Quantcast
Home manage Las Vegas Review-Journal
  Jobs Cars Homes Shopping Travel Weddings Golf Best of Las Vegas Photo   Search:

RECENT EDITIONS
Fri Sat Sun Mon Tue Wed Thu

sponsored by
Business


IN BRIEF

Station Casinos lays off 70 workers

Station Casinos laid off nearly 70 workers at the corporate level because of the slowing economy, the company confirmed late Thursday.


Most Popular Stories
  • Mayor calls Lady Luck casino 'carcass'
  • CASINOS IN COURT: Testimony heard in Wynn case
  • Players turned away at WSOP
  • Area economy hits 'pause' period, economist says
  • NEVADAN AT WORK: Local gaming veteran sees opportunity in small Henderson casino
  • Consolidated Resorts files for Chapter 7 bankruptcy
  • FOURTH OF JULY TOURISM: Las Vegas is the place for bargain seekers
  • Fontainebleau files motion to leave offices
  • ONLINE GUY: Palm Pre promising but not ready to replace Apple iPhone in pocket
  • Job hunt is brutal for older workers




  • Spokeswoman Lori Nelson confirmed the number but would not say which departments were affected, saying only it was a mix of "corporate management and support staff."

    "We continue to be impacted by the economy," Nelson said. "With no immediate signs of let up, we had to take these measures."

    In February, the locals gaming company said "economic conditions" had led to some layoffs at the property level. However, Station Casinos declined to discuss how widespread those layoffs have been.

    DEARBORN, Mich.

    Ford posts profit but still sees loss for year

    Despite a surprise profit of $100 million for the first quarter, Ford Motor Co. said Thursday that it still expects to lose money this year as the U.S. auto market deteriorates.

    But company CEO Alan Mulally reiterated his promise that restructuring will return Ford to black ink for 2009.

    The profit, Ford's first since the second quarter of last year, came even during a time when concerns about the U.S. economy kept many car buyers away from showrooms. Ford sales were off about 9 percent for the quarter, and the trend away from trucks and sport utility vehicles accelerated, hurting its bottom line.

    Yet Ford said it earned money anyway because of strong profits in Europe and South America, manufacturing cost reductions and hedging on commodity price increases.

    COLUMBUS, Ohio

    Arby's owner snags Wendy's at $2.3 billion

    After at least two rejections, billionaire Nelson Peltz has finally succeeded in landing Wendy's in a $2.3 billion deal that would add the chain known for its square burger and chocolate Frosty dessert to his ownership of Arby's and its roast beef sandwiches.

    Now, the investor known for agitating corporations to boost their stock price has to figure out how to make both profitable while the economy slumps and more Americans are saving money on food and fuel by staying home to eat.

    Atlanta-based Triarc Cos., owned by Peltz, said Thursday it will pay about $2.34 billion in an all-stock deal for the nation's third-largest hamburger chain started in 1969 by Dave Thomas. Wendy's had rejected at least two buyout offers from Triarc.

    NEW YORK

    Trump calls for lawsuit to block smoking ban

    Donald Trump says Atlantic City's 11 casinos should sue to block a smoking ban from taking effect in October.

    The real estate magnate, who is chairman of a company that owns three casinos in Atlantic City, says the Atlantic City Council put New Jersey at a competitive disadvantage when it approved a ban Wednesday night.

    Trump called on the Casino Association of New Jersey to file a lawsuit seeking to overturn the ban. However, Trump said he would not file one on his own.

    The association's president did not immediately return a call for comment. Joseph Corbo has previously said the industry would reluctantly go along with a ban if it had enough time to prepare.

    LAS VEGAS

    Hooters Hotel owners have ratings cut more

    Moody's Investors Service has cut some ratings further into junk status for the owners of the Hooters Hotel in Las Vegas, expressing skepticism about the sale of the property.

    The agency cut 155 East Tropicana LLC's corporate family rating, probability of default rating, and rating on $130 million in senior secured notes to "Caa3" from "Caa1," which is non-investment grade, also referred to as "junk" status.

    Moody's also affirmed a SGL-4 speculative grade liquidity rating. It assessed the outlook as negative.

    Hedwigs Las Vegas Top Tier LLC, a Santa Monica, Calif.-based investment firm, initiated purchase of the off-Strip casino in April 2007.

    "Given the prolonged turbulence in the credit markets, the rating agency expresses skepticism regarding the materialization of the transaction in its current terms," the agency said.

    WASHINGTON

    Execs: Merger to have little effect on travel

    The chief executives of Delta and Northwest airlines vowed Thursday that their merger would have little effect on air travelers, saying the merged Delta would offer more flights but would not lead to higher ticket prices.

    They also suggested that the merger would result in fewer than 1,000 layoffs, most of which would come from corporate staffs rather than pilots or flight attendants.

    While the executives faced some general questions, most lawmakers at two hearings expressed less concern with the Delta-Northwest deal than with those that could follow it.

    Countrywide CEO earns millions in pay

    Angelo Mozilo, the chief executive of Countrywide Financial Corp., earned $10.8 million and cashed out $121.5 million in stock gains as his company got hammered by losses on subprime loans last year.

    The stock gains were earned when the 70-year-old executive exercised stock options and immediately sold them through so-called "automatic trading plans," according to an SEC filing released Thursday.

    As previously reported in the Los Angeles Times, these plans usually allow executives to sell shares in a regular pattern without worrying about insider-trading allegations.

    NEW YORK

    Amid jobless claims news, Treasurys slide

    Treasury prices fell Thursday as investors sold government bonds after a report showed a surprising drop in unemployment claims.

