Penn National Gaming Inc. has offered $50 million for the unfinished Fontainebleau Las Vegas casino-resort on the Las Vegas Strip.
Penn said in a regulatory filing Tuesday that it agreed to buy the project from debtors and its offer will serve as the opening bid at a bankruptcy auction.
The resort was initially forecast to cost $3 billion to build and was about 70 percent complete when developers filed for Chapter 11 bankruptcy protection in June.
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Wednesday, November 18, 2009
Marriott company restructuring to streamline Ritz-Carlton
Marriott International is undertaking an ambitious corporate makeover that will split it into four autonomous divisions around the globe and bring many formerly independent Ritz-Carlton brand operations into Marriott’s corporate offices.
The final details of the plan, including the number of jobs that will be moved or eliminated, are still being worked out, though Marriott President Arne Sorenson said, "The number of jobs lost will not be very large."
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The final details of the plan, including the number of jobs that will be moved or eliminated, are still being worked out, though Marriott President Arne Sorenson said, "The number of jobs lost will not be very large."
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Capital Pub Co sees London turnaround
Capital Pub Company, the London-based pub operator, said today it had seen an upturn in trading throughout its key Central London market.
“Our pubs in Central London have been trading very well,” said Clive Watson, Capital’s chief executive, “plus we’ve revived those of our pubs in outer London that weren’t trading as well as we’d like.”
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“Our pubs in Central London have been trading very well,” said Clive Watson, Capital’s chief executive, “plus we’ve revived those of our pubs in outer London that weren’t trading as well as we’d like.”
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Tuesday, November 17, 2009
Retooled scams, rising casino-worker theft seen to reflect tough economy
Everything comes back in style eventually -- even crimes apparently.
That's what appears to be happening at many casinos today at least, according to a panel of security experts that spoke Monday during the first day of conferences at the Global Gaming Expo.
The panel said that despite new technology, or perhaps because of it, many of the crimes that casino security people are seeing today are updates of old scams.
"When there is nothing new they can create, they go back to the old," said Jessie Beaudoin, senior director of surveillance at the Hard Rock Hotel. "A lot of the things you hear about are not new scams, per se. But they're trends that are starting to rear their ugly heads again."
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That's what appears to be happening at many casinos today at least, according to a panel of security experts that spoke Monday during the first day of conferences at the Global Gaming Expo.
The panel said that despite new technology, or perhaps because of it, many of the crimes that casino security people are seeing today are updates of old scams.
"When there is nothing new they can create, they go back to the old," said Jessie Beaudoin, senior director of surveillance at the Hard Rock Hotel. "A lot of the things you hear about are not new scams, per se. But they're trends that are starting to rear their ugly heads again."
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Worker Morale Low, Say 20% of Hospitality Employers
PRESS RELEASE: CHICAGO, November 17, 2009 - Hospitality workers have navigated increased workloads, longer hours and strained resources during this recession. Some of these challenges have taken their toll on workplace morale. A new CareerBuilder survey of more than 100 hospitality employers reveals that one-in-five (20 percent) rate their organization's current employee morale as low. Additionally, more than one-third (37 percent) of hospitality workers report that they have had difficulty staying motivated at work in the last year and more than a quarter (26 percent) do not feel loyal to their current employer. The survey was conducted between August 20 and September 9, 2009.
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Hotels 'hoping and praying' for recovery by the third quarter
THE Bahamian resort industry is "hoping and praying" that a sustained business recovery will come "no later than the third quarter next year", with occupancy and room yields under sustained pressure due to the weakness in group business.
Robert Sands, the Bahamas Hotel Association's (BHA) president, told Tribune Business that while the industry responsible for most private sector employment in this nation was cautiously optimistic that there had been a "bottoming out" in the rate of revenue and yield decreases, based on September 2009 results, it wanted to see successive months of improvement before determining the worst was behind it.
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Robert Sands, the Bahamas Hotel Association's (BHA) president, told Tribune Business that while the industry responsible for most private sector employment in this nation was cautiously optimistic that there had been a "bottoming out" in the rate of revenue and yield decreases, based on September 2009 results, it wanted to see successive months of improvement before determining the worst was behind it.
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$22m investor: 'Rug's been pulled out from under me'
A Bahamas-based investor who has injected $22 million into his resort project over the last two years is preparing to file a legal action against the Government "early this week", amid fears it will not honour his Heads of Agreement, and said: "I feel as if the rug has been pulled out from under us."
Michael Reardon, vice-president and one of the principal investors in the Eleuthera-based Sky Beach Club project, told Tribune Business he had not been refunded some $200,000 worth of Customs duties, as Prime Minister Hubert Ingraham had allegedly said would happen, with the tax payments having increased construction costs by 45 per cent and scared away potential real estate buyers.
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Michael Reardon, vice-president and one of the principal investors in the Eleuthera-based Sky Beach Club project, told Tribune Business he had not been refunded some $200,000 worth of Customs duties, as Prime Minister Hubert Ingraham had allegedly said would happen, with the tax payments having increased construction costs by 45 per cent and scared away potential real estate buyers.
