ATLANTIC CITY — Resorts Atlantic City is warning that “severe cash shortages” could jeopardize the casino’s chances of survival while it searches for a new owner.
Atlantic City’s oldest gaming hall disclosed in a tax statement this week that it is falling short of its financial projections. It added that its precarious finances were hurt even more by record winter snowfall that depressed Atlantic City’s entire casino market.
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Thursday, April 8, 2010
Barcelona Hotel Group Partners With Dow Hotel
SCOTTSDALE, AZ-Barcelona Hotel Group and Dow Hotel Company LLC (DHC) have formed a partnership to acquire first-class, full-service hotels as part of a $450-million fund.
As part of the agreement, Seattle-based DHC will become a Strategic Alliance Member (SAM) with Barcelona REIT One (BR-1), a closed-end fund that will operate as a private REIT. As a SAM, DHC will co-invest with Barcelona and other investors to acquire hotels operating under leading, premium brands in the mid-market through upper upscale segments. Target acquisitions will be located in primary and secondary US and Canadian markets, according to Richard Harkin, president of Barcelona Hotel Group.
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As part of the agreement, Seattle-based DHC will become a Strategic Alliance Member (SAM) with Barcelona REIT One (BR-1), a closed-end fund that will operate as a private REIT. As a SAM, DHC will co-invest with Barcelona and other investors to acquire hotels operating under leading, premium brands in the mid-market through upper upscale segments. Target acquisitions will be located in primary and secondary US and Canadian markets, according to Richard Harkin, president of Barcelona Hotel Group.
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Seattle property company buys infamous AIG party hotel
Seattle-based Washington Holdings paid $235 million for the hotel, a representative of the company said. It purchased a portion of a $70 million loan on the upscale Southern California hotel in Dana Point, California for a fraction of the price from an affiliate of Citigroup Inc (C.N).
The hotel was transferred to the Citigroup affiliate last year when the owner defaulted on payments for that loan.
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The hotel was transferred to the Citigroup affiliate last year when the owner defaulted on payments for that loan.
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Cosmopolitan of Las Vegas to open mid-December
LAS VEGAS — The last major new casino-resort likely to open on the struggling Las Vegas Strip for at least a few years will debut in mid-December, with roughly one-third of its rooms delayed to next July, its CEO said.
Even before the $3.9 billion Cosmopolitan of Las Vegas plays its first hand, executives and analysts say it must draw new customers who feel it is a must-see reason to visit Sin City.
Competition is already fierce for the visitors who are still coming; 36.4 million came in 2009. The city's roughly 149,000 hotel rooms fetched 22 percent less per night last year compared with 2008, and January rates fell 4.9 percent this year compared with 2009.
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Even before the $3.9 billion Cosmopolitan of Las Vegas plays its first hand, executives and analysts say it must draw new customers who feel it is a must-see reason to visit Sin City.
Competition is already fierce for the visitors who are still coming; 36.4 million came in 2009. The city's roughly 149,000 hotel rooms fetched 22 percent less per night last year compared with 2008, and January rates fell 4.9 percent this year compared with 2009.
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Subway serves up breakfast menu
The Subway restaurant chain, the ubiquitous sandwich shop, now offers breakfast at its Dayton-area locations.
There are 109 Subway locations in the Dayton area that are now serving breakfast starting at 7 a.m. on weekdays.
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There are 109 Subway locations in the Dayton area that are now serving breakfast starting at 7 a.m. on weekdays.
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Same-Store Sales Down but Improved at Kona Grill
PRESS RELEASE: SCOTTSDALE, Ariz., April 8, 2010 (GLOBE NEWSWIRE) -- Kona Grill, Inc. (Nasdaq:KONA), an American grill and sushi bar, today released preliminary sales results for its first quarter ended March 31, 2010.
For the first quarter of 2010, restaurant sales increased 8.2% to $21.1 million from $19.5 million a year-ago, including a decline in comparable restaurant sales of approximately 2.5%. During its fourth quarter conference call, the Company had previously guided to restaurant sales of $19.4 million to $20.4 million for the first quarter. The quarterly comparable restaurant sales decrease of 2.5% compares to a 9.6% decrease in the prior year period and an 8.1% decrease during the fourth quarter of 2009.
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For the first quarter of 2010, restaurant sales increased 8.2% to $21.1 million from $19.5 million a year-ago, including a decline in comparable restaurant sales of approximately 2.5%. During its fourth quarter conference call, the Company had previously guided to restaurant sales of $19.4 million to $20.4 million for the first quarter. The quarterly comparable restaurant sales decrease of 2.5% compares to a 9.6% decrease in the prior year period and an 8.1% decrease during the fourth quarter of 2009.
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Wingstop Continues Growth Trend
Spring has just begun, but Wingstop is already flying high in 2010. Thanks in part to strong sales on Super Bowl Sunday – the chain's busiest day of the year – Wingstop has continued its winning streak, reaching its 27th consecutive quarter of positive comparable store sales.
The company has announced same store sales for the first quarter of 2010 are up 2.6 percent over the previous quarter. The news comes on the heels of Wingstop's impressive #5 ranking on the annual Technomic, Inc. Ten Fastest-Growing Chains with sales over $200 million.
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The company has announced same store sales for the first quarter of 2010 are up 2.6 percent over the previous quarter. The news comes on the heels of Wingstop's impressive #5 ranking on the annual Technomic, Inc. Ten Fastest-Growing Chains with sales over $200 million.
