Gaming briefs for August 16, 2004

Monday, Aug. 16, 2004 | 10:43 a.m.

Company reports higher profit

Las Vegas gaming leasing company PDS Gaming Corp. today reported a 2 percent increase in second quarter profit to $186,000. On a per share basis, profit was flat at 5 cents compared with the second quarter of last year.

Revenue more than doubled over the period, rising 105 percent to $20.2 million from last year.

Revenue from equipment sales and sales-type leases increased to $10.4 million from $1.6 million a year ago, primarily because of significantly higher sales of equipment coming off lease.

Revenue from operating lease rentals rose to $8.6 million from $6.1 million a year earlier, reflecting a larger lease portfolio, the company said.

Refinery owner fights casino

RICHMOND, Calif. -- ChevronTexaco Corp. has made a last-minute bid to stop the construction of a casino near its Richmond refinery.

The San Ramon-based oil giant on Friday offered to pay the city of Richmond $34 million to buy a former Navy base at Point Molate, where the Guidiville Band of Pomo Indians and an Emeryville developer want to build a gambling complex with 1,100 hotel rooms and 3,000 slot machines.

Chevron said the casino will attract thousands of visitors that could threaten its refinery's security. In a news conference with environmental groups Friday, Chevron officials said they want to convert the land to an open-space preserve with possible industrial uses.

Richmond city officials said they welcomed Chevron's bid, though Councilman Tom Butt said the bid was not competitive with the bid from the casino's backers.

The Richmond City Council is expected to consider the casino in coming weeks.

Commission sticks with Trump

FRENCH LICK, Ind. --The Indiana Gaming Commission has reiterated its confidence in Donald Trump, issuing a public letter saying his company remains the best choice to develop French Lick's casino.

The letter signed by Chairman Donald Vowels said commission members, before voting to award the state's 11th and final casino license to Trump, realized a bankruptcy filing could result from the recapitalization plan of his casino company.

"We are confident that the proceedings will not impact the company's ability to meets its obligations to its host communities or the local businesses that do work for Trump, including the newly approved agreement in Orange County," said Vowels' letter, issued Friday.