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Enterprise Inns confirms 20 per cent profit slide
In line with City forecasts, Enterprise Inns has reported pre-tax profits of £208m for the year ending September 30, 2009, down nearly 21 per cent, on turnover down nearly eight per cent at £811m.
The UK’s second largest pub operator described 2009 as “another very testing year for the pub industry, with licensees having to endure weak consumer spending alongside rising overhead costs, duty increases ahead of inflation and aggressive pricing from supermarkets”.
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The UK’s second largest pub operator described 2009 as “another very testing year for the pub industry, with licensees having to endure weak consumer spending alongside rising overhead costs, duty increases ahead of inflation and aggressive pricing from supermarkets”.
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Starwood union sends strike warning to hotel customers
The union representing Chicago hotel workers involved in stalled negotiations at downtown Starwood Hotels & Resorts sent a letter to customers warning them customer service could suffer if a strike occurs during events booked here -- a letter that has convention bureau representatives worried about potential lost business.
"At the Congress Hotel -- where workers have been on strike for over six years -- guests have complained of a lack of amenities, roaches and poor service," the letter states
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"At the Congress Hotel -- where workers have been on strike for over six years -- guests have complained of a lack of amenities, roaches and poor service," the letter states
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Sbarro, Inc. Announces Results of Operations for the Third Quarter and Nine Months Ended September 27, 2009
Revenues were $85.5 million for the quarter ended September 27, 2009 as compared to revenues of $91.9 million for the quarter ended September 28, 2008. The decrease in revenues was due to a 5.2% decrease in Company-owned comparable-unit sales and lost sales from stores strategically closed, partially offset by sales generated by new Company-owned stores opened in 2009 and 2008. The decrease in comparable-unit sales primarily reflects continued reduced mall traffic throughout the United States as a result of the current economic environment. Domestic franchise comparable-unit sales declined 7.1% while international franchise comparable-unit sales declined 27.3%, primarily due to the strengthening of the U.S. Dollar relative to virtually all foreign currencies. Without consideration for foreign currency fluctuations, the international franchise comparable-unit sales decline would have been 13%.
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Monday, November 16, 2009
Longshot raises £30m to buy pubs
Longshot, founded in 1994 by Ollie Vigors and Joel Cadbury, sold its assests in June 2007, which included the 24-hour restaurant Vingt-Quatre, the Groucho Club and health club The Third Space, for around £50m.
Longshot is targeting leisure companies with an equity value of around £10m, high quality companies with underlying asset value or distressed aset opportunities.
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Longshot is targeting leisure companies with an equity value of around £10m, high quality companies with underlying asset value or distressed aset opportunities.
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'Lloyds takes £600m hit on Admiral pubs'
Lloyds Banking Group has been forced to swallow a £600m debt-for-equity swap at Admiral Taverns, the pubs group, in the latest fallout from the banking group’s ill-fated merger last year with rival HBOS
Managed pubs and those offering cheap food are set to fare better than tenanted players in a bumpy ride for British pubs next year due to increased taxes, thriftier drinking habits and competition from supermarkets
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Managed pubs and those offering cheap food are set to fare better than tenanted players in a bumpy ride for British pubs next year due to increased taxes, thriftier drinking habits and competition from supermarkets
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Hotels squirm as debt pressure mounts
A big hotel near Hartsfield-Jackson Atlanta International Airport may be about to change hands — a harbinger for the industry as more and more hotel owners find themselves deep in debt and unable to avoid drastic financial negotiations.
The 387-room Atlanta Renaissance Concourse may soon belong to Massachusetts Mutual Life Insurance Co. after owner Sunstone Hotel Investors Inc. (NYSE: SHO) notified investors Nov. 4 it had not made a $5 million payment to Mass Mutual and had defaulted on a $246.3 million loan that is secured by the Renaissance and 10 other hotels.
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The 387-room Atlanta Renaissance Concourse may soon belong to Massachusetts Mutual Life Insurance Co. after owner Sunstone Hotel Investors Inc. (NYSE: SHO) notified investors Nov. 4 it had not made a $5 million payment to Mass Mutual and had defaulted on a $246.3 million loan that is secured by the Renaissance and 10 other hotels.
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Whitbread's budget may stretch to Premier Inn and Travelodge merger
Whitbread, the leisure group, is in talks to create the dominant force in the British budget hotel market by merging its Premier Inn chain with the rival hotel company Travelodge.
It is understood that talks between the two are at an early stage, although both sides are believed to agree on the merits of a deal. “The commercial logic is compelling,” a source said.
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It is understood that talks between the two are at an early stage, although both sides are believed to agree on the merits of a deal. “The commercial logic is compelling,” a source said.
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Sunday, November 15, 2009
Marriott launches an upscale franchise
Hospitality giant Marriott International is launching a new brand called the Autograph Collection, aimed at tapping customers who prefer independent, high-end hotels over brands such as Marriott, Hilton and Four Seasons.
The Autograph Collection will allow independent hotels, many of whom have lost business in the recession, to maintain their character while using Marriott's massive reach to bring in more customers and save on costs.
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The Autograph Collection will allow independent hotels, many of whom have lost business in the recession, to maintain their character while using Marriott's massive reach to bring in more customers and save on costs.
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