; The Adams Daily Report
Learning Center
Plans & pricing Sign in
Sign Out
Your Federal Quarterly Tax Payments are due April 15th Get Help Now >>

The Adams Daily Report


  • pg 1
									The Adams Daily Report
Compiled exclusively for Compton Dancer Consulting

Tuesday, October 8, 2002
Mandalay Resort bullish on LV.
Firm says tribes can't compete with the Strip.
Nevada (Las Vegas) - Liz Benston, Las Vegas Sun - Despite a
proliferation of Indian casinos nationwide, tribal
properties can't duplicate the impressive collection of
tourist attractions in Las Vegas, a top casino executive
assured investors during a conference call. "The casino
has become a commodity," Mandalay Resort Group Chief
Financial Officer Glenn Schaeffer told investors last
week. "The difference ... is in the resort business."
…Mandalay Resort Group, with its adjacent Excalibur,
Luxor and Mandalay Bay casinos, is well-positioned
because it is creating one of the largest collectio ns of
resort attractions on the Strip, he added. "We are getting
a customer to drive by or fly over a box of slot machines
identical to what we offer downstairs," he said. "What
the Indians will never have is 1.5 million (square-foot)
convention centers with ... 18,000 rooms feeding them.
We have the biggest integrated resort complex on the
planet and no one is going to have that, either."

Casino Resort Complex to be Unveiled in
Las Vegas.
Nevada (Las Vegas) – Business Wire - What: Creator
Michael R. Henderson will be previewing his new
Casino, Resort, and Entertainment Complex concept at
the Four Season Hotel in Las Vegas, Nevada on October
17th. The project, five years in the making, is the largest,
most exclusive casino project ever conceived. The $5
billion, 10,000 room project will be unveiled to the media
and invited guests at a exclusive preview featuring the
creator, a multimedia presentation and a walk-through of
the proposed development.

Fitzgeralds to pay customer $16,250
Nevada (Reno) - Ryan Randazzo, Reno Gazette-Journal -
Fitzgeralds Casino-Hotel will pay a customer $16,250 to
cover attorney’s fees and will make repairs to settle a
case that accused the property of violating the Americans
with Disabilities Act. …The complaint, filed Aug. 30,

2001 by Dan Mayclin, alleged that the casino violated the
ADA in 23 specific ways, ranging from the number of
accessible parking spaces available to the height of the
toilets in some public restrooms.

Wendover casinos sell to Peppermill.
Nevada (North & East) - Ryan Randazzo, Reno Gazette-Journal
- Peppermill Casinos Inc., in a joint bid with Generation
2000, was approved to buy the State Line and Silver
Smith hotel-casinos in Wendover for $55 million, $22
million of which is non-refundable. Judge Gregg Zive
approved the sale at U.S. Bankruptcy Court in Reno on
Monday. …The Peppermill is no longer concerned with
FTC investigation because when the deal closes, it will
operate only the Silver Smith, the smaller of the two
casinos, said Ellen Whittemore, an attorney for Pepermill
and Generation 2000. Generation 2000, a partnership
between Bill Ensign, David Ensign, Melissa Richardson
and Bill Richardson Jr., will operate the State Line
casino, Whittemore said. Members of the Generation
2000 partnership operate the Pahrump Nugget Hotel &
Gambling Hall and the Hacienda Hotel & Casino in
Boulder City, Whittemore said.

Isle Completes Sale Of Tunica Property.
Mississippi/Nevada (Transaction (s) – Biloxi - (Dow
      Isle of Capri Casinos Inc. completed the sale of its
Tunica, Miss., property to a unit of Boyd Gaming Corp.
In a press release Tuesday, Isle of Capri also said it lost a
bid to acquire the State Line & Silver Smith Casino
Resorts in Wendover, Nev., after a bankruptcy court in
Reno, Nev., accepted a higher bid.

Group to host charity event.
Nevada (Las Vegas) - The Nevada Council on
Problem Gambling, a group that advocates the study and
treatment of problem gambing in the state, will host a
charity golf tournament Oct. 28 at the Rio Secco Golf

Conference to Focus on Internet, Cashless,
Marketing Issues.
New Jersey – Atlantic City /PRNewswire/ - The 4th Annual
Gaming and Technology Conference will focus like a
laser on the critical issues facing the casino industry in
coming years, including Internet gaming and cashless
wagering. The conference, which will be held at the
Atlantic City Convention Center on Nov. 14, will also be
a forum to learn about the relationship between
technology and casino marketing, and how to protect
intellectual property. "Technology is becoming more
complex. So are the issues involved in regulating that
technology and in bringing it to the marketplace," said
Michael Pollock, publisher of Gaming Industry Observer,
a producer of the conference. "This conference is
designed to unravel that complexity and make the issues

Chicago casino plan is gaining steam.
Illinois (Expansion) – Associated Press – Chicago - The
president of the Chicagoland Chamber of Commerce
Monday asked interested city and statewide business
organizations to plan strategy to get a gambling casino
for Chicago. "My invitation is going out to the
organizations as we speak," Jerry Roper, Chicagoland
Chamber president, said Monday afternoon. Roper said
he acted after stories in both the Chicago Sun-Times and
Chicago Tribune Sunday and Monday said Mayor
Richard M. Daley is rethinking his opposition to casino

Casino closed as penalty.
Indiana (Regulation) – Associated Press – Vevay - As part
of the harshest penalty ever imposed by the Indiana
Gaming Commission, Belterra Casino has closed and will
not open again until noon on Wednesday. … Belterra -
flagship of California-based Pinnacle Entertainment Inc. -
paid a $2.26 million fine to Indiana in August as part of a
settlement agreement over allegations the casino supplied
prostitutes to a golf outing last year. Due largely to a
one-time charge of $6.5 million to cover settlement
expenses, the company reported a net loss of $6.4 million
for the three-month quarter ending June 30.

Casino manager suspended; violated
Arizona (Indian Gaming) - Mary Jo Pitzl, The Arizona
Republic - In a first for Arizona's gaming industry, state
regulators have suspended the license of a casino
manager for violating a state-tribal gaming compact. Jim
Gannarelli, general manager of the Mazatzal Casino on
the Tonto Apache Reservation, admitted to three
violations involving employee certification and purchase
limits. He is nearing the end of a four-month suspension
and plans to return to work at the Payson casino on

Pokies pay big for casino.
International (Australia) - Norman Aisbett - Burswood
Casino's earnings from video gaming machines have
trebled since the casino opened to a curious WA public in
late December 1985. The latest Gaming Commission
figures show its 1300 machines earned almost $96
million in 2000-2001, or 33 per cent of the total $292
million revenue. In the casino's first full financial year,
1986-87, it had about 300 machines and these accounted
for only 10 per cent of a total $73 million revenue.

Market carnage hits $8.4 trillion Stock
values slashed in 1/2 since 2000 peak.
National (Economy) - Matt Krantz, USA Today - Investors
suffered another bruising slide Monday, as a multiyear
low for stocks cut the total value of the U.S. market to
half its March 2000 peak. The Dow Jones industrial
average fell 106 points to 7423 as it, the Standard &
Poor's 500 and Nasdaq composite all finished at their
most depressed levels in half a decade. The slide brought
total bear market losses to $8.4 trillion, Wilshire
Associates says.

Retail Sales Slip as Consumers Waver.
National (Economy) - Pedro Nicolaci da Costa –New York
(Reuters) - U.S. consumers curtailed spending in
September, crimping sales growth at the nation's chain
stores and knocking an already anemic economic
recovery further off course. A brief rebound in the last
week of September proved too small to compensate for
the month's lackluster overall performance, as consumers

-- worried about their jobs and personal finances --
tightened their purse strings.


To top