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Yum CEO earns $9.6M in 2009, down 45 pct
CHICAGO (AP) -- The CEO the company that owns KFC, Taco Bell and Pizza Hut received compensation the restaurant company valued at $9.6 million during the most recent fiscal year, a decrease of 45 percent as sales edged down, according to a regulatory filing.
David Novak, who is also chairman and president of the Yum Brands Inc., earned $17.4 million in 2008.
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David Novak, who is also chairman and president of the Yum Brands Inc., earned $17.4 million in 2008.
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Raffles Hotel to be sold to Qatari Diar for $275m
The historic Raffles Hotel in Singapore, famed for its colonial grandeur and the Singapore Sling cocktail, is to change hands in a deal worth $275 million (£180 million).
The luxury 103-room hotel, a favourite watering hole of literary figures including Somerset Maugham and Rudyard Kipling, looks set to be acquired from Fairmont Raffles Hotels International by Qatari Diar, part of the state-controlled sovereign wealth fund, the Qatar Investment Authority.
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The luxury 103-room hotel, a favourite watering hole of literary figures including Somerset Maugham and Rudyard Kipling, looks set to be acquired from Fairmont Raffles Hotels International by Qatari Diar, part of the state-controlled sovereign wealth fund, the Qatar Investment Authority.
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Ruby Tuesday, Inc. Reports Third Quarter Fiscal 2010 Results
MARYVILLE, Tenn., Apr 07, 2010 (BUSINESS WIRE) --Ruby Tuesday, Inc. (NYSE: RT) today reported diluted earnings per share of $0.28 on net income of $17.8 million for the Company's third quarter of fiscal 2010, which ended on March 2, 2010. This compares to earnings of $0.09 per diluted share on net income of $4.8 million for the third quarter of the prior year. Closure and impairment expenses were $2.3 million pretax ($0.02 per diluted share after tax) in the third quarter of this year, compared to $14.3 million ($0.17 per diluted share after tax) in the third quarter of the prior year. Included in prior year expenses were charges related to the Company's restructuring announced in December 2008.
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Wynn pulls out of Foxwoods deal
Wynn Resorts Limited said today it is pulling out of all agreements and negotiations regarding the proposed Foxwoods Casino in South Philadelphia.
"We are fascinated by the legalization of full gaming in Pennsylvania and stimulated by the opportunity that it presents for Wynn Resorts, but this particular project did not, in the end, present an opportunity that was appropriate for our company," commented Stephen A. Wynn, chairman and CEO of Wynn Resorts
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"We are fascinated by the legalization of full gaming in Pennsylvania and stimulated by the opportunity that it presents for Wynn Resorts, but this particular project did not, in the end, present an opportunity that was appropriate for our company," commented Stephen A. Wynn, chairman and CEO of Wynn Resorts
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Rival bidder for Hardee’s parent CKE Restaurants is Apollo
New York private equity firm Apollo Management is the alternative bidder for Hardee’s parent CKE Restaurants Inc., rivaling an existing $928 million bid by Boston private equity from Thomas H. Lee Partners, Reuters reports.
Apollo owns AMC Entertainment, Noranda Aluminum, Harrah’s Entertainment and Claire’s, among other companies.
Carpinteria, Calif.-based CKE, which also owns Carl’s Jr., said Wednesday it had a second takeover offer but didn’t name the bidder. The fast-food chain agreed to THL’s offer in February but had 40 days to seek superior offers. That “go-shop” period expired at the end of Tuesday.
Hardee’s is based in St. Louis. Andy Puzder, CKE’s chief executive, is a graduate of Washington University’s law school, worked as a lawyer here, and splits his time between St. Louis and a home near Santa Barbara, Calif.
Apollo owns AMC Entertainment, Noranda Aluminum, Harrah’s Entertainment and Claire’s, among other companies.
Carpinteria, Calif.-based CKE, which also owns Carl’s Jr., said Wednesday it had a second takeover offer but didn’t name the bidder. The fast-food chain agreed to THL’s offer in February but had 40 days to seek superior offers. That “go-shop” period expired at the end of Tuesday.
Hardee’s is based in St. Louis. Andy Puzder, CKE’s chief executive, is a graduate of Washington University’s law school, worked as a lawyer here, and splits his time between St. Louis and a home near Santa Barbara, Calif.
Lodging taxes surge as hotels come back to life
It might be time for South Florida hotels to put hurricanes back atop their worry list.
The economy's pounding of the tourism industry seems to have eased considerably, with new numbers suggesting a healthy rebound under way at hotels. With the peak of the winter tourism season finishing strong, that would leave the summer (and the storms it often brings) as the big hurdle to a lasting recovery.
``We're not prepared to call it a trend, but we're very grateful for it,'' said Nicki Grossman, Broward's tourism director. ``We feel like we're seeing recovery. We've stopped hemorrhaging.''
Miami-Dade's hotel market roared back to life in February, with Super Bowl helping boost lodging taxes a stunning 33 percent over the prior year
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The economy's pounding of the tourism industry seems to have eased considerably, with new numbers suggesting a healthy rebound under way at hotels. With the peak of the winter tourism season finishing strong, that would leave the summer (and the storms it often brings) as the big hurdle to a lasting recovery.
``We're not prepared to call it a trend, but we're very grateful for it,'' said Nicki Grossman, Broward's tourism director. ``We feel like we're seeing recovery. We've stopped hemorrhaging.''
Miami-Dade's hotel market roared back to life in February, with Super Bowl helping boost lodging taxes a stunning 33 percent over the prior year
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