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Archive for March, 2007
Sunday, March 11, 2007 Big expansion planned for the Hard Rock By Ian Mylchreest Morgans Hotel Group and DLJ Merchant Banking Partners, which recently acquired the Hard Rock, are planning a $1 billion expansion of the boutique resort, reports the New York Times. The expansion would more than double the size of the hotel and casino.
Morgans CEO Ed Scheetz has already foreshadowed major development at the resort. The Times says the expansion includes the [...]
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Saturday, March 10, 2007 Congress threatens to blow the froth off private equity By Ian Mylchreest The kings of private equity are facing a big political challenge, reports the New York Times. Sen. Charles Grassley, R-Iowa, is threatening that they will have to pay regular income tax, and not capital gains tax, on the fees they pay themselves out of their deals.
The difference is a tax rate of 15 percent versus [...]
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Friday, March 9, 2007 Wynn responds By David McKee The company, that is, not Steve.
Kevin Tourek, corporate counsel for Wynn Las Vegas, rang us at our palatial offices alongside the Union Pacific railroad track, to comment on the allegations aired in parts one and two of "Turmoil at Wynn," our ongoing telenovela about life at Las Vegas’ newest megaresort, where wackiness reigns and everybody’s [...]
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Friday, March 9, 2007 The fox is designing the hen house By Ian Mylchreest That’s the way NYU’s Paul Light describes a new IRS plan to allow private lawyers to write new tax regulations. They’re doing it for free, reports the New York Times, which raises the question, "What’s in it for them."
It’s not the fun of writing the rules which are mind-detroyingly tedious but it could be that [...]
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Friday, March 9, 2007 One small blow against spam By Ian Mylchreest The Securities and Exchange Commission is finally striking a blow against all that spam that arrives hourly touting some stock with a hot sounding name and not much more, reports USA Today. The commission says 100 million such emails are sent out.
The regulators say the subject lines are "ride the bull" or "ready to explode" [...]
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Thursday, March 8, 2007 A recall? Really? But what about… By Steve Sebelius So, it seems that this idle chatter about recalling Gov. Jim Gibbons is more serious than we thought. Sure, we’ve heard it before. In fact, we heard it before Gibbons started on his nearly unbroken string of silly and stupid mistakes on Dec. 31/Jan. 1. But we didn’t take it seriously.
But state Democratic Party [...]
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Wednesday, March 7, 2007 EEOC sues Walgreens By Ian Mylchreest Walgreens, the national pharmacy chain that is spread across the valley, has been sued by the Equal Employment Opportunity Commission for discriminating against African-Americans, reports the New York Times.The commission looked into the drug store chain’s hiring and promotion practices when a group of blacks said they had consistently been kept in poor neighborhoods and underperforming [...]
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Wednesday, March 7, 2007 Wednesday: It’s not just for Quick Hits, but why not have some anyway? By Steve Sebelius So Gov. Jim Gibbons, pressured by my colleague Jon Ralston, has released the records of his legal defense fund. The fund was created during his run for the state’s highest office, when a trio of scandals threatened to torpedo his political career.
It’s still unclear to us what the rules are for these legal defense [...]
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Wednesday, March 7, 2007 Big hits on subprime lending By Ian Mylchreest Two more big lenders, or at least buyers of those packaged subprime mortgages, said Tuesday that they stand to take a big hit from the rising tide of defaults in that segment. UBS said it had direct exposure to New Century Financial, reports Reuters.
And back home, analysts say GMAC, the sort of mortgage arm [...]
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Tuesday, March 6, 2007 Bigger is better By Ian Mylchreest The apostles of renewable energy have mostly been pitching the product as a home improvement item. You know, put solar panels on the roof and don’t get stuck with a monthly bill from Nevada Power. Now, reports the New York Times, the renewable energy industry is thinking big. Really big.
In Arizona and, of course, Nevada, [...]
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