front Page Footer Listing
Circular
You May Like

You May Like