Snowy winter spells success for ski resorts

Forget baseball and spring flowers. The nation’s ski resorts are all about skiing and snowboarding — still.

Snow fell Monday in parts of the country including Colorado and Vermont, capping a bountiful winter that could lead to a record-setting season for the $6 billion industry. A year ago, resorts posted a 7 percent drop in visitors nationwide because of a fickle winter.

The industry’s record for skier visits is 58.9 million, set in 2005-2006. A skier visit is an industry measure representing the sale and use of one lift ticket per day.

Vail Resorts, the nation’s largest ski operator, said skier visits at its five resorts fell 3.9 percent from November to Dec. 22. Katz said they have seen improvements in January and February but declined to release updated numbers.

Based in suburban Broomfield, Vail Resorts owns and operates Vail, Beaver Creek, Keystone and Breckenridge ski areas in Colorado, Heavenly in Nevada and California, and the lodge near Jackson, Wyo.

Black Gaming posts wider 12-month loss

Mesquite gaming operator Black Gaming posted a net loss of $17.2 million in 2007, 41 percent greater than its $12.2 million loss in 2006.

Net revenues decreased 3 percent to $163.2 million from $168.2 million in 2006.

Company cash flow ended the year at a loss of $1.6 million after accounting for operations, investing and financing activities.

In 2006, the company finished with a cash flow loss of $4.5 million

The company owns three of the four hotel-casinos in Mesquite: the CasaBlanca, Oasis and Virgin River.

Black Gaming will hold a conference call to discuss its earnings April 9.


Citigroup taps banker to lead consumer unit

Citigroup named a veteran retail banker Monday to head its North American consumer banking unit, splitting it off from its credit-card business as Citi struggles to become profitable again after suffering its biggest quarterly loss in its 196-year history.

The latest move is the biggest sign yet that CEO Vikram Pandit, appointed in December, wants to fix Citi’s major parts rather than sell them off to raise cash — at least for now.

Pandit’s new hire, Teresa Dial, spent nearly three decades at Wells Fargo & Co., including serving as president and CEO of its Wells Fargo Bank subsidiary. Since June 2005, Dial has been leading the turnaround of Lloyds TSB Group PLC’s retail banking in the United Kingdom.

Caterpillar may boost prices as steel costs rise

Caterpillar, the world’s largest maker of earth-moving and mining equipment, may increase prices worldwide by midyear because of rising steel costs, Chairman and CEO Jim Owens said.

The unexpected increase would add to the average 2 percent global price rise for the year that Caterpillar already announced, Owens told reporters in Beijing Monday.

U.S. steel prices will probably climb to an average $775 a ton in 2008, Goldman, Sachs & Co. said March 20.


Eldorado Resorts will buy Indiana riverboat

Reno-based Eldorado Resorts LLC has signed an agreement to buy a riverboat hotel-casino in Indiana from Tropicana Entertainment, the companies announced Monday.

Tropicana Entertainment LLC, based in Crestview Hills, Ky, agreed to sell its Casino Aztar in Evansville, Ind., to Eldorado for up to $245 million in a cash, financing and incentives deal.

Tropicana said it will use sale proceeds to reduce debt.

The sale is subject to approval by the Indiana Gaming Commission, which must license Eldorado before the deal can close.

Merck, Schering shares fall to record lows

Shares of Merck & Co. and Schering-Plough Corp. fell to record lows Monday, as analysts warned new clinical data would cause sales of their blockbuster cholesterol drug Vytorin to fall further.

The companies market Vytorin through a joint venture, but earlier this year, partial results from a clinical study showed that it was no more effective at limiting plaque buildup than Merck’s Zocor, a drug that is already available in generic form. Full results of that study were released Sunday.

Vytorin is a combination of Zocor and Schering-Plough’s drug Zetia.

Schering-Plough shares plunged as low as $14, touching their lowest levels since August 1996. Merck shares fell as low as $36.82, their lowest since June 2006.

Las Vegas Sands says finance chief resigns

Las Vegas Sands Corp., the world’s largest casino company by market value, said Chief Financial Officer Robert Rozek resigned, effective May 23.

Las Vegas Sands is searching for a replacement, spokesman Ron Reese said Monday. He declined to say why the finance chief was leaving.

Rozek, a former controller for Eastman Kodak Co. and partner at PricewaterhouseCoopers LLP, joined Las Vegas Sands in 2006.

Las Vegas Sands shares rose 5 cents, or 0.07 percent, Monday to close at $73.64 on the New York Stock Exchange.


Interest rates mixed in Treasury auction

Interest rates on short-term Treasury bills were mixed in Monday’s auction with three-month bills rising to the highest level in four weeks.

The Treasury Department auctioned $24 billion in three-month bills at a discount rate of 1.44 percent, up from 1.2 percent last week.


Treasurys rally amid worries over plan

Treasury prices rallied Monday amid concerns that a Bush administration proposal to overhaul financial regulation won’t address the current credit crisis.

The benchmark 10-year Treasury note rose 0.25 points to 100.63 with a yield of 3.43 percent, down from 3.44 percent late Friday. .

The 30-year long bond rose 0.69 points to 101.28 with a yield of 4.30 percent, down from 4.33 percent late last week.

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
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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
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