Las Vegas business briefs

sgreen@lasvegassun.com

Thursday, Sept. 3, 1998 | 11:31 a.m.

SALE OF P.T.'S PUBS ADVANCES -- A Canadian real estate firm Wednesday received preliminary regulatory approval for its purchase of half the assets of 19 Las Vegas-area P.T.'s Pubs and the associated U.S. Coin Co. slot route company. Revenue Properties Co. Ltd. of Toronto is buying the assets from Tom and Philip Boeckle for an undisclosed amount. The deal was approved by the Nevada Gaming Control Board Wednesday, the Nevada Gaming Commission now considers it. Revenue Properties owns Pan Pacific Development Inc., which owns shopping centers in Las Vegas and nationwide. Pan Pacific in turn owns RPC Gaming Inc., a company which used to distribute gaming machines but has no current operations. Under the deal, the companies will form a joint venture, P.T. Gaming LLC, which will be half owned by RPC and half owned by the Boeckles, according to the board.

CASINO DATA SETTLING SUIT FOR $1 MILLION-PLUS -- Casino Data Systems of Las Vegas will pay $1 million plus interest to settle four shareholder class action lawsuits stemming from a December 1996 fall in its stock price. The suits alleged various violations of Securities and Exchange Commission rules, California Corporation code rules and fraud. All four sought economic recovery on behalf of a group of shareholders allegedly damaged by the price decline. The company said the suits have no merit but that it's settling to avoid the cost of further litigation.

KENO MERGER OFF -- American Wagering Inc. of Las Vegas today said it's terminating its planned acquisition of Imagineering Systems, a keno systems provider in Reno. American Wagering said it chose to develop a wide-area progressive Keno system in-house. American Wagering operates the Leroy's sports books in Nevada.

MIKOHN GAMING EXPECTS BIG QUARTERLY LOSS -- Mikohn Gaming Corp. of Las Vegas today said it expects a substantial third-quarter loss because of $4.4 million in special charges. It expects a profit in the fourth quarter. The third-quarter charges include a writedown of the value of Mikohn's surveillance and security division due to disappointing results from that operation. Other charges are for writing off prior financing costs and pre-payment penalties triggered by a new loan announced today. The $86 million loan is at 9.5 percent and is from a group of lenders replacing a $40 million loan. It will help finance Mikohn's capital needs and its $38.3 million acquisition of Progressive Games Inc., manufacturer of the Caribbean Stud game.

SOROS BUYS MORE AGRIBIOTECH SHARES -- AgriBioTech Inc., a Las Vegas turf and forage seed company, sold 1.14 million more common shares to top shareholder Quantum Partners LDC, the hedge fund investor controlled by George Soros. An Aug. 14 regulatory filing by the company said Soros' Quantum held 2.85 million shares at the time, for a 7.6 percent stake in AgriBioTech. In a new filing to the U.S. Securities and Exchange Commission this week, the company said it sold another 1.75 million shares for 8 15/16 each in privately negotiated transactions. Soros' Quantum bought 1.14 million of the shares, while Fidelity Investments funds mutual funds and the Wisconsin state investment board bought the rest.

To contact Sun Business Editor Steve Green, call 259-4083 or e-mail sgreen@lasvegassun.com