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GRUB # 1
March 12, 2009 - 4:53 PM EDT
KATY 0.65 -0.20
Katy Industries, Inc. Announces Cancellation of the Special Meeting Scheduled for March 19, 2009
BRIDGETON, Mo., March 12 /PRNewswire-FirstCall/ -- Katy Industries, Inc. ('Katy' or the 'Company') (OTC Bulletin Board: KATY) announced today that its Board of Directors has determined that the proposal to amend the Company's Certificate of Incorporation to change the number of issued and outstanding shares of Katy by effecting a 1-for-500 reverse stock split with cash paid in lieu of resulting fractional shares (the 'Reverse Stock Split') was no longer in the best interests of the Company. This decision was due primarily to a change in the number of shares to be exchanged for cash in the Reverse Stock Split, which resulted in a substantial increase in the cost and expense of the Reverse Stock Split as compared to what was originally anticipated. As a result, the Board of Directors has decided to abandon the Reverse Stock Split and to cancel the Special Meeting of Stockholders of the Company scheduled for March 19, 2009. The Company will continue its current operations and will continue to be subject to the reporting requirements of the Securities and Exchange Commission.
Company contact:
Katy Industries, Inc.
James W. Shaffer
(314) 656-4388
SOURCE Katy Industries, Inc.
( :>( Not Green Paint, That Is Even Paint.
IMO This Looks Like A Sell @ .011
Price Size Exch Time
0.011 49900 OTO 14:38:35
0.011 20000 OTO 14:37:41
0.011 20000 OTO 14:37:26
0.011 50000 OTO 09:30:10
And This Looks Like A Partial Fill Sell @ .011
Price Size Exch Time
0.011 100 OTO 14:35:41
0.011 100 OTO 13:56:43
Now We Need 2 Paint It Even 4 Da Day...
Later, The Team.
OT:
The Full Monti by Monti Rock III |
Can it be? Is it a recession or a depression? The conventions, the mob museum, a new city hall, bankruptcy, closings, openings, it’s Vegas.
With all that’s happening in the world economy, it’s somewhat surprising and a nice change of pace seeing the M Resort celebrate its recent grand opening. Some 4,000 guests and all the food critics they could round up were invited to the celebration. Good way to tout the fact all the restaurants are products of the M. No outsiders.
The Marnell family, creator of the M Resort, is certainly familiar with Las Vegas. They became well-known as builders of the Rio Hotel & Casino back in the 90’s. The M Resort is reportedly catering to locals.
For weeks the headlines have been shouting the struggles of Station Casinos. Boyd Gaming stepped up and made an offer that was rejected. Boyd suspended work last year on its Strip project, Echelon Place, and it seems that was the right move for the current economic conditions in Las Vegas.
Station Casinos and the Fertitta family have a good name here in Las Vegas as does the Boyd Gaming Group. Let’s hope everything works out for all.
Most of the hotels and resorts are offering 2-for-1 shows and special deals for rooms. Rooms at top hotels are listed on Expedia or Cheap Tickets and going for $75-80 a night, including a free buffet. Fact, no rumor. Even Cher’s show at Caesars Palace isn’t recession proof with special offers such as automatic seating upgrades for locals every Wednesday in March.
Even in the current economic downfall there are new shows opening. I was on the phone with Jerry Mitchell, who’s opening his latest creation "The PeepShow" at Planet Hollywood. Jerry assured me it’s something new, spectacular and divine. He was in the process of shooting a TV ad when we spoke. I’ll report on this latest venture after the special preview.
Many casino employees work for little more than minimum wage plus tips, which means if there are no customers, there’s no tips... and so it goes.
Would you believe it, Jerry Lewis a "new" father at age 82! Susan Lewis, who has claimed to be Jerry’s illegitimate daughter, has been found to have an 88.78 percent in common DNA with Gary Lewis, Jerry’s son, as reported on the March 5 telecast of Inside Edition. No comment from Jerry as yet.
Trent Carlini, who is probably the most handsome Elvis impersonator of all time, is settling in at the Steve Wyrick Theater at Planet Hollywood. Trent was the first place winner of the TV show "The Next Best Thing" and does a great tribute to the King. He is adding non-Elvis props to round out his big show.
Frank Marino, former star of "La Cage" at the Riviera, is still working on the "ultimate drag show." RuPaul has his own television show and looking for the world’s best drag queen. Ru, who makes an absolutely glam 7-foot tall doll, has been on the scene for some time and actually puts drag in the mainstream.
In TV land, I was glued watching "The Bachelor". He proposed and proposed and proposed. I like the way he cried. He’ll propose and propose again, no doubt.
Be sure to catch The Scintas and "Menopause the Musical" at the Hilton before the shows move out. The Scintas are going on tour and "Menopause" is still searching for a new venue.
Carluccio’s is offering the Classic Dinner Show featuring Wes Winters in two performances starting March 11. This is like vintage Vegas and maybe the start of a new trend. Call (702) 250-4506 for reservations.
One of the latest trends in Las Vegas is the building wrap. From the Flamingo you can see Donny and Marie Osmond smiling down on the masses and now Penn & Teller adorn the Rio as a way to acknowledge their 35 years together as the Bad Boys of Magic.
Michael Jackson’s return has been confirmed. Sounds like he’s about to make the comeback of the century. This tour, which Michael claims to be his finale, consists of 10 concerts at $1 million apiece in London this summer.
Finale? Remember what happened to the farewell tours of Cher and Tina Turner? Maybe Jacko will come to Las Vegas, as Steve Wynn has always wanted him at one of his properties.
