Gaming news briefs for June 4, 2004

Friday, June 4, 2004 | 11:11 a.m.

Family files wrongful death suit

The family of a 16-year-old Las Vegas boy who jumped to his death from the Stratosphere Tower two years ago has sued the Stratosphere hotel-casino.

The family of Levi Walton Presley filed a wrongful death suit in Clark County District Court in connection with the July 13, 2002, death that was ruled a suicide by the Clark County coroner's office.

When Metro Police investigated the incident, they said the teen scaled two fences, one 5 feet high and the second 10 feet high, on the 109th floor of the tower before jumping from the outdoor observation deck. The suit, filed last month, accused the Stratosphere of not complying with building codes and industry standards and said the barriers were insufficient.

A spokesman for the Stratosphere said the company routinely does not comment on pending litigation.

Indian casino measures qualify for ballot

SACRAMENTO -- Two initiatives aimed at overhauling California's business relationships with Indian casinos have qualified for the November ballot.

The initiatives both seek to commit all of the state's 53 gaming tribes to higher rates of revenue-sharing with the state.

One, supported by rival gambling interests, would allow up to 30,000 slot machines at five racetracks and 11 card clubs unless all tribes agree to give the state 25 percent of their profits. The clubs and tracks would then pay 33 percent of their casino-driven profits into a trust fund to benefit local public safety agencies.

The other measure, backed by the casino-owning Agua Caliente Band of Cahuilla Indians of Palm Springs, seeks to apply the roughly 9 percent revenue tax on corporations to gaming tribes in exchange for rights to greatly expand their casinos.

For weeks, leaders of at least five tribes have been negotiating with a representative of Gov. Arnold Schwarzenegger to revise the compacts that first spelled out tribal gaming rights in California.

Gaming tycoon to break ground on casino

MACAU -- Las Vegas gaming mogul Steve Wynn will soon begin construction of his casino-hotel in Macau now that the enclave has passed a law to let casinos extend credit to gamblers, an executive said today.

Wynn will be competing with another Las Vegas operator, Sheldon Adelson, who opened his Sands casino last month, and Hong Kong tycoon Stanley Ho, who has been running casinos in Macau for more than 40 years.

Gamblers in Macau have long borrowed money from loan sharks who hang out around the casinos. Wynn won one of Macau's three casino licenses in 2002, but had threatened to back out of his plans to build here unless Macau passed the law.

An executive at Wynn Resorts Macau, Linda Chen, said today that Wynn's casino-resort will cost at least $498 million with 600 hotel rooms, 200 gaming tables and 350 slot machines.

Wynn plans to officiate at a groundbreaking ceremony in June, but no date has been set.

NLV timeshare operator buying out Hawaii partner

Sunterra Corp. of North Las Vegas, which operates timeshare resorts in North America and Europe, said it will buy the rest of its West Maui Resort Partner LP for about $94 million.

Sunterra owns 23.3 percent of West Maui Resort, which runs the 12-story Embassy Vacation Resort Ka'anapali in Hawaii, the company said in a statement. Sunterra expects the deal to boost earnings in 2004.

Under the agreement, Sunterra will acquire unsold vacation interests with an estimated value of $235 million.