Steve Green

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Report: Nevada among friendliest states for small businesses: Local analyst says despite pro-business atmosphere, Nevada will lag in recovering from recession; Wednesday, Dec. 2, 2009; Forget, for a moment, Nevada's high rates of bankruptcies, foreclosures and unemployment. One business advocacy group, the Small Business & Entrepreneurship Council of Oakton, Va., on Tuesday issued a report arguing that Nevada still offers opportunity for entrepreneurs thanks to the state's pro-business atmosphere. Nevada ranked No. 2 in the 14th annual rankings of the states according to their public policy climates for small business and entrepreneurship.
Employee files lawsuit against Amazon.com, seeks class-action status: Employee says workers' time on the clock rounded to quarter hour; Tuesday, Dec. 1, 2009; A former Amazon.com worker in Las Vegas is seeking class-action status for a lawsuit claiming the company's warehouse workers nationwide have been shorted on overtime pay.
Report: Nearly 70 percent of LV homeowners underwater on mortgage: Monday, Nov. 30, 2009; Homeowners in the Las Vegas area continue to be punished by dropping prices, with the number underwater in their mortgages surpassing 319,000 or 69.5 percent. That's according to First American CoreLogic, which last week issued negative equity numbers for home mortgages and home equity lines of credit. The company found that in September, 23 percent of residential properties nationwide with mortgages were in negative equity.
Nevada leads nation in rate of bankruptcy filings: Monday, Nov. 30, 2009; Two reports issued Thanksgiving week illustrated the U.S. recession's devastating affect on Nevada. The Administrative Office of the U.S. Courts reported that nationwide, bankruptcies for the fiscal year ended Sept. 30 surged 34.5 percent to 1.4 million -- with Nevada posting the highest rate in the nation.
Fontainebleau retail component seeks bankruptcy protection: Friday, Nov. 27, 2009; The retail portion of the idled Fontainebleau Las Vegas casino resort filed for bankruptcy protection Wednesday -- introducing a new set of creditors and controversies to the massive case.
Contractors make another bid for Fontainebleau: Thursday, Nov. 26, 2009; Contractors owed hundreds of millions of dollars for work on the Las Vegas Fontainebleau casino-resort moved again Wednesday for the right to take over the project by making a bid for what they're owed, known as a credit bid. Their attorneys filed a motion for credit bidding in Miami's bankruptcy court the same day that Judge A. Jay Cristol signed paperwork approving investor Carl Icahn as Fontainebleau's stalking horse bidder.
Harrah's working on plan to take over Planet Hollywood: Wednesday, Nov. 25, 2009; Harrah's Entertainment Inc.'s chief executive officer confirmed to employees Wednesday that the company is interested in acquiring the Planet Hollywood resort on the Las Vegas Strip. In an internal e-mail, CEO Gary Loveman told employees of the company's interest, Harrah's spokeswoman Jacqueline Peterson said.
Company settles state antitrust lawsuit over Palm Mortuary purchase: Wednesday, Nov. 25, 2009; A Texas company has agreed to sell some of its Las Vegas funeral home operations to settle an antitrust lawsuit filed by the state over its purchase of Palm Mortuary Inc.
Kellogg Media Group files for Chapter 7 bankruptcy: Wednesday, Nov. 25, 2009; Facing stacks of lawsuits over unpaid bills and allegations it deceived advertisers by inflating circulation numbers, Las Vegas tourist magazine publisher Kellogg Media Group LLC voluntarily filed for Chapter 7 bankruptcy liquidation Tuesday.
Developer General Growth moving subsidiaries out of bankruptcy protection: Wednesday, Nov. 25, 2009; Shopping mall and land development giant General Growth Properties Inc. is working to quickly move hundreds of its subsidiaries out of bankruptcy protection, including several in Las Vegas. The Chicago company, weighed down by $27 billion in debt and hurt by the recession, filed for Chapter 11 bankruptcy reorganization on April 16.
