Gaming briefs for June 1, 2004

Tuesday, June 1, 2004 | 10:42 a.m.

Vegas company's tribal successes recognized

SACRAMENTO -- Station Casinos Inc.'s gamble on the Thunder Valley Casino in Northern California is paying off, spurring more Indian tribes look to the Las Vegas company for helpin opening casinos, the Sacramento Bee reported.

Tribes interested in gaming are impressed with the speed at which Thunder Valley was built and the strength of the company's balance sheet, the paper said, citing John Mulkey, a gaming and lodging analyst for Bear, Stearns & Co.

Station Casinos advanced the United Auburn Indian Community almost $47 million and guaranteed a $215 million construction loan as part of a seven-year agreement to manage Thunder Valley. The company receives 24 percent of the casino's net revenue, which should amount to at least $70 million in the first year, the paper said.

Even before the casino opened, the company reached a similar agreement with the Federated Indians of the Graton Rancheria for a casino in Sonoma County, Calif. Since then, Station Casinos has reached operating agreements with two other tribes in Northern California and one in Michigan, the paper said.

Bank sues company to recover embezzled funds

SYDNEY, Australia -- Commonwealth Bank of Australia, the nation's second-largest lender, sued Internet wagering company International All Sports Ltd. to recover A$17 million ($12 million) stolen by a bank branch manager to make bets.

Commonwealth Bank claims the money was "wrongfully received" by International All Sports, the wagering company said in a statement. It said it will defend the suit.

ALBUQUERQUE:

Eleven of the Indian tribes operating casinos in New Mexico earned a record $11 9 million from slot machines during the first three months of the year. The increase in the slot machine "net win" comes a quarter after the tribes saw a $2 million-plus decrease in their slot business. The net win is the amount wagered on slots minus regulatory fees and prize payouts.

"Wow," New Mexico Indian Gaming Association acting Chairman Charlie Dorame said Thursday of the figures from the Gaming Control Board.

The previous record was set in the third quarter of 2003, which ended last September, when the 11 tribes brought in more than $112.52 million in slot machine net wins.

Sandia Pueblo Gov. Stuwart Paisano said his casino changed its marketing tactics to target tourists.

The casino has offered free concert tickets to those booking vacations on the state Tourism Department Web site and is now advertising in airline magazines, Paisano said.