I’m a great fan of Siegfried and Roy, those elegant men who provided visitors and locals alike with beauty and excitement like no other entertainers in Las Vegas. "Keep Memory Alive" was the name of their recent performance at the Bellagio, which was filmed for TV.
Before the tragedy that nearly took Roy’s life, this dynamic duo and yours truly were constantly running into each other at various events here in Las Vegas. We always managed to seek out each other at these events and shared many laughs. We’ve waited for five years to acknowledge Siegfried and Roy and all they have contributed to Las Vegas.
"Tony N" Tina’s Italian Wedding" has moved to Planet Hollywood with a new and revamped show. This latest version is geared to today’s younger audience and will have guest stars appearing at random.
Get ready for "Minute With Monti," my new radio segment which begins on Saturday, March 21 on KLAV (1230 AM). Gossip at its best.
Las Vegas Sands CEO: We let COO go, he didn't quit
(March 10, 2009 3:19 PM) -
Staff & Wire Reports |
Casino billionaire Sheldon Adelson says his company is on the right path in a rough economy — even if Wall Street and an executive he ousted disagree.
The 75-year-old CEO of Las Vegas Sands Corp. said Tuesday that his company doesn't intend to hire a restructuring firm to help it deal with its outstanding debt — $10.47 billion at the end of last year.
"The difference between us and you guys is that we believe what we say," Adelson told an investors' forum in New York. "Apparently the market doesn't believe us."
The company is stable and the "shuffle in management" has only improved its prospects, he said.
"Don't think that we have one foot in the pail of bankruptcy and the other on a banana peel in the middle of a hurricane," Adelson said. "That's not the case."
Sands, which has said it owes principal payments of $114.6 million this year and $197.6 million in 2010, revealed Tuesday in a regulatory filing that it told William Weidner, its president and chief operating officer, that he would be replaced four days before he resigned.
Weidner, 63, who had held those positions since December 1995, said in a resignation letter dated Sunday that was included in Sands' filing that he disagreed with Adelson on how to run the company.
Weidner's termination has led to speculation that other managers might be ousted, and Adelson said Tuesday that "nobody's indispensable."
"The only indispensability in our lives are our wives," Adelson said.
Lawrence Klatzkin, an analyst with Jefferies & Co., said in a note to investors Monday that Bradley Stone, Sands' president of global operations and construction, might follow Weidner out the door because they have worked closely for at least 20 years.
"At this point it is not known whether or not Mr. Stone will remain at the company," Klatzkin wrote.
Klatzkin wrote, however, that he hopes Stone stays because "he is a positive influence for the company, in our view."
Adelson said Tuesday that his company planned to increase company-wide cost cuts to $470 million or more annually — $220 million more than it announced in February that it would trim from operations in Las Vegas and Macau.
"At that level, or perhaps more, there's no need for us to go out and sell assets," he said.
But Adelson also said he planned to meet next week with four groups interested in buying into the company, including two construction companies interested in financing and building two suspended hotel projects in Macau in exchange for equity.
The company has said it wants to sell two malls in the Chinese gambling enclave, and Adelson said Tuesday that 19 potential buyers have come forward.
Klatzkin said selling the malls would go a long way to help the company's balance sheet and bolster its stock price. The stock rose 16.9 percent Tuesday to close at $1.66, down more than 76 percent since the start of 2009.
"Without the sales," the analyst said, "we remain concerned about a potential covenant breach and believe the stock could remain under pressure."
But Adelson said the company has "other viable, credible, validated options."
As president and COO of Las Vegas Sands, Weidner oversaw the company's U.S. and international locations.
According to the filing, he and the casino operator tried for days to negotiate terms for his departure but failed. The company feels Weidner's March 4 meeting with its board served as notice that his services were no longer required, according to the filing.
"We just sort of helped him out a little bit. ... We helped him resign a little bit," Adelson said Tuesday.
An SEC filing in November revealed substantial internal conflict at Sands. The company's board had created a committee to resolve disputes between Adelson and other senior managers and evaluate the company's decision-making and address "a loss of confidence" by managers.
Weidner said a week later at a forum for investors that he thought the infighting was similar to what happens at other companies.
"I think you can think of it as a junkyard dog fight," he said at the time.
That same month, Las Vegas Sands got investors to provide a much-needed capital infusion of about $2.1 billion, but Weidner said the company made a mistake in not raising it quickly to keep in compliance with its debt obligations.
"It was pretty much a monumental screw-up," Weidner said at the time.
The day after Weidner's resignation letter was sent, Las Vegas Sands named Michael A. Leven as his replacement effective April 1.
Leven, 71, a Sands board member since 2004, is the founder and former president and chief executive of US Franchise Systems Inc., which developed and franchised the Microtel Inns & Suites and Hawthorn Suites hotel brands. He has also held posts at Holiday Inn Worldwide, Days Inn of America and Americana Hotels. Leven had been CEO of the Georgia Aquarium in Atlanta since September 2008.
Las Vegas Sands plans to open a $743 million casino in Bethlehem, Pa., on May 22 and a $5.4 billion resort in Singapore in December. It reported losing $136.5 million in the fourth quarter last year.
OT:
Group submits proposal for 4 casinos in Ohio
(March 11, 2009 4:01 PM) -
Staff & Wire Reports |
A petition seeking voter approval of casinos in four Ohio cities was submitted to the state attorney general for review Wednesday as state regulators explore a separate plan that would allow slots at racetracks without a vote.
The Ohio Jobs and Growth Committee said the casino proposal would lead to $1 billion in private investment, $600 million in tax revenue and 20,000 new jobs. Casinos would be built in Cleveland, Columbus, Cincinnati and Toledo.