Photo galleries settle lawsuit over trade secrets: Wednesday, Nov. 25, 2009; A settlement has been reached in a lawsuit over trade secrets at high-end photo galleries operating in Las Vegas.
Boyd Gaming sues man over Internet domain name: Tuesday, Nov. 24, 2009; Boyd Gaming Corp. of Las Vegas on Monday sued the owner of an Internet domain name, charging it wrongly associates one of its casinos with an online gambling site.
Bellagio sues company over alleged trademark infringement: Tuesday, Nov. 24, 2009; Attorneys for the Bellagio hotel-casino on the Las Vegas Strip are demanding that a Canadian company stop doing business as "Bellagio Limousines.'' The Las Vegas resort filed suit Monday against Bellagio Limousines of the Toronto area in U.S. District Court in Las Vegas, alleging the company has been infringing on the resort's trademarks by offering "Bellagio'' limousine services and by promoting its services with an Internet Web site.
Report: LV home prices fall despite increases nationwide: Tuesday, Nov. 24, 2009; Las Vegas remains the nation's most depressed big housing market as tracked by the influential S&P/Case-Shiller Home Price Indices, with prices in the gaming capital falling for the 37th consecutive month through September.
Carl Icahn offers $156 million for Fontainebleau, outbids Penn National: Monday, Nov. 23, 2009; Investor Carl Icahn will be the stalking horse bidder for the mothballed Fontainebleau Las Vegas casino resort, offering $156 million in cash and financing Monday and outbidding Penn National Gaming. During a hearing in Miami's bankruptcy court, Penn National Gaming initially competed with Icahn but then dropped out of the bidding after going as high as $145 million.
Vegas-based Majestic Star Casino seeks bankruptcy: Monday, Nov. 23, 2009; Las Vegas-based Majestic Star Casino LLC filed for bankruptcy protection today in Delaware after defaulting on debt obligations covering its properties in Colorado, Indiana and Mississippi.
Fontainebleau contractors say sales process is flawed: Friday, Nov. 20, 2009; Contractors that claim to be owed $424 million today objected to the Fontainebleau Las Vegas sales process in which Penn National Gaming could pick up the unfinished project for less than $102 million.
Joint venture will acquire Hughes Center owner: Friday, Nov. 20, 2009; A big nationwide real estate deal announced today includes the high-end, 115-acre Hughes Center office and business complex in Las Vegas. Its owner, Crescent Real Estate Equities Limited Partnership of Fort Worth, Texas, has been taken over by Barclays Capital, part of London-based banking giant Barclays Bank Plc.
Vegas company to pay $1 million to settle Arizona case: Friday, Nov. 20, 2009; Global Cash Access Holdings Inc. of Las Vegas on Thursday disclosed details about its agreement with Arizona gaming regulators, saying it will pay $1 million to settle an investigation involving actions years ago involving the company's founders.
SEC sues former gaming exec for alleged insider trading: Friday, Nov. 20, 2009; The Securities and Exchange Commission on Thursday sued former gaming executive R. Brooke Dunn, charging he and a friend were involved in illegal insider trading of the securities of Shuffle Master Inc. of Las Vegas.
Station Casinos, lenders agree to rent decrease at 4 properties: Friday, Nov. 20, 2009; Station Casinos Inc. and key lenders have reached an agreement to temporarily slash the rent that Station pays to lease from itself four of its most valuable hotel-casinos.
Culinary Union statement critical of Station Casinos: Thursday, Nov. 19, 2009; The Culinary Union issued a statement Thursday critical of Station Casinos Inc. and called on creditors in its bankruptcy case to demand that Station insiders make a significant equity investment in the company.
Las Vegas likely to see Thanksgiving holiday travel boost: Thursday, Nov. 19, 2009; Travel is expected to increase nationwide over Thanksgiving and Las Vegas properties will likely see more drive-in traffic from the big Southern California market, industry officials said this week.
