January 5, 1999 |
Mergers, corporate spinoffs and name changes effective Monday may affect the newspaper stock listing you've followed for years. These changes in The Times' stock market tables and those of other newspapers are among the notable moves: * The takeover of Amoco Corp. by British Petroleum Co. was completed as 1998 ended. The new company is called BP Amoco, with a ticker symbol of BPA; the name appears in The Times' New York Stock Exchange list as BP Amoco.
September 18, 2001 |
The world's largest casino company has postponed plans to build a 29-story tower at Caesars Palace, citing economic uncertainty after last week's terrorist attacks in New York and Washington. Park Place Entertainment Chief Executive Thomas Gallagher said Monday that postponing construction of the $475-million tower will keep the company financially flexible and is "the prudent thing to do." Caesars Palace on the Las Vegas Strip has about 2,400 rooms in four towers; the tallest is 30 floors.
April 23, 2002 |
Las Vegas-based Park Place Entertainment Corp., the largest casino company, had a first-quarter loss of $939 million, or $3.09 a share, compared with profit of $45 million, or 15 cents, a year earlier. The loss followed a write-down of nearly $1 billion related to the company's acquisition of Bally Entertainment and Caesars World. Revenue was unchanged at $1.16 billion. Excluding the write-down, Park Place had a profit of $40million, or 13 cents a share.
July 29, 2000 |
Carl Icahn has beaten out Park Place Entertainment Corp. for control of the bankrupt Sands Hotel & Casino. U.S. Bankruptcy Court Judge Judith Wizmur, in an 80-page opinion, favored Icahn's plan to invest $65 million in cash in the struggling casino, which filed for protection under Chapter 11 in January 1998. The casino's unsecured creditors, which are 1,500 vendors, voted in favor of the Icahn plan. The decision is subject to approval by the Nevada Casino Control Commission.
April 13, 1999 |
Upscale resort operator Starwood Hotels & Resorts Worldwide Inc. confirmed it is in talks to sell its gaming business, including the Caesars casino line. It did not disclose details of the negotiations, including the other party or the potential price tag on any deal. Last week, shares of Starwood and casino giant Park Place Entertainment Corp. rose on rumors that Park Place would acquire an interest in Starwood. Reports of the talks surfaced in January.
June 24, 2001
Lights, camera ... surcharge! Five hotels in the perpetually illuminated world of Las Vegas this month began applying an energy surcharge of $3 per room per night. The hotels are Bally's Las Vegas, Caesars Palace, the Flamingo, Las Vegas Hilton and Paris Las Vegas. Park Place Entertainment Corp., which runs the hotels, cited "unprecedented increased energy costs" for its action. Officials said they have tried to conserve through measures such as energy-efficient lighting.
February 5, 2003 |
A proposal to increase Atlantic City gambling taxes clobbered stocks of casino operators Tuesday. Shares of Park Place Entertainment Corp., which owns Caesars and Bally's casinos in Atlantic City, fell 42 cents, or 5.5%, to $7.18 on the NYSE, while Harrah's Entertainment Inc. lost $1.40, or 3.8%, to $35.20 and Mandalay Resort Group was off 96 cents, or 3.7%, to $24.75, all in NYSE trading.