The News-Star from Monroe, Louisiana on July 20, 2005 · Page 24
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The News-Star from Monroe, Louisiana · Page 24

Monroe, Louisiana
Issue Date:
Wednesday, July 20, 2005
Page 24
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j The News-Star isiness Markets, 5C Wednesday, July 20, 2005 Eldorado resorts takes By John Hill BATON ROUGE Eldorado Resorts is the new owner of Hollywood Casino in Bossier City after the State Gaming Control Board without objection approved the S155 million to $165 million deal. Gary Carano said his family's Reno, Nev.-based company would take over operations today. The casino will continue operating under the Hollywood name for the next few months while Eldorado Resorts Casino renovates the facility and rebrands it. A grand re-opening, Carano said, is planned for December. The biggest change at the casino will be in the food and wine, Carano said. His brother, chef Greg Carano, and another chef from the Briefcase Gap to expand tine of cosmetics San Francisco Sniffing an opportunity to boost its recently sagging sales, clothing retailer Gap Inc. plans to expand its line of perfume and other personal care products next year in a partnership with Inter Parfums Inc. The San Francisco-based company said Tuesday that the expanded product line will be sold at its Banana Republic stores as well its flagship Gap stores. The expansion doesn't involve Gap's discount chain, Old Navy. New York-based Inter ParfunW will be responsible for developing, making and packaging the perfume and other cosmetics. The two companies didn't disclose the financial details of their alliance. Chile lifts mad cow ban on U.S. beef Washington Chile is lifting a mad cow disease-related ban on U.S. beef, the Agriculture Department said Tuesday. Chile was among dozens of countries that banned U.S. beef in December 2003 following the discovery of a cow infected with mad cow disease in Washington state. "This is one more step toward normalized international trade in beef," Agriculture Secretary Mike Johanns said in a statement. In the year before the ban, the U.S. sold beef worth $5.3 million to Chile. In contrast, Japan, formerly the biggest U.S. beef customer, purchased $1.5 billion in U.S. beef that year. Japan has not yet lifted its ban despite agreeing to do so last fall. American Commercial Lines files for IPO Washington American Commercial Lines ' Inc. registered Tuesday for an initial public offering of up to $201.25 million in common stock, according to a filing with the Securities and Exchange Commission. The Jeffersonville, Ind.-based marine transportation and service company provides barge transportation. It also manufactures barges, towboats and other vessels. Details about the number of shares to be offered and an estimated price range for the offering weren't disclosed in the filing. Feds lift case against HealthSouth's Bennett Birmingham, Ala. Federal prosecutors asked a court to throw out an indictment accusing a former HealthSouth Corp. president of fraud in a huge accounting scandal at the medical services chain. In a one-sentence motion filed late Monday, the U.S. Attorney's Office said it wanted to dismiss the case against James P. Bennett, who denied any wrongdoing. Money 1 0-Year Treasury Note $100,000 prin-pts & 32nds & a half 32nd Sep 05 111-16 111-275111-11 111-24 075 Dec 05 110-28 111-01 110-18 110-315 075 Mar 06 1 1 0-23 1 1 0-23 1 1 0-23 1 1 0-23 08 Jun 06 110-01 110-01 110-01 110-01 08 Sep 06 109-135 ... Interest Rates Prime rate: Discount rate: Federal funds: 3-month T-bills: 6-month T-bills: 30-year T-bonds: 6.25 4.25 3.25 3.23 3.43 4.43 family's Reno properties will make changes in the menu and cuisine. "We are a big family of chefs," Carano said. "We will have top chefs and top hosts." The new general manager will be Mike Whitemaine, most recently assistant general manager of the Silver Legacy Resort Casino, a partner casino partially owned by Carano family. "He's been with our family for 30 years," Gary Carano said. Food and wine are top priorities for Eldorado Resorts, he said. "We never could afford Frank Sinatra, but we married food and wine," he