Casinos Win, Others Lose
the blackjack player who's been playing for hours, the mighty corporate
casinos can see by their stack of chips whether they've had a good
shoe or have hit a bad one. Two Nevada casinos are looking for a
Regent Casino in Summerlin, NV filed for Chapter 11 Bankruptcy Protection
on November 21. It defaulted on a $5 million loan payment in September
and laid off 500 workers in October and closed two of its restaurants.
It opened in July 1999.
company reported that construction delays and cost overruns prior
to its opening were the cause of its financial woes. The Regent
will remain open as is reorganizes its finances and plans to reduce
some of its minimum blackjack stakes from $5 in an attempt to attract
more local business. It will also aggressively seek more meeting
and convention business.
the Strip, the newly-opened $1.4 billion Aladdin Casino also started
taking heat as it reported a $40.2 million loss against $40.6 in
revenues to Wall Street. The company said if necessary it would
seek additional sources of financing through additional borrowing
or debt or equity financing. It has two payments coming up. In December
the Aladdin must make a $5 million payment to financial institutions
and in January an $11.7 million interest payment.
The Regent Hotel & Casino in Summerline,
NV recently filed for Chapter 11 Bankruptcy protection, but will
continue to operate.
management is optimistic citing the reconfiguration of some of its
slot areas and the popularity the London Clubs casino and increased
room occupancy and convention business.
recognized as all of our predecessors had experienced that we in
fact were going to be in a ramp-up period," said Richard Goeglein,
Aladdin Gaming's CEO, in a recent conference call to investors.
He was alluding to the slow start of The Venetian and Paris openings
the skies aren't all cloudy in the gaming world. Mandalay Resorts
Group, which owns such properties as the Mandalay Bay, the Luxor,
Excalibur, Monte Carlo and Circus-Circus in Las Vegas and other
properties in Laughlin, Reno and Detroit recently reported a 3%
increase in business from last year. Isle of Capri Casinos, which
operates casinos in the Midwest and Gulf Coast area, reported an
11% increase and Ameristars Casino, which also operates gaming properties
in the Midwest, reported a 16% increase.
Derby Ticket Prices Increased
KY (AP) -- Tickets prices for next year's Kentucky Derby are
Downs officials recently annouced that general admission tickets
for both the Derby and the Kentucky Oaks, which include admission
to the infield and areas of the Clubhouse Garden and grandstand,
will increase by $5, to $40 for the Derby May 5 and $25 for
the Oaks the previous day.
seating for the Derby will also increase by between $5 and
Asher, Churchill spokesman, said the price increase reflect
an increase in the cost of putting on the two-day event, billed
as America's greatest race.
saw a record crowd of 106,156 during the 2000 Oaks and the
Derby crowd of 153,204 was the second largest for that event.
officials also decided to reserve 8,000 bleacher seats previously
open to the public on a first come, first serve basis during
Oaks day. Tickets for those seats will range from $28 to $35.
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