Thursday, Jan. 8, 2004 | 10:37 a.m.
Firm faces debt downgrade
NEW YORK -- Starwood Hotels & Resorts Worldwide Inc., which owns the Westin and Sheraton chains, may have its credit rating cut by Moody's Investors Service and Standard & Poor's.
The move affects about $5 billion of White Plains, N.Y.- based Starwood's debt, Moody's said in a statement. S&P said a possible downgrade reflects Starwood's announcement that along with Lehman Brothers Holdings Inc., it had acquired Le Meridien Hotels and Resorts Ltd.'s $1.3 billion of debt.
Lehman and Starwood agreed to negotiate the recapitalization of Le Meridien, a closely held European hotel company that operates 120 luxury properties. If Starwood moves to acquire Le Meridien for cash, such action would have "a meaningful impact on Starwood's credit measures," S&P credit analyst Craig Parmelee said in a statement.
In Las Vegas, Starwood is part of a group that has agreed to buy the bankrupt Aladdin resort. Westin, a Starwood brand, also entered the Las Vegas market last year with the opening of the Westin Casuarina hotel-casino.
Woman lied about lost ticket
CLEVELAND -- A woman said through tears today that she lied about losing the winning ticket for a $162 million lottery prize awarded to another woman.
Elecia Battle, 40, of Cleveland, is dropping her lawsuit to block payment of the Mega Millions jackpot to the certified winner, said her lawyer Sheldon Starke.
"I wanted to win," Battle said. "The numbers were so overwhelming. I did buy a ticket and I lost it. I wanted to win so bad for my kids and my family. I apologize."
Riverboat gambling rejected
SAC CITY, Iowa -- Sac County voters on Tuesday rejected an effort to bring riverboat gambling to the county.
A measure to approve of gambling games on an excursion boat was rejected 2,007 to 1,475, the county auditor's office reported.
Resort receives approval
D'IBERVILLE, Miss. -- Developers of the proposed Royal D'Iberville Hotel and Casino have environmental approval for the project and can now continue with their plans.
In August 2000, a judge ruled that environmental impact statements needed to be issued before casino projects could be built in D'Iberville and the north shore of Bay of St. Louis.
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