Riviera chief rejects ‘dissident’ nominees

Riviera Holdings Chairman William Westerman asked shareholders Tuesday to reject an investment group’s “dissident” board nominations for election at the May 15 shareholder meeting.

He labeled the nominations by suitor Riv Acquisitions Holdings a move “install directors who will seek to approve a below-market sale” labeling it a “self-serving, hand-picked investor board.”

Riv Acquisition investor Paul Kanavos fired back that the nominees are “completely independent” and would not force a sale to his group.

Kanavos added that Riv Acquisition is still the only “credible bidder” and the group would agree to a “go shop period” that would force other legitimate bidders to come forward.

Riviera Holdings shares rose 19 cents, or 0.59 percent, Tuesday to close at $32.34 on the American Stock Exchange.


Cisco Systems earnings increase by 34 percent

Cisco Systems’ third quarter profit surged 34 percent as widespread networking upgrades continued to fuel the company’s robust growth.

Net income for the three months ended April 28 was $1.87 billion, or 30 cents per share, compared with $1.4 billion during the same period last year.

Excluding one-time charges, San Jose-based Cisco earned 34 cents a share, a penny higher than analysts surveyed by Thomson Financial were expecting.

Sales for Cisco, the world’s largest networking equipment maker, rose 21.1 percent to $8.87 billion from $7.32 billion.

Cisco Systems shares rose 55 cents, or 1.98 percent, Tuesday to close at $28.36 on the Nasdaq National Market.


Electronic Arts posts wider quarterly loss

Electronic Arts’ fourth-quarter losses widened by 56 percent because of industrywide disruptions caused by new gaming consoles.

EA said Tuesday that its net loss for the three months ended March 31 was $25 million or 8 cents per share, down 56 percent from a $16 million or 5 cents per share, a year earlier.

Revenue fell 4.4 percent $613 million from $641 million.

Citadel Broadcasting reports lower profits

Citadel Broadcasting, a Las Vegas-based radio station operator, on Tuesday said its first-quarter net income fell 2.8 percent compared with a year earlier.

In a statement, the company said its net income was $6.8 million, or 6 cents per diluted share, for the three months ended March 31, down from net income of $9.5 million, or 8 cents per diluted share, a year earlier.

The number of diluted shares outstanding fell to 124.3 million from 127.4 million.

Revenue fell 1.2 percent to $92.9 million from $94 million.

Citadel Broadcasting shares fell 14 cents, or 1.55 percent, Tuesday to close at $8.91 on the New York Stock Exchange.


New Century under scrutiny by tax agency

Add the taxman to the list of government officials worried about the finances of New Century Financial Corp., the once-giant subprime mortgage lender that crashed into bankruptcy last month.

Mary Wright, an adviser with the Internal Revenue Service, said at a meeting of creditors Tuesday that New Century appears to owe the U.S. government at least $400 million. She said the Irvine, Calif., company and several of its subsidiaries hadn’t filed corporate and payroll-tax returns.

She said the IRS is examining the matter.

New, faster modem unveiled in Las Vegas

Comcast Corp. Chief Executive Brian Roberts dazzled a cable industry audience Tuesday, showing off for the first time in public new technology that enabled a data download speed of 150 megabits per second, or roughly 25 times faster than today’s standard cable modems.

The cost of modems that would support the technology, called “channel bonding,” is “not that dissimilar to modems today,” he told The Associated Press after a demonstration at The Cable Show, running through today at Mandalay Bay.

It could be available “within less than a couple years,” he said.


Bonds trade narrowly ahead of policy news

U.S. government bonds remained huddled in a narrow trading range Tuesday, with investors reluctant to add to their positions ahead of the Federal Reserve’s monetary policy statement today.

At 5 p.m. EDT, the 10-year Treasury note was down 63 cents per $1,000 in face value, or 2/32 point, from its level at 5 p.m. Monday. Its yield, which moves in the opposite direction, rose to 4.64 percent from 4.63 percent.

The 30-year bond fell 0.39 points, as traders reported selling ahead of Thursday’s $5 billion auction. Its yield rose to 4.81 percent from 4.79 percent.

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
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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