February 22, 2003 |
Pinnacle Entertainment Inc. decided Friday that there was no magic genie to uncork at the Aladdin Resort and Casino, abandoning its efforts to buy the troubled gambling palace on the Las Vegas Strip. The company wants to focus its capital spending on existing properties and a new $325-million casino in Lake Charles, La., rather than take a plunge into the 2,500-room Aladdin, said Chief Executive Daniel Lee. Pinnacle had worked with Colony Capital Inc. and Marriott International Inc.
March 18, 1997 |
Two rival groups seeking control of Santa Anita Cos. said Monday that they have joined forces to make a modestly higher bid for the Arcadia-based racetrack and real estate concern, a transaction that would pay up to $230 million to Santa Anita stockholders. The groups are Los Angeles real estate firm Colony Capital Inc. and the team of Koll Co. of Newport Beach and Apollo Real Estate Advisors, an arm of the Apollo investment firm run by New York financier Leon Black.
March 12, 2001 |
Pinnacle Entertainment Inc. is a casino operator headquartered on Brand Boulevard in Glendale, but its future is riding on 315 acres along the Ohio River in the southern tip of Indiana. That's the site of Pinnacle's new flagship property called Belterra Casino Resort, a $200-million hotel-casino.
June 2, 1993 |
The Resolution Trust Corp.'s prospects of recouping losses from Charles Keating Jr.'s biggest real estate venture faded Tuesday when the agency revealed that the 20,000-acre project has been valued at less than 10 cents on the dollar. The valuation comes during a critical phase of the RTC's plan to dispose of the assets of failed savings and loans.
October 25, 1996 |
Santa Anita isn't the only Southern California horse-racing track in turmoil. Just look 30 miles west to Hollywood Park. Already beset by weak earnings, a failed subsidiary, stagnant growth in wagering, a dormant stock price and now revelations this week of dissent within its own boardroom, Hollywood Park is struggling. To counter these problems, the Inglewood-based company is assembling gaming properties that will help offset the flat growth in horse racing.
July 21, 1998 |
High-flying investor Colony Capital Inc. has teamed up with two Los Angeles real estate firms with Asian aspirations--Oakwood International and Kennedy-Wilson Inc.--as part of its global push to invest more than $1 billion in the coming year. Colony announced Monday that it has formed a joint venture with Oakwood to take its extended-stay corporate housing concept to Asia and has invested $26.
May 17, 1998 |
American investors are jockeying to scoop up prestigious resorts in Hawaii at bargain-basement prices as banks pressure their debt-ridden Japanese owners to sell them. "The bank reforms that went into effect in Japan in April have really forced the issue," said Joseph Toy, director of real estate and hospitality consulting for Coopers & Lybrand in Honolulu. "There's long been talk about the [Japanese] Ministry of Finance being more adamant about divestiture of these troubled loans.
February 14, 1994 |
Is The Donald back? Picture this: Donald Trump, surrounded by well-wishers, plunges a knife into a large gray-frosted cake shaped like a hunk of Manhattan's elevated West Side Highway. The party last year celebrated city approval of his planned apartment complex near the relocated road. Fast-forward four months, to Gulfport, Miss., where Trump wants to build a casino.
July 25, 1996 |
After sputtering for several years, Hawaii's economy is finally shifting into gear, thanks to a renewed influx of free-spending Asian tourists and bargain-hunting hotel investors. Slapped on two sides by the recessions on the U.S. mainland and in Japan, tourism-dependent Hawaii has lagged the nation's economic recovery in the last few years. But an upswing in visitor arrivals, a retailing explosion and renewed investor interest are finally giving the local economy some juice.