Three pieces of news emerged today about the massive, unfinished Fontainebleau casino resort on the Las Vegas Strip:
--Investor Carl Icahn, who bought Fontainebleau out of bankruptcy in February, confirmed that there are no immediate plans to restart construction on the resort.
--Despite talk that he may sell the property, Icahn indicated he plans to hold on to the asset until business conditions improve.
--Icahn has already gained -- on paper -- a $52 million profit on the property.
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Sunday, August 8, 2010
Denny's Corporation Reports Results for the Second Quarter 2010
SPARTANBURG, S.C., Aug 03, 2010 (BUSINESS WIRE) --
Denny's Corporation (NASDAQ: DENN) today reported results for its second quarter ended June 30, 2010.
Second Quarter Summary
•Same-store guest counts decreased 3.7% and were sequentially stronger each month in the quarter. This reflects an improvement of 1.9 percentage points from the first quarter and represents Denny's strongest guest count performance since the first quarter of 2009.
•Same-store sales decreased 6.2% at company units and 5.9% at franchised units
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Denny's Corporation (NASDAQ: DENN) today reported results for its second quarter ended June 30, 2010.
Second Quarter Summary
•Same-store guest counts decreased 3.7% and were sequentially stronger each month in the quarter. This reflects an improvement of 1.9 percentage points from the first quarter and represents Denny's strongest guest count performance since the first quarter of 2009.
•Same-store sales decreased 6.2% at company units and 5.9% at franchised units
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California Pizza Kitchen Takeover Talks Falter
The New York Post reported Wednesday that buyout negotiations for California Pizza Kitchen ended without a deal, sending the company’s stock downward.
The Post cited a source who said American Securities Capital, a New York private equity fund, had failed to reach an agreement with the restaurant chain, and that it was “unlikely” talks would resume given the disagreements.
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The Post cited a source who said American Securities Capital, a New York private equity fund, had failed to reach an agreement with the restaurant chain, and that it was “unlikely” talks would resume given the disagreements.
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California Pizza Kitchen Announces Financial Results For the Second Quarter of 2010
Highlights for the second quarter of 2010 relative to the second quarter of 2009 were as follows:
•Total revenues decreased 4.6% to $163.1 million
•Comparable restaurant sales decreased 5.9%
•Net income of $4.2 million, or $0.17 per diluted share
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•Total revenues decreased 4.6% to $163.1 million
•Comparable restaurant sales decreased 5.9%
•Net income of $4.2 million, or $0.17 per diluted share
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Restaurant Owner Charged With Embezzling From Employee Retirement Fund
The owner of a string of Burger King restaurants in New York was arrested and charged Friday with embezzling more than $260,000 from a retirement fund for his employees.
Steven M. Zavidow, who owns and operates 11 Burger King restaurants in the area, faces six counts of embezzlement in the theft of $263,000 from the employee benefit plan he administered, according to a criminal complaint.
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Steven M. Zavidow, who owns and operates 11 Burger King restaurants in the area, faces six counts of embezzlement in the theft of $263,000 from the employee benefit plan he administered, according to a criminal complaint.
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McDonald's to Widen Lead Over Burger King
MCDONALD'S (TICKER: MCD) and Burger King Holdings (BKC) are both in the relatively early stages of rolling out new domestic restaurant prototypes, and, over the next several years, we see McDonald's only expanding its lead over Burger King in terms of store age and design.
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CEC Entertainment Reports Financial Results for the Second Quarter of Fiscal 2010
IRVING, Texas, Aug 05, 2010 (BUSINESS WIRE) -- CEC Entertainment, Inc. (NYSE: CEC) today announced its financial results for the second quarter ended July 4, 2010. Total quarterly revenues decreased 2.1% to $181.0 million during the second quarter of 2010 from total quarterly revenues of $184.8 million in the second quarter of 2009. Second quarter 2010 comparable store sales on a same calendar week basis (comparing weeks 14 through 26 of fiscal year 2010 to weeks 15 through 27 of fiscal year 2009) decreased 2.2%.
