Multibillion-dollar hotel resorts with casino gambling, celebrity chefs and luxury shopping.
It could all come to Florida — if the state wants to cash in on its image as a sun-soaked haven for tourists and authorize sprawling, Vegas-style casino resorts, gambling executives told lawmakers Thursday.
Executives from Las Vegas Sands, which operates the Venetian and Palazzo on the Vegas strip, flew to Tallahassee to pitch lawmakers on their vision: Four to six gambling destinations, each costing $2 billion or more to build, that would beckon gamblers from several continents.
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Friday, March 12, 2010
Nelum Gunewardane Appointed as Hotel Manager at InterContinental Mark Hopkins San Francisco
Nelum Gunewardane has been appointed as Hotel Manager for the iconic InterContinental Mark Hopkins San Francisco, a AAA four-diamond historic landmark property on Nob Hill featuring 380 rooms and 19,000 sq. ft. of event space, and home to the legendary Top Of The Mark sky lounge. In her new position, Gunewardane will oversee all aspects of day-to-day operations in the front office, uniformed services, guest relations, housekeeping, engineering, and IT departments, and will report directly to Peter Koehler, Regional Director of Operations and General Manager of InterContinental San Francisco.Bringing over 17 years of hospitality experience, Gunewardane began her career in 1992 with the InterContinental Hotels Group at the Riyadh InterContinental Hotel in Saudi Arabia, and then moved on to the May Fair InterContinental Hotel in London in 1997. From London, she joined the InterContinental The Barclay in New York in 2001 where she initially served as Assistant Manager in the Front Office department and finally as Front Office Manager in 2005. During her tenure at The Barclay, Gunewardane was the recipient of a cash scholarship from Cornell University School of Hotel Administration in cooperation with the New York State Hospitality and Tourism Association, which she used toward three intensive classes in Managing Hotel Electronic Distribution, Hospitality Financial Management: Operations Decision-Making, and Strategic Pricing for Hotels: Revenue Enhancement through Pricing. After several promotions in New York, she was then appointed in 2006 as Director of Front Office Operations for the opening team of the InterContinental Boston, a 424-room new-build property located in Boston’s historic waterfront district. In 2007, Gunewardane was recognized as “Best of the Best for Director of Front Office” for InterContinental Hotels, North America.
Gunewardane holds a Bachelor’s degree in Business Studies from the University of Buckingham in the United Kingdom.
Enterprise Inns shifts five of eight London pubs up for auction
Enterprise Inns has sold five of eight London pubs it put up for auction with Cushman Wakefield earlier this week.
Four of the venues were sold at auction, raising a total of £6.7m. A fifth, the Princess of Shoreditch, in Shoreditch, was sold after the auction. The deal was for an undisclosed sum, although the pub had a guide price of £1.35m-£1.45m.
The four pubs to sell at auction were:
•Molly Moggs, Old Compton Street, London: sold for £1.49m (guide price: £1.425m - £1.525m).
•Ealing Park Tavern, London: sold for £1.65m (guide price: £1.55m - £1.65m).
•The Hope, Tottenham Street, London: sold for £1.6m (guide price: £1.55m - £1.65m).
•So-Bar, Fulham Road, London: sold for £1.975m (guide price: £1.9m - £2m).
The three pubs which did not sell were the Halfway House in Barnes (available for £1.125m),
the Three Kings in Clerkenwell (£1.525m), and the Sun in Drury Lane (£1.675m
Four of the venues were sold at auction, raising a total of £6.7m. A fifth, the Princess of Shoreditch, in Shoreditch, was sold after the auction. The deal was for an undisclosed sum, although the pub had a guide price of £1.35m-£1.45m.
The four pubs to sell at auction were:
•Molly Moggs, Old Compton Street, London: sold for £1.49m (guide price: £1.425m - £1.525m).
•Ealing Park Tavern, London: sold for £1.65m (guide price: £1.55m - £1.65m).
•The Hope, Tottenham Street, London: sold for £1.6m (guide price: £1.55m - £1.65m).
•So-Bar, Fulham Road, London: sold for £1.975m (guide price: £1.9m - £2m).
The three pubs which did not sell were the Halfway House in Barnes (available for £1.125m),
the Three Kings in Clerkenwell (£1.525m), and the Sun in Drury Lane (£1.675m
Ortiz Promotes Salt Ban for NYC Restaurants
What's next? Ban food from restaurants!
