Business news briefs for March 30, 2004

Tuesday, March 30, 2004 | 11:10 a.m.

Opening time set for downtown landmark

The downtown Las Vegas landmark hotel-casino Binion's Horseshoe is set to reopen shortly after 4 p.m. Thursday, new operator Harrah's Entertainment Inc. announced Monday.

Las Vegas Mayor Oscar Goodman is slated to join Harrah's Western Division President Tom Jenkin in a 4 p.m. Thursday news conference outside the casino's entrance near the intersection of Fremont Street and Casino Center Drive.

The Horseshoe doors will open immediately after the news conference, with the casino action slated to resume for the first time since federal marshals and Nevada gaming regulators closed the downtown landmark Jan. 9. The property will serve cake and champagne to celebrate the reopening, with live entertainment provided until 8 p.m.

Lender's loss to widen

Vestin Group Inc., in regulatory documents filed with the Securities and Exchange Commission on Monday, said it will report a $5.2 million loss for 2003, compared to net income of $3.8 million in 2002.

The company declined comment on the announcement this morning. Vestin's stock was down 3 cents this morning, trading at $1.55 per share.

Vestin, a Las Vegas-based commercial lender, also said it would be late in filing its annual report after firing auditor Ernst & Young earlier this month. Ernst & Young had previously said it would not complete its audit pending the completion of an ongoing SEC inquiry into Vestin and two of its lending funds.