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Papa John's Announces Second Quarter Results
•Second quarter earnings per diluted share, excluding the impact of consolidating the results of the BIBP cheese purchasing entity, of $0.43 in 2010 vs. $0.36 in 2009
•Second quarter earnings per diluted share including the results of BIBP of $0.49 in 2010 vs. $0.51 in 2009
•Domestic system-wide comparable sales increased 0.4% for the second quarter
•International franchise system sales increased 12% for the second quarter
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•Second quarter earnings per diluted share including the results of BIBP of $0.49 in 2010 vs. $0.51 in 2009
•Domestic system-wide comparable sales increased 0.4% for the second quarter
•International franchise system sales increased 12% for the second quarter
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Domino's Pizza Indian Franchisee Surges to Record on Plan to Add 70 Stores
Jubilant FoodWorks Ltd. rose to a record after the Indian franchisee of Domino’s Pizza Inc. said it plans to add 70 stores in the year ending March to tap demand for pizzas and western food in the South Asian country.
Jubilant, which operates 320 Domino’s Pizza stores in India, will also spend as much as 60 million rupees ($1.3 million) to set up three outlets in neighboring Sri Lanka, Ajay Kaul, Jubilant’s chief executive officer, told reporters in New Delhi today. The company is considering alliances with other global food brands, though it hasn’t signed any deal, he said.
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Jubilant, which operates 320 Domino’s Pizza stores in India, will also spend as much as 60 million rupees ($1.3 million) to set up three outlets in neighboring Sri Lanka, Ajay Kaul, Jubilant’s chief executive officer, told reporters in New Delhi today. The company is considering alliances with other global food brands, though it hasn’t signed any deal, he said.
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Domino's Pizza Announces Second Quarter 2010 Financial Results
Domino's Pizza, Inc. (NYSE: DPZ), the recognized world leader in pizza delivery, today announced strong results for all its operating units for the second quarter ended June 20, 2010. During the quarter, the Company's domestic same store sales rose 8.8% versus the year ago period on sustained positive consumer response to the Company's improved pizza and continued focus on operational excellence. Robust sales volume also drove positive results in the Company's domestic supply chain business. International same store sales grew 6.2% in the second quarter, the 66th consecutive quarter of positive same store sales for the division. The Company repurchased $20.4 million of its debt during the quarter, and an additional $10.0 million subsequent to the quarter, for a total of $279.6 million in repurchases of its fixed rate notes since the beginning of 2009. This healthy second quarter performance resulted in adjusted EPS of 33 cents, up 57% from the adjusted EPS amount in the prior year period.
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NEW COMPANY LAUNCHES LODGING CONSORTIUM
BOCA RATON, FLORIDA (May 15, 2010): A new hospitality company has been launched to establish a
branded collection of diverse authentic outdoor lodging experiences – Outdoor Traveler Destinations™. A
sales, marketing and distribution membership program, Outdoor Traveler Destinations is designed exclusively for hoteliers to engage and associate with like-minded property owners while maintaining their distinct identities. Unique in the hospitality industry, this lifestyle program welcomes qualified properties across a mix of accommodation styles – hotels, resorts, lodges, camps, dude ranches, and more.
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branded collection of diverse authentic outdoor lodging experiences – Outdoor Traveler Destinations™. A
sales, marketing and distribution membership program, Outdoor Traveler Destinations is designed exclusively for hoteliers to engage and associate with like-minded property owners while maintaining their distinct identities. Unique in the hospitality industry, this lifestyle program welcomes qualified properties across a mix of accommodation styles – hotels, resorts, lodges, camps, dude ranches, and more.
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Coffee shops are taking Wi-Fi off the menu
Housed in an old San Francisco warehouse, Four Barrel Coffee — with its vintage record player, 53-year-old coffee roasting machine, tables hewn from recycled wood and wall of mounted boar heads — calls one of the world's most wired cities home.
But don't expect to get an Internet connection there.
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But don't expect to get an Internet connection there.
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Station Casinos Wins Court Approval of Sale to Chairman Fertitta's Group
Station Casinos Inc., the biggest U.S. gambling company in bankruptcy, won initial court permission to sell most of its casinos to a group led by Chairman Frank Fertitta in a deal worth $772 million.
U.S. Bankruptcy Judge Gregg Zive today approved the results of an auction process in which no other qualified bidder challenged a group led by Fertitta and his brother, Vice Chairman Lorenzo Fertitta. Companies, including Boyd Gaming Corp., declined to bid after Station announced a settlement with bondholders last month.
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U.S. Bankruptcy Judge Gregg Zive today approved the results of an auction process in which no other qualified bidder challenged a group led by Fertitta and his brother, Vice Chairman Lorenzo Fertitta. Companies, including Boyd Gaming Corp., declined to bid after Station announced a settlement with bondholders last month.
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