LV operator eyes NY casino

Tuesday, Dec. 14, 1999 | 11:07 a.m.

Park Place Entertainment Corp. of Las Vegas, the world's largest gaming company, may take over the money-losing St. Regis Mohawk Indian casino in Hogansberg, N.Y., the New York Times said.

Park Place officials weren't available for comment today. But the Times said at least one gaming analyst was skeptical about such a development.

"It's surprising to me that a company the size of Park Place would waste its time and energy on such a small property in an area with such a small population," Bear Stearns & Co.'s Jason Ader told the newspaper.

The story said one possible incentive for the purported acquisition might be the fact the St. Regis Mohawks are trying to gain approval for a $500 million casino at the Monticello Raceway in New York's Catskill Mountains.

The tribe's Akwesasne Casino in Hogansberg draws about 2,000 people a day and is losing money, the Times reported.

Meanwhile, Prudential Securities analyst Joe Coccimiglio raised his rating on Park Place stock to "strong buy" from "accumulate," setting a 12-month target price of $17 a share.

BancBoston Robertson Stephens' analyst Harry Curtis reiterated his "buy" rating, with a target price of $18 a share.

Park Place stock was quoted at $11.50, down 18.75 cents a share, in midday trading today.