Reno Gazette-Journal from Reno, Nevada on May 7, 1993 · Page 26
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Reno Gazette-Journal from Reno, Nevada · Page 26

Reno, Nevada
Issue Date:
Friday, May 7, 1993
Page 26
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Reno Gazette -Journal X DID) 5 FRIDAY MAY 7, 1993 STEVE FALCONE, BUSINESS EDITOR: PHONE, 788-6322; FAX, 788-6458 Disney threatened with fine in alien hiring case ANAHEIM, Calif. The Immigration and Naturalization Service is demanding that Disneyland pay the largest-ever penalty for hiring illegal aliens a $394,840 fine. Robert Reed, an INS special agent, said investigators found 1,156 paperwork violations during a review of Disneyland employee records. It also showed that about 1 50 employees had questionable work papers, including fake "green cards" or counterfeit Social Security cards. In a statement Thursday, Disney denied intentional wrongdoing, saying it will contest the threatened fine. It said an INS audit of nearly 7,000 workers found only five that were improperly employed. They were fired, and the current charges have nothing to do with them, Disneyland said. Disney said it was notified April 22 of possible technical violations relating to hiring records. It said it was given until May 22 to respond, and intends to do so. CHICAGO Average mortgage rates for single-family homes in 14 metropolitan areas as of May 5 as compiled by me Chicago Title Insurance Co. The rates are for 30-year, fixed-rate mortgages for 60 percent of the value of the house. A point is a one-time fee equaling one percent of the mortgage. May 5 Prev.Wk percent points Atlanta 7.25 2.125 7.25 2 0 Boston 7.375 1.875 7.375 1.875 Chicago 7.50 k 2.25 7.5 20 Dallas 7.375 1.375 7.375 1.625 Denver 7.50 .75 7.50 1.0 Houston 7 375 .75 7.25 1.5 Los Angeles 7.375 1.625 7.375 1.5 Minneapolis 7 50 .50 New York 7.75 1.5 Philadelphia 7.125 2 0 Phoenix 750 1.5 Seattle 7.375 2.25 Tampa 7.5 1.5 Washington 7 375 2.25 7.50 .50 7.75 1 625 7.125 2.5 7.50 1.375 7.375 2.0 7.375 1.375 7.375 2.25 CHICAGO Chicago Title Insurance Co s average of variable rates available in the above cities tor a new 1-year adjustable mortgage, based on a 30-year loan for 80 percent of the value of a single-family house. May 5 Prev.Wk percent points Average 4 375 1.625 4.375 1.625 D Falling: Thirty-year, fixed-rate mortgages averaged 7.42 percent this week, down from 7.43 percent last week, according to a national survey. For local rates, see Saturday's Real Estate Guide. Bonds: The government bond market continued to grapple with the Treasury's debt management overhaul, with prices of many longer-term bonds retreating and shorter-term maturities edging higher. The price of the Treasury's main 30-year bond fell 7-32 point, or $2. 1 9 per $ 1 ,000 in face value. Its yield rose to 6.80 percent from 6.78 percent late Wednesday. Money funds: Assets of the nation's 632 retail money market mutual funds fell $ 1 .7 1 billion in the latest week to $386.77 billion, the Investment Company Institute said. Assets of the 262 institutional money market funds rose by $4.66 billion to $201.10 billion for the same period. The seven-day compounded yield was 2.65 percent, unchanged from the previous week, and the 30-day compounded yield fell to 2.67 percent from 2.68 percent the previous week. May 6, 1993 DOW(lndustrials) NYSE S&P500 AM EX S&P MldCap NASDAQ NYSE Diary Advances: 940 Declines: 943 Unchanged: 632 Total issues: 2515 101 New lo 14 Composite volume: 310,651,110 1992 avg. comp. vol.: 250,157,090 Alpine Meadows Amfed Financial 20 -Va Amservlnc. IVi BankAmerica 47 Clorox 48 -1 Coeurd'Alene 18 V2 Comstock Bank 7 R.R. Donnelley 27 -Va Echo Bay 7 Va First Interstate 54V2 -1 Va FirstMiss Gold 6 First Western Fin. 6Va FMC Gold 5 V4 Gannett 52V2 -Va General Motors 40 -7b Granite Const. 17V2 -Va Harding 10 Nevada Power 25V2 -Vt Newmont 497e 17s Pacific Telesis 46Ve 3a J.C. Penney 43 V2 Reno Air 1912 -Va Rotech 13 Va Santa Fe Pacific 15 -Va Sierra Pacific 22 Vs Sierra Tahoe Southwest Gas 18 - US Bancorp 247e - Ridin' high V 4 i . i r ' . jhii 1 i IT- V ' ""rr! h Nsj; ' - I '5 HORSING AROUND: Dispatched by the National Pony Express Association of Nevada, Gene Graves of Virginia City rides through the downtown Circus Circus Reno Hotel-Casino on Thursday. Circus executives arranged the ride through downtown Reno and into the David ParkerGazette-Journal casino as a promotion for its new Fastest Cash multicasino, 25-cent progressive jackpot network. Linked to seven Circus Circus properties, the system averages one super jackpot daily with a minimum pot of $10,000. TRADE Nevada exports to Mexico boom By Susan Skorupa GAZETTE-JOURNAL The lowering of Mexico's trade barriers helped Nevada's exports to that