said. "Food is a very big thing in our family." The Carano family owns a vineyard and winery in Sonoma County, California, and sells wines in all 50 states under the label States try to stop eminent-domain ruling Texas, GiHfomia propose constitutional amendments to bar government from taking private property CHICAGO - Alarmed by the prospect of local governments seizing homes and turning the property over to developers, lawmakers in at least half the states are rushing to blunt last month's U.S. Supreme Court ruling expanding the power of eminent domain. In Texas and California, legislators have proposed constitutional amendments to bar government from taking private property for economic development. Politicians in Alabama, South Dakota and Virginia likewise hope to curtail government's ability to condemn land. Even in states like Illinois one of at least eight that already forbid eminent domain for economic development unless the purpose is to eliminate blight lawmakers are proposing to make it even tougher to use the procedure. "People I've never heard from before came out of the woodwork and were just so agitated," said Illinois state Sen. Susan Garrett, a Democrat. "People feel that it's a threat to their personal property, and that has hit a chord." The Institute for Justice, which represented homeowners in the Connecticut case that was decided by the Supreme Court, said at least 25 states are considering changes to eminent domain laws. The Constitution says governments cannot take private property for public use without "just compensation." Governments have traditionally used their eminent domain authority to build roads, reservoirs and other public projects. But for decades, the court has been expanding the definition of public use, allowing cities to employ eminent domain to eliminate blight. In June, the Supreme Court ruled 5-4 that New London, Conn., had the Associated Press , - EKiT? 'f K ? , IE,. --l ' w 4 .. .r n '1 Employees should It only takes getting burned once to learn to keep your mouth shut at meetings. And what a pity that is. When you see dozens of people in meetings planted around conference tables, lips zipped, hands twiddling with pens, you just know they have something to say. But it only comes out as they pour into the hallway after the meeting adjourns. That's where safe among peers they pronounce the stupidity of the idea just covered on the agenda that will cost the company thousands of dollars. When I ask them why they didn't speak up at the meeting, they say, "My manager wouldn't have listened anyway," "It wasn't my place" or "I'm not a part of the management team." No amount of coaxing can change their minds. They are convinced their jobs could be threatened if they rock the boat with an unpopular opinion. What they're EE Avg. percentage against the world market One $ 112.67 One $ .8307 Close $419.25 E2Z3 Close $57.47 Ferrari-Carano. The company will study bringing in big-name entertainment, another part of their marketing formula in northern Nevada. Eldorado will plan special events at the Bossier City casino. "We feel drawn to that market," Gary Carano said. "We are familiar with the other operators. In the northern Nevada market, Harrah's is a friendly competitor, and my father and myself are friends with Bill Boyd, who owns Sam's Town." Gary Carano said his family feels the Hollywood facility "has a lot of potential and has been underutilized for several years." He said the property had been undercapitalized. Hollywood, . which was put in bankruptcy in 2004, has teetered on financial disaster. It recently 1 . sjf"ta" v . - A. ... A S . V ' " - K' ' -S . ii AP Susette Kelo sits in her New London, Conn., home in this Feb. 7 file photo, as she discusses how hard she has been fighting to protect her Fort Trumbull home from eminent domain seizure. 