Can government officials think of anything else, aside from closing them for good, to make the life of restaurant owner's and employee's any more difficult?
After struggling with diminshing customer counts, decreasing returns on investment, and diminshing cash flow and profits, now Ortiz is analyzing the bittersweet effect salt has on the consumer. His mother should be ashamed as the pol rubs a dash of salt into the city's wounded.
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Can government officials think of anything else, aside from closing them for good, to make the life of restaurant owner's and employee's any more difficult?
After struggling with diminshing customer counts, decreasing returns on investment, and diminshing cash flow and profits, now Ortiz is analyzing the bittersweet effect salt has on the consumer. His mother should be ashamed as the pol rubs a dash of salt into the city's wounded.
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Do hotel chains owe you when a hotel closes its VIP lounge?
Road warriors: Some hotels are closing their VIP lounges earlier than normal, reducing food offerings or, in rare cases, closing them entirely in light of today's reduced business. So I'm curious if you think that the chains owe you something - anything - for what amounts to fewer frills for your loyalty. If your hotel chain does give you a little nod - a few points, for instance - does it help you get over it?
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MGM Mirage to Sell Borgata Stake
MGM Mirage said Friday that it had reached an agreement with the state of New Jersey's Division of Gaming Enforcement to place its 50% stake in Atlantic City's Borgata Hotel Casino & Spa in a divestiture trust after the regulatory group found problems with its partner in Macau.
Under the terms, which have to be approved by New Jersey's Casino Control Commission, MGM Mirage would be the sole beneficiary of the trust. The company would have 18 months to sell its stake in the Borgata and related property, a sale which would have to be approved by the Commission. If the sale isn't completed by then, the trustee would have 12 months to sell the stake.
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Under the terms, which have to be approved by New Jersey's Casino Control Commission, MGM Mirage would be the sole beneficiary of the trust. The company would have 18 months to sell its stake in the Borgata and related property, a sale which would have to be approved by the Commission. If the sale isn't completed by then, the trustee would have 12 months to sell the stake.
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Thursday, March 11, 2010
MGM Mirage CEO Says Investors Making Recovery Bets on Casinos
March 10 (Bloomberg) -- MGM Mirage Chief Executive Officer James Murren said investors betting on a U.S. economic recovery are returning to casino debt and equity.
MGM Mirage, the biggest casino owner on the Las Vegas Strip, yesterday sold $845 million of bonds to repay some loans under an arrangement it previously struck to extend the maturity on borrowings.
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MGM Mirage, the biggest casino owner on the Las Vegas Strip, yesterday sold $845 million of bonds to repay some loans under an arrangement it previously struck to extend the maturity on borrowings.
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Staying in a Hotel? Watch Your Credit Cards
Travelers staying in hotels might want to carefully check their credit card statements for fraudulent charges in the months following the stay. According to recent reports, cybercriminals across the globe have a new favorite target: the wireless networks of hotels.
While financial services companies used to receive the bulk of hacker attacks, last year hotels emerged as the new choice target among hackers-out of 218 breaches in a total of 24 countries, 70 of those breaches took place through hotel networks, according to a report by security firm Trustwave SpiderLabs.
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While financial services companies used to receive the bulk of hacker attacks, last year hotels emerged as the new choice target among hackers-out of 218 breaches in a total of 24 countries, 70 of those breaches took place through hotel networks, according to a report by security firm Trustwave SpiderLabs.
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Hamburger Chain Sonic Sees Decline in Comps this Quarter
Drive-in hamburger chain Sonic Corp. (SONC: 9.88, 0, 0%) reported Wednesday an expected decline in same-store sales for the coming quarter of 12% to 14% due to bad weather and cutbacks in consumer spending.
Approximately one-third of Sonic stores are based in Texas and Oklahoma, where snow storms and severe rains were common during the first part of the year. Thanks to a drop in consumer spending, the company may also see sales tax collections down by double digits.
The company has implemented new advertising and promotional strategies and improved product quality in an effort to boost sales in the third and fourth quarter of 2010.
Approximately one-third of Sonic stores are based in Texas and Oklahoma, where snow storms and severe rains were common during the first part of the year. Thanks to a drop in consumer spending, the company may also see sales tax collections down by double digits.
The company has implemented new advertising and promotional strategies and improved product quality in an effort to boost sales in the third and fourth quarter of 2010.
San Francisco Four Seasons averts foreclosure
The Four Seasons Hotel San Francisco has escaped looming foreclosure as owner Millennium Partners and a new equity partner have paid down a significant amount of the debt on the property.
