Reno Gazette-Journal from Reno, Nevada • Page 25

7B Business Caesars says unwanted suitor has lost bid to oust officers Control Commission have scheduled special meetings on June 10 and June 16, respectively, to consider the recapitalization plan and Sosnoff's offer. The meeting by Nevada regulators comes two days before a special meeting of Caesars' shareholders to vote on the recapitalization. The Nevada and New Jersey gaming panels are empowered to approve or disapprove either plan because of perceived impacts on financial stability, good character, integrity and responsibility of the company. LOS ANGELES (AP) Caesars World said Wednesday Martin Sosnoff missed a deadline in his effort to oust four Caesars directors, thus setting back his efforts to gain control of the hotel-casino operator. Separately, Caesars said Nevada and New Jersey gaming officials have scheduled special meetings next month to consider aspects of Caesars' recapitalization plan and Sosnoff 's offer.

Sosnoff, a New York-based money manager, is offering $32 per share, or $931.2 million, for the 92.4 percent of Caesars that he doesn't already own. He has indi Sosnoff had 60 days under the company's bylaws to solicit the shareholders. In a three-sentence release, Caesars said the deadline for Sosnoff to submit the consent to oust the four was Tuesday. At the close of business Tuesday, Sosnoff had presented no consent, and hence his consent solicitation was dead, Caesars said. Sosnoff is challenging the validity of the Caesars' bylaw that established the deadline.

Separately, Caesars said it has been informed that the Nevada Gaming Control Board and the New Jersey Casino cated he might increase the value of that offer under certain circumstances. Caesars, which operates hotel-casinos in Nevada and New Jersey and resorts in Pennsylvania's Pocono Mountains, is resisting Sosnoff by offering its own recapitalization plan. That plan would pay stockholders a special dividend of $26.23 per share and let them retain their stock in a company heavily laden with debt to fund the proposal. Analysts have estimated the stock after recapitalization would be worth between $7 and $8 per share. Sosnoff has been soliciting Caesars shareholders for consent to oust the company's inside directors Chairman and Chief Executive Henry Gluck, President and Chief Operating Officer J.

Terence Lanni, General Counsel Philip Ball and Vice Chairman M. Peter Schweitzer. Inside directors are those who are members of management. Sosnoff sought ouster of the four on grounds they failed to give a fair hearing to his takeover offer and had not referred the issue to a special committee composed only of outside directors. Thursday, May 28, 1987 Reno Gazette-Journal Ski industry more than half of all married couples 50.9 percent.

Resorts must consider psycho-demographics different tastes within the sport of skiing. Downhill racing, for example, appeals to extroverted people, while research shows introverts tend to prefer cross-country skiing, she said. The market also can be segmented according to whether consumers ski frequently, infrequently or not at all. Frequency is an important factor in determining which media is preferable for advertisements, Riche said. Overall, Riche urged resorts to re-examine advertising methods because competition for the consumer dollar is bound to increase.

"If your competitor on the next mountain is getting more people than you are, then maybe you need to do some rethinking," she said. From page 10B to early 40s and who collectively earn an estimated $130 billion. Another factor increasing competition for customers is that skiing is no longer a novelty for many baby boomers. "People no longer ski because it's a ucw possibility," said Riche. "The American market is maturing." Fertility rates are at an all-time low, life expectancy is at a record high and baby boomers are moving into middle age.

The demographic picture is further complicated for business by the emergence of a wide variety of lifestyles and the sharp increase in the number of working women, she said. Baby boomers account for 47 percent of all households and Bank raises reserve fund for bad loans NEW YORK (AP) Chase Manhattan Corp. said Wednesday it is adding $1.6 billion to its reserve to cover possible bad loans to developing nations, becoming the third major U.S. banker to take similar steps in a week. Chase, the nation's third-largest bank holding company, said the action would give it a second quarter loss of about $1.4 billion.

For the full year Chase anticipated a loss of $850 million. The decision to boost the reserve was taken Wednesday by Chase's board of directors and announced after the stock market closed. Chase dropped 50 cents a share to $37.25 in New York Stock Exchange trading. "We think what we did was prudent and correct," Chase President Thomas G. Labrecque said in after decision was announced.

Airlines offer new frequent flier plan NEW YORK (AP) Eastern Airlines and Continental Airlines announced Wednesday a new joint frequent flier program allowing air travelers to earn free trips more quickly than in existing programs. The new Eastern-Continental frequent flier program, called "OnePass," reduces the mileage requirements for earning bonus trips by as much as 43 percent from standard airline programs. The OnePass program also includes a "MileageSaver" system, allowing passengers who have flown 15,000 miles on East Vegas resort 1 I I 1 -if i I Ife1 1 Associated Press should be certified insane." The hotel will feature a Y-shaped 31-story tower in a tropical setting that, combined with Caesars Palace to the south, would make the two properties "the most spectacular mile in the world," Wynn said. Golden Nugget purchased the 86 acres from Howard Hughes' Summa Corp. last year for $50 million cash.

The Castaways FEEDING THE METER: Helen Shapiro feeds a dollar bill into what the city of Miami says is one of the nation's first electronic parking meters. City officials are hoping the meters, which can take larger amounts of cash and give motorists more parking time, will result in more city parking revenues and fewer parking tickets. Petition assails Trump's Jersey casino bid From paqe 10B ing the company to make the huge investment in the Strip resort. "When we feel the same kind of comfort in Atlantic City, and I think we'll see it, then we'll build there," Wynn said. Wynn said Atlantic City leaders contend they don't want their city to be like Las Vegas.

"But in reality there is no place in the world that Atlantic City wants to be like more than Las Vegas," Wynn said. Wynn said his company is still stuck on a name for the property, which has been called the Bombay and the Bombay Club. He indicated the Strip resort might settle on the name Golden Nugget, sharing it with the company's namesake hotel and casino in downtown Las Vegas. Wynn said many people, including himself, feel "if you give up the name Golden Nugget you Hotel, which is located on the property, is to be torn down as construction proceeds. Wynn said the $500 million venture reflected the company's faith in Las Vegas.

"You don't spend half a billion dollars on anything, except for a few nuclear power plants and Epcot," Wynn said, referring to the futuristic community at Disney World. "You have to be very brave or very stupid to spend half a billion dollars especially when you have half a billion ate four casinos because of sections of the Casino Control Act that prohibit "economic concentration." Trump already owns two of the 12 casinos in Atlantic City. Resorts owns one casino hotel and is building another. In papers filed with the commission, Trump has taken the position he individually would not hold Resorts licenses. sections of the state Casino Control Act.

Also on Wednesday, the state Division of Gaming Enforcement filed its report on the proposed Trump acquisition, scheduled to be considered by the commission in a hearing June 10. The DGE does not object to Trump's proposed purchase, but indicated the New York City developer will not be allowed to oper ATLANTIC CITY, N.J. (AP) -Denver oilman Marvin Davis filed a petition Wednesday to intervene in an upcoming state Casino Control Commission hearing to consider Donald Trump's impending offer for control of Resorts International. The petition, filed on behalf of M. Davis Companies, consists of about 300 pages of arguments claiming Trump's offer violates ern or Continental to receive a free companion ticket in coach anywhere the two carriers fly in the mainland United States.

IWTTP h4iijy SPARKS 50 E. GLENDALE AVE. (JUST WEST OF McCARRAN) 331-6900 Iral ri ri Frankfurt and Hong Kong. In turn, some of Japan's largest brokerage houses, such as Nomura Securities and Daiwa Securities, are investing huge sums to battle U.S. and European investment firms for market share in New York and London.

In some cases, banking firms from different countries are helping each other expand. Last November, for example, Sumitomo Bank Ltd. acquired a minority stake in Goldman, Sachs the last major partnership among U.S. investment firms. In return, Sumitomo will fatten Goldman's Merger cash From page 10B acquisitions business, in which investment firms provide "bridge loans" to corporate buyers in order to clinch pending deals, also is forcing the firms to commit hundreds of millions to clients.

At the same time, deregulation and modern technology are bringing together far-flung financial centers into one "global marketplace," forcing U.S. firms to expand their offices in overseas centers such as Tokyo, London, capital base by about $500 million. But the proposal accepted by Smith Barney merging with a large corporation with an existing interest in financial services has been a common strategy followed by U.S. investment firms in recent years. The move gives the firm access to the parent's deep pockets, and the parent gains access to Wall Street and the potential to offer its customers a larger array of services.

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