1 f f- i te AP A home sits by the roadside in the Fort Trumbull neighborhood of New London, Conn., in this Sept. 28 file photo. authority to take homes for a private development project. But in its ruling, the court noted that states are free to ban that practice an invitation lawmakers are accepting in response to a flood of e-mails, phone calls and letters from anxious constituents. "The Supreme Court's decision told homeowners and business owners everywhere that there's now a big 'Up for Grabs' sign on their front lawn," said Dana Berliner, an attorney with the Institute for Justice. Andrea Kay Guest columnist not saying is that they don't want to take the chance of looking bad in a group. If your ideas have ever been met with silence, ignored or scoffed at in the past, you tend to stay mum. Then there's social pressure. If one person says one thing, others go along. Groups act like individuals under stress, according to a recent New York Times article. Discussing the committee that worked on the design for the new Freedom Tower, the article said Stocks of local Div P'E Close Ch YTD Div PE Close Ch YTD AT&T , .95 .. 19.12 -.02 .3 GaPacif . .70 13 33 66 1.58 -10 2 Alcoa .60 20 28.10 43 -10.6 GraphPk 3.71 .16 -48.5 Amedisy ... . 24 38.90 1.08 L 20.1 HCAInc .60 17 49.52 .39 23.9 AmSouth 1.00 16 28 06 ' .89 8.3 Hibem .80 17 33.56 -.10 13.7 ATMOS 1.24 15 28.95 . . 5.9 HomeDp .40 1 8 43 20 .75 1.1 BcpSouth .76 17 24 49 49 5 Iberiabank 1.201 17 65.10 .25 -1 9 BellSouth 1.161 11 26.76 .12 -3.7 IntPap 1.00, ... 32.22 1.56 -23.3 CBRLGrp .48 17 39.15 -.15 -6.5 JPMorgCh 1.36 28 35.21 -.30 -9.7 CLECO .90 ',, 18 22 10 .10 9.1 PiiyrimsPr .06 ' 12 ; 3S.74 -.37 '." ;.; 19.8 CntryTel .24 14 33.87 .02 -4 5 RegionsFn 1.36 17 34.56 .30 -2 9 CocaCI 1.12 22 43.33 .40 4.t Saks If : , 25 20.29 ; .29 :, : 39.8 DellaAir ... ... 387 -.05 -483 SearsHldgs ... 16 158,46 -.61 60.1 Olllards .18 19 23.65 -.24 . -12.0 SmurfStne 11.40 .87 -39.0 Entergy 2.16 20 76 10 .28 12.6 Target .401 17 59.56 .56 147 ForeslLab ... 18 40.69 -.96 -9.3 WalMart .60 , 20 43.76 -.23 -5.8 Gannett 1.08 14 71.81 -.06 -12 1 Weyerh 2.00 11 66.12 1.81 -1.6 GnMoIr 2.00 49 36.83 .32 -8.1 67 A 'b LI 0.001 L65 ' ' ' - 'sniff, , i 0.14 over H settled lawsuits for unpaid bills for 52 percent of claims, the State Gaming Control Board said. "The employees who have stayed are very good employees, and we are excited about getting to know them," Carano said. Bob Jones, Eldorado Resorts chief financial officer, said the company is borrowing S140 million in first mortgage bonds and up to $20 million in preferred stock. Eldorado will own 76.4 percent of the stock in the new casino company, with the other 23.6 percent going to non-voting stock held by Hollywood's existing bondholders through a company named Shreveport Gaming Holding Co. Inc. , Jones called the transaction a S154 million deal, but said valuations by financial houses vary from states move to blunt eminent domain State lawmakers are acting swiftly to protect private property from developers after last month's U.S. Supreme Court ruling expanded the power of eminent domain - the government's right to take private property for public use. Eminent domain ruiuiuucn iui cvui tin I mv. ucvciupii ICI II unless to eliminate blight NOTE: Lawmakers in Florida, Illinois and Kentucky are proposing additional legislation SOURCE: voice opinions without fear when under pressure, groups procrastinate, calling for more information. They also "become committed to bad decisions, to save face or to protect themselves against criticism." Other times, people stay quiet because their culture doesn't encourage speaking up. "Asians are taught deference, so to speak up at a meeting is deemed as rude," says John Baldoni, a leadership communications consultant in Ann Arbor, Mich. Or one woman at an all-male meeting "may feel (or be made to feel) that she's not one of the team and her ideas are not worthwhile," he adds. If you hold meetings, how do you get folks to really participate? Most people agree that the leader of the group is responsible for making that happen. Baldoni suggests rotating the chair of the meeting and to invite input by soliciting feedback in writing. interest llywood $155 million to $165 million. The gaming board approval came over the objection of a minority owner of Hollywood, Shreveport Paddlewheelers Inc. The company has legal issues pending in lawsuits in U.S. Bankruptcy and state district court in Shreveport, in its lawsuit charging Hollywood with no living up to its contractual obligations. Shreveport Paddlewheelers was a corporation that held the original license granted to Flamingo Casino in New Orleans owned by New Orleans Paddlewheelers. But Gaming Board attorneys said the issues between Shreveport Paddlewheelers and Hollywood are decisions to be made by the court, and did not affect the legality of the transfer. Working on legislation AP If employees have submitted comments, ask them if they want them to remain anonymous or not, says Eric Chester, author of "Getting Them to Give a Damn." Then let them know their ideas matter. At the next meeting, announce a change that's based on feedback and give credit to the person. Establish a track record for respectful and prompt responses to people who share their thoughts, suggests Keith Olson, director of Organizational Development at Children's Memorial Hospital in Chicago especially when the answer to an idea is no. "If they see their input is honored and acted upon they will take the risk." Attack issues, plans and assumptions not each other, says Charles Nagele, president of the Art Institute of California-San Francisco. Living by the adage, "It Close: Vol. at S&P NYSE casino Revenue report Hollywood was the third in the five-boat Shreveport-Bossier casino market, according to the May revenue reports. The market took in $58.5 million dollars in profit from gamblers in May. Breakdown $12.4 million by Horseshoe. $10.8 million by Sam's Town. $9.1 million by Hollywood. $8.7 million by Boomtown Bossier. S8.5 million by the Isle of Capri Bossier. Acura Integra tops most-stolen vehicle list Associated Press DETROIT The 1999 Acura Integra coupe was the most-stolen vehicle last year and Integras from other model years weren't far behind, likely the targets of street racers who want their fast engines, according to a report released Tuesday. One out of every 200 registered 1999 Acura Integras was stolen last year, said Chicago-based CCC Information Services Inc., an insurance industry tracker of theft and vehicle damage. The list compares loss claims to the total number of registered vehicles. The 2002 BMW M Roadster was No. 2 on the list and the 1998 Acura Integra was third. Other vehicles in the top 10 include the 1991 GMC V2500, the 2002 Audi S4 and the 2004 Mercury Marauder. Jeanene O'Brien, CCC's director of marketing services, said an upsurge in street racing may be responsible for the appearance of the Integra and other fast cars on the list. "We can never say for sure why a car's stolen, but we can look at the data and make some interesting assumptions," O'Brien said. O'Brien said it's difficult to overstate the value of vehicle parts. A 2000 Honda Accord LX cost $22,365 when it was new but would cost $68,065 if it were built entirely from Honda replacement parts, she said. Acura spokesman Mike Spencer said Acura was aware of the theft problem and made several changes to the Integra during its lifetime, including adding more secure locks and immobilizer systems and installing door panels that were harder for thieves to break into. "Unfortunately, if somebody really wants to steal your car, they're going to steal it," Spencer said. "That's pretty hard to avoid." isn't that we made the wrong decision, but rather, we did not ask the right questions," he encourages his teams to "tear apart a proposal, shoot holes in a plan and challenge the assumptions of an idea. It's better on the front end, rather than having the marketplace do it," he says. It makes all the difference when your manager invites open discussion. Yet sometimes you need to take a risk. No one has all the answers. But you just might have an insight that sparks a solution no one else thought about either. ANDREA KAY is the author of "Greener Pastures: How To Find a Job in Another Place," "Interview Strategies That Will Get You the Job You Want," and "Resumes That Will Get You the Job You Want." Send questions to her at P.O. Box 6834, Cincinnati, Ohio, 45206; fax (606)781-2228. E-mail: 10,646.56 4 p.m.: 1,556,966,890 MARKETS close 1,229.35 8.22 close 7,414.57 42.13 MMfcHAtttfHUy&&ji . Jbi 7157 a NASDAQ CLOSE 2,173.18 28.31 AMEX CLOSE 1,535.08 o'.24

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