Casinos roll the dice on airline start-up

Article Abstract:

Rio Hotel and Casino Inc. has entered into an agreement with rival Harrah's Entertainment Inc. to become partners in a new low-cost airways venture to be called National Airlines. Each casino will invest $15 million while an additional $20 million will be procured from outside investors, including Wexford Management LLC. The new company is expected to carry gamblers from cities such as San Francisco, New York, Miami and Los Angeles at 30% discounted ticket rates compared to other airlines. The airlines will offer passenger conveniences such as direct baggage handling and frequent-flyer and frequent-gambler programs.

Comment:

Entered into agreement with Harrah's Entertainment Inc. to form new low-cost airways venture to be called National Airlines

Strategic alliances, Licensing/Sales Agreements, Harrah's Entertainment Inc., Rio Hotel & Casino Inc., Article

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Millennium bugged: the big Y2K problem is the silly questions; Dan Lee of Mirage Resorts Inc. is sick of all the queries about whether he's ready

Article Abstract:

The CFO of Mirage Resorts Inc., Dan Lee, says his company is spending about $30 million on the Y2K transition, but the thing that has pushed his patience beyond the brink is all the questionnaires from banks, vendors, everyone. Now the only form he bothers to complete is the one from the SEC. When a questionnaire came from Harrah's that asked, among many other things, "who is leading your Y2K efforts?" the reply went back, "large rodents on the property."

Strategy & planning, Coin-operated amusement devices, Planning, Abstract, Mirage Resorts Inc., MIR

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Santa Fe Gaming asks to restructure debt of $60 million

Article Abstract:

Seeking to avert bankruptcy at its Pioneer Finance Corp. unit, Santa Fe Gaming has asked bondholders for concessions on payment deadlines. The Las Vegas casino operator is seeking to extend debt payments for several years. The Culinary Union in Las Vegas opposes the plan and is seeking to force the company to sell assets in order to make its payments.

Financial management, Misc. Amusement, Recreation Services, Legal Gambling, Gambling Industries, Finance, Gambling industry, Gambling, Santa Fe Gaming Corp., SGM

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