Reno Gazette-Journal from Reno, Nevada on May 11, 1994 · Page 18
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Reno Gazette-Journal from Reno, Nevada · Page 18

Reno, Nevada
Issue Date:
Wednesday, May 11, 1994
Page 18
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WEDNESDAY MAY 11. 1994 Top service companies made 28 more in 1993 than in '92 NEW YORK America's biggest service companies earned $93.7 billion in 1 993, up 28 percent from what they made in 1 992 and nearly 50 percent more than their industrial counterparts earned last year, Fortune reports. Banks, financial service providers and retailers led the performance improvement, collectively accounting for two-thirds of the earnings in the annual Fortune Service 500 ranking, released Tuesday. The biggest airlines, which lost $4.6 billion in 1 992, earned $1.7 billion last year. Sears, Roebuck and Co., which Fortune once characterized as a dinosaur, was the second-biggest earner on the list, at $2.4 billion. Continental Airlines was the top earner at $2.6 billion, almost entirely because of a onetime accounting credit from the carrier's emergence from bankruptcy protection. The rankings also reflected the nation's appetite for computers and software services. Four computer service companies debuted on the list. BUSINESS BRIEFING Index: Businesses are less confident WASHINGTON Businesses are feeling a little less confident about the economy this year because of fears that higher interest rates will slow growth, the U.S. Chamber of Commerce said Tuesday. The chamber said its index of business confidence was down in April for the second time in a row, slipping from 5 1 to 49.9. The latest figure is still 4.3 points above the 1 993 low for the index, which in April was based on a survey of 7,659 respondents. "The modest decline in the index for April was fueled by a growing concern that the U.S. economy might be cooling off over the next six months, probably because of the recent sharp increases in interest rates," said Martin Regalia, vice president and chief economist of the chamber. "Higher interest rates translate into higher production costs and a slowdown in the economy's appetite for goods and services," he said. The bimonthly index seeks to measure the business outlook for sales, employment and the overall economy for the next six months. Experts to Congress: Leave derivatives alone WASHINGTON A leading banker and two influential former regulators on Tuesday urged Congress not to write new regulations for the derivatives market, saying they could damage American markets and stifle innovation. "I am fearful that legislation in the U.S. could work to the detriment of U.S. markets and institutions," said Gerald Cor-rigan, former president of the Federal Reserve Bank of New York and now a senior executive at Goldman Sachs & Co. Corrigan said he feared regulations would shift derivatives dealings offshore "that could easily increase, not decrease, the risks to U.S. institutions and markets." He appeared before the House subcommittee on telecommunications and finance along with Richard Breeden, the former chairman of the Securities and Exchange Commission and Dennis Weather-stone, chairman of J.P. Morgan & Co., a major derivatives dealer. Congress is considering new regulations of the derivatives business after major companies such as Procter & Gamble and the German industrial giant Metallgesellschaft AG reported major losses from derivatives deals. Viacom renames its new publishing unit NEW YORK Viacom Inc. said Tuesday it had revived the name Simon & Schuster for the worldwide publishing operations it recently acquired and reaffirmed its commitment to staying in the publishing business. Viacom obtained control of Paramount Publishing by winning a takeover war in March for Paramount Communications Inc., the media-entertainment company. There has been speculation Viacom may sell the publishing operations to help repay its debt, despite suggestions to the contrary from Viacom executives. Paramount had adopted the name Paramount Publishing for its publishing business in January 1 993. The division had previously been known as Simon & Schuster, which remained the name of one of its book imprints. Wire service reports Associated Press TEXACO PROTEST: About two dozen activists picketed Texaco's annual meeting Tuesday, accusing the company of "a long history of environmental abuse." TABLE GAMES Casinos are going to War By John Stearns GAZETTE-JOLRNAL War is hell . . . unless you're in a casino. Casino War, a newly licensed card game that is an offshoot of the game many people played as children, seems to be a direct hit in its northern Nevada debut. Better yet, players' odds of winning are improved. What has been players' reaction? " That was fun' or 'Wow, that was quick,' " reported Jay Recan-zone, pit floor supervisor at Har-rah's Tahoe, the first of five area clubs to sign up for the game. No Reno casinos have yet added the game to their forces. "We think we've got a winner," said Russell Hebert, vice president of sales and marketing for BET Technology Inc. of Carson City, developer of the game. "War is the simplest, fastest, easiest game that anybody can play," Hebert said. "All you have to know is that a 1 0 beats a five." Simply: If a player's card is higher than the dealer's, the player wins. If there's a