Tuesday, Sept. 16, 2003 | 11:12 a.m.
Power woes hurt casino income
DETROIT -- Officials with Detroit's three casinos blamed the Aug. 14 blackout for their first decline in revenue in three months.
Combined revenue -- the amount of money casinos keep after paying out winnings -- fell 1 percent last month.
The blackout, which affected 2.3 million electricity customers in Michigan, forced the casinos to close for 1 1/2 days.
Greektown Casino's revenue fell 1 percent to $28.6 million and MotorCity Casino's revenue slipped 11 percent to $31.4 million. MGM Grand Detroit's revenue increased 11 percent to $34.9 million from August 2002, according to figures released by the Michigan Gaming Control Board.
Casino resort close to settling tax dispute
BILOXI, Miss. -- Beau Rivage officials have reached a possible settlement of their dispute with Harrison County supervisors over property taxes for the Gulf Coast casino resort, county officials said.
Harrison County was sued by Beau Rivage in 2001. The lawsuit claims the Beau Rivage's property tax assessment was too high.
The county had assessed the property value at about $440 million. The casino believed the property should be valued at about $219 million.
In the proposed settlement, Harrison County supervisors have agreed to cut $100 million from Beau Rivage's tax value. The cut will result in a $1.5 million loss in property taxes.
County officials said Beau Rivage -- owned by MGM MIRAGE of Las Vegas -- has agreed not to seek more than $4.5 million it overpaid in taxes over the past three years.
CEO search continues
SYDNEY, Australia -- Aristocrat Leisure, the world's second-biggest maker of slot machines, said its board hasn't yet decided who will be hired as the company's chief executive.
The board, meeting this week in Las Vegas, considered a number of candidates and said the search for a new chief executive was "well advanced," Sydney-based Aristocrat said in a statement to the Australian Stock Exchange.
David Creary has been acting chief since Des Randall was fired in April. The new executive will be tasked with reviving earnings after slowing sales and a bungled South American contract led the company to report its first loss since 1996.
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