    The benchmark 10-year Treasury note fell 0.72 points to 97.38 and yielded 3.82 percent, up from 3.74 percent late Wednesday, according to BGCantor Market Data. Prices and yields move in opposite directions.

    The 30-year long bond fell 0.69 points to 97.31 and yielded 4.54 percent, up from 4.51 percent late Wednesday.

    Newsvine Digg Fark Technorati reddit StumbleUpon del.icio.us Slashdot Propeller Mixx Furl Twitter MySpace Facebook Google Bookmarks Yahoo! Bookmarks Windows Live Favorites Ask MyStuff myAOL Favorites

    Leave Your Comment 6 Reader Comments
    Terms & Conditions
    The following comments are provided by readers and are the sole responsiblity of the authors. The reviewjournal.com does not review comments before publication nor guarantee their accuracy. By publishing a comment here you agree to abide by the comment policy. If you see a comment that violates the policy, please notify the web editor.

    Some comments may not display immediately due to an automatic filter. These comments will be reviewed within 48 hours. Please do not submit a comment more than once.
    Current Word Count:

    Note: Comments made by reporters and editors of the Las Vegas Review-Journal are presented with a yellow background.

    mark wrote on September 10, 2008 12:49 PM: To whom concerned station casino eliminated investors because the investers were pushing to open more casinos quickley when the fettias wanted to open them slowly to watch the
    nevada econmy and growth. well apparantly they goofed it started the day they signed the papers to privatetise i told everybody I knew that alot of us employees were doomed
    when a corporate company takes over it is no longer a family enviorment for
    workers its what goes into their pocket
    it was obovious when serveral staff at redrock were fired over something they told they could have and then after that more people were let go and know todaymore people are being let go wether fired or not each persons money
    is being cut back enough to continue with the forclosures. most of the people that station lays off are the ones that make to much money and they have medical insurance know more people are going to have to go to the state of nevada for medical and food stamps. And of course stations has to keep opening their casinos I think that the state of nevada needs to put a stop to their minoply of casinos or
    have someone over see their conduct to
    their employees. you heren about the strip casinos laying off but stations has layed off more than they have don't let them fool you the incident that accured at redrock with the pillow in the garage and the security
    claimed they got sick and then stated later it was only mind over matter how much do you want to bet they no longer work their/ Why did Lorenzo get out of
    the casino part? If station casino inc
    wasn't so greedy they might still have guest everything they offer always cost
    a guest something in the long run.


    steve wrote on September 05, 2008 05:30 PM: texas station laysoff more positions
    managers and workers today doesn't matter how long people have worked for
    them people 10 11 5 yrs of service
    down the drain.


    jb wrote on August 07, 2008 08:47 PM: texas station was raided by FBI looking
    for murderer who was hiding out in hotel.
    FBI asked the front desk to call the
    room where this murderer was hiding and tell him he had a letter at the front desk when he came down they jumped him
    and arrested him thank god for that.You
    never know where these people will hide


    cindy wrote on August 03, 2008 08:40 AM: his is an extension to my first comment
    my friend who fell victum of their crap
    said that the investors treated them
    better than the actual company did.She
    said that she had never seen so many managers fired at one place and transfers from other propertys. And the
    harrassment the coctail waitress's went
    through to apply. You always heard this
    guy yelling at the girls all the time.
    She said when she started at Red Rock
    they had the best manager and supervisors they were told to keep us happy and that is what they did even
    bringing us gifts for good working ethics then they told us to go get our own later on down the road.It seems funny that one by one these people dissapeared even the guy that was head
    of all the engineering and setup of the whole casino finally said he had enough of the stress and quit he was a
    awsome man They stayed on these peoples
    back even though they hired people that
    could handle the job. God help us all
    we all are going to experience the ups
    and downs of life but if it's always the downs we experience who wants to live in this world anymore.


    cindy wrote on August 03, 2008 08:17 AM: I made a statement awhile ago about
    people who work for local casinos who
    are corporate owned, well heres what
    I meant here we have a Man that dedicated his life to a local nevada
    news station and after 30 yrs of service hes out the door john furtell
    i believe was his name this proves my
    point your job is never secure no matter what and who you are working for
    what about the man that worked out at the apex for 25yrs and because his boss
    didn't like him he fired him. Look what happened in that case this man lost his mind and killed his old boss
    I don't know what furtrell did but maybe he was having family problem or
    something worse. They should put him on leave not fire him unless he killed
    someone. It was just like the employees
    they fired at redrock in july of 2007
    they were only doing what they were told they could do and when they went to the second chance review there was
    no second chance this situtation was the fault of the management not the employees and when they have you sign
    that paper they can fire you at will
    they aren't kidding.i had a friend who was one of their victums she told them off in a professional manner. she told them the whole story what had been going on since 2006 but they didn't
    listen. they were out to eleminate
    positions for what ever reason. and what was worse they didn't care how many
    lifes they distroyed in the process.Me
    personally warned my friend never work
    for station casino maybe back in the sixtys when the father was in charge
    but not know. Oh what was nice the fettias said that the fired employees
    could return to the station propertys
    to spend money and they were aloud to
    play the machines isn't that nobel of
    them.


    JB wrote on July 28, 2008 05:52 PM: to whom is interested last weekend
    i visited the Red rock resort and spa
    the general Manager their is very rude
    and should not be running that casino
    and he treats his employees like crap
    the casino is beautiful. Many of the staff is very nice alough most of their
    cleaning people you can't understand
    because they don't speak english. We all know why these companys hire hispanics thats ok but they should speak english. I wont reture to any of
    station propertys i'de rather go to the
    coast casinos or the palms. plus their slots are so tight so they can pay for their expansions it is rediculous and
    all us stupid gamblers fall for the crao all the time