Las Vegas business briefs

LVCVA SUES AIR RACE PROMOTER -- The Las Vegas Convention and Visitors Authority sued National Air Racing Series Inc. in Clark County District Court, alleging the authority did not get what it paid for when it agreed to be a sponsor of an air race in Laughlin. The LVCVA paid $150,000 for the sponsorship that was to include 30-second television ads on six broadcasts of the race on Speed Vision Network. The LVCVA alleges it is owed at least $50,000. Attempts to locate National Air Series for comment failed.

PERINI, HARRAH'S SUED BY CONTRACTOR -- PM Mechanical sued Perini Building Co. and Harrah's hotel-casino in Clark County court this week, alleging its is owed about $1.9 million for plumbing work it performed as a subcontractor for Perini. The work was done between March 1996 and December 1997. The complaint said PM Mechanical has been paid about $7.8 million for $9.7 million in labor, supplies and services. Attempts to contact Perini and Harrah's officials failed.

HARVEYS REPORTS RECORD PROFIT -- Harveys Casino Resorts of Lake Tahoe today reported record quarterly net income, excluding merger related costs, of $9 million or 88 cents per share on record net revenues of $87.6 million. That compares to net income of $7.7 million or 78 cents on net revenues of $83.7 million for the same period a year ago. Harveys is merging with Colony Capital. Besides its Lake Tahoe resort, the company has casinos in Colorado and Iowa and is considering building a Las Vegas resort.

ARIZONA TRIBES ELATED WITH GAMING CHIEF'S RESIGNATION -- Arizona's top Indian casino regulator has resigned, a month after Gov. Jane Hull signed a pact allowing slot machines at tribal casinos 15 miles from downtown Phoenix. Arizona Gaming Department Director Gary Husk quit Thursday to join the lobbying firm of Jamieson and Gutierrez effective Oct. 1. Tribes were elated at the news, noting they repeatedly have clashed with Husk over such issues as whether poker is allowed in Arizona tribal casinos. Husk said his department has been "tough but fair" with tribes.

RIVIERA BUILDING $65 MILLION COLORADO CASINO -- Riviera Holdings Corp. of Las Vegas broke ground today on a $65 million casino in Black Hawk, Colo. Expected to open in December 1999, it will have a 31,000-square-foot casino with 1,000 slot and video poker machines and 14 table games, a restaurant, lounge and 550-space covered parking garage. Riviera Holdings also owns and operates the Riviera hotel-casino on the Las Vegas Strip and operates the Four Queens hotel-casino in downtown Las Vegas.

PAUL-SON CFO MOVES TO SAXTON -- The Las Vegas development company Saxton Inc. announced the appointment of Kirk Scherer as its executive vice-president of finance and chief financial officer. Scherer had been CFO at Paul-Son Gaming Corp. Saxton's former CFO, Douglas Hensley, was named executive vice-president of corporate development and services. Hensley's new responsibilities include the oversight of financial analysis for mergers and acquisitions, internal audit and taxation, business affairs and human resources.

MERGER LAYOFFS PLANNED -- In the first of what is expected to be major layoffs at financial companies, Citicorp and Travelers Group Inc. - which plan to merge into Citigroup Inc. -- confirmed Thursday they would eliminate several thousand jobs, many in New York City.

To contact Sun Business Editor Steve Green, call 259-4083 or e-mail [email protected]

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