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Archive for October, 2006
Friday, October 13, 2006 Mexican chain goes well south of the border By Ian Mylchreest The conventional wisdom after McDonald’s made out big with the Chipotle IPO was that restaurant spin-offs were a hit. Not so with Baja Fresh, reports the Los Angeles Times.
Four years ago Wendy’s paid $275 million to buy the company but Thursday it sold the chain to an Anaheim-based investor for $31 million. “Obviously it didn’t work [...]
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Friday, October 13, 2006 Credit card giant to go public By Ian Mylchreest Visa, the credit and debit card giant, will run an IPO as early as next years, reports the New York Times. And by all accounts, it promises to be much bigger and much more successful than the MasterCard IPO. The big winners will be the major shareholders - the large banks like J.P. Morgan and [...]
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Thursday, October 12, 2006 Thursday Quick Hits, on Reid, marijuana and stuff By Steve Sebelius It’s Thursday afternoon, and our desk is piled high with papers. But we’ve still got time to whip up a few quick hits for your enjoyment. Here we go!
• We just don’t get the “scandal” surrounding the latest revelations about our own U.S. Sen. Harry Reid. We’ve read through — twice! — the Associated [...]
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Thursday, October 12, 2006 Change of heart in Maryland? By David McKee Since Gov. Robert Ehrlich has proven ineffectual in his efforts to bring racinos to Maryland, slot suppliers are starting to take their money elsewhere … namely, to his opponent, Baltimore Mayor Martin O’Malley. This may not be entirely helpful to O’Malley: In 1998, donations from gambling interests generated a backlash against the gubernatorial candidacy of [...]
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Wednesday, October 11, 2006 Landry’s sells most of Crab Shack chain By Ian Mylchreest Landry’s Restaurants, the Houston-based company, that owns the Golden Nugget, has sold 120 of its Joe’s Crab Shack restaurants to J.H. Whitney Capital Partners for $192 million, reports the Houston Chronicle. The move will position the company to focus on higher-end restaurants, gaming, entertainment and hospitality, said Landry’s Chairman Tilman Ferttita. The other restaurants will [...]
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Tuesday, October 10, 2006 Harrah’s buyers up the ante By Ian Mylchreest Texas Pacific and Apollo Management have raised their bid for Harrah’s even though the special committee of the board hasn’t even formally rejected the $81-per-share offer made nine days ago, reports the New York Times. Apparently back channel communication told the private equity firms that more money would be needed, so the bid has gone [...]
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Tuesday, October 10, 2006 Packer back in Singapore (again) By David McKee Once Harrah’s Entertainment shied away from bidding on the Sentosa Island resort concession in Singapore, it looked like a photo finish between Kerzner International and Genting, with Las Vegas developer Mark Advent an extreme long shot. Now Advent has improved his odds by adding the dynamic duo of PBL/Melco to his team.
Owners of Macao’s sixth [...]
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Tuesday, October 10, 2006 Debate points By Steve Sebelius As much as we enjoyed seeing Independent American Party candidate Chris Hansen try to wrest control of the debate from Boyd Law School Dean Richard Morgan, there were a few memorable moments of Monday night’s verbal contest between U.S. Rep. Jim Gibbons and state Sen. Dina Titus. And we’ve helpfully collected a few of them [...]
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Tuesday, October 10, 2006 Singapore success story a fraud? By David McKee That’s the heretical verdict uttered by Andy Xie on his way out the door as chief Asian economist for Morgan Stanley. The nine-year Morgan Stanley veteran had just returned from IMF and World Bank meetings in the island state, and e-mailed his colleagues to voice his dismay. Singapore’s economic success, he said, was a mirage [...]
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Tuesday, October 10, 2006 Now the Justice Dept. is looking at private equity firms By Ian Mylchreest The U.S. Justice Department has sent letters to private equity firms raising questions about how consortiums in the industry operate, reports the New York Times’ DealBook. The question is whether the combining of two or three firms into “clubs” to get a piece of a deal drives down the final sale price.
The most publicized deals generally [...]
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