Lee, a former executive with Steve Wynns Mirage Resorts whobuilt Pinnacle into a regional gaming powerhouse, won the licenseover competing bids from Penn National Gaming, which wanted tobring the gaming license to New Orleans, and a Louisiana developerwho proposed a Hard RockHotel and Casino in Lake Charles. Thecommissions decision means Lee can take his project to LakeCharles voters for their approval. The company is playing more offense than we did in 2008 and2009 and early last year, Murren said. Were no longer aliquidity story, were a recovery story. Our balance sheet is intremendous shape, CityCenter is more profitable, and were startingto recover some of the markets that we lost in the greatrecession. The former chief executive officer of Pinnacle Entertainmentwill have the chance to develop the hotel-casino project that hisex-employer canceled. Louisiana gaming authorities on Thursdayawarded the states final gaming license to Creative Casinos, a LasVegas-based company headed by Dan Lee, who plans to build MojitoPointe, a $400 million hotel-casino in Lake Charles on landadjacent to Pinnacles flagship LAuberge du Lac resort. MGMsure it will recover after market rebounds Vegas Wire: Culinary workers demand unionization at Station - pressofAtlanticCity.com: Casinos & Tourism © Copyright 2011, pressofAtlanticCity.com, Pleasantville, NJ. Powered by BLOX Content Management System from TownNews.com. [Privacy Policy] MGM Resorts International told investors Monday that the Stripcasino giant is poised to capitalize once the LasVegas gamingmarket recovers. The question on the minds of many, however, is howlong will it be before any rebound takes effect? MGM ResortsChairman and Chief Executive Officer Jim Murren told analysts andinvestors the companys Strilake charles casinosp resorts already are experiencing somesigns of recovery. Spending by customers increased in January atthe companys resorts, which have reported a double-digit increasein advance convention bookings. Which of the Phillies All-Star hitters who slumped last season concerns you most heading into spring training? MGM Resorts said the companyclosedsaleson26high-risecondominiums between October and December.Two of the sales, one each at Mandarin and Veer, were new sales andnot related to previous sales activities. The company said it tookin almost $26 million in revenues for the residential operations inthe quarter, $8 million of which was related to forfeitedresidential deposits. lake charlesVegas Wire: Culinary workers demand unionizatiolake charlesVegas Wire: Culinary workers demand unionization an a,Twenty-two Culinary Union members were arrested Thursday nightfor blocking an entrance to Palace Station, an act of civildisobedience meant to showsupport for the union organizing effortat Station Casinos Inc. Burns ordered the protesters to clear the street and most ofthem did. But 22 who refused were arrested, placed in a police busand charged with failure to clear the streets, a misdemeanor.Protesters who cleared the street stood by and chanted Si sepuede andYeswecan as their fellow protesters were loaded ontothe bus. Going forward, we would look for the velocity of residentialclosings (and) proceeds to slow down relative to 2010 nowthat thebulk of Mandarin and Vdara initial contract closings are in therear-view, Union Gaming Group principal Bill Lerner toldinvestors. As such, we do not anticipate any significantresidential closings in 2011. The protesters also urged Station Casinos to support the unionsefforts to establish a new standard when it comes to allegeddiscrimination against employees based on national origin. CulinaryLocal 226, which organized the protest, seeks to shift the burdenof proof or intent in discrimination cases from the employee to theemployer, a union spokesman said. The Culinary Union is tryingunionize almost 13,000 workers at the 18 hotel-casinos operated byStation Casinos in Southern Nevada. Linwood police chief accused of ordering officers to lie about police protection offer after 2009 homicide Former Pinnacle CEO to build casino in La. Metropolitan police Capt. Larry Burns estimated that 750culinary workers fromcasinos in downtownLas Vegas and theStripprotestedThursday near Palace Station. For more than sixhours, they marched along Sahara Avenue carrying signs that read,Unfair Station Casinos and chanting, Stop the pressure, stop thelies, its our right to unionize andHey, hey, ho, ho, unionbustings got to go. The 67-acre Strip development has three high-rise residentialdevelopments- MandarinOriental,Vdaraand Veer Towers - encompassing2,400 condominiums. Through December, MGM Resorts said it hadclosed sales on 436 units: 61 at Mandarin, 156 at Vdara and 219 atVeer. Sales activities slowed in the fourth quarter and analystsare not expecting much of an upswing in 2011. The company, which operates 10 casinos on the Strip, includingthe massive CityCenter development, narrowed its net loss for thequarter that ended Dec. 31 to $139 million, or 29 cents pershare. A year ago, MGM Resorts lost $434 million, or 98 cents pershare. Analysts polled by FactSet expected MGM Resorts to lose 21cents per share. During the fourth quarter, MGM Resorts said it hadnet revenues of $1.47 billion, a 1 percent decrease from a yearago. For all of 2010, the company reported $6.01 billion inrevenues, compared with almost $5.98 billion in 2009. CityCenter condo sales generate $490 million PressofAtlanticCity.com is integrating Facebook into a new method for commenting on stories on the site. This feature allows you to easily share content and comments with your social network, and you will be able to see what your friends and other PressofAtlanticCity.com readers are responding to as well. Simply log into Facebook below to post your comment. CityCenter condominium sales, once anticipated to be a $2.7billion business venture, brought in $490 million in revenues in2010, according to figures supplied by MGM Resorts International inthe companys year-end financial release. Im willing to be arrested. Im out here to fight for equalrights for all workers, said Jeanette Hill, a 32-year employeewith the Flamingo who was one of the protesters arrested. (Editor:admin) |