Millennium and private equity group Westbrook Partners have paid down the mortgage on the Four Seasons San Francisco from $90 million to $55 million. Under the agreement Westbrook becomes two-thirds owner of the hotel while Millennium holds on to a one-third ownership interest in and continues to asset manage the hotel.
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Millennium and private equity group Westbrook Partners have paid down the mortgage on the Four Seasons San Francisco from $90 million to $55 million. Under the agreement Westbrook becomes two-thirds owner of the hotel while Millennium holds on to a one-third ownership interest in and continues to asset manage the hotel.
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Tuesday, March 9, 2010
Quaker Steak & Lube Names John Longstreet President and CEO
Sharon, Pa. - The Quaker Steak & Lube board of directors named John H. Longstreet president and CEO, effective April 1, 2010. He succeeds Ken Cole, who stepped down at the end of February to focus on opening Quaker Steak & Lube franchise restaurants and other business opportunities. Longstreet, a Quaker Steak & Lube board of directors member for six years, is president of Hospitality Leaders Group, LLC, a Texas firm which consults on organizational development, service delivery, food and beverage operations, corporate culture, leadership effectiveness and team development. Previously, Longstreet was executive vice president of operations for Dallas-based ClubCorp. "John will be a great fit for The Lube," said Mike Stack, Quaker Steak & Lube's chairman of the board. "His experience and expertise in running high volume operations - combined with his understanding of our concept - will allow him to maximize Quaker Steak & Lube's growth potential."
Ruby Tuesday, Inc. Reports lower sales for Quarter
MARYVILLE, Tenn., Mar 09, 2010 (BUSINESS WIRE) -- Ruby Tuesday, Inc. (NYSE: RT) today announced that same-restaurant sales for Company-owned restaurants were -0.8% to -1.0% in the third quarter ended March 2, 2010, compared to the same quarter of the prior year. Severe weather during the quarter is estimated to have reduced same-restaurant sales by 1.5-2%. Same-restaurant sales at domestic franchised restaurants decreased 5.3-5.5% in the third quarter compared to the same quarter of the prior year.
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Hard Rock Cafe prez Randy Kwasniewski dies of apparent suicide
Andrew "Randy" Kwasniewski, the president and chief operating officer of the Hard Rock Hotel and Casino in Las Vegas has died March 9 of an apparent suicide.
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Trump Sued For $10 Million Over Never-Built Condos
A group of seven individuals filed suit against Donald Trump, Donald Trump Jr., Ivanka Trump and others for fraud, negligence, accounting and other counts regarding a hotel condominium complex in Baja.
The plaintiffs are seeking at least $10 million dollars in damages.
In court documents obtained by RadarOnline.com, the lawsuit states, "Plaintiffs are a group of individuals who were duped into buying hotel-condominium units that were never built. With the complicity of defendants, the developers of the units depleted Plaintiff's deposits - even though they never broke ground on the project, much less obtained the necessary building permits or construction loans.
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The plaintiffs are seeking at least $10 million dollars in damages.
In court documents obtained by RadarOnline.com, the lawsuit states, "Plaintiffs are a group of individuals who were duped into buying hotel-condominium units that were never built. With the complicity of defendants, the developers of the units depleted Plaintiff's deposits - even though they never broke ground on the project, much less obtained the necessary building permits or construction loans.
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MGM to sell $845M in new bonds
Casino operator MGM Mirage said Tuesday it will sell $845 million in new bonds due in 2020, looking to build a healthier balance sheet amid a gambling industry slump.
MGM, the world's second biggest casino operator, is seeing gamblers make fewer trips to its resorts and spend less money when they do.
Last month the company said it had reached a deal with lenders to extend the deadline for paying off about $3.6 billion worth of debt to February 2014. In all, the company owes almost $13 billion.
MGM said it will offer the new bonds in a private sale. The notes will be backed by a mortgage on the MGM Grand Las Vegas resort with the proceeds used to pay off bank debt, the company said
MGM, the world's second biggest casino operator, is seeing gamblers make fewer trips to its resorts and spend less money when they do.
Last month the company said it had reached a deal with lenders to extend the deadline for paying off about $3.6 billion worth of debt to February 2014. In all, the company owes almost $13 billion.
MGM said it will offer the new bonds in a private sale. The notes will be backed by a mortgage on the MGM Grand Las Vegas resort with the proceeds used to pay off bank debt, the company said
