Nevada Business News —
One in five U.S. homeowners with mortgages owe more to their lenders than their properties are worth, and the rate will increase as housing values drop in states that have so far avoided the worst of the crisis, a new study shows.
About 8.31 million properties had negative equity at the end of 2008, up 9 [...]
Station Casinos Inc [STN.UL] said on Tuesday it had reached a forbearance agreement with some of its lenders and debt holders, giving the casino operator more time to restructure its debt and operations.
A forbearance agreement is an arrangement made between a creditor and its lenders to postpone, reduce or suspend payment due on a loan [...]
Security Savings Bank, Henderson, Nevada was closed today by the Nevada Financial Institutions Division, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of Nevada, Las Vegas, Nevada, to assume all of the deposits of Security Savings Bank.
The two [...]
Boyd Gaming Corp. posted a fourth-quarter loss of $220.8 million today due to impairment charges related to some prior acquisitions and a consumer spending pullback. Boyd’s fourth-quarter revenue declined 12 percent to $422.6 million from $478.6 million.
Like many casino operators, Boyd has been squeezed as consumers tighten their discretionary spending due to mounting economic and [...]
Casino operator Wynn Resorts Ltd. said today it lost $159.6 million in the fourth quarter of 2008 after paying $98.8 million in taxes.
The loss Wynn reported after the market closed compares with net income of $65.5 million in the fourth quarter of 2007. Wynn said it lost $1.49 per basic share during the last three [...]
Nevada banks say they took aid but will pay bonuses
By JOHN G. EDWARDS
LAS VEGAS REVIEW-JOURNAL
Three major banks in Nevada on Monday acknowledged that they paid or may pay bonuses to senior executives although the banks relied on taxpayers money to bolster their financial strength.
Bruce Hendricks, chief executive officer of Bank of Nevada, received a $19,875 [...]
Speaker: Randy Garcia, Certified Investment Management Analyst, CEO of The Investment Counsel Company
Date: February 27, 2008 Friday – Noon Lunch
Place: McCormick & Schmick’s 335 Hughes Center Drive
Cost: $35 includes lunch – $40 without RSVP. Pay online.
(No American Express at the door-please.)
RSVP: jlaub@regenmd.org or call 839-7222
Spending nosedive leads casino operators to cut jobs, halt projects in 2008
NEW YORK (AP) — Consumers cut back on discretionary spending in 2008, draining casino operators’ earnings and pushing the sector’s stocks down– in at least one case more than 90 percent– and resulting in job cuts and a pullback on development projects.
In previous [...]
Margaret Maul, founder of Maul Capital Management, a financial advisory firm, died Saturday, August 11. Services will be held on Tuesday, August 12, at King David Chapel, 2967 East Eldorado Lane, Las Vegas, NV 89120. Telephone: 702-464-8570.
Margaret was the only woman in Nevada to serve as founder and chief executive officer of a nationally prominent [...]
Shuffle Master (Nasdaq: SHFL.O), with no fanfare, last week filed with the SEC for an $86 million stock offering, today filed with the SEC, today felt Wall Street’s reaction as a Roth Capital Partners analyst said the offering would be more dilutive than he expected. And, by the way, that Shuffle Master was also seeking [...]