Elko Daily Free Press from Elko, Nevada • 8

8 ELKO DAILY FREE PRESS, Elko, Nevada Saturday, August 14, 1993 Business Nevada casinos post record wins Business Briefs fiscal year winnings of $887 million, up 13 percent The June win was R. DAVID is providing vacation-relief coverage for Dr. Lee Reierson at Reierson's chiropractic clinic at 585 Saee St. for "they carried the whole state." Downtown Las Vegas clubs accounted for $7043 million of the fiscal year revenues, for a 13 percent increase. The June win for the downtown clubs was $57.4 million, a 3.7 percent increase.

The downtown area had been fluctuating throughout the entire year, and has not been as strong as the Strip," Elges said. He added that while major projects are being built on the Strip, that hasn't been the case for the downtown. Laughlin clubs accounted for $5233 million of the fiscal year revenues for a 73 percent gain. In June, the casinos in the Colorado River town had a 7 percent increase. Reno-North Tahoe clubs showed GCB spokesman Harlan Elges said the year-to-year and June-to-June gains statewide were good news, even though there were weak performances in Reno, Stateline and downtown Las Vegas and percentage decreases in Carson City.

"For the new fiscal year, the win will probably continue to fluctuate, depending on the national and California economies," he added. Las Vegas Strip clubs accounted for $2.72 billion of the total fiscal year revenues, for a 73 percent increase. The June win was $206.6 million, a 7.4 percent gain. "That's a strong showing for the Strip," said Elges, adding that because the clubs accounted for such a large amount of the overall total CARSON CITY CAP) Nevada casinos took in a record $8.02 billion from gamblers in fiscal 1992-93, thanks to strong showings by resorts on the Las Vegas Strip and Laughlin in southern Nevada and in northeastern Nevada's Elko County. The state Gaming Control Board reported this week that the winnings amounted to a 5.6 percent gain over the previous year's win of $5.7 billion which had been only a 2.1 percent gain.

The resorts wound up fiscal 1992-93 by winning $457.1 million from gamblers in June for a 53 percent monthly increase, matching the gain posted by the clubs in May and marking the fourth consecutive monthly gain. $76.9 million, down 0.9 percent And clubs on Tahoe's south shore collected $355.1 million from players during the fiscal year, for a 1 percent gain. In June, the win was $29.4 million, down 0.6 percent "Reno and Washoe County continue to struggle," Elges said, adding that the Reno and Tahoe-area numbers "show limited growth throughout the area and northwest Nevada." Clubs in Elko County took in $146.4 million during the fiscal year for a 10.6 percent gain. In June, the clubs took in $13.4 million for a 103 percent increase. The monthly and yearly percentage gains were the best in the state.

the next two Eggebrecht months. Eggebrecht said he interned for a year eight years ago with Reierson. Eggebrecht came to Elko from Newport Beach, where he was in practice seven years before closing his clinic to do relief work. He said he is licensed to practice in Nevada, California and Colorado and specializes in treating whiplash injuries. Hours at the clinic are 9 a.m.

to 6:30 p.m. Monday through Friday. The phone number is 738-5251. I Gaming briefs In New Orleans aw EALTY 500 Gurr and Associates of Elko and Eastline Construction Company of I Rags "'Iff- 1 and repackaged by the women. Thompson said they will deliver to all customers, including the mines.

They store the rags in a shed east of Elko off Last Chance Road and plan to 'build a new storage facility adjacent to the present one. Anyone interested in Nevada Rags can contact Mathers at 753-8865 or Thompson at 738-1639. Novrifhi Unfnt Nevada Ra2s is a vwaaa new business opened by Barbara Johnson, right, and her daughter, Barbara Mathers. They are selling 25-pound boxes of cotton and cotton blend rags for use in the mines, workshops, auto shops and other businesses. The rags are recycled clothing purchased in bales from a supplier in California Tax break helps Nevada casinos million in equity financings done earlier this year.

The prospectus, which qualifies the issue of 1,830,000 subordinate voting shares and 1330,000 multiple voting shares, relates to the sale of special warrants for gross proceeds of $3.66 million. The prospectus, which qualifies the issue of 12.5 million subordinate voting shares, relates to the sale of special warrants for gross proceeds of $25 million. The proceeds of both equity issues have been released to the company. The money will be used for the Ivan Copper Project located in northern Chile, to fund ongoing exploration work, primarily the Sierra Valenzuela copper project located near Ivan, and for general purposes. Rayrock has decided to bring the Ivan Copper Project into production, and development costs are estimated at $31.6 million, including working capital.

In addition to the $28.7 million raised by equity, funding for Ivan will also include debt financing to be arranged under the terms of a $18 million commitment letter from the Chase Manhattan Bank of Canada. Ivan is expected to be in commercial production in mid-1994 at a rate of approximately 22 million pounds of copper cathodes per year at an average cost of between 56 and 59 cents per Once all special warrants have been exercised, Minera Rayrock will have 22,522,968 subordinate voting shares and 9,170385 multiple voting shares outstanding, the company said. Rayrock Yellowknife Resources Inc. holds a 45 percent fully diluted equity interest and a 58 percent fully diluted voting interest in Minera. Minera Rayrock is an exploration and mining development company that also owns the Bellavista Gold Project in Costa Rica.

THREE mining companies with interests in northern Nevada -are competing for the 1993 DuPontConoco Mining Services Environmental Leadership Award, to be presented at the American Mining Congