Cash flows more freely than details downtown
Andrew Donner didn’t provide reporters much in the way of details about his plans to revive the shuttered Lady Luck and 5.5 acres of city-owned land downtown.
But Donner, who appeared Wednesday before the City Council seeking an extension on an exclusive negotiating agreement for the property along Stewart Avenue between Casino Center Boulevard and Fourth Street, did provide council members plenty of cash in 2006, campaign contribution reports show.
Lady Luck LLC and Timbers Hospitality Group, of which Donner is president, secretary, treasurer and director, donated $15,000 in campaign contributions during the year. Mayor Oscar Goodman got $10,000 in the form of a $5,000 contribution from each company. Councilman Gary Reese got $5,000 from Timbers.
Donner got the extension he sought from the City Council and the people of Las Vegas got a promise that within 60 days there would be an announcement that a major hotel operator would join the effort to revive a stagnant corner of the city.
Trump International Hotel and Tower executive Jack Christie said the number of initial reservations taken for the project’s second phase soared to more than 400 after it was featured on NBC’s reality television show “The Apprentice.”
Trump International developer Donald Trump gave his remaining six job applicants the task of marketing the project’s second 1,282-unit condo tower, which was released for sales reservations right after the show aired April 8.
Goldman Sachs gaming analyst Charles Minervino believes the worst may be over for troubled Progressive Gaming International Corp.
Shares of the Las Vegas-based equipment supplier have fallen 52 percent in value in that past year due to poor earnings and a $39 million jury verdict, which the company is appealing, after losing a federal antitrust lawsuit.
Minervino instituted a “sell” rating on the stock March 5, but upgraded it to “neutral” last week.
“With the recent sell-off, we think the worst may be over for Progressive and that downside risk is more limited at this point,” Minervino said.
Wall Street is not overly interested about the continuing feud between Wynn Las Vegas and its dealers over an 8-month-old change in how the casino pools and divides the tips earned by casino workers.
“They still seem to be the best-paid dealers on the Strip,” Deutsche Bank gaming analyst Bill Lerner said. “There hasn’t been any financial implications (to the company) so investors aren’t too concerned about this.”
The Inside Gaming column is compiled by Review-Journal gaming and tourism writers Howard Stutz, Benjamin Spillman and Arnold M. Knightly. Send your tips about the gaming and tourism industry to insidegaming@reviewjournal.com.