Creditors want to expand probe of Station Casinos deal: Thursday, Nov. 19, 2009; One day before a key hearing in Station Casinos Inc.'s bankruptcy case, a creditors committee has signaled its intention to widen an investigation into the 2007 deal in which the Las Vegas company was taken private for $5.7 billion.
Bondholders say Herbst overpaid in deals, fight to recover debt: Wednesday, Nov. 18, 2009; Bondholders owed $362 million by Herbst Gaming aren't giving up on hopes of collecting some of that debt.
Company sues over card shuffler at Vegas gaming expo: Wednesday, Nov. 18, 2009; Casino industry supplier Shuffle Master Inc. sued a company based in Taiwan on Tuesday, charging the defendant is promoting a card shuffler at a Las Vegas trade show this week that infringes on Shuffle Master's patents.
Planet Hollywood complaint prompts judge's 'lock' of Web site: Wednesday, Nov. 18, 2009; A judge Tuesday ordered a company to stop operating a Web site that the Planet Hollywood hotel-casino in Las Vegas says is being used in a bait-and-switch scam diverting customers to competitors.
Strip land to be auctioned or sold in pre-packaged bankruptcy: Tuesday, Nov. 17, 2009; FX Real Estate and Entertainment Inc. has disclosed plans for a pre-packaged bankruptcy in which lenders have agreed to an auction — or a sale to insiders — of the company's land on the Las Vegas Strip.
Suit filed over officer's release of unauthorized information: Tuesday, Nov. 17, 2009; A second lawsuit has been filed over incidents in 2006 and 2007 in which at least one Metro police officer provided unauthorized information to a private investigator in behalf of Jeff Guinn, son of former Gov. Kenny Guinn.
Penn National's bid sets up auction for Fontainebleau: Tuesday, Nov. 17, 2009; Penn National Gaming Inc. on Monday made a $50 million "stalking horse" bid to buy the stalled Fontainebleau casino-resort in Las Vegas, with plans to spend another $1.46 billion to complete the project. Penn's offer, filed in Miami's bankruptcy court, sets in place an auction process in which other investors will have an opportunity to bid for the property. Fontainebleau also said in a court motion Monday that Penn National and unnamed lenders have agreed to provide $51.5 million in debtor-in-possession financing to cover its costs.
Judge denies request to block vote on Beltway project: Monday, Nov. 16, 2009; A federal judge on Monday refused to block yet another vote on a disputed northern Beltway widening job. The Clark County Commission is set Tuesday to consider two agenda items related to the bid.
Herbst Gaming sees profit on lower interest expense: Monday, Nov. 16, 2009; Herbst Gaming Inc. of Las Vegas, which is preparing to emerge from bankruptcy protection, reported Monday a small profit for the third quarter thanks to reduced interest expenses.
Planet Hollywood's financial outlook worsens: Resort says lenders control its finances as property reports $17.5 million loss; Monday, Nov. 16, 2009; The owner of the 2,518-room Planet Hollywood hotel-casino on Monday reported another quarterly loss and disclosed that its lenders are now in control of its finances. BH/RE LLC, the Las Vegas Strip resort's parent company, said that for the quarter ended Sept. 30 it lost $17.5 million vs. a loss of $10.7 million in the year-ago quarter. Revenue fell 20.6 percent, from $69 million to $55 million, as Planet Hollywood's casino accommodated fewer players and the hotel had to lower room rates to stay competitive.
Law firm sues state over mortgage modification licensing: Monday, Nov. 16, 2009; A law firm active in Henderson and Las Vegas is suing the state over rules requiring licensing of non-attorney employees working on mortgage loan modifications.
Station Casinos' loss widens on reorganization costs: Monday, Nov. 16, 2009; Las Vegas locals gaming leader Station Casinos Inc. today disclosed it incurred $370.7 million in costs related to its bankruptcy reorganization, driving a quarterly loss of $455.4 million.
Ensign Federal Credit Union fails: EDS Credit Union of Plano, Texas, to continue operating Ensign's Las Vegas-area branches; Saturday, Nov. 14, 2009; Another Las Vegas-area credit union has failed, with regulators on Friday liquidating the 48-year-old Ensign Federal Credit Union of Henderson.