country mushroom by 1,638 percent between 1987 and 1992, the U.S. Department of ; Commerce reported. But Nevada's increasing popu- larity as a warehousing and distri-; bution center probably accounted ; for a lot of the increase, a local eco-' nomic expert said. Commerce Secretary Ronald H. Brown said Nevada's exports to Mexico reached $47 million in 1992. "Part of that is from the viable warehousing and freight-forwarding business and Free Trade zones in Nevada," said Carol Popoff of the Nevada Small Business Devel- ; opment Center at the University of Nevada, Reno's College of Busi- ' ness Administration. "Commerce Department statistics for exports are registered from the port at which products leave the country," Popoff explained. "They could be manufactured Quartet nominated for state Black Book : LAS VEGAS (AP) Convicted bookmaker Dominick Spinale and three reputed mob associates were nominated Thursday for inclusion ; in the state's Black Book of people banned from Nevada casinos. The state Gaming Control , Board nominated the 57-year-old ; Spinale along with Anthony St. - Laurent Sr., 52; Edward DeLeo, i 49; and Samuel Manarite, 74. i If approved following hearings ! by state gaming authorities, the four would join 21 other people in the book. ; Spinale, linked by federal law "enforcement authorities to New England's Patriarca crime family, , was recently released from prison following his 1988 conviction of violating gambling and tax laws. v 'Tart of (the increase in Nevada exports) is from the viable warehousing and freight-forwarding business and Free Trade zones in Nevada' Carol Popoff Nevada Small Business Development Center at UNR anywhere, then warehoused here and exported from here." That doesn't mean, however, that Nevada industries themselves aren't growing and exporting local products to Mexico, she noted. The Commerce Department's report, "U.S. Exports to Mexico: A State-by-State Overview 1987-92", shows non-metallic-mineral exports from Nevada totaled $133,000 in 1992, compared with no exports in 1987. That figure represents minerals mined in Nevada, such as diato-maceous earth, used for purity filtration systems. An increase in agricultural crop exportation from zero to $270,000 during the period also represents Nevada products, Popoff said. Other increases, such as a 75,233 percent increase in transportation equipment and a 31,336 percent increase in the export of military equipment, probably come largely from products made somewhere else but shipped from Nevada, she said. Nationally, the U.S. exported $40.6 billion in goods to Mexico in 1992, an increase of 178 percent from 1987. "Our trade with Mexico is expanding because the Mexican government is lowering its trade barriers to us as part of the process leading up to NAFTA (North American Free Trade Agreement)," Brown said. 01987 1992 Exports to Mexico Nevada's exports to Mexico have increased 1 ,638 in the past 6 years: T Agriculture $0 $308,000 T Mining $0 $133,000 T Products $2.7 million ' $43.3 million" r Other $11,000 $3.3 million T Total exports $2.8 million $47.0 million Second-hand goods, military equipment Source: U.S Dept. of Commerce Paul HornGazette-Journal TOURISM parKs casino draws praise for. Asian fest . May 22 and 23: Event expected to draw at least 35,000 to area. By Wayne R. Melton GAZETTE-JOURNAL Several Truckee Meadows travel agents Thursday praised efforts to lure visitors to a major new Asian Pacific festival, but they said much more should be done to bring minority tourists : and visitors from other nations. ;: The Asian Pacific Festival of Fortune is expected to lure at least 35,000 people to Sparks May 22 and 23, said Michonne Ascuaga, a John Ascuaga's Nugget Hotel-Casino executive and the event's chairman. Ascuaga estimated at least 25 percent of the visitors or a minimum 8,750 people will be of minority heritage. It's unknown how many of those people are to arrive from other nations. Such efforts are deemed vital by travel industry officials because tourism and gaming are northwest Nevada's largest industries. Local tourism officials say they have no data on how many people visit yearly from Asian countries. Yet it's increasingly important to lure visitors from other nations, especially countries around the Pacific Rim, said Tim Heydon, Sunrise Travel co-owner in Reno. Citing these factors, numer ous officials Thursday praised the Nugget for jts major role in organizing the festival, which Ascuaga predicted will boom into a huge annual event. At the start, the Nugget has been sponsoring ads, including television spots, in the San Francisco Bay area in other languages including Chinese, Japanese and Vietnamese. The campaign is likely to spread overseas in future years, perhaps to