Nevada News - Page 721
Banks Move Against Aladdin
25 September 2001
The Aladdin disclosed Monday that its bankers began the process of foreclosing on the $1.2 billion Las Vegas Strip resort, as the property hung on the brink of bankruptcy.
Stand-Alone Strip Casinos Also Cutting Jobs25 September 2001
The Strip's oldest stand-alone hotel-casinos are fighting the city's recent tourist slowdown by laying off workers and cutting employee work schedules, property executives said.
Vegas Casino Companies Feel Slowdown24 September 2001
Feeling the pressure from a slowdown in tourism, companies all along the Strip are re-evaluating their plans.
Las Vegas Casinos Start Coming Back To Life24 September 2001
News Brief: They're back. Not all of them, but tourists are once again stuffing quarters into slot machines and checking into Las Vegas hotels.
Maloofs, Station Move Ahead with Plans to Open Casinos24 September 2001
The Las Vegas gaming industry faces tough challenges, but two new projects continue on course: the Maloof family's Palms and Station Casinos' Green Valley Ranch.
Nevada Supreme Court Denies Wynn's Request for Rehearing23 September 2001
News Brief: The Nevada Supreme Court has denied a request by casino executive Steve Wynn to reconsider its earlier ruling throwing out a $3.2 million libel judgment in his favor.
Travel Decline Continues in Las Vegas23 September 2001
An Atlantic City casino industry boss considers chartering a flight to Las Vegas. The idea reflects the fear that many Americans have of flying with people they don't know, and illustrates the challenge Las Vegas faces.
Aladdin's CEO Departs, Bankruptcy Filing May Be Imminent22 September 2001
Richard Goeglein, who has been in charge since the old Aladdin was imploded in 1998, left his post Friday, with the company not saying whether he quit or was fired. It told the SEC that Chapter 11 protection may be necessary.
Mandalay Bay Postpones Convention Center Project22 September 2001
Due to the sharp decline in travel to Las Vegas after the Sept. 11 terrorist attacks, construction has been stopped on the 1.8 million-square-foot convention center adjacent to Mandalay Bay. No date was set for resuming the work.
Mayor Urges Casinos to Delay Layoffs21 September 2001
Las Vegas Mayor Oscar Goodman has made an impassioned plea to local casino owners to delay laying off employees even as tourism visits continue to plummet after last week's terrorist attacks.
Aladdin Discloses Possibility of Closure21 September 2001
A severe dip in Las Vegas tourism and apparent infighting among the owners of the troubled Aladdin megaresort prompted the Aladdin to say for the first time that it may have to close.
Commissioners Approve Two Casino Projects20 September 2001
Two casino projects got Clark County approvals Wednesday and developers said that fears of an economic turndown affecting the region probably won't slow construction.
Casino Panel Against Cutting Resort Rates20 September 2001
Nevada resorts should not cut their prices to draw more visitors during this economic downturn, a casino official says.
Las Vegas Strip: No Longer Recession-Proof20 September 2001
The Las Vegas Strip is no longer seen as recession-proof, after an unprecedented round of layoffs Wednesday.
Layoffs Increase for Casino Workers20 September 2001
Las Vegas casinos are eliminating jobs or considering possible job cuts because of a dramatic decline in travel following last week's terrorist attacks in the Northeast.
IRS Agrees to Cut Withholding Rate on Tips20 September 2001
The IRS has agreed to withhold a smaller percentage of casino worker tips so long as hotel occupancy rates remain below 80 percent because of last week's terrorist attacks.
Wynn Proceeds With Desert Inn Plans20 September 2001
Desert Inn owner Steve Wynn said Wednesday he will move ahead with plans to implode a 14-story tower and redevelop the 220-acre north Strip site despite the uncertainties plaguing the U.S. economy.
Horseshoe to Complete ADA Modifications by July19 September 2001
Binion's Horseshoe Club, which was ordered by a federal judge in 1998 to comply with the Americans with Disabilities Act, has agreed to complete modifications to the downtown Las Vegas hotel-casino by next July.
Texas Hotelier Joins Regent Bidding19 September 2001
A prominent operator of upscale hotels has emerged as one of the bidders for the bankrupt Regent Las Vegas hotel-casino.
Hundreds Of Park Place Casino Workers Laid Off19 September 2001
Park Place Entertainment has begun laying off employees at two of its Las Vegas hotel-casinos, as the Strip's casino industry waits for a return to normalcy after last week's terrorist attacks on the East Coast.
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