Elko Daily Free Press from Elko, Nevada • 7

Saturday, May 2, 1992 ELKO DAILY FREE PRESS, Elko, Nevada 7 Business Roman-themed shopping center opens in Vegas LAS VEGAS (AP) A $100 million Roman-themed shopping complex opened here yesterday, bringing the opulence of Rodeo Drive to the glitzy Las Vegas Strip. "It's going to look like a 50 carat diamond sitting there," Henry Gluck, chairman of Caesars World said in a telephone interview earlier in the week from his Los Angeles office. Gluck's "diamond" is an impressive array of some of the world's top merchandisers assembled along a Roman streetscape that includes ornate fountains, classic statues and arches rising more than four stories high. A painted sky high above the shops changes colors with computerized lighting to reflect sunrise, high noon, sundown and nighttime scenarios. The project, just north of Caesars Palace, is a joint development of more rooms, others suggested expansion of the casino the cash cow for any Las Vegas resort "We must have looked at 50 different attractions, such as rides, Gluck said of the acreage that once hosted grand prix auto racing.

"We wanted to put in something that would increase the viability of the Palace as a must-see resort," Gluck said. "What concerned me the most was, we didn't want to put anything in that would diminish the attractiveness of the Palace. We knew if we made The Forum an entertaining shopping experience, the interest would continually regenerate." "This is a one of a kind," said Deborah Simon, vice president of the Simon company. "I don't know if you could take this type of a project and put it in any city in the world. It is one of the more unusual ones we've ever done, in terms of design and entertainment values." One of the major attractions will be a $5 million Roman fountain that comes to life twice an hour through the electronic magic of animatronic robots, lasers, antimated graphics, projections and dancing waters.

"In Las Vegas, you have to compete against volcanoes, white tigers and soon-to-be pyramids and theme parks," said fountain designer Terry Dougall. "You don't compete by creating a shopping center. You do that by creating an attraction that could compete in every way." The statue comes alive when Bacchus, god of merriment and wine, is awakened from a stupor by a lightning bolt, and welcomes visitors to the festivities. The animatronics were designed by Creative Presentations, the firm that did the 'ET ride at Universal Studios. To build the Caesars project, Gluck turned to Gordon, president of the Los Angeles company that bears his name.

Gordon's company has developed the San Francisco Centre, the Beverly Center in Los Angeles and several other centers in California and Hawaii. Gordon calls The Forum Shops "the best thing I've ever done." Gordon joined with the Simon company to build the Las Vegas project, which has 240,000 square feet of leasable space and covers 380,000 square feet The Simon company's current projects include the Mall of America in Bloomington, the Hollywood Promenade in Hollywood, Calif, and the Scottsdale Galleria in Scottsdale, Ariz. Gluck admits he was concerned as the project progessed while the country was mired in a recession. iK Indianapolis-based Melvin Simon Associates the world's second-largest developer of shopping centers, and The Gordon Company of Los Angeles. "On a typical evening, somebody will walk out of Spago's restaurant at 11:30 at into a crowded street, and will find all the world's great shops open," Gluck said of the new complex.

"I think it's going to be very hard for a woman to come to Las Vegas without making a couple of stops here." The shops include heavy hitters such as Gucci, Guess, Bernini, Cuz-zens, Escada, AnnTaylor and Animal Crackers, and restaurants like Spago, La Salsa and Boogie's Diner. Warners Brothers Studio Store will promote merchandise from films past and present. "They're coming in with a big Bat The decline was attributed to lower royalty obligations as well as lower general and administrative expenses. The bookkeeping change being adopted a year before it becomes a requirement involves accounting for retirement benefits, other than pensions, on an accrual basis. The result was a $6.4 million non-cash charge, after taxes, Hill reported.

The price paid for Newmont's gold during the quarter was $350 an ounce, down from $373 last year. Newmont mined 34.5 million tons of material in the first three months of 1992, compared to 37 million tons last year. Newmont mills processed 3.4 million tons of ore, producing 272,400 ounces of gold. Leach pads accounted for 8.7 million tons of ore and 121,100 ounces of gold. Last year, mills handled 3.2 million tons of ore and produced 258,700 ounces of gold; Newmont lists results of 1992 first quarter jr 4 i am in St I i f' i 1 iZ I 1 7 Newmont Gold Company boosted production and lowered costs during the first quarter of 1992, but lower gold prices and an accounting change left the company with lower net income than the previous year.

