Earnings up for LV company

Tuesday, Oct. 23, 2001 | 9:47 a.m.

PDS Gaming Corp. of Las Vegas reported a 118 percent increase in net income for the quarter ending Sept. 30.

Net income for the quarter was $386,000, or 10 cents per share, compared to net income of $177,000, or 5 cents per share, for the year-ago quarter. Revenues rose 11 percent to $12.5 million.

Slot machine sales, "sales-type leases" and finance income were all down during the quarter, but these were more than offset by big gains in operating lease rental income and fee income. PDS also reported $428,000 in new revenues from the Gambler Casino in Reno, acquired earlier this year.

PDS also told investors it sees no signs of weakness in its business from the slowdown experienced by Las Vegas since Sept. 11, noting its customer base spans 11 states.

"A majority of the casino operators that purchase, finance or lease gaming equipment from PDS Gaming cater to customers that live nearby or who drive to their facilities," Peter Cleary, PDS president, said. "Most of our customers are not heavily dependent on convention events or airline travel for their customer traffic."

AC development chief leaves

MGM MIRAGE announced today that Mark Juliano, chief operating officer of its Atlantic City development efforts, has resigned.

The project Juliano headed was the company's plan to develop a wholly-owned casino resort in Atlantic City. This would be separate from the $1 billion Borgata, a joint venture with Boyd Gaming Corp. scheduled to open in 2003. MGM MIRAGE said it plans to open its new resort in 2005.

"Given the time frame for opening, I decided to pursue more immediate opportunities," Juliano said in a statement.

MGM MIRAGE didn't say where Juliano was going. He left as president of Caesars Atlantic City to join Mirage Resorts in 1999.