locations such as. Hong Kong as the festival grows in stature and becomes more popular, Ascuaga said. : "We're almost going to have to do these promotions," especially with gambling spreading around the nation," said Sara Harloff, assistant manager at A-; Team Travel in Reno. However, local officials also need to work hard to encourage airlines to increase connections to the Far East because current service isn't competitive with easy-access routes to Las Vegas, Harloffsaid. In addition, she said, it's essential for the Truckee Meadows to build more high-quality hotel rooms, to increase chances moderate- to high-income travelers from Asia will want to visit. Mike Houghton, Reno-Sparks; Convention & Visitors Author ity marketing chief, said for now the agency has no ads running in Pacific Rim countries "because ; a lot of it has to do with access on airlines." "That's the same issue we've been faced with all along domes- tically," Houghton said. "If people can't get here from a particu-; lar city, that doesn't represent-much of a market for us." 4 states drawing best jobs WASHINGTON (AP) Colorado, Maryland, Utah and Washington are at the head of the class when it comes to attracting high-paying jobs, according to an annual state-by-state report card released Thursday. The Corporation for Enterprise Development said those states excelled in emphasizing long-term investments and in developing an economic and business climate needed to attract high-payingjobs. At the other end of the scale, the non-profit research corporation gave its lowest grades to Louisiana, Oklahoma and Mississippi. Nevada was ranked 26th. The group's 1993 report card used more than 50 economic measurements, divided into three categories, to rate each state. In the category of current economic performance, which measured such things as employment growth and average wages, the states with the highest ratings were Delaware, Washington, Wisconsin and Virginia, respectively. Nevada received a B from the report. instates given straight Fs and Ds in the three major categories were Louisiana, Oklahoma and South Carolina. i. Gaming & Tourism Rooms available Reno vs. Las Vegas in available rooms in 1992: 24,884 E3 E3 E3 E3 E3 ED EJ 3 E3 E3 E3 E3 E2 3 EJ E3 D m E3E3 C3B3 Bp 7 86,898 0 E3 EJ E3 E3 E El E3 0 EJ E3 E 3 E3 E3 0E3 ED E3 E3 E3 EJ E3 E El E EJ E3 E3 E3 IU E3 3 E3 E3 E3 E) E3 E3 3 3 EJ E3 0 O 3 E3 E3 ES3 0 E) E3 E3 EJ G3 E Reno Las Vegas Source: McGHIE Consulting Gazette-Journal Aztar 7Vs Bally Gaming 101A -3b Bally Mfg. 7 -Va Boomtown 26 114 Caesars World 43 1 Casino Data Sys. 1 512 1 34 Circus Circus 48 - Grand Casino ' 41 V2 -Va Hilton Hotels 45 -Va IGT 323a V4 Jackpot Ent. 19 MGM Grand 30V2 -Vs Mirage 40 1V4 Promus Cos. 45 1 Va Rio Hotel 12V2 -Va Sahara Casino 43s 3a Sahara Resorts 17 Va Sands Regent 21 Va Showboat 2214 3e United Gaming 9Va Video Lottery . Daily's plans 'architectural project' in Las Vegas LAS VEGAS A $ 12 million architectural attraction, featuring a polished stainless steel globe eight stories high, has been announced by officials of Bally's Las Vegas. The project is the second involving the company to be announced in three days. Officials of MGM Grand Inc. and Bally's on Tuesday announced a $ 1 5 million monorail between the properties. The new project will be built on a parking lot in front of Bally's resort on the Las Vegas Strip. Darrell Luery, vice president and COO of Bally's Las Vegas, said the project would be an architectural centerpiece and predicted it would become one of the city's leading attractions. The project will feature a stainless steel globe 80 feet high that will appear to hover over cascading waters. Two walkways will transport visitors to and from the entrance to the resort, on the busiest corner of the Strip. ITT-Sheraton changes proposal : for New Orleans riverboat NEW ORLEANS ITT Sheraton Corp. will -join in a riverboat gambling venture with a local . company rather than build its own floating casino. - Sheraton announced last month that it wanted to dock a boat downriver from the French Quarter. But President John Giovenco said this week that Sheraton will join New Orleans Steamboat Co. and build a 1,450-passenger boat that will dock in the French Quarter, five blocks . from the Sheraton Hotel on Canal Street. If the venture local permits, Sheraton will be the majority owner of the Lady Sheraton Riverbdat t Casino, with New Orleans Steamboat and Jax Riverboat Corp. as minority partners. The Sheraton chain includes more than 400 . owned, leased, managed or franchised hotels, resorts and inns in 6 1 countries. It has gambling H operations overseas and has applied for gambling licenses in New Jersey and Nevada. '

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