Net income for Newmont Gold was $23.3 million, compared to $34.3 million in the same quarter last year. Net income for Newmont Mining Corporation, which owns 90 percent of Newmont Gold, came in at $32.4 million, down from $37.4 million in 1991. Newmont Vice President James Hill said gold production increased by nearly 20,000 ounces to 393,500 ounces. And Newmont's cash cost of production for that gold dropped eight percent to $191 an ounce. He said that cost rates among the best among the major gold producers.

i I vre. front row, from left, are: Dee Dixon, director; Cos-grove; Bottari; and Tish Case, director. In the back row, from left, are: Tommi Reynolds, vice chairman; Diane Griswold, director, Steve Mos-chetti, director; and Boyd Gailey, secretary and treasurer. Not pictured are directors Brad Bow-len, John Haney and Annette Branning. norinl hw City ManaSer Michael opeum ney, cosgrove hands Wells Chamber of Commerce chairman Paul Bottari the key to the chamber's new offices at the old Wells library' building.

The chamber also is planning to hire an executive director within the next few-weeks to help market the city. Pictured in the man promotion, and will be bringing Michael Keaton in," Gluck said. Just for Feet, a sprawling shoe store with a half-court basketball court and running track, will feature name athletes. Art galleries plan exhibits by celebrities and fashion shops plan seasonal showings of new lines. One end of the shopping complex opens onto the Las Vegas Strip, the other into the Caesars Palace casino.

The casino entrance is graced by a 16-foot statue of Fortuna, the goddess of good fortune. It was Gluck's longtime friend, Sheldon Gordon, who suggested an upscale shopping complex in 1987 when Gluck was trying to decide what to do with 8.4 acres of Caesars land, some of the most valuable on the Strip. Some thought he should build 6.4 million tons were placed on leach pads, producing 115,000 ounces. Newmont Mining reported the accounting change resulted in an aftertax charge for that company of $11.6 million. Newmont Mining, through hedging programs, received $396 an ounce for its gold.

That's down from $401 last year, but $45 an ounce higher than the average London price during the quarter. Hill added Newmont Mining entered the foward market during the quarter to secure gold needed to repay the company's million-ounce gold loan, made in 1988 when the price was at $449 an ounce and being repaid at the rate of 62,500 ounces per quarter through 1993. By securing $350-an-ounce gold to repay that loan, Newmont reports it will realize a benefit of $40 million. Workshop set on revitalizing communities A workshop on "Revitalizing Smaller Communities" is scheduled to be held in Elko May 15 from 8:30 a.m. to 4 p.m.

at the Red Lion Inn and Casino for business people and community leaders. The seminar is being sponsored by the state Commission on Economic Development and co-sponsored by the Nevada Association of Counties, the Institute of Local Government, Nevada League of Cities and Nevada Personnel Department Locally, the Northeast Nevada Development Authority is helping coordinate the workshop. Identical work shops also are scheduled for May 12 in Tonopah and May 13 in Fallon. The workshops will be conducted by Citygate Associates, a consultant firm hired by the state Commission on Economic Development. The firm's consultants will provide examples of what other Small, rural communities in the West are doing to build their local economies and dis cuss how to attract businesses.

They also will discuss what businesses need in order to relocate to a community such as Elko and provide an action plan for the community to strengthen and diversify its economy. The morning session agenda includes an update on state planning and diagnosing barriers to economic development, followed by discussions, of how to "grow" local busines-ses, how to increase tourism, how to improve the downtown retail sector and how to effectively market a community as a business location. Afternoon discussions will be on action planning for a community, developing and coordinating resources for economic development and on leadership and change. Those interested in the Elko workshop can register with the Nevada Commission on Economic Development. Cost is $15 per person.

Registration forms are available from the commission, Capitol Complex, Carson Citv, 89710 or by calling 6874325. Business Briefs if -fry Judy Cunningham displays her award at the Elko Chamber of Commerce's 85th anniversary celebration. Chamber awards committee chairman Tim Huether presented the plaque. Elko chamber picks employee of month NEWMONT MINING Corporation reports it will be looking for gold in Thailand. Newmont Chairman Gordon Parker said Newmont subsidiary Newmont Thailand Ltd.

has formed a joint venture with Prae Lignite a subsidiary of Ban Pu Coal for the project, which is awaiting approval of the Thai government. Newmont will control 70 percent of the venture. NEWMONT MINING Corporation reports Aubrey L. Paverd and John A.S. Dow-have been elected vice presidents of exploration.