Las Vegas Hilton reports wider loss in quarter: Friday, Nov. 13, 2009; Noting reduced business volumes and fierce competition, the owner of the Las Vegas Hilton hotel-casino reported Friday that its third quarter loss widened as revenue tumbled.
Hooters reports loss, says Chapter 11 possible: Friday, Nov. 13, 2009; The owner of the 696-room Hooters hotel-casino in Las Vegas reported another quarterly loss Friday, even after slashing expenses. Revenue of $10.729 million was down from $14.211 million as the recession deterred visitation to Las Vegas.
FortuNet reports loss on software development write-off: Friday, Nov. 13, 2009; FortuNet Inc., a Las Vegas company supplying electronic bingo systems around the nation, has reported a loss for the third quarter ended Sept. 30.
Report: Fall in gaming revenue slows, too early to call bottom: Friday, Nov. 13, 2009; While recent statistics suggest the drop in U.S. gaming revenue caused by the recession continues to ease, it's still too early to say gaming revenue has hit bottom, Moody's said in a report Friday.
Station Casinos wants to block competitor from seeing its financials: Thursday, Nov. 12, 2009; Station Casinos Inc. of Las Vegas is asking its bankruptcy judge to reject efforts by competitor Boyd Gaming Corp. that Boyd have a look at Station's detailed financial information.

On Nov. 1, Boyd filed court papers supporting a motion by a minority group of lenders that an examiner be appointed to study Station's finances.
Privé owner files for bankruptcy protection in Florida: Thursday, Nov. 12, 2009; The owner of the Privé and Living Room nightclubs at the Planet Hollywood resort in Las Vegas filed for Chapter 11 bankruptcy protection Wednesday in Florida.
Former Pinnacle CEO to get $2.8 million in severance: Thursday, Nov. 12, 2009; Regardless of whether he quit or was fired, former Pinnacle Entertainment Inc. Chairman and Chief Executive Officer Dan Lee is set to receive $2.8 million in cash severance payments over three years.
Lenders with mortgage want to give Station more time to plan reorganization: Thursday, Nov. 12, 2009; Additional Station Casinos Inc. lenders have weighed in on the Las Vegas company's request that it be allowed an extra four months to exclusively propose a plan of reorganization.

In U.S. Bankruptcy Court filings Tuesday, lenders holding a mortgage against four of the company's most valuable properties said they are fine with the extension -- as long as Station doesn't try to cancel a lease covering those four properties.
Web site owner denies New York-New York allegations: Wednesday, Nov. 11, 2009; A Web site owner on Wednesday denied allegations in a lawsuit that his www.newyorknewyork.com Internet site was infringing on the trademarks of the New York-New York hotel-casino in Las Vegas.
LV-based Full House Resorts sees revenue increase: Wednesday, Nov. 11, 2009; Las Vegas-based Full House Resorts Inc. reported higher revenue and its profit grew in the third quarter as the FireKeepers Casino in Battle Creek, Mich., opened Aug. 5.
Elixir Gaming narrows loss in third quarter: Wednesday, Nov. 11, 2009; Asian casino supplier Elixir Gaming Technologies Inc. narrowed its quarterly loss in the third quarter, even after flooding disrupted gaming locations in the Philippines.
Creditors press for independent examiner in Station bankruptcy: Wednesday, Nov. 11, 2009; Ongoing disputes between Station Casinos Inc. and two groups of creditors continued with more bankruptcy court legal maneuvering this week.
Dispute over casino baccarat systems prompts lawsuit: Tuesday, Nov. 10, 2009; A lawsuit has been filed in a dispute between two companies involved in selling baccarat systems to casinos.
Harrah's launches program to focus on small group travel: Tuesday, Nov. 10, 2009; Harrah's Entertainment Inc. of Las Vegas today said it launched a program called Total Experiences to boost sales in the small group travel segment, a market of increasing importance to the hotel industry.