Shares in The Restaurant Group, the owner of the Garfunkel’s and Frankie & Benny’s chains, surged 19p, or 11 per cent, to 193p in early deals today after it posted a 3 per cent increase in first-half profits and boasted plans for a further eight new outlets before the end of the year.
Investors cheered the group, which also owns the Chiquito and Blubeckers chains, for continuing to grow despite the economic downturn, partly by offering its diners more chicken and less steak.
Read more:
http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article6813299.ece
Friday, August 28, 2009
Trump Casinos Must Face Examiner’s Review of Donald Trump Deal
Aug. 28 (Bloomberg) -- Donald Trump’s effort to regain control of Trump Entertainment Resorts Inc. will be investigated by a court-approved bankruptcy examiner, the judge overseeing the casino operator’s Chapter 11 case ruled.
U.S. Bankruptcy Judge Judith Wizmur in Camden, New Jersey, yesterday approved a request by Trump Entertainment’s bondholders to investigate the company’s decision endorsing Trump’s reorganization plan. Bondholders urged the judge in court papers to investigate whether the board acted in good faith
Read more:
http://www.bloomberg.com/apps/news?pid=20601206&sid=ajx31iU6jhlQ
U.S. Bankruptcy Judge Judith Wizmur in Camden, New Jersey, yesterday approved a request by Trump Entertainment’s bondholders to investigate the company’s decision endorsing Trump’s reorganization plan. Bondholders urged the judge in court papers to investigate whether the board acted in good faith
Read more:
http://www.bloomberg.com/apps/news?pid=20601206&sid=ajx31iU6jhlQ
Billionaire Tan and Star Cruises Open Manila Casino
Aug. 28 (Bloomberg) -- Philippine billionaire Andrew Tan and Star Cruises Ltd. today opened their $700 million Resorts World Manila, which will double the tables in the city and may boost its casino revenue more than 120 percent.
“Our expectation is this will contribute to earnings within the first year of operations,” said Kingson Sian, president of Alliance Global Group Inc., the holding company of Tan, the Philippines’ fourth-richest person. The venture will tap Star Cruises’ network of more than 2.5 million customers and will bus in people from outside Manila, he said.
Read more:
http://www.bloomberg.com/apps/news?pid=20601205&sid=aS22lEJCBnXE
“Our expectation is this will contribute to earnings within the first year of operations,” said Kingson Sian, president of Alliance Global Group Inc., the holding company of Tan, the Philippines’ fourth-richest person. The venture will tap Star Cruises’ network of more than 2.5 million customers and will bus in people from outside Manila, he said.
Read more:
http://www.bloomberg.com/apps/news?pid=20601205&sid=aS22lEJCBnXE
Washington Hotels Defy U.S. Travel Slump on Government Bailouts
Aug. 28 (Bloomberg) -- Washington politicians, many of whom led the backlash against lavish spending on business travel, are helping the city’s hotels outperform the rest of the country.
Read more:
http://www.bloomberg.com/apps/news?pid=20601205&sid=abRrhjhnKUaA
Read more:
http://www.bloomberg.com/apps/news?pid=20601205&sid=abRrhjhnKUaA
Is Marriott Taking Out a Hit On The Ritz-Carlton?
We got a tip late last night that told us things could be changing drastically at Ritz-Carlton Hotels which as you all know is a part of the Marriott Hotels.
Read more:
http://www.hotelchatter.com/story/2009/8/26/21443/5697/hotels/Is_Marriott_Taking_Out_a_Hit_On_The_Ritz_Carlton_
Read more:
http://www.hotelchatter.com/story/2009/8/26/21443/5697/hotels/Is_Marriott_Taking_Out_a_Hit_On_The_Ritz_Carlton_
Dubai's desert theme park suddenly a mirage
DUBAI, UNITED ARAB EMIRATES -- Walk through the grand arched entrance of Universal Studios' Dubai theme park, and you step into ... wind-swept desert.
No Hollywood thrill rides, no ticket kiosks, no studio backlots. Even the guard house and the construction office sat empty during a recent visit.
The planned park is part of a vision by Dubai officials to turn a patch of sand on the edge of the Mideast city-state into Dubailand - a vast amusement complex twice the size of Walt Disney World studded with theme parks including Universal Studios, Six Flags and Legoland, along with resorts, the world's biggest shopping mall and the first golf course designed by Tiger Woods.
Read more:
http://www.globeinvestor.com/servlet/story/GAM.20090825.IBDUBAILAND25ART1900/GIStory/
No Hollywood thrill rides, no ticket kiosks, no studio backlots. Even the guard house and the construction office sat empty during a recent visit.
The planned park is part of a vision by Dubai officials to turn a patch of sand on the edge of the Mideast city-state into Dubailand - a vast amusement complex twice the size of Walt Disney World studded with theme parks including Universal Studios, Six Flags and Legoland, along with resorts, the world's biggest shopping mall and the first golf course designed by Tiger Woods.
Read more:
http://www.globeinvestor.com/servlet/story/GAM.20090825.IBDUBAILAND25ART1900/GIStory/
MGM Mirage announces debt-exchange deal
MGM Mirage announced a debt-exchange deal Thursday in which it plans to swap some of its $782 million in 8.5 percent notes due in 2010 for up to $500 million in 10 percent notes due in 2016.
