Emerging from bankruptcy helped Herbst Gaming report a net income of $388.2 million in 2010.

In a filing with the Securities and Exchange Commission late Thursday, the restructured Las Vegas-based casino operator said it had an operating loss of $53.4 million for the year ended Dec. 31.

Herbst, which operates 15 casinos in Nevada, Iowa and Missouri, and a 6,000-machine slot route business, said companywide revenue decreased 5 percent to $701.1 million in 2010. Cash flow — earnings before income taxes and other charges — increased 8 percent to $77.4 million.

Herbst Gaming eliminated $808.8 million in debt through its Chapter 11 bankruptcy reorganization. The founding Herbst family lost control of the company in the bankruptcy and is no longer involved in the operation.

Court names receiver for World Market Center building

Douglas Wilson Cos. of San Diego has stepped into the position of court-appointed receiver for the World Market Center’s Building B.

Operations at the building have so far continued uninterrupted.

A court hearing has been scheduled for April 7 to put a receiver in charge of Building A, most likely Wilson. World Market Center management had defaulted on the mortgages for both buildings last year.

Throughout last year, an outside negotiator representing the lenders attempt to forge new terms to the mortgages, including $225 million on Building A and $345 million on Building B. The negotiator reported in January that major terms had been settled and the modified loan would be put in place, but lenders then sought a receiver for reasons that were not explained.

World Market Center Building C has different lenders holding a $488 million loan that does not come due until late this year.

Union organizers confront subcontractor at Plaza

Renovation work at the Plaza was briefly disrupted Friday morning when union organizers confronted a nonunion subcontractor on the job site.

At about 7 a.m., Plaza Executive Director of Human Resources Henry Terry said five members of the United Brotherhood of Carpenters and Joiners of America went up to the 18th floor of the hotel’s north tower, where people were starting work. There, Terry said, the union people "got in the faces" of the workers to argue that union members should be on the job.

Security escorted the union people off the premises after a few minutes.

Union officials did not return calls on the subject.

Due to the construction sequencing, two different carpentry subcontractors were chosen for the renovation project, which started in November. The first was a union shop that handled the south tower, which is now finished. The nonunion company started on the north tower about three weeks ago.

Valtus Capital sues N9NE Group, seeking to recover commission

Valtus Capital Group LLC has sued N9NE Group LLC and several of its affiliates in an effort to recover its commission from the sale of restaurateur Michael Morton’s share of the company.

In a lawsuit filed in Clark County District Court, Valtus alleges its was hired in July as the exclusive financial adviser to handle the transaction with a commission of 3.5 percent due upon closing. But the company said it never received its commission.

"Valtus fully performed its obligations under the engagement agreement. The engagement agreement was never terminated," according to the company’s seven-page complaint.

Valtus, which is represented by Suvinder Ahluwalia of the Las Vegas firm Sklar Williams LLP, said it did a lot of work preparing a valuation of the company and negotiating with potential buyers of Morton’s interest, including Palms owner George Maloof Jr. and N9NE Group investor Lawrence Silver of Silver Young Capital.

On Jan. 4, Morton and Maloof ended their 10-year business relationship after reaching a settlement. Financial terms were not disclosed.

Under the settlement, Maloof took over management of N-M Venture, which owns and operates N9NE Steakhouse, ghostbar, Nove Italiano, the Playboy Club, the Moon and Rain nightclubs and the Stuff store, all in the Palms.

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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