Paverd, former head of Newmont Overseas Exploration, will be in charge of Newmont's exploration activities outside of Southeast Asia. Dow, vice president and general manager of Newmont Indonesia remains responsible for Newmont exploration in Southeast Asia. Newmont reports it will spend $55 million this year for gold exploration and mine development. Newmont's exploration staff numbers 200. Vice President James Hill noted, adding that 70 percent of that staff consists of professional geologists, gcophysi-cists and geochemists.

Paverd. 53, joined Newmont in 1974 as superintendent of geology at a copper operation in Namibia. Dow, 46, joined Newmont in 1978 at a gold mine in Australia. FIRST INTERSTATE BANK in Nevada has announced establishment of a new subsidiary to provide enhanced support for automated teller machines (ATMs) in casinos throughout the state. "Creation of First Interstate Cash Centers, will allow us to more aggressively pursue the placement of ATMs within casinos and to enhance the level of service we provide to the casino industry," said Larry Tuntland, northern Nevada area president.

tomer whether you want to be found or not, and by whom." The company said they believe the service will appeal to the frequent traveler and to those in occupations requiring frequent moves. "If you move your residence, you dont have to change this number ever," Bishop said. "We also see a market for just the average mom and dad who are going to he leaving the children home with a babysitter. It's a good way to keep track of them, for the babysitter and the kids." The service is designed primarily for long distance calling and subscribers are expected to retain a local phone number. Judy Cunningham, an employee of PayLess Drug Store, has been chosen Elko Chamber of Commerce's first outstanding Elko business employee of the month.

The chamber's Ambassadors initiated the awards program in April to honor an Elko business employee whose outstanding customer service and positive attitude create a warm, inviting atmosphere for tourists as well as residents, said Tim Huether, awards committee chairman. Huether presented the award to Cunningham last weekend at the chamber's 85th anniversary celebration at the Northeastern Nevada operations to U.S. Bancorp is completed, probably this summer. Etter will then serve as chairman and chief executive officer of the new Bank of America Nevada. Lyle Knight, former chairman and CEO of Security Pacific Nevada, is leaving Nevada to head BankAmerica's Arizona divested operations.

Bank-America recently signed an agreement with Independent Bancorp of Arizona to sell 49 branches. A FREE half-day seminar on "Doing Business with the Federal Government" has been scheduled for Tuesday from 9 a.m. to noon at the North Las Vegas City Hall for Nevada firms interested in obtaining information on federal contracting opportunities. The seminar is being sponsored by the Nevada Commission on Economic Development's Procurement Outreach Program and the North Las Vegas Chamber of Commerce. Reservations for the seminar and a breakfast may be made by calling Jerry Tactacan at 386-7282.

SOUTHERN PACIFIC LINES has initiated a new management system that centralized its rail freight operations into a single, 15-state network, including Nevada, to improve customer service and safety and reduce operating costs. The restructured organization replaces a regionally based operation, says Southern Pacific President Mike Mohan. He said the new system "will help restore SP to profitability" with a new customer sen-ice center organized by commodity groups; a transportation center for coordinating train movement and network operational plans; and transportation field operations to earning out the transportation sen-ice center's plans. "For the first time, SP is organizing its entire operation to support a total customer focus, emphasizing responsiveness and the goal of dock-to-dock shipment reliability," Mohan said. The railroad line also has a new central locomotive repair organization in Denver to turn out one rebuilt locomotive per day to keep the fleet of 2550 locomotives in peak condition, he said.

WELLS RURAL ELECTRIC Company recently gave a demonstration program on the importance of electrical safety to elementary pupils in Wells, West Wendover, Carlin. Jiggs and Ruby Valley. WREC used its high voltage demonstration trailer, which is equipped with various electric power line apparatus, to provide actual examples. In one demonstration a hot dog "heart" explodes when electricity flows through a dummy. WREC General Manager Dan Kessler said groups or organizations interested in the electrical safety demonstration program can contact WREC at 752 3328.

