Wednesday, Sept. 9, 1998 | 11:08 a.m.
BUSINESS GROUP PLANS TO CLEAN UP LAS VEGAS -- The Business Watch Network said it's sponsoring its first-ever "Project Pride" community trash removal day on Saturday Oct. 10 from 8 a.m. to noon. The Las Vegas Valley-wide cleanup effort will bring together the business sector, law enforcement, elected officials, civic and religious organizations and residents. The Business Watch Network is a non-profit group of businesses working to reduce crime and support law enforcement.
BOSTON FIRMS BOOST INVESTMENT IN STATION CASINOS -- A group of Boston investment firms appears to have increased their stake in Station Casinos Inc. to 7.4 percent. According to a filing with the Securities and Exchange Commission, the companies, Par Investment Partners LP, Par Group LP and Par Capital Management Inc., own 2.6 million common shares. They also own 63,300 preferred shares, or 3.3 percent of that class of stock. According to Station Casinos' most recent proxy filing, the Par companies were not among the holders of more than 5 percent of Station stock as of May 31. A spokesman for Frederick S. Downs Jr., vice president of the Par companies, declined to comment on Par's holdings.
MIRAGE WEIGHS PLANS FOR COUNTRY STAR SITE -- Mirage Resorts has no immediate plans for the Country Star restaurant site on the Las Vegas Strip, said company spokesman Alan Feldman. The Country Star closed last week after reaching an agreement with landlord Mirage Resorts for early termination of its lease. The lease was to end Sept. 30. The Country Star sought an early end to its lease after Clark County inspectors discovered the restaurant was operating without a liquor license. Feldman said Mirage was in no hurry to see the Country Star close, but does plan to utilize the building. The Boardwalk hotel-casino, acquired by Mirage earlier this year, may use the Country Star's kitchen facilities, and Mirage Resorts may hold employee training sessions in the building, said Feldman. In the future, "we will do something else there," said Feldman, though what Mirage will do has not been decided. Country Star Managing Director Jeff Meyer said the company, based in Los Angeles, may open another restaurant in Las Vegas at some point in the future, though no plans are currently in the works.
WACKENHUT WINS $126 MILLION CONTRACT AT NEVADA TEST SITE -- Wackenhut Services Inc. said its security contract for the Nevada Test Site was renewed for three years with two one-year options. Florida-based Wackenhut said the five-year value of the deal is $126 million. It has provided security services for the U.S. Energy Department at the Test Site since 1965.
CAESARS PALACE AFFILIATE BUYS MORTGAGE COMPANY -- Starwood Financial Trust, headed by financier Barry Sternlicht, said it bought Phoenix Home Life Mutual Insurance Co.'s commercial mortgage business for undisclosed terms. The purchase gives Starwood Financial the mortgage loan origination, underwriting and servicing group of Phoenix Home, as well as the servicing rights to more than $1.3 billion of loans and refinancing rights to $950 million of loans. The New York-based real estate investment trust said the purchase is part of a plan to expand its specialty commercial real estate lending business through acquisitions. Sternlicht is also head of Starwood Hotels & Resorts, owner of the Caesars Palace and Desert Inn resorts in Las Vegas.
To contact Sun Business Editor Steve Green, call 259-4083 or e-mail [email protected]
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