If Attorney General Richard Cordray approves proposed constitutional amendment language, the group will begin gathering signatures toward placing the issue on the Nov. 3 ballot.
Meanwhile, the Ohio Racing Commission plans to submit details of a competing proposal for state-run slot machines at seven horse racetracks. The group argued that lawmakers can act independently of voters and should seize the opportunity to take control of the endless parade of gambling proposals and look out for the state's economic interests.
"This petition they submit today will cut out racetracks," said commission executive director Sam Zonak. "They want casinos in four cities. That's not going to help us."
A vote in November would be the fifth time in 20 years and the second in the past year. In November, Ohio voters rejected a ballot proposal to allow a casino in southwest Ohio.
Related Articles:
Casino rivals collaborating on new ballot issue
Nevada revenues hit new low
Casino revenues still in freefall
Nevada revenues continue to slide
Also Check out our Race & Sports Section
Backers of the latest casino proposal made the standard pitch that casinos would create jobs and tax money for communities around Ohio, but a vote this year would come amid the backdrop of a recession.
David Zanotti, president of the conservative-leaning Ohio Roundtable, a group of business and community leaders that has fought the gambling issues, belittled the proposal as a money-grab rerun.
"Ohioans have rejected a single casino, they have rejected multiple casinos," he said. "There's really virtually nothing new here. You still have the same model of people trying to use the state Constitution to pick winners and losers and leave Ohioans with the bill."
Zanotti said he doubted the recession would give the jobs pitch extra resonance. "Ohioans are very smart about casinos. They get it. They know the money has to go in first before it can come out. If there's less money today than there was in the past, they can't create jobs for nothing," Zanotti said.
Casino proposals in the past also have met opposition from church groups, and the Ohio Council of Churches, representing 17 mainline Christian denominations with 2 million members, will fight the proposal, according to Tom Smith, public policy director. The council fears gambling hits the pocketbooks of the poor hardest, he said.
Gov. Ted Strickland believes casinos are not the best economic development tool for Ohio and the latest proposal appears similar to an earlier one that he opposed, spokeswoman Amanda Wurst said.
Meanwhile, the racing commission has begun looking into whether it can approve slot machines at race tracks without a voter-approved constitutional amendment.
A memo from Commissioner Tom Zaino said the issue of whether slots are banned "lotteries" might be avoided if a state agency operates the gambling venture.
"In this way, constitutional problems are avoided, there would be no need to amend Ohio's Constitution in order to have legal use of slot machines and/or other gaming, and the state could maximize tax revenue and regulation of gambling," the Feb. 19 memo said.
"There seems to be this belief that the Constitution prevents gambling in the state of Ohio, and that's not true. What it prevents is a lottery, unless it's operated by the government," Zaino told The Associated Press.
His reading of the law is that lawmakers could authorize slots, but there's a danger that someone would sue on constitutional grounds - so the memo suggests the state operate slots at the tracks as if they were a lottery.
He said the commission has been asked to present a proposal soon to the lawmakers, and that it will lean toward recommending legalized state-run slots.
& We Had Sad ( :>( Paint...<<<<<<
Price Size Exch Time
0.012 1000 OTO 15:59:55 <<<<<l<<<<o<<<<<<l<<<
0.011 14900 OTO 15:52:54
0.011 100 OTO 15:52:43
0.011 14900 OTO 15:52:24
0.011 20000 OTO 15:52:20
OTay i Will.
BL Why Would You Take That Much To Gamble With?
I Only Take $500 & Come Home With 3 Or 4 K.
& No Border Police Hmmmmmm Just The Wife.
$$$$$$
Posted by: BL Date: Wednesday, March 11, 2009 5:08:38 PM
In reply to: Superbee383 who wrote msg# 20652 Post # of 20674
i got stopped from casino on the border cant have more than $10,000 dollars cash on you i had way over that had to sign all forms then they let us go...bl
LUCKY I Wish I Could Tell You EOY PPS On
MGM & LVS
You Should Have Asked Last Week.
Over The Weekend I Dropped & Broke My Crystal Ball.
Later, Out Of The Loop Team.
$$$$$$$$$$$
Posted by: LUCKYTT711 Date: Tuesday, March 10, 2009 4:48:52 PM
In reply to: hang ten who wrote msg# 207 Post # of 209
Yeah... Thanks...a "dream" day for a change ... Waiting for TEAMLASVEGAS to project an End-of-Year target for LVS and MGM ... Picked up a few LVS at 1.57 today and pretty much watched everything go green ... Analyst at Bernstein has an "outperform" rating on LVS with a $8 target ... I'll be extremely happy at $4 ... IF they announce some new funding to "complete" some projects..watch out!!...2 months until Bethlehem opens... Huge population center and should pull money from Atlantic City to start ... My 3/15 Vegas trip is "funded" well now ... Pray for Surf...gl
Can You Save Me Time & Post A Link?
We Have Alot 2 Do In Vegas.
Insiders own 265mil
Labs owns 28mil
DB owns 10mil+(?)
TIA:
Do You Have A Link For This?
TIA:
LABS Is A MM?
LABS filed ownership<<<<<<<
$$$$$$$$$
Posted by: Lurker from Mars Date: Wednesday, March 11, 2009 3:38:08 PM
In reply to: tradingfool who wrote msg# 161828 Post # of 161834
I agree and have been saying such for a while..However the game is to grab shares and some are selling into it cuz they do not understand that very point...
LABS filed ownership, they do not sell for less....
This Should Bee Fun!
Selective Development LLC
2850 W Horizon Ridge Pkwy
Henderson, Nevada USA 89052-4395
Telephone: 0001 - (702) 430-4619
Selective Development LLC. 2850 W. Horizon Ridge PKWY suite 200. Henderson, NV 89052. 702-430-4616 office. 702-492-9954 home. 216-870-6366 cell ...
