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One in five U.S. mortgage borrowers are underwater; Nevada among the most distressed

March 4, 2009 in Economy, Nevada Business News | Permalink

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 percent from 7.63 million at the end of September, according to the study, released today by First American CoreLogic. The percentage of “underwater” borrowers rose to 20 percent from 18 percent.

Another 2.16 million properties could go underwater if home prices fall another 5 percent, the study shows. Read the rest of this entry »

Station Casinos reaches forebearance agreement

March 3, 2009 in Nevada Business News | Permalink

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 for a limited and specific time period.

Station Casinos had said it may have to file for bankruptcy protection if agreements could not be reached with its lenders.

The Las Vegas-based company owns, operates and manages casinos in Las Vegas, geared primarily for the local community.

The forbearance agreements with the holders of the old senior and senior subordinated notes and the lenders under its previous credit agreement dated Nov. 7, will expire on April 15, the company said in a statement.

Boyd Gaming posts $220 million Q4 loss on impairment charges

February 26, 2009 in Nevada Business News | Permalink

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 job concerns.

For the period ended Dec. 31, the casino operator reported a loss of $2.51 per share, reversing net income of $31.2 million, or 35 cents per share, reported a year earlier a year earlier.

Read the rest of this entry »

Wynn Resorts reports 4Q loss of $159.6 million

February 24, 2009 in Nevada Business News | Permalink

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 months of 2008 compared with income of 58 cents per share a year earlier.

The company, which owns casinos in Las Vegas and the Chinese gambling enclave of Macau, said the large tax expense resulted from a company review of its ability to realize future tax benefits. Read the rest of this entry »

CEO-CFO Group Meeting February 27

February 13, 2009 in Nevada Business News | Permalink

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