Read more:
http://www.lasvegassun.com/news/2009/aug/27/mgm-mirage-announces-debt-exchange-deal/
Read more:
http://www.lasvegassun.com/news/2009/aug/27/mgm-mirage-announces-debt-exchange-deal/
Why InterContinental Chose to Relaunch Holiday Inn
NEW YORK (AdAge.com) -- InterContinental Hotels Group earlier this summer announced the opening of its 1,000th relaunched Holiday Inn hotel: the Holiday Inn Express New York Times Square. The opening was part of an overall $1 billion relaunch of more than 3,200 Holiday Inn and Holiday Inn Express hotels worldwide, as well as the opening of another 1,050 hotels featuring the new branding over the next few years, with the completion of the global relaunch set for 2010
Read more:
http://adage.com/cmostrategy/article?article_id=138687
Read more:
http://adage.com/cmostrategy/article?article_id=138687
Starbucks to open second ‘stealth’ coffee shop
Call it stealth Starbucks II. The Seattle-based coffee chain plans to add a second coffee house in the style of the much-talked about 15th Avenue Coffee & Tea cafe that opened recently in Seattle’s Capitol Hill neighborhood.
The new cafe will be called Roy Street Coffee & Tea and will open this fall, also in Capitol Hill, at 700 Broadway East.
Read more:
http://seattle.bizjournals.com/seattle/stories/2009/08/24/daily39.html?ana=yfcpc
The new cafe will be called Roy Street Coffee & Tea and will open this fall, also in Capitol Hill, at 700 Broadway East.
Read more:
http://seattle.bizjournals.com/seattle/stories/2009/08/24/daily39.html?ana=yfcpc
Send This Restaurant Stock Back
At first blush, Burger King's (NYSE: BKC) fourth-quarter results look downright tasty. The company's earnings of $0.43 per share came in well ahead of analyst estimates of $0.33. The market's reaction to the news was, well, fit for a king. Burger King shares jumped more than 6% on the news.
On second thought When looking deeper into the report, however, Burger King's results didn't quite hit the spot. Sales trends remain dismal. Fourth-quarter sales fell 15.8% versus the year-ago quarter, and global same-store sales decreased 2.4%. Comps in its U.S. and Canadian restaurants were even worse with a decline of 4.5%.
Read more:
http://www.fool.com/investing/small-cap/2009/08/27/send-this-restaurant-stock-back.aspx
On second thought When looking deeper into the report, however, Burger King's results didn't quite hit the spot. Sales trends remain dismal. Fourth-quarter sales fell 15.8% versus the year-ago quarter, and global same-store sales decreased 2.4%. Comps in its U.S. and Canadian restaurants were even worse with a decline of 4.5%.
Read more:
http://www.fool.com/investing/small-cap/2009/08/27/send-this-restaurant-stock-back.aspx
Creditors probe deal that took Station private
A group of creditors in the Station Casinos Inc. bankruptcy case revealed Wednesday it's investigating the 2007 deal in which the Las Vegas company was taken private -- a deal the creditors say involved questionable terms that now threaten recovery of funds by the creditors.
Attorneys for the Official Committee of Unsecured Creditors made the revelation in a motion objecting to plans by Station and some of its bank lenders to spend cash during the bankruptcy process.
Read more:
http://www.lasvegassun.com/news/2009/aug/27/creditors-probe-deal-took-station-private/
Attorneys for the Official Committee of Unsecured Creditors made the revelation in a motion objecting to plans by Station and some of its bank lenders to spend cash during the bankruptcy process.
Read more:
http://www.lasvegassun.com/news/2009/aug/27/creditors-probe-deal-took-station-private/
Perkins & Marie Callender’s Inc. Reports Results for the Quarter Ended April 19, 2009
Highlights for the first quarter of 2009 as compared to the first quarter of 2008 were:
• Restaurant segment income increased by $0.9 million, or 10.8%, due to lower commodity costs, menu price increases and operational efficiencies. Foxtail segment income increased by $0.2 million due to higher sales prices and lower commodity costs. Overall, adjusted EBITDA, as defined below, increased by $1.0 million.
• Total revenues were down 7.2% to $169.3 million in the first quarter of 2009, primarily due to decreases in comparable sales at Perkins and Marie Callender’s restaurants, resulting from decreased comparable guest counts due to unfavorable economic conditions. Comparable sales for the first quarter of 2009 decreased by 4.9% at Perkins Company-operated restaurants and 6.9% at Marie Callender’s Company-operated restaurants.
• Since the first quarter of 2008, the Company has opened one new Perkins restaurant and closed one Perkins restaurant. One Company-operated Marie Callender’s restaurant has closed since the first quarter of 2008. One Perkins franchised restaurant opened since the first quarter of 2008, and four Perkins franchised restaurants were closed.
Read more:
http://www.perkinsrestaurants.com/news_financials/46Microsoft%20Word%20-%20Press%20Release%20Q1%202009-FINAL.doc.pdf
• Restaurant segment income increased by $0.9 million, or 10.8%, due to lower commodity costs, menu price increases and operational efficiencies. Foxtail segment income increased by $0.2 million due to higher sales prices and lower commodity costs. Overall, adjusted EBITDA, as defined below, increased by $1.0 million.
• Total revenues were down 7.2% to $169.3 million in the first quarter of 2009, primarily due to decreases in comparable sales at Perkins and Marie Callender’s restaurants, resulting from decreased comparable guest counts due to unfavorable economic conditions. Comparable sales for the first quarter of 2009 decreased by 4.9% at Perkins Company-operated restaurants and 6.9% at Marie Callender’s Company-operated restaurants.
• Since the first quarter of 2008, the Company has opened one new Perkins restaurant and closed one Perkins restaurant. One Company-operated Marie Callender’s restaurant has closed since the first quarter of 2008. One Perkins franchised restaurant opened since the first quarter of 2008, and four Perkins franchised restaurants were closed.
Read more:
http://www.perkinsrestaurants.com/news_financials/46Microsoft%20Word%20-%20Press%20Release%20Q1%202009-FINAL.doc.pdf