You R Wrong, We Can R/S....
$$$$$$$$$
Posted by: downriver Date: Monday, March 09, 2009 7:30:40 PM
In reply to: LC-GATOR who wrote msg# 161379 Post # of 161455
No bottom in sight, Indicators are pointing lower, Subpenny coming. Just a matter of time. SAD!
2009 Or 2010?
TIA:
$$$$$$$$$
Posted by: joyann Date: Monday, March 09, 2009 7:18:27 PM
In reply to: None Post # of 161454
The March 15 deadline is right around the corner. We will see where this goes
Great Post It L(.)(.)Ks Like Time 2 Sell.
U-Da-Man = Get-R-Done!
$$$$$$$$$$$
Posted by: Lurker from Mars Date: Monday, March 09, 2009 5:29:32 PM
In reply to: Basser1 who wrote msg# 161427 Post # of 161453
"It's getting worse by the day"
Oh NO!! they are producing the PM line!!!! ooooohh he means the stock!!! 3:1 buys...2:1 buys...bunch of selling today and 1k buy skyrockets accum almost to recent highs!!!!
nope, no manipulation going on....
"CEO & other Officers are selling." already covered that...
"CFO quits"...wasn't he and the other complaining about his performance for the last year???? now they complain that JP is gone....
"PPS are the lowest they ever have been" yet LABS is a buying machine...OH NO, must mean LABS is buying and filing ownership on a POS!!!! TYPICAL MM....right???? LMAO!!!
good job on the rest...
Thank You Basser, Post Of The Day.
It Looks Like It Is Time To Sell.
$$$$$$$$$
Posted by: Basser1 Date: Monday, March 09, 2009 5:22:35 PM
In reply to: LC-GATOR who wrote msg# 161416 Post # of 161452
You have to have something to balance before you can balance.
It's getting worse by the day.
And just how is it getting worse day by day? Has the company stopped getting great press coverage? Do more and more people know about our products from seeing them on television,newspapers, and radio spots. Does the company not have agreements with Wilbert, Waterloo, Pierce Chemicals Royal Bond, and Tatara for manufacturing and distribution of the products. Is the company not in in the final stages of uplisting to the bulletin board? Just how you can come up with a fantasy that this is getting worse by the day is mind boggling to me.
CEO & other Officers are selling.
Yes the officers have sold some shares and in most cases they have kept a small amount of the proceeds and put the money back into the company. The officers should not be able to sell some of their shares that are not restricted to meet their own financial obligations. The first two years that the company was in business the officers did not take salaries and were paid in stocks. Now I don't know where you shop but you can't go into Walmart and pay them for something with EI shares.
CFO quits.
So? You should be happy at this developement because it will save EI some money with his missing salary. He only resigned in order to pursue his own consulting business. He may have had a desire to be his own boss and stand on his own. Many people have the same desire and there is certainly nothing wrong with that as it balances with the spirit of enterprise that made this country great.
PPS are the lowest they ever have been.
People that got in this low before made a lot of money although some didn't and sold out for a loss because they lacked the courage of their convictions.
Economy is the worst it's been since the early 90's.
Finally one fact that is entirely correct, that is a breath of fresh air.
People are selling their insurance policy's to make ends meet.
If this is happening I would bet that it is a very small percentage of the population that is taking this path.
Company borrows from loan sharks
In reference to your previous statement about the economy I will state that one of the factors that has driven this down is the difficulty for companies and consumers to get loans from the more standard lending instituions. But it doesn't matter who they borrowed the money from because this is what the company has to say on this matter:
1) Eternal Image intends to pay off the $54K note early as we believe that this transaction may have sent the wrong signal to our loyal shareholders.
Company continues to raise the A/S.
Yes the A/S was raised and we were given a months notice that this event was going to happen. What you failed to include was the fact that the extra shares were used to pay off loans that the company had received and that the loans were paid in the form of restricted shares instead of cash.
Company does a R/S without letting us know
Yes in Jan of 08 the company did do a R/S at a 1-20 ratio and that was to help clear up some toxic financing that they got into in the company's start up phase. Nobody liked that very much but most have not let it dominate their view of the company and the potential that is in front of EI. There were some who blindly let go of all of their shares at a loss and then hung around to blast the company at every turn even though they don't have a stake in the companies future. Kind of like if they lost money they would like to see everyone else lose money also. Why do you think someone would do something as selfish as that?
Company Officers continue to give themselves bonuses without giving the shareholders something in return. ie, higher PPS.
The company officers worked for the first couple of years with no compensation and also took out loans to get the company started and into a production stage. The bonuses that you mention were issued in the form of restricted shares and also some stock options that don't take effect unless the officers act on them at a future date. Even though these people are officers of this company that does not somehow mean that they don't have some private obligations that need to be met. they are just like everyone else and they have to go to the store to buy groceries, they have to make house payments, and pay their gas bill so I don't understand how you think that they should work for nothing. The company officers are not the ones that decide what the pps is as that is left up to the market and the market will be giving a higher pps when the uplist is complete and we are attracting more of the institional type of buyers.
Balance? get real!!
Basser
Fake & Late Paint...Good Job...
0.013 2000 OTO 15:49:29
0.0125 10000 OTO 15:48:14
0.0125 10000 OTO 15:48:00
$$$$$$$$$$$
Posted by: Lurker from Mars Date: Monday, March 09, 2009 4:00:56 PM
In reply to: None Post # of 161412
13 close..135 ask after close...and my trade ticker says the 135 was actually a 13..WTH is up with the fake paint????
Time 4 Paint......lol........
Ahem... Congrats IF You Sold 2 Caskets. Hmmmmmm!
$$$$$$$$$$
Posted by: Lurker from Mars Date: Monday, March 09, 2009 2:39:42 PM
In reply to: Teamlasvegas who wrote msg# 161378 Post # of 161385
OMG and they only asked for $66k in loans!!! AHHHHHHHHH the sky is falling!!!!
Ahem...2 casket/urn sets a year from 3k FHs...is more than that in profit!!
Too FN easy IMO...I already did my part....
D R Did You See This From The 424B3?
we estimate that we will need a minimum of $1,500,000 to satisfy our cash requirements over the next 12 months.
March 9 (Reuters) - An apparent attempt to foment anti-American sentiment by prominent Chinese casino operator Stanley Ho could hurt Las Vegas Sands Corp's (LVS.N) operations in Macau, its Chief Executive Sheldon Adelson told the Wall Street Journal in an interview.
"You never know the effect his words could have," Adelson told the paper, referring to comments attributed to Ho in Chinese newspapers.
Ho urged Macau to "unite against" the Venetian, the towering casino that Sands has built in Macau, the paper said, citing several Chinese newspaper accounts.
"We are Chinese. We should unite against foreign capital," the Journal cited Ho as saying in the accounts. "We cannot keep silent. If not, the foreign capital will bully us."
A spokeswoman for Ho could not be immediately reached for comment by Reuters. (Reporting by Ajay Kamalakaran in Bangalore; Editing by Lincoln Feast)
http://www.reuters.com/article/marketsNews/idUSBNG47884020090309
Las Vegas Sands: Pres Weidner Resigns, Replaced By Dir Leven
5 minutes ago - Dow Jones News
Related Companies
Symbol Last %Chg
LVS 1.53 -13.56%
As of 1:47 PM ET 3/9/09
DOW JONES NEWSWIRES
Las Vegas Sands Corp. (LVS) announced that President and Chief Operating Officer William Weidner has left the casino company and its board.
He will be succeeded by director Michael Leven, who has 48 years in the hospitality industry. Leven in 1995 founded U.S. Franchise Systems, which developed and franchised the Microtell Inn & Suites and Hawthorn Suites hotel chains.
Las Vegas Sands shares were recently down 10% at $1.59. The stock is down 30% this month and 73% in 2009 amid continued worries about the company's debt load.
The change in the executive suite comes at a troubling time for the gambling industry. Revenues are down, including on the Las Vegas Strip where Sands has a big presence with its Venetian and Palazzo properties. That slack revenue is putting outsized pressure on casino operators, many of whom underwent debt-fueled growth.
Chairman and Chief Executive Sheldon G. Adelson last fall loaned the company $475 million so it could avoid breaking the terms of a $5 billion credit facility. It has since turned its focus to maximizing cash flow at its Las Vegas and Macau casinos, completing projects in Singapore and Bethlehem, Pa., and trying to sell noncore assets.
Weidner was Sands' president and operating chief for more than a decade. The company didn't detail any reason behind his departure, and a spokesman wasn't immediately available to comment. Weidner couldn't immediately be reached.
-By Kevin Kingsbury, Dow Jones Newswires; 201-938-2136; kevin.kingsbury@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/nae/al?rnd=uhZWDuT8N%2Fh45Ys7RP60FQ%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
03-09-09 1342ET
Copyright (c) 2009 Dow Jones & Company, Inc.
MGM Mirage (NYSE:MGM) made headlines very recently according to an AP article "MGM Mirage Inc., the gambling company owned by billionaire investor Kirk Kerkorian, said Tuesday that it may default on its debt amid development of its biggest casino project ever, the $8.6 billion CityCenter in Las Vegas." In this environment that news is particularly scary and I think it may add pressure to the already beleaguered shares. Note that I'm not saying that MGM can't mount a comeback.
Las Vegas Sands (NYSE:LVS) has clearly seen better days. Its stock price is now right around $2, which is a more than a 97% drop from its 52-week high. (To learn more read the 52-Week Highs/Lows section of our Market Breadth Tutorial.)
It has some great properties and interests under its umbrella in both Vegas and Macao, and I have a lot of respect for this company. But they are struggling. Interestingly, Yahoo! (Nasdaq:YHOO) Finance data shows that it missed estimates in each of the last four quarters. In addition the company is expected to show a loss of 8 cents a share in the current year. With that in mind, I just can't see myself trying to bottom fish here.
Steve Wynn, the CEO of Wynn Resorts (Nasdaq:WYNN) seems to have gaming in his blood. However, this economic slowdown and Vegas's woes are bigger than just one man. And therefore even though the company maintains some truly beautiful properties I'm not buying. I'll keep a close eye on it, because I think the company could pull through this mess.
Boyd (NYSE:BYD) is expected to earn 41 cents a share at this point, yet its stock trades at just $3 and change. In spite of the thrashing that stocks took on Thursday, shares of BYD closed higher. For these reasons I'm going to keep an eye on it.
I don't think it's immune to this economic slowdown and if people refrain from gambling because of the increasingly gruesome economy I can't help but think that the stock could come under pressure. I think there's a chance it could trade higher in the longer-term.
Bottom Line
I think casino stocks will ultimately shine. But for now because of the uncertainty I won't be rolling the dice.
http://community.investopedia.com/news/IA/2009/A-Quick-Sin-City-Review-MGM0309.aspx
Most Stocks ARE NOT Gagged (even pink)
Did You Say It Is A T/A Rule? Do You Have A Link? Hmmm!
Clint Tells You The A/S & O/S But WILL NOT Let The T/A.
$$$$$$$$$$
Posted by: Lurker from Mars Date: Monday, March 09, 2009 8:49:09 AM
In reply to: Teamlasvegas who wrote msg# 161239 Post # of 161305
possibly cuz its still a pink..Its the TA rule and Clint saw no need to override since we always have the share count..I would expect TA to be opened when the uplist is complete..
Dude, that really is a none issue when you take a look at the pps, don't you think? We know the share structure...
Thx Basser One, 2/Funny = I Needed That.
$$$$$$$$$$
Posted by: Basser1 Date: Sunday, March 08, 2009 9:44:57 PM
In reply to: Teamlasvegas who wrote msg# 161225 Post # of 161243
Well team all I have to say is that there is not going to be anyone out on deck playing the violins
Call Them I Live 1 Mile Away & Get Back 2 Me.
TIA:
Later, team LAS VEGAS.
Hmmm! Why Is The T/A Gagged?
TIA:
How & Why Would EL Do That If We Will ^List?
TIA:
Hang 10
Not So Much In LVS Case (MTM)
We Should Go Back To Book Value & Not Current Market Value.
If You Do Not Like The Book Move On.
We Have Buyers In Vegas With The Money, But They Are Bottom Feeders.
(packer-binion-boyd & More)
Harrah's IMO Will Go BK , Boyd Will Get 1/2 Of Stations LVS & MGM Will Make A Deal.
Deutsche Wanted MGM To Run Cosmopolitan (no-deal) Hilton Will Step In.
Take A L(.)(.)K @ FLL
Cash On The Side Line For Now, More Shake 2 Come.
Later, The Team.
$$$$$$$$$$$$
$1 ?? Team, from what you know do you think mark to market accounting has an effect on LVS? tia
Basser Hope All Is Well.
I Think Clint's Latest Move For Shareholders Is An Attempt To
Rearrange The Deck Chairs On The Titanic.
Later, The Team.
It L(.)(.)Ks That Way.
Price Size Exch Time
0.001 200 OTO 10:32:45
Now We Can Buy Up The .001/2/3
( :>)
Later, The Team.
$$$$$$$$$$
More paint coming out...
LVS 1.69 @ 1.70
How Far Will This Drop?
Casino operator Pinnacle Entertainment Inc. (PNK, $5.53, -$0.83, -13.05%) reported a fourth-quarter per-share loss wider than what analysts were expecting due to write-downs and other items. Other casino operators trading lower included Boyd Gaming Corp. (BYD, $3.02, -$0.30, -9.04%) and Wynn Resorts Ltd. (WYNN, $15.06, -$1.23, -7.55%), whose stock-investment ratings were started at neutral by Janney Montgomery Scott, and Las Vegas Sands Corp. (LVS, $1.77, -$0.22, -11.06%).
.07 @ .08
( :>(
Off 2 The Casino (red rock) 2 Drink & Gamble, C U There BL.
Nearly every day there's news about another casino facing financial trouble. From layoffs and pay freezes to cancelled projects, missed debt payments and looming bankruptcies. All these problems are contributing to plummeting stock prices.
But some gaming executives are managing to survive the recession. Long time casino executive Phil Ruffin has been out of the business for a while, but is now trying to get back in.
He's awaiting the state Gaming Commission's approval of his purchase of Treasure Island.
When you talk about the good old days, Phil Ruffin only has to go back a couple years to 2007, "It was the good old days when I sold the Frontier, that's for sure. I remember rushing out to buy an airplane."
The sale of the 36-acre Frontier for $1.2 billion set a record for the highest price per acre in the history of the Las Vegas Strip. Two years later, Ruffin says he misses the game, "I was anxious to get back in the game."
And he believes his pending purchase of the Treasure Island is a great long-term investment, citing its attractive selling price of $775 million, its premier location on the Strip, its recent renovation, and its lack of debt.
In fact, Ruffin says debt is what's doing in the Strip's corporate conglomerates right now, "The problem is all that debt that is just piled on. They can't pay the debt service so all the banks are going to have to restructure that debt."
Ruffin says that will likely mean a dilution of ownership and a return, in part, to days past in Las Vegas, where there were more individual casino owners and a more personal touch, "You got a lot more personal attention. The owner was right there on the property and could make instant decisions. That's why I'll have my office located inside the TI."
Ruffin says without a doubt this is the worst recession he's ever lived through and he's certain recovery won't come anytime this year. But with luck, it's no more than two or three years away.
Ruffin says one thing you won't see for a long time is new hotel-casino construction. That's another reason he says the purchase of the TI is such a good deal, adding it would cost him three to four times that, or nearly $3 billion, to build a 3,000 room hotel from the ground up even if he could get financing today, which is unlikely.
http://www.lasvegasnow.com/Global/story.asp?S=9955316&nav=menu498_1_3
Rolling the Dice
The house doesn’t always win. Just ask Kirk Kerkorian, the financier who controls the casino operator MGM Mirage. It’s nearly impossible to see how he can salvage his 54 percent stake, worth a whopping $15 billion at the peak of the market. Today MGM can hardly meet interest payments and is probably worth far less than its debt. A restructuring that wipes out shareholders looks inevitable.
Gamblers have stopped pumping their paychecks and the equity taken from their homes into MGM’s slot machines. Its operating income could fall by more than a third this year, Citigroup estimates. What’s more, MGM had about $13.3 billion of loans and bonds outstanding at the end of September. Nearly two-thirds of its operating profit will be gobbled up by interest payments.
The company, which operates Treasure Island, has a market value of $611 million, suggesting shareholders think there’s value left for them. That looks optimistic. Earnings before income, tax, depreciation and amortization could be $1.2 billion by the end of the year. Put that on a multiple of about seven, and the company’s casinos may be worth around $8.4 billion.
MGM also has some properties: its 50 percent stake in the CityCenter development in Las Vegas plus small bits of undeveloped land. But MGM may have trouble financing the completion of CityCenter as the Sunset Strip has gone from the home for high rollers to a breeding ground for tumbleweeds. As a result, the group’s unfinished developments, which will include 2,400 luxury residences in CityCenter, may be worth about a third of the $3 billion analysts suggested two years ago.
Fold that in, and MGM may be worth around $9.4 billion, about 30 percent below the face value of its debt. Bond prices suggest even this could be optimistic. Senior notes due this year are trading at 53 cents on the dollar. Some subordinated bonds trade at a measly 12.5 cents on the dollar.
Because MGM’s value is consumed by its debt, and its prospects don’t appear to be improving, lenders should be tempted to push it into bankruptcy as soon as possible. That way they can restructure the debt before any more value is eroded. Mr. Kerkorian would lose his stake, but he’s still flush enough to try his luck at the Bellagio’s $5 tables.
http://www.nytimes.com/2009/03/05/business/05views.html?ref=business
1.92 @ 1.93
MGM Comes On The Vegas News & Tell Us Come On Down
We Need Gamblers With Money.
They Or Kirk Will Sell Something & Keep Going.
Every Casino In Vegas Is Slow.
I Think I Read MGM Will File Mar 17
Thursday, March 5, 2009
MGM parent hits cash wall
Mirage, owner of MGM Grand, may be forced into bankruptcy over $13.29B debt.
Nathan Hurst / The Detroit News
DETROIT -- The owner of the MGM Grand Detroit casino is desperate for cash and might have to consider selling Detroit's biggest casino, according to gambling industry experts. MGM Mirage, the Las Vegas-based owner of MGM Grand Detroit, signaled in a Tuesday filing with the Securities and Exchange Commission that it may default on nearly $13.29 billion in debt, a move that could eventually send the casino-operating mega-firm into Chapter 11.
To avoid such action, the company has said it's working on renegotiating with lenders, as well as considering a sale of some gaming properties to generate cash that would help shore up its troubled balance sheet.
Company officials won't say whether any particular properties -- including MGM Grand Detroit -- are up for sale. But MGM Mirage already sold the landmark Treasure Island casino and hotel on the Vegas Strip to Kansas-based billionaire Phil Ruffin in December, and has been shopping around other properties as well, including hundreds of acres in Nevada and Atlantic City, N.J., as well as two corporate aircraft, according to published reports.
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But with its stock price faltering --shares are trading about 95 percent lower than a year ago -- and financial troubles mounting for an $8.6 billion project on the Las Vegas Strip, experts say a sale of MGM Grand Detroit wouldn't be out of the question.
"Everything's on the table. Nothing's been ruled out," said industry expert Bill Thompson, a professor at the University of Nevada Reno. "This is a company that desperately needs cash, and they're certainly not getting it from consumers these days."
Jim McTevia, managing partner of Bingham Farms-based turnaround firm McTevia & Associates, said companies such as MGM Mirage are running up against a toxic mix of consumer spending pullbacks and lenders unwilling to negotiate debt.
"Simply put, there's no viable option other than a Chapter 11 reorganization attempt if they can't get their lenders to give them the time and to ease off on their debt service," McTevia said.
MGM Mirage -- owned by billionaire Kirk Kerkorian, who's made big bets on significant stakes in General Motors Corp. and Ford Motor Co. in recent years -- isn't the only big gaming firm to face financial woes in recent months. Las Vegas Sands Corp. had to raise an extra $2.1 billion in capital in November to meet its debt obligations.
But experts say MGM Mirage is in especially shaky condition because of its heavy investment on the Vegas Strip. Its $8.6 billion CityCenter project in Las Vegas -- which originally called for a massive casino along with thousands of new hotel rooms and luxury condominiums -- broke ground just as the global credit crunch reached a forte, and the company already has been forced to scale back or delay parts of the project to keep it afloat.
The financial pressures from that project have put the entire company in danger of default, said Thompson, the gaming expert, as it struggles to find financing or sell off enough other properties to keep its cash flow positive.
McTevia said that's something MGM Mirage will find difficult to do, especially in today's difficult economy.
"Until the consumer can come back spending, these companies are going to have trouble making it through this recession," he said.
The Associated Press contributed to this report. You can reach Nathan Hurst at (313) 222-2293 or nhurst@detnews.com.
1.99 @ 2.00
>>>>
MGM Mirage Target Cut To US$0.60 From US$2.50 By Citigroup
>>>>
MGM Mirage (MGM) and Dubai World failed to get a $1.2 billion loan from Deutsche Bank AG (DB) to complete the Las Vegas CityCenter project over a disagreement on terms, Bloomberg News reported on its Web site Wednesday, citing five people familiar with the matter.
The unnamed people said Deutsche Bank wanted equity and debt stakes in the $11.2 billion development in return for the loan, the unnamed people said, according to Bloomberg.
The entertainment developer and its Dubai partner had intended to merge CityCenter with a nearby property owned by the bank. It is now in talks with other parties, Bloomberg said, citing one person.
"We are having ongoing talks with our financial partners about our several options," MGM Mirage spokesman Alan Feldman told Bloomberg. A Deutsche Bank spokesman declined to comment.
PokerTek makes upgrades
(March 03, 2009 7:03 AM) -
7-card stud to be added to poker list
PokerTek, Inc., the manufacturer of PokerPro, the game’s fully automated table, announced last week that PokerPro version 2.1 has been approved by Gaming Laboratories International, clearing the way for new and exciting features that will enhance the automated poker experience for players and operators alike.
"This is a big release for PokerPro," said Chris Halligan, PokerTek’s CEO. "There are some great features in this version of our game and we can’t wait to get it out to our customers."
The new software is scheduled to debut early this month at a soon-to-be announced installation at a U.S. casino. PokerTek expects to announce the casino’s identity shortly after the opening of the casino’s new 100% PokerPro room.
Selected key features included in version 2.1 are:
Rabbit Hunting – allows players to satisfy their curiosity by privately viewing un-shown community cards for a small fee, increasing incremental revenue for operators.
PokerPro Rewards – allows operators to automatically reward their poker players based on actual play, while providing players with quick and easy access to view their progress toward each reward.
Seven Card Stud – a classic and popular game, PokerPro deals up to 100% faster than a manual table. Hi, Hi/Lo and Razz are all available.
Player Session Statistics – players can now privately view historical statistics about their play, such as Hands Played vs. Hands Won, Flops Seen vs. Hands Played and Showdowns Won vs. Showdowns Played.
Straddles – a popular option in most poker rooms, players can select to post a straddle bet which can create more action and bigger pots.
Chop Blinds – a common option that keeps the game moving when all players in the hand have folded pre-flop except the two players who have posted blinds.
MGM Mirage casino co. says it may default on debt
By OSKAR
LAS VEGAS (AP) — MGM Mirage Inc., the gambling company owned by billionaire investor Kirk Kerkorian, said Tuesday that it may default on its debt amid development of its biggest casino project ever, the $8.6 billion CityCenter in Las Vegas.
Unless the economy turns around and more people start gambling again, the Las Vegas-based casino company believes it will break its loan agreements this year, it said in a filing with the Securities and Exchange Commission.
That would mean a default on its senior credit facility, which MGM has asked to modify.
MGM Mirage will delay filing its annual report until March 17 because it is still assessing its financial position and liquidity needs, the company said in Tuesday's unscheduled filing. One factor in the delay, the company reported, was its decision last week to tap $842 million of its $4.5 billion senior revolving credit agreement to cover general expenses.
As of the end of September 2008, MGM Mirage had $13.29 billion in long-term debt.
Many U.S. casino companies borrowed huge sums in the last few years to develop resorts in the United States and abroad. But several are having trouble making payments on that debt because their revenue has fallen sharply over the past year as fewer patrons spend less money on gambling and services.
Chief Executive Jim Murren, who took over late last year, has said the company is exploring a half-dozen deals around the world in which MGM Mirage would lend its name and expertise to generate income.
It sold the Treasure Island casino on the Las Vegas Strip to Kansas billionaire Phil Ruffin for $775 million and has since been shopping other properties, including nearly 300 acres of land in Nevada and Atlantic City, N.J., and two airplanes.
MGM Mirage has not reported on its financial position since September nor posted its earnings for the quarter that ended Dec. 31.
The March 17 report is to include an auditor's assessment of whether MGM Mirage can continue as a company.
Another casino operator, Las Vegas Sands Corp., faced similar questions from its auditor in November, but the concerns were removed after the company raised $2.1 billion in capital by selling common stock and preferred stock with warrants. In September, Sands' billionaire founder and CEO Sheldon Adelson and his wife invested $475 million in the company to help meet its debt obligations.
MGM Mirage has said it still needs to raise $1.2 billion to finish CityCenter on the Las Vegas Strip. The 67-acre complex of hotels, a casino, condos and retail space has been called the largest privately financed project in U.S. history. CityCenter is a joint venture of MGM Mirage and Dubai World subsidiary Infinity World Development Corp. Dubai World also owns a 9.4 percent stake in MGM Mirage.
Analyst Robin Farley of UBS Investment Research told investors on Tuesday that MGM Mirage and Dubai World each need to fund about $1.3 billion for CityCenter this year.
"MGM had expected to fund their portion with condo sales proceeds; however, we expect many of the condo sales may not close," Farley said.
MGM Mirage's profit during the first three quarters of 2008 fell 59 percent compared with the same period in 2007, from $712.21 million to $292.7 million.
Joseph Weinert, senior vice president of casino consulting business Spectrum Gaming Group in Linwood, N.J., said MGM Mirage's filing on Tuesday is a sign of the times.
"When you have one of the industry giants walking a financial tightrope, it really speaks to the state of the whole industry," Weinert said. "MGM is a widely respected company both on Wall street and in the gaming street, and to see a company like that in the situation it's in, it's a troubling sign for Las Vegas."
Shares of MGM Mirage dropped 37 cents, or 14 percent, to $2.25 in after-hours electronic trading. It ended the regular session at $2.62, down 43 cents or 14 percent from its previous close. The stock has lost most of its value since peaking at $64.73 last March.
In the last year, the 91-year-old Kerkorian's majority stake in the company shrank in value from $9.6 billion to about $390 million.
Kerkorian's Tracinda Corp., based in Beverly Hills, Calif., also holds stakes in Ford Motor Co. and Delta Petroleum Corp.
Tracinda sold part of its stake in Ford in October, taking millions of dollars in losses. Kerkorian, a longtime casino and hotel developer, has a mixed track record with the other two major U.S. automakers, including an unsuccessful $4.5 billion cash offer for Chrysler last year and his push for General Motors Corp. to form an alliance with Nissan Motor Co. and Renault SA in 2006.
Tracinda also was Chrysler's largest shareholder at the time of its 1998 combination with Daimler-Benz.
Copyright © 2009 The Associated Press. All rights reserved.