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BUSINESS
July 30, 1996 | Times Staff and Wire Reports
Another Stratosphere Exec Resigns: Las Vegas-based Stratosphere Corp. said David Wirshing resigned as president and that Richard Schuetz, a 25-year gaming industry executive, was named interim president. Wirshing is the second top executive in a week to leave after the company reported a 24% drop in earnings. Chairman Bob Stupak resigned last week and has been succeeded by Chief Executive Lyle Berman. Stratosphere's stock price has fallen 71% since it opened its Las Vegas Strip casino April 29.
BUSINESS
September 26, 1996 | From Dow Jones News Service
In a last-ditch effort to stave off bankruptcy, Stratosphere Corp. is hoping to lure gamblers into its Las Vegas casino by offering them better odds. Starting Monday, Stratosphere will increase the payout from its dollar slot machines, offer single-zero roulette and ease the rules governing blackjack--all part of a marketing campaign to scare up business at the loss-ridden $550-million casino project, the company said Wednesday.
BUSINESS
August 22, 1996 | JAMES F. PELTZ, TIMES STAFF WRITER
Even in this era of bigger and better, few recent Las Vegas openings matched that of the Stratosphere tower less than four months ago. Once designed as the largest free-standing tower in the world, the 1,149-foot Stratosphere came equipped with two sky-high thrill rides, cloud-level wedding chapels and a revolving restaurant. Alas, the structure now stands as proof that even in Las Vegas, glitz doesn't guarantee success.
BUSINESS
September 26, 1996 | From Dow Jones News Service
In a last-ditch effort to stave off bankruptcy, Stratosphere Corp. is hoping to lure gamblers into its Las Vegas casino by offering them better odds. Starting Monday, Stratosphere will increase the payout from its dollar slot machines, offer single-zero roulette and ease the rules governing blackjack--all part of a marketing campaign to scare up business at the loss-ridden $550-million casino project, the company said Wednesday.
BUSINESS
November 1, 1996 | Times Staff and Wire Reports
After meeting for nearly 32 hours, most bargainers for General Motors Corp. and the United Auto Workers union adjourned talks without a national contract deal as several more truck plants headed for strike-related shutdowns. . . . Salisbury, N.C.-based Food Lion Inc. said it has agreed to buy Florida-based supermarket chain Kash n' Karry Food Stores Inc. in a deal valued at $341 million. . . . Stratosphere Corp.
NEWS
August 30, 1993 | From Times Wire Services
Flames engulfed a 500-foot, under-construction observation tower early Sunday, forcing evacuation of hundreds of gamblers from the adjacent 22-story Vegas World Hotel Casino, authorities said. There were no injuries, but a block-wide area was evacuated as the fire went to a third alarm just before 2 a.m. Flames leaping into the early morning sky could be seen for miles, and Las Vegas Boulevard became gridlocked before officials shut it down to motorists.
NEWS
April 29, 1996 | CARLA HALL, TIMES STAFF WRITER
"Want us to power up the Big Shot for you?" In the hot hazy afternoon sun, you're already standing 921 feet above the ground on a deck of concrete. Your eye travels up the length of the Big Shot--the white steel cylindrical shaft of the thrill ride that launches you 160 feet higher in 2.3 seconds, then sends you hurtling back down faster than gravity. For good measure it bounces you lazily up and down a couple of times like you're on the end of a Bungee cord.
BUSINESS
August 9, 1993 | JAMES BATES
Cuban President Fidel Castro turns 67 this week. So is it time for a new career? Maybe so, given that Castro recently received a formal job offer from United Colors of Benetton, the audacious Italian clothing company. Company chief Luciano Benetton offered Castro a job heading Benetton's new study and research center in Italy, describing him as "the perfect figurehead." (No mention of pay, vacation or benefits package.) Benetton is no stranger to controversy.
BUSINESS
August 31, 1996 | Times Staff and Wire Reports
Stratosphere Suspends Next Phase of Casino: The beleaguered gaming company said it has indefinitely suspended plans to build more hotel rooms and retail shops in its Las Vegas casino complex because it will be short of cash and needs to restructure its $203-million debt. Stratosphere Corp., which is 42% owned by Grand Casinos Inc., said the move won't affect ongoing operations or guests visiting its casino, hotel and observation tower.
BUSINESS
August 22, 1996 | JAMES F. PELTZ, TIMES STAFF WRITER
Even in this era of bigger and better, few recent Las Vegas openings matched that of the Stratosphere tower less than four months ago. Once designed as the largest free-standing tower in the world, the 1,149-foot Stratosphere came equipped with two sky-high thrill rides, cloud-level wedding chapels and a revolving restaurant. Alas, the structure now stands as proof that even in Las Vegas, glitz doesn't guarantee success.
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