tie, a player can surrender half his or her bet or opt to go to war. In war, a player matches the original bet and the dealer matches it next to the player's bet. The dealer then "burns" three cards (places them at the bottom of the deck), the player gets a card, then three more cards are burned and the dealer gets a card. High card wins; a tie goes to the player. BET developed Casino War into a marketable product after receiving the concept from someone else, Hebert said. The game was designed to attract new players to the tables, which have been losing activity in recent years to slot machines and video poker, and to give existing table players another option. Hebert said the pace can machine gun at 900 hands an hour. Recanzone said the pace may appeal to some players, and not to others. Players also may find the game a betting battle that they win more often than they lose. Hebert said the game favors players who go to war because they win on ties. Casino War can be found at Harrah's Tahoe and Harvey's, the Fallon Nugget and the Lake Tahoe Horizon. Stockman's Casino in Fallon has the game ordered. Ameristar 13 -Va Aztar 6 Bally Gaming 15V - Bally Mfg. 6 -Vt Boomtown 16 V2 Caesars World 43 -1 Casino Data Sys. 25 - Circus Circus 24 -1 Grand Casinos 19 -2 Harvey s 167 Hilton Hotels 53Va -1Vz IGT 22V2 Jackpot Ent. 9 - MGM Grand 25 ft -1V Mirage 19 Monarch 8 Primadonna 23 - Promus Cos. 33ft -2 Rio Hotel 15 - Sahara Gaming 8 Sands Regent 10 - Showboat 21 Va Sodak 15V2 -V2 United Gaming 6916 -316 T7 J - GNyOOKN n ) ' jr.,,? - .. ' J J c David B. ParfcerGazette-Journal CASINO WAR: Ramina and Bryce Theroff of Santa Rosa, Calif., try their hand Tuesday at the new table game at Harrah's Tahoe. LET'S PLAY CASINO WAR RULES OF THE GAME 1. ) At the start of each new game, each player must make a wager. 2. ) Each player has the option of making a "tie" wager. 3. ) Each player and the dealer receive one card face-up. 4. ) The dealer compares the rank of each player's card with the dealer's. a. ) If the player's card has a higher rank than the dealer's card, the player wins even money. b. ) If the player's card has a lower rank, the player loses. c. ) If the player's card is equal to the dealer's card, the player has two options: 1 . ) Go to war with the dealer or surrender half the wager, a.) If the player chooses war, the player and dealer make another wager equal to the original wager. 2. ) The dealer "burns" three cards and deals the next to the player. 3. ) The dealer "burns" three cards and gets the next card. a. ) If the player outranks the dealer, player wins the money on the table. b. ) If the dealer outranks the player, player loses. c. ) If the player and dealer are equal, the player wins. d. ) If more than one player is at war with the dealer, the dealer deals one player at a time, three down and one up, and deals a final set to himself or herself. (The "tie" wager must be made prior to any cards being dealt per round. If this wager is made and the cards match in rank, then the player is paid 10 to 1 when the dealer gets to that player's hand.) Source: BET Technology United Gaming Inc. (NASDAQ:UGAM) reported net earnings of $847,000, or 8 cents per share, compared with a net loss of $908,000, or 9 cents per share, during the same period last year. For the first nine months of fiscal 1994, the company incurred a net loss of $1,750,000, 17 cents per share, compared with a net loss of $2,1 97,000, 23 cents per share. Casino Magic Corp. reported $3 million in net income, 1 0 cents per share, during the first quarter of 1 994, a drop of $1 0.5 million from a year ago. For the first quarter of 1 993, the gaming company reported net income of $1 3.5 million, or 45 cents per share. D Treasury auction: Yields on three-year Treasury notes rose in Tuesday's auction to the highest level in nearly three years. The average yield was 6.54 percent, up from 4.83 percent at the last auction on Feb. 8. The notes will carry a coupon interest rate of 6.5 percent with each $ 1 0.000 in face value selling for $9,989.30. A total of $ 1 7. 1 billion in notes were sold out of bids totaling $48.2 billion. The government also plans to auction about $ 1 2 billion in 1 0-year notes today. D Bonds: Treasury bond prices rose strongly Tuesday, partly recovering from a two-day market plunge that had pushed up yields to the highest level since November 1 992. The price of the Treasury's main 30-year bond, which fell 1 Vt point Monday, closed up 1 20-32 point, or $ 1 6.25 per $ 1 ,000 in face value. Its yield, which moves in the opposite direction, fell to 7.49 percent from 7.65 percent Monday. By Diana Frear Paschall GAZETTE-JOURNAL Lli Farla been promoted to security supervisor at the Peppermlll. She will be responsible for the supervision of the day shift officers, the distribution of security reports and coverage of special events. Faria has worked for the casino for four years, most recently as assistant security supervisor. Faria is originally from Puerto Rico but grew up in Los Angeles. She loves Spanish dancing. "All of my family loves to dance," she said. "That's how I learned it, from watching my parents and aunts and uncles. I don't do much Faria Spanish dancing here because there is no place to go. But I like to dance anything. I was with the Hot August Nights dance team. I am learning country dancing at Easy Street. That's where I do my country practicing." 