Friday, Sept. 12, 2003 | 11:14 a.m.
Company says loss to be greater than expected
A Las Vegas slot machine development company says its third-quarter loss will be wider than analysts had anticipated.
Mikohn Gaming Corp. said in a release that for the quarter ending Sept. 30, the company expects revenue of between $19 million and $22 million and a loss per share of between 18 cents and 35 cents. Analysts surveyed by Thomson/First Call had anticipated the company would have revenue of $24 million for the quarter and a loss of 14 cents a share.
Russ McMeekin, president and chief executive of Mikohn, said in the release that the company's transition to a licensor of game content from being a hardware manufacturer is occurring slower than previously anticipated.
Mikohn also announced that its Yahtzee Video game has received approval for placement at racetracks from the Alcohol and Gaming Commission of Ontario in Canada.
"This approval represents continued expansion of slot participation opportunities in a critical market," said Bob Parente, executive vice president of sales and marketing, in a release issued by the company.
Firm honored by Latin Chamber
The Latin Chamber of Commerce of Nevada has honored Park Place Entertainment Corp. with a "Corporate Award of Distinction."
Park Place's "commitment to give back to the communities in which its casino resorts are located" and a "desire to improve the quality of life for Hispanics in Nevada" led to the honor, Latin Chamber Executive Director Otto Merida said.
Park Place will receive the award today.
Over the past year, Park Place and the company's Park Place Foundation have offered funding and support totaling more than $130,000 to organizations that serve the Hispanic community. That figure includes a $67,000 grant to the Nevada Association of Latin Americans, a group that provides child care, senior services and emergency rental assistance.
Developers buy land for casino
Full House Resorts Inc. and RAM Entertainment LLC have purchased about 80 acres of land near Battle Creek, Mich., to build a casino for the Nottawaseppi Band of Huron Potawatomi Indians.
The tribe doesn't yet have land approved for a casino.
The $3.9 million purchase price was funded equally by the two parties.
Under existing contracts with the tribe, Gaming Entertainment LLC, a subsidiary of Las Vegas-based Full House Resorts, will own the land until it is transferred to the Bureau of Indian Affairs to hold in trust for the tribe as part of its reservation.
The trust process was delayed by a federal lawsuit filed against the U.S. government by the antigambling group "Citizens Exposing Truth About Casinos," which challenged the environmental assessment process, Full House said.
Calhoun County and the state of Michigan are supporting the trust application with the state, the company said.
"No assurance can be given when, or if, this development will occur," it said.
archive
