Reno Gazette-Journal from Reno, Nevada • Page 32

Business Watch A listing of local business events and meetings, with topics ranging from lions to finances to cars, is inside. See page 7B. usines 10B Thursday, June 6, 1985 Reno Gazette-Journal Vegas casinos court vacationing families Moving from high rollers to high chairs Stock exchange closes at 1 ,320.56 another record NEW YORK The stock market pressed ahead to new highs in active trading Wednesday as interest rates continued their recent slide. But some high-technology issues did not join in the advance. The Dow Jones average of 30 industrials rose 5.26 to 1,320.56, surpassing the record of 1,315.41 set last Friday.

Volume on the New York Stock Exchange reached 143.87 million shares, the heaviest total in more than two weeks, against 115.42 million Tuesday. Interest rates have fallen lately on signs of persistent sluggishness in the economy. But brokers say stock traders apparently believe rates will come down far enough and fast enough to revive business activity in the future, averting any severe recession. 5 --t iii ii iwaiMiri --i i miU1'1 FAMILY STYLE: Strip casinos are beginning to cater to families, offering shows for all ages and bargain meals Cohen quits as Desert Inn leader LAS VEGAS Long-time Las Vegas gaming executive Burton Cohen has resigned as president of the Desert Inn Country Club and Spa. Cohen, who has also been president of the Nevada Resort Association, is expected to continue with the Summa serving as a consultant in gaming matters.

The Desert Inn is one of six hotel-casino properties owned by Summa. Summa officials said John Alderfer has been appointed as interim president of the Strip resort until a replacement is named. Alderfer, a former Desert Inn vice president, will also remain as a vice president of Summa. California papers, magazine sold HAYWARD, Calif. Sale of three daily newspapers in the Bay area and a monthly California magazine was announced Wednesday.

The Daily Review in Hayward, The Argus in Fremont and the Tri-Valley Herald in Livermore were sold by owner Floyd Sparks for an undisclosed price to Garden State Newspapers, of New Jersey. Together, the newspapers have a circulation of 93,000. California Business, a monthly magazine with a paid circulation of 70,000, is being purchased by Commerce Publishing of Dallas. By Robert MacyAP LAS VEGAS Long a haven for high rollers and others with a propensity for challenging lady luck, Las Vegas is taking on a new dimension. Families are flocking here in droves and a growing number of casino owners are courting kids and campers as well as cash and credit lines.

Buoyed by the success of cash-rich Circus Circus Enterprises some of the top names in Nevada gaming are joining in the rush to coax families away from more traditional vacation spots. Tourism executives tout inexpensive hotel rooms, bargain buffets, a growing number of stage shows that cater to all ages, camperlands and an increasing list of hotels that are adding family oriented facilities. A giant leap in that direction came last month when the Summa owner of six hotel-casino properties, opened a $14 million water theme park near the north end of the Las Vegas Strip. The water extravaganza covers 26 acres of prime Strip property that gaming veteran Steve Wynn once considered as the site for a major hotel-casino. The new water park is a joint venture of Summa and Wet 'n Wild headed by George Millay of San Diego.

Millay has water parks in Orlando, and Arlington, Texas, as well as Sea World parks in San Diego and Orlando. A water theme park would seem a natural in a desert climate where three-digit temperatures are the norm three months of the year. But a family theme park on prime $1.3 million-an-acre land on the Las Vegas Strip? "We think that Wet 'n Wild, in broadening the customer base for Las Vegas, will help us at our existing properties," said Summa spokesman Fred Lewis. "So it's the best of all possible worlds." Park spokesman Ken Haas says attendance in the first month of operation is above projections, leading executives to feel they can exceed their goal of 500,000 visitors the first season. Sig Rogich, whose agency handles "The demand is rapidly increasing for our type of operation," Circus Circus vice president Mel Larson says.

The Las Vegas Hilton, the world's largest hotel, heavily promotes its youth hotel where teens and pre-teens have their own dormitory and dining areas, games and other activities. Veteran gaming executive Ed Torres rejuvenated the bankrupt Silverbird Hotel into the El Rancho, which includes the facade of an old Western town plus a bowling alley and other features to entice family trade. The same is true at Sam's Town Hotel and Casino, where a bowling alley and other family features have made it a favorite for some of the nation's top bowling tournaments. At the plush Riviera Hotel, in the middle of the glittering Strip, a Burger King franchise competes with clanking slots and glaring neon for the tourist's attention. Installed more than a year ago, it is considered one of the more successful fast food franchises in the country.

Ditto for a McDonald's Restaurant across the Strip, half a block from Circus Circus. sion, the company will have 5,027 hotel rooms in Las Vegas, Reno and Laugh-lin more than double the number of rooms the properties had two years ago. Circus Circus hotels in Las Vegas and Reno run a phenomenal 100 percent occupancy, with the Las Vegas resort often referring as many as 500 reservation requests daily to surrounding properties. A 421-space camper-land, where hookups run $10 a night, is normally full. The Circus Circus formula is a simple one.

Rooms run $27 weekdays, $36 on weekends. A family of four can enjoy a large buffet for less than the cost of sandwiches at the average fast food restaurant. Carnival games on a midway above the casino offer a cornucopia of prizes, while circus acts entertain at regular intervals. Circus Circus on the Strip is expanding its casino space to 100,000 square feet. In the past five years the property's annual growth in casino revenues has been 15 percent, compared with 6.2 percent for the Las Vegas market.

advertising for the Las Vegas Convention and Visitors Authority, says he's told Nevada's past two governors a major amusement facility should be built in Las Vegas to attract families. "When people like Wet 'n Wild look at the demographics and then decide to invest millions, I think it's indicative of their faith in this area as a family destination," Rogich said. "People are beginning to look at casinos like Circus Circus that have marketed themselves to the family. They're seeing a tremendous success story." William Bennett and William Pennington bought Circus Circus when it was a floundering casino property in 1968. Today the Las Vegas resort has 1,600 rooms and is adding another 1,188 as part of a $59 million expansion program.

Corporate revenues for the year ending Jan. 31, 1985, were up 19 percent to $274 million with net income up 35 percent to $31 million. The public company is spending $105 million in new construction in Las Vegas and Reno this year. When work is completed on the Las Vegas expan Wang Labs to furlough 1 ,600 LOWELL, Mass. Wang Laboratories projecting an operating loss in its fiscal fourth quarter, said Wednesday it will immediately lay off 1,600 employees, or 5 percent of its workforce.

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