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Wynn Posts 4th Quarter Earnings on Strength of Macau Operations; Praises Sands CEO, Adelson & MGM
January 30, 2014
Jan. 30--Las Vegas-based Wynn Resorts Ltd., operator of the Wynn and Encore resorts on the Strip and properties in Macau, reported its fourth-quarter earnings Thursday. Company: Wynn Resorts Ltd. (Nasdaq: WYNN) Revenue: $1.52 billion (up 17.9 percent from the fourth quarter of 2012). Revenue in Macau soared by 24.6 percent while Las Vegas was up 2.4 percent. Earnings: $213.9 million (up 92 percent from the fourth quarter of 2012). For all of 2013, Wynn reported earnings of $1.29 billion, $7.17 a share, on revenue of $5.62 billion. Earnings per share: $2.10 (up 90.9 percent from the fourth quarter of 2012). What it means: As was the case
Hospitality Management Holdings (HMH) to Operate 228-key Corp Al Khoory Hotel in Al Barsha, Dubai
January 30, 2014
Jan. 30--Hospitality Management Holdings, or HMH, has signed a new management contract to operate Corp Al Khoory Hotel in Al Barsha, Dubai. The move demonstrates the hotel operator's commitment to growing its presence in the emirate while reinforcing its position in the UAE where it has been operating for the last 10 years, HMH said in a statement. The 228-key hotel is owned by Mohammed Tayyeb Khoory & Sons, a business group with a long association with HMH. Laurent A. Voivenel, chief executive, HMH, said the signing of the new contract builds on the Dubai-based hotel management company's strong relationship with Al Khoory family. H
Hilton Hotel in Los Angeles, CA Gets $7 Million Energy-Saving Retrofit
January 29, 2014
Jan. 29--Executives and elected officials on Tuesday celebrated the completion of a $7 million energy-saving retrofit of the Universal Hilton, the biggest project of its kind in the nation. The project was funded through the Los Angeles County PACE (Property Assessed Clean Energy) program. Unlike a traditional loan, the financing is paid back twice a year through an assessment on property taxes. And in Los Angeles County, the property owner can choose their own Pace investor and negotiate their own terms. The project is more than twice as expensive as two small ones completed in the past year. The benefits for a company like Hilton are
After a Year of Negotiations, Union Employees Ratify 5-year Contract with Caesars Entertainment
January 29, 2014
Jan. 29--Union workers have secured a fresh five-year contract with Caesars Entertainment. After almost a year of negotiations, members from the Culinary Union and Bartenders Local 165 cast ballots Tuesday night and ratified a deal that, above all else, keeps health insurance intact. The deal mirrors a contract ratified by union workers with MGM Resorts International in late November. Under the new agreement, there will be no pay raises for workers in the first year. Because of rising health care costs, Caesars agreed to contribute an extra 35 cents for each hour worked toward benefits. The increase bumps the casino giant's total contri
Facebook Profits Soar 700% in Fourth Quarter Successfully Turning Business into a Mobile Business
January 29, 2014
Jan. 29--MENLO PARK -- Nearly 10 years after Mark Zuckerberg used a laptop computer to launched a new social network from his Harvard dorm, Facebook issued a blockbuster earnings report Wednesday that confirmed the company's transition to a business based on smartphones and tablets. For the first time, Facebook said it drew more than half its ad revenue from mobile devices, which fueled record sales and profit for the final quarter of 2013. Well over half its 757 million daily visitors used Facebook on mobile devices. "2013 was the year we turned our business into a mobile business," Zuckerberg told analysts on a conference call, after
Las Vegas Sands Reports Q4 Earnings up Nearly 32% to $866.1M & 51.3% for the Year to $2.31B
January 29, 2014
Jan. 29--Las Vegas Sands, operator of the Venetian and Palazzo resorts on the Strip and properties in Macau and Singapore, reported its fourth-quarter earnings Wednesday. Company: Las Vegas Sands Corp. (NYSE: LVS) Revenue: $3.66 billion (up 18.8 percent from the fourth quarter of 2012). While the company's focus rightfully is on Macau, which drove most of its revenue, the Las Vegas table game drop hit a property record $649.7 million, up 41.4 percent over the fourth quarter of 2012, at the Venetian and Palazzo, thanks to record baccarat play. Earnings: $886.1 million (up 31.9 percent from the fourth quarter of 2012). For the year, earni
Foxwoods Interested in Pursuing $750 M Casino Project in Fall River, MA; Would Include 350-key Hotel
January 28, 2014
Jan. 28--The Foxwoods partnership that failed to win voters' support last year for a $1 billion resort casino plan in Milford, Mass., will announce today that it is interested in pursuing a $750 million project somewhere in the city of Fall River, a spokesman for the Fall River mayor said Monday. Scott Butera, chief executive officer of the Foxwoods Massachusetts partnership, and David Nunes, the partnership's chief operating officer, were scheduled to attend a 10 a.m. press conference with Fall River Mayor Will Flanagan, the spokesman said. Butera, in an email message, confirmed he will be in Fall River today. Flanagan told The Herald
Political Tensions Thrust Bangkok’s Hotels & Restaurants Into Survival Mode
January 28, 2014
Jan. 28--BANGKOK (The Nation/ANN) -- The political tensions have thrust Bangkok hotels and restaurants into survival mode. They are striving to pare operating costs to match their loss of income from plummeting occupancy rates and declining numbers of diners by freezing hiring, especially of part-timers, and moving staff to work in their better performing properties. Ronnachit Mahattanapreut, senior vice president for finance and administration at Central Plaza Hotel Plc, the operator of Centara Grand, Centara and Centra brands, said yesterday that the group decided to stop hiring temporary staff. Usually in January, the firm would incr