1 s May 10, 1994 DOW(lnduruli) NYSE 84P500 AM EX 8P MldCap NASDAQ NYSE Diary AdTinow: 1,327 Ptdtaeg 887 lindupgtd: H4 20 New laws 173 Total Usnes: 2,828 Com polite volume: 364,214,160 1993 avfr com p. vol: 323,714,tl GOLF COURSESDROUGHT Water-witching atWildcreeka ; divine project By John Stearns GAZETTE-JOURNAL The Reno-Sparks Convention & Visitors Authority hopes a retired mechanic professing special water-finding powers can save its Wildcreek Golf Course from the ravages of drought this summer. Colin Sendall Sr. of Palomino Valley told RSCVA's Golf Committee Tuesday that a large underground river flows near Wild-creek's clubhouse and he's willing' to pay half the cost of drilling a test well to prove it. Cost of a test well is expected to be about $6,000. "There's no baloney in this," Sendall told the committee of his water-finding ability popularly known as dowsing or water-witching. "It's for real; there's no guessing. I just have to make my mind up where to drill." RSCVA, facing the likelihood of dead fairways in August, is desperate to try to save its top money-making course. Its other facility, Northgate Golf Course, is expected to stay green with leased well water. Negotiations also are under way with the Truckee-Carson Irrigation District for Donner Lake water. Both courses will lose their primary water source when natural flow ceases in early July in the Orr and Highland ditches. "We're willing to try anything," said Jay Milligan, RSCVA president and chief executive officer. If Sendall finds a plentiful source, RSCVA will pay the whole tab and subsequent costs to establish a well. If water rights can be quickly acquired, it's feasible a well could be pumping a month after water is discovered, said Ron Wrest, RSCVA golf director. He estimated he would need about 100 acre-feet of water to rescue Wildcreek. Without the water, Wrest estimated Wildcreek could lose , $ 500,000 in revenue this season. Sendall spent part of Tuesday afternoon at Wildcreek with two steel divining rods, which he said jumped with activity just north of the parking lot, where he'll propose drilling over what could be a 70-foot-wide stream. "It breaks my heart to see these places drying up," Sendall said. He's confident he'll deliver. "I wouldn't throw 3,000 bucks away if it wasn't" accurate, he said Cos. Since rejoining the company in 1 990, Rogers has provided the inspiration for the introduction of several successful external and internal programs. Rogers also offers his expertise to the Lake Tahoe Visitors Authority and the Reno-Sparks Convention and Visitors Authority. RIIIV tVITCUI. Baku Alpine Meadows Amted Financial 21 " Amserv Inc. . BankAmerica 45 1Vi Clorox 49 -Va . Coeurd'Alene 191 Comstock Bank 7 R.R. Donnelley 27 Echo Bay 10ft First Interstate 81V4 1- FlrstMissGold 7 V?'. First Western Fin. 8ft FMC Gold 6 -Vt; Gannett 52W Va General Motors 55 Va 1 Granite Const. 21 Va Harding 5 -W Nevada Power 19 - Newmont 39 -1 Pacific Telesis 30ft ft. J.C. Penney 52V 2 Reno Air 5Va Rotech 19Va Va, Santa Fe Pacific 21 V Sierra Pacific 17Va - Sierra Tahoe 7ft V: Southwest Gas 16 -V US Bancorp 25Vj 316; RSCVA adds ; to its arsenal ofpromotions: By John Stearns GAZETTE-JOURNAL f Reno-Sparks tourism and convention officials continue their efforts to bring big hitters to town for promotional punch. "Heavyweight Explosion," featuring six heavyweight boxing bouts, is scheduled for June, and work is progressing on the 80th birthday tribute for legendary baseball slugger Joe DiMaggio, the Reno-Sparks Convention & Visitors Authority Special Events Committee reported Tuesday. Boxers will duke it out June 4 at the Reno Hilton's outdoor amphitheater, with the noontime bouts televised on tape delay, said Linda. Davis, RSCVA sports marketing manager. The main event features Larry Donald of Cincinnati vs. Juan A tonio Diaz of Argentina. For the other heavy-hitting event, RSCVA is nearing comple tion of a TV deal for the DiMaggio tribute Dec. 2-4 at the Convention Center. About half the $1 million cost will come from TV, the rest from tickets and sponsorships See RSCVA on page SB of his "fool-proof ability to find water. - "He seems to have pretty good success," said Steve McKay, owqj er of McKay Drilling. McKay said he knew of three or four successful wells, those pump, ing more than 25 gallons a minute, that Sendall "witched" in recent months. If Sendall doesn't deliver, Wild-creek's death watch is expected to begin around Aug. 5. "From then on it's going to start going downhill," depending oa weather, Wrest said. Although Wrest has negotiated for some backup water from Westf pac Utilities, it only will reduce the number of trips that a water See WATER on page SB HARRAH'S RENO: Jim Rogers, northern Nevada vice president of marketing-human resources, has been awarded the Corporate Excellence award from The Promus Block has been named manager of "flef development services. He will be responsible for employees giving technical support services to all engineering departments. Block was formerly employed as a programmer at Cubix in Carson City" Jessa Sullivan has been promoted to software Z engineering project leader for the lottery systems department. He was previously a programmer- 1 analyst. , A, A V

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