General counsel Michael Fries said on Wednesday the casino operator had been told about the upcoming probe on Tuesday at a meeting of the Illinois regulatory board.
"We're ready to provide whatever additional information they may request," MGM Mirage spokesman Alan Feldman said.
MGM owns a 50 percent stake in the Grand Victoria Casino, a riverboat casino about 40 miles from Chicago in Elgin, Illinois.
The Michigan Gaming Control Board said it was reviewing MGM, which owns half of the MGM Grand Detroit casino, after the New Jersey findings
Read more:
Thursday, April 1, 2010
Google's Threat to Online Travel Sites
On the surface, Google's (Nasdaq: GOOG) experiment with placing hotel room rates on its maps is simply an attempt to keep Microsoft (Nasdaq: MSFT) from stealing too much real estate in the travel business.
Read more:
Read more:
Tim Hortons - Its Ok To Fire A Customer
Tim Hortons is defending a New Brunswick store owner's decision to ban a customer for life after he complained about decaf coffee he said tasted "burnt."
After customer Jimmy Craig complained three times to workers at a Tim Hortons in St. Andrews, N.B., owner Edwin Dow banned him from ever entering the store again. Craig, a paramedic, was also banned from the store in nearby St. Stephen.
Read more:
After customer Jimmy Craig complained three times to workers at a Tim Hortons in St. Andrews, N.B., owner Edwin Dow banned him from ever entering the store again. Craig, a paramedic, was also banned from the store in nearby St. Stephen.
Read more:
Baha Mar Resorts, Ltd. Finalizes Historic Agreements with Chinese Banking and Construction Partners to Realize Multi-Billion Dollar Baha Mar Resort Development Project in Nassau, The Bahamas
MIAMI--(BUSINESS WIRE)--Baha Mar Resorts, Ltd. announced today that it has signed formal Facility and Investor agreements with Export-Import Bank of China and China State Construction and Engineering Corporation for the development of the multi-billion dollar Baha Mar Resort on Nassau’s famed Cable Beach.
The agreements include financing arrangements of $2.5 billion by Export-Import Bank of China, with construction accords designating China State Construction and Engineering Corporation as the project’s general contractor; and an investor agreement between Baha Mar and China State Construction, which will assume a minority equity interest. Baha Mar is an unprecedented resort development in The Bahamas that captures the true spirit of the island and the region, while bringing together the most prestigious collection of hospitality brands in the world to create a leading resort destination.
Read more:
The agreements include financing arrangements of $2.5 billion by Export-Import Bank of China, with construction accords designating China State Construction and Engineering Corporation as the project’s general contractor; and an investor agreement between Baha Mar and China State Construction, which will assume a minority equity interest. Baha Mar is an unprecedented resort development in The Bahamas that captures the true spirit of the island and the region, while bringing together the most prestigious collection of hospitality brands in the world to create a leading resort destination.
Read more:
Wednesday, March 31, 2010
Starwood CEO took home $8.2 million in 2009
The CEO of Starwood Hotels & Resorts Worldwide Inc. received compensation the company valued at $8.2 million in 2009, a more than 70 percent increase as the hotelier's stock price more than doubled, according to a regulatory filing.
Frits Van Paasschen's base salary at the owner of the Sheraton, W Hotels and Westin brands held steady at $1 million.
Schultz took home a $600,000 bonus in 2009, compared with none the year before, according to regulatory filing submitted to the Securities and Exchange Commission.
Read more:
Frits Van Paasschen's base salary at the owner of the Sheraton, W Hotels and Westin brands held steady at $1 million.
Schultz took home a $600,000 bonus in 2009, compared with none the year before, according to regulatory filing submitted to the Securities and Exchange Commission.
Read more:
Plenty of room at the inn spells tension in hotel industry
The 44-year-old investor in seven Georgia hotels has owned this particular property since 2005. Then, it was bustling with construction workers and weary "snowbirds" zooming down Interstate 95 to Florida.
