Paris resort exceeding expectations
Wednesday, Sept. 29, 1999 | 11:05 a.m.
Park Place Entertainment Corp.'s four-week-old Paris Las Vegas casino resort is earning more than the world's largest casino company had expected, Chief Financial Officer Scott LaPorta told the Banc of America Securities Investment Conference in San Francisco.
Las Vegas-based Park Place had previously projected a 15 percent-to-16-percent return on its $785 million investment in Paris. That would have meant cash flow, or earnings before interest, taxes, depreciation and amortization, of about $125 million annually.
"Based on the early results, we will handily beat the 16 percent return," LaPorta said.
Paris is likely to generate "by far" the top return of the four major new casino resorts that have opened in Las Vegas over the past year, said Banc of America Securities analyst J. Cogan, who rates Park Place shares "strong buy."
That's partly because Park Place Chief Executive Arthur Goldberg spent less building his new property than Mandalay Resort Group spent on its Mandalay Bay casino resort, than Las Vegas Sands Inc. spent on its Venetian or than Mirage Resorts Inc. spent on the Bellagio.
archive
- Most Read
- Discussed
- Most E-mailed
- Live Main Event blog: Cada and Moon set to square off heads-up
- Ensign moves out of home on C Street
- Cada and Moon emerge as Main Event’s final two
- Cities, county find buying valley homes isn’t easy
- Life in the Limelight: Wayne Newton
- Temperature to hit 80 today in Las Vegas
- UNLV wins hoops scrimmage at Long Beach State
- Everclear’s Art Alexakis finds Hard Rock Cafe feels like home
- Fight snapshot: Reviewing “24/7 Pacquiao/Cotto,” episode 3
- Six people share their stories of what led them to jobs at CityCenter
Blogs
The Greene Room
MWC Winners and Losers: Week 10
The Kats Report
Buchanan was one of the city's truly flamboyant characters
Sports: Upon Further Review
Fight snapshot: Reviewing "24/7 Pacquiao/Cotto," episode 3
The Kats Report
Life in the Limelight: Wayne Newton (4 Comments)
Politics: Ralston's Flash
An entire campaign in one mail piece for Harry Reid (5 Comments)
Miech Again
On the road to Long Beach, UNLV hoops style (13 Comments)
The Kats Report
Vocal strain prompts Wayne Brady to call off 'Making It Up' until 2010 (1 Comment)
Calendar »
- 9 Mon
- 10 Tue
- 11 Wed
- 12 Thu
- 13 Fri
-
Jo Dee Messina at the House of Blues
House of Blues | 7 p.m. to 10 p.m.
-
The Revival Tour at Beauty Bar
Beauty Bar | 9 p.m. to 11:59 p.m.
-
DJ Tina T at Prive
Prive | 10 p.m. to 11:59 p.m.
-
The Automatic Tour at The Square Apple
The Square Apple
The Sun
Locally owned and independent for more than 50 years.
Technorati