"Our goal is to be the pre-eminent provider of casino ATM services in Nevada." First Interstate Cash Centers, currently has 72 ATMs in more than 40 properties throughout Nevada. Greg Patten, formerly manager of Electronic Banking Support at First Interstate Bank, has been named general manager for the new subsidiary. SIERRA ENERGY COMPANY, a subsidiary of Reno-based Sierra Pacific Resources, has been chosen from a field of 35 applicants for a $2.1 million federal grant to fund a demonstration project. The project could extend the life of its field of oil and gas wells in Wyoming by up to 40 years, according to a Sierra Pacific Resources news release. The grant is part of the federal Department of Energy's national program to increase recovery of up to 21 million barrels of oil from fields in the United States.

The proposal chosen by the energy department is for the use of horizontal drilling techniques to recover additional oil and gas from an existing Sierra Energy oil field. DOE will pay for half of the $4.2 million project, said Rich Fortmann, president and chief executive officer of Sierra Resources, a natural gas. oil development and marketing company. He said the horizontal drilling could increase reserves at Badger Basin from 500,000 to two million barrels of oil per well. Sierra Energy has operations in six states and Canada.

UTAH INDUSTRIAL and Construction Show planners say the 13th annual, two-day event will open at 9:30 a.m. Tuesday at the Salt Palace Convention Center in Salt Lake City. Utah Gov. Norm Bangerter will kick the show off behind the wheel of a giant state-of-the-art Michigan L150 front-end loader, courtesty of Construction Equipment Associates of Salt Lake City. The show, which headlines Utah Industry Week, was organized in cooperation with the Associated General Contractors, the Utah Department of Community and Economic Development and the U.S.

Small Business Administration's Salt Lake office. Show hours are from 10 a.m. to 8 p.m. Tuesday and Wednesday. Show tickets are available by calling Cal Bartholomew at 8014854130.

BANKAMERICA CORPORATION has appointed Richard A. Etter, who is chairman and chief executive officer of Valley Bank of Nevada, to the same position for Security Pacific Bank Nevada, according to a news release. Bank-America recently acquired both Valley Capital Corporation and Security Pacific Bank Corporation. In Nevada, Valley Bank and Security Pacific will become the new Bank of America Nevada when the sale of the current Bank of America Nevada Sales of existing homei remain level in March Museum. The Ambassadors also are starting another award program for outstanding Elko business of the month.

The first award will be presented in May at the chamber's Business After Hours event, Huether said. Each month the award will go to a business that has made significant contributions to the community, he said. Members of the public can submit nominations for either award by sending the nominee's name to the Elko Chamber of Commerce and stating why that person or business should be honored. The chamber address is 1601 Idaho St, Elko, 89801. sales pace will be sustained unless mortgage rates rise appreciably.

The Federal Home Loan Mortgage Corp. said rates climbed from 8.76 percent in February to 8.91 percent in March. But both Helfant and economist Daryl Delano of Cahners Economics in Newton, said they believe rates will remain about 9 percent for the remainder of the year. Helfant said the Realtors are forecasting a 12 percent increase in existing home sales in 1992. Resales totaled 3.22 million in 1991.

The median price of an existing home in March was $104,000, up 5.4 percent from a year earlier, the Realtors said. The median means half of the homes cost more and half cost less. Regionally, the Northeast posted the biggest sales Increase, climbing 122 percent from February to an annual rate of 550,000. offers lifetime long-distance number WASHINGTON (AP) Existing home sales in March remained at the highest level in more than three years, according to a report this week that analysts viewed as a fresh sign the housing industry was pacing the economic rebound. "The economy is finally moving clearly toward recovery and we're feeling it not just in housing but other areas as well," said Dorcas T.

Helfant, president of the National Association of Realtors. The Realtors said sales of previously owned homes totaled 3.49 million at a seasonally adjusted annual rate, unchanged from the February level It was the highest level since resales hit a 3.50 million rate in February 1989. Sales rose in both the Northeast and South In March, but fell in the Midwest and West. Still, analysts believe the current SAN FRANCISCO (AP) People on the move can get a telephone number that keeps up with them under a new service being offered by The EasyReach 700 service will be introduced June 15, the company said this week. The portable long distance number would cost $7 a month, plus the cost of calls.

Customers subscribing to the service could program their 700 number into any touch tone phone, wherever they happen to be. "It's a personal phone number that will follow you no matter where you go," said spokeswoman Lezlie Bishop. "You determine as a cus original Active 1.