But as the economy slowed last year, revenue at the hotel fell 40 percent from 2006 levels. And rising costs and demands imposed by Wyndham Worldwide Corp (WYN.N), the hotel company that franchises the Microtel brand, are exacerbating his troubles.
"As it is, we are struggling to keep the lights on and pay the mortgage," said Patel, one of the hotel's three owners. "We have to put more hours into the business to survive."
Read more:
But as the economy slowed last year, revenue at the hotel fell 40 percent from 2006 levels. And rising costs and demands imposed by Wyndham Worldwide Corp (WYN.N), the hotel company that franchises the Microtel brand, are exacerbating his troubles.
"As it is, we are struggling to keep the lights on and pay the mortgage," said Patel, one of the hotel's three owners. "We have to put more hours into the business to survive."
Read more:
Nevis Four Seasons - Will It Reopen?
The Caribbean might be relaxing for vacationers, but it is often anything but for owners of resorts. Case in point: the tiny island of Nevis, where two creditors are trying to force into bankruptcy a hurricane-ravaged Four Seasons resort.
Hotel investor Maritz Wolff & Co. purchased the 196-room hotel in 1996. Three years later, Hurricane Lenny slammed through Nevis, flooded the hotel's first floor and inflicted substantial damage, forcing the hotel to close for nine months for repairs. In 2008, even as Maritz Wolff negotiated for an extension to its $59 million securitized mortgage, another hurricane—Omar—pounded Nevis. The Four Seasons has yet to reopen, though owners of its 65 private villas still visit.
Read more:
Hotel investor Maritz Wolff & Co. purchased the 196-room hotel in 1996. Three years later, Hurricane Lenny slammed through Nevis, flooded the hotel's first floor and inflicted substantial damage, forcing the hotel to close for nine months for repairs. In 2008, even as Maritz Wolff negotiated for an extension to its $59 million securitized mortgage, another hurricane—Omar—pounded Nevis. The Four Seasons has yet to reopen, though owners of its 65 private villas still visit.
Read more:
Dubai developer wanted in Germany over alleged hotel fraud
Authorities in Germany are seeking the arrest of a German national on suspicion of a multimillion-euro fraud in connection with a Dubai hotel project that was never built.
A court in Dortmund issued an arrest warrant in November for the developer Georg Recker, who is in Dubai and has denied any wrongdoing.
Read more:
A court in Dortmund issued an arrest warrant in November for the developer Georg Recker, who is in Dubai and has denied any wrongdoing.
Read more:
Starman Hotels seeks up to £70m for Le Meridien Piccadilly
The 266-bedroom, five-star Le Meridien Piccadilly has been put on the market for £65-70m. Owned by Starman Hotels, Le Meridien is the company’s only UK property. The hotel, which has recently undergone a £6m refurbishment, is operated by Starwood Hotels.
Read more:
Read more:
Chinese investors eye mega Freeport project
With the conclusion of a $2.5 billion loan agreement for the Baha Mar project said to be imminent last night, Tribune Business can reveal that another Chinese-led investor group is eyeing a multi-million dollar resort project for Grand Bahama, complete with potential cruise port.
Informed sources with knowledge of developments said the Cylin Group, whose principals include the daughter of the People's Republic of China's defence minister, was looking at a major tourism development on 2,000 acres of land in the Sharp Rock area.
Read more:
Informed sources with knowledge of developments said the Cylin Group, whose principals include the daughter of the People's Republic of China's defence minister, was looking at a major tourism development on 2,000 acres of land in the Sharp Rock area.
Read more:
Tuesday, March 30, 2010
Income Up, Same-Store Sales Down at NPC International
NPC International, Inc. (the "Company"), today reported results for its fourth fiscal quarter and fiscal year ended December 29, 2009.
FOURTH QUARTER HIGHLIGHTS:
* The fourth quarter of 2009 was comprised of 13 weeks while 2008 contained 14 weeks.
* Non-GAAP Adjusted EBITDA ("Adjusted EBITDA") from continuing operations (reconciliation attached) of $19.0MM was below the prior year by $4.2MM or 17.9%.
* Loss from continuing operations of $0.3MM compared to income of $3.2MM recorded last year.
* Debt remained equal to the third quarter at $433.7MM while cash increased by $4.2MM to $14.7MM.
* Comparable store sales from continuing operations declined -10.5% rolling over a decrease of -3.4% last year.
Readmore:
FOURTH QUARTER HIGHLIGHTS:
* The fourth quarter of 2009 was comprised of 13 weeks while 2008 contained 14 weeks.
* Non-GAAP Adjusted EBITDA ("Adjusted EBITDA") from continuing operations (reconciliation attached) of $19.0MM was below the prior year by $4.2MM or 17.9%.
* Loss from continuing operations of $0.3MM compared to income of $3.2MM recorded last year.
* Debt remained equal to the third quarter at $433.7MM while cash increased by $4.2MM to $14.7MM.
* Comparable store sales from continuing operations declined -10.5% rolling over a decrease of -3.4% last year.
Readmore:
Mexican Restaurants, Inc. Announces Fiscal Year-End Results
HOUSTON--(BUSINESS WIRE)--For the fiscal year ended January 3, 2010, Mexican Restaurants (NASDAQ: CASA - News) reported a net loss of $848,699 or ($0.26) per diluted share. This compared with a net loss of $3,987,011 or ($1.22) per diluted share for fiscal year 2008. For the fourth quarter ended January 3, 2010, the Company reported a net loss of $588,001 or ($0.18) per diluted share, compared with a net loss of $3,917,026 or ($1.20) per diluted share for the same quarter in fiscal year 2008. During the fourth quarter ended January 3, 2010, the Company recorded $190,000 of severance expense as part of staff reductions. During the 2008 fourth quarter, the Company recorded a goodwill impairment of approximately $5.1 million, and a resulting approximate $1.3 million tax benefit.
Read more:
Read more:
Punch Taverns chief Giles Thorley quits
Giles Thorley, chief executive of Punch Taverns, Britain's biggest pub group, today said he was quitting after nine years at the helm. The company said it was "well advanced with the process of appointing a successor" and that Mr Thorley would stay on until his successor is appointed. Although external candidates are being considered, Punch has two strong internal candidates who have helped Mr Thorley put the group on a more even keel.
Read more:
Read more:
RDG Captial raises Benihana bid to $8/shr
New York investment manager Russell Glass is so eager for a taste of Japanese steakhouse Benihana that he's turning up the heat on his unsolicited bid for the struggling restaurant chain to $8 a share from $7, The Post has learned.
Glass, a former executive with Icahn Associates who's now head of New York investment firm RDG Capital, made his sweetened sales pitch yesterday to Benihana CEO Richard Stockinger, Chairman Darwin Dornbush and independent director Ronald Castell, according to a person familiar with the matter.
Read more:
Glass, a former executive with Icahn Associates who's now head of New York investment firm RDG Capital, made his sweetened sales pitch yesterday to Benihana CEO Richard Stockinger, Chairman Darwin Dornbush and independent director Ronald Castell, according to a person familiar with the matter.
Read more:
In Asia Pacific, Downturn Looks More Like A Speed Bump
ASIA PACIFIC — The Asia Pacific hotel market has felt the impact of the downturn, but thanks to massive emerging economies that refuse to be stopped and localized financing practices that have kept pipelines healthy, the East continues to be where the action is. The region is at the head of the global recovery, with Jones Lang LaSalle Hotels reporting evidence of markets hitting bottom late last year. Promisingly, the financial sector is showing signs of increased demand, particularly in the economic hubs of Hong Kong and Singapore, JLLH says, and net absorption rose 20% across the region in the fourth quarter, although it will likely remain below pre-recession levels through 2010.
Read more:
Read more:
