|
|
 |
|
The Newsroom - 2002 |
 |
|
|
|
|
|
|
Despite recent skepticism from Wall Street, gaming stocks
still showed their
muscle in November
December 10, 2002 - The Applied Analysis Gaming Index, an aggregate of eight
gaming stocks with a strong concentration in Las Vegas, showed a 5.8 point
increase, or 2.6 percent jump in November.
The index, however, lagged behind the Dow Jones Industrial Average's 7.2
percent. The S&P 500 jumped 6.5 percent.
Among the highlights in the gaming index were suppliers WMS Industries, with a
13.6 percent increase to an average price of $16.01, and International Game
Technology, that climbed 8.5 percent to $76.89.
Park Place Entertainment's average price climbed 6.9 percent, while Station
Casinos jumped 6.4 percent and Alliance Gaming grew 4.7 percent.
On the downside, giants Harrah's Entertainment, Mandalay Resort Group and MGM
Mirage dropped 7.5, 7.1 and 4 percent, respectively.
"Overall, a few of the major gaming operators posted declines in their daily
average stock prices for the month, while International Game Technology (IGT)
continued to witness increased valuations. ... With IGT's increased market
capitalization, its contribution to the AAGI continues to spur growth in the
composite index," said Brian Gordon, principal of Applied Analysis, in a
statement.
The companies in the index are weighted by market capitalization.
Gordon also touched on the resignation of embattled Park Place CEO Thomas
Gallagher, and its impact on Park Place stock.
"It will be interesting to see if there is a change in the strategic vision for
(Park Place) with long-time (Park Place)/Hilton gaming executive Wallace Barr at
the helm," he added. "(Park Place)'s equity valuation still lags its competitors
(on an operating margin multiple basis)."
Wolfgang Puck:
Celebrity chef Wolfgang Puck was in town last week celebrating the 10-year
anniversary of Spago in the Forum Shops at Caesars Palace.
Puck was also in town signing copies of his new book "Live! Love! Eat!"
He appeared at his Wolfgang Puck Cafe at MGM Grand, Postrio at the Venetian
Grand Canal Shoppes, and then Spago.
Aztar:
Aztar Corp., owners of the Las Vegas and Atlantic City Tropicana Hotel and
Casinos, recently appointed two new members, Frank Brady and John Spencer, to
its board of directors.
Both of the new directors are retired accountants from major national companies.
Brady worked as an accountant for Ernst & Young LLP in Cleveland and Phoenix,
while Spencer was formerly the chief financial officer for Del Webb Corp. The
additions bump up Aztar's board of directors to eight, six of whom are outside
directors.
Other Moves:
Harrah's Entertainment's departing chief executive Phil Satre was recently
elected chairman of the American Gaming Association during the association's
board meeting in Las Vegas last week. |
|
|
|
|
|
|
|
Our
Services |
 |
|
|
Applied Analysis provides professional services in urban
economics, market analysis, financial advisory services,
information technology and hospitality/gaming consulting
services.
Read More >> |
|
|
|
|
|
Our
Information |
|
|
|
Reliable data is the foundation of any solid analysis.
We are the market leader in information and research. We
track economic, development and fiscal trends, and
publish the area's most comprehensive office, industrial
and retail market survey.
Read More >> |
|
|
|
|
|
Our
Clients |
|
|
|
Applied Analysis has a broad client base, including both
public entities and private companies. We exceed our
clients' expectations by taking the time to listen to
their goals and then committing the time, resources, and
know how to help them find success.
Read More >> |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Satre, who served as vice chairman of AGA since December 2001, will serve a
two-year term as chairman, and will be replacing IGT executive Chuck Mathewson,
who was the association's founding chairman. Bill Boyd, CEO of Boyd Gaming
Corp., was also elected as AGA's new vice chairman, and will also serve a
two-year term.
Cannery:
The Cannery Hotel and Casino recently received its nonrestricted gaming license
from the Nevada Gaming Commission to operate its North Las Vegas casino and
hotel, which is slated to open Jan. 3.
The $100 million facility located on 28 acres near Craig and Losee roads, will
include a 50,000-square-foot casino with 1,275 gaming devices, 21 table games,
201 guest rooms and four restaurants.
The hotel, which is owned by Rampart Resort Management, the same group that owns
the Rampart Casino in Summerlin, has been on an aggressive hiring spree of late
and recently added a new Marketing Director for the Cannery, Joey Whitacre, and
Executive Chef, Albert Washington, at the Rampart Casino.
Whitacre began his career at the Riviera Hotel & Casino in 1990, helped with the
opening of the Luxor and briefly worked for Crown Casino in Australia.
Washington most recently oversaw 11 restaurants at Sam's Town as sous chef, and
has 20 years of culinary experience in the valley.
Finally:
Clark & Sullivan Constructors were recently awarded a design-build construction
project for the MGM/Mirage Corporate Services Center, which will be located at
3260 S. Industrial Road.
The 22,000 square-foot, $2.7 million facility will be completed by July 2003.
The two-story building will also be designed to accommodate the addition of a
third floor if needed in the future.
<< Go Back
Article Copyright ©: B. Sodoma, Las Vegas Business Press |
|
|
|
|
|
|
|
 |
|
|
