Las Vegas Sun

March 28, 2024

Las Vegas business news briefs

Local

* POLYPHASE BACK TO MARKET -- Stock trading is expected to resume today for a company whose subsidiary plans to build a 100,000-seat domed stadium. Spokesmen for Dallas-based Polyphase Corp. said they have filed annual and quarterly financial reports to the Securities and Exchange Commission, leading to the re-establishment of trading on the American Stock Exchange. Financial reports for 1996 fiscal year and quarterly reports for periods ending Dec. 31 and March 31 had not been filed with the SEC due to a legal dispute with one of the company's lenders. Two suits have been filed in Dallas District Court to resolve the dispute involving Polyphase's primary businesses, frozen foods, electronics and forestry equipment. The company's Ply Stadium Partners subsidiary is attempting to build a stadium west of downtown.

* AMERICAN VANTAGE EARNINGS -- Las Vegas-based American Vantage, which has gaming consulting contracts with two California Indian tribes, reported net income for the third quarter ended April 30 was $1,162,000, or 7 cents a share, compared with $1,129,000, or 7 cents a share, in the fiscal 1996 third quarter. Revenue rose to $2.5 million from $2.3 million, the company said. Nine-month net income rose to $3,237,000, or 20 cents a share, from $2,797,000, or 17 cents a share, while revenue slipped to $6.9 million from $7.4 million, American Advantage said. Ronald Tassinari, president, said the company recently bought 40 acres in North Las Vegas for development of a funeral home and cemetery as part of a plan to diversify.

* SAMMY'S OPENING THIS WEEK -- A San Diego-based company is firing up its pizza oven for charity this week for the opening of its newest restaurant in Las Vegas. Sammy's California Woodfired Pizza Restaurant will open its doors to the public on Sunday at 6500 W. Sahara Ave. A luncheon to benefit the Community Health Centers of Southern Nevada is planned Thursday and a dinner is scheduled that night to benefit the Jewish Community Centers of Southern Nevada. On Friday, the Las Vegas Art Museum will benefit from a luncheon and the Mobile Assistance and Shelter for the Homeless unit will receive proceeds from a dinner, both of which will be served by local television and radio celebrities. Sammy's, which is making its first foray into Nevada, has ranked high in San Diego Union-Tribune and San Diego Magazine reader polls in several categories. The 4,500-square-foot restaurant seats 150.

* BALLY'S EXEC NAMED -- Hilton Hotels Corp. named Paul Pusateri executive vice president of Bally's Las Vegas. He will oversee noncasino operations at the 2,814-room resort and day-to-day operations of Paris-Las Vegas, the $750 million hotel-casino being built next to Bally's. Pusateri, former general manager of the Four Seasons Beverly Hills Hotel, has more than 20 years experience in the hospitality industry, including 13 with Four Seasons Hotels & Resorts in San Francisco, Beverly Hills, Chicago and Toronto.

To contact the SUN business news desk, call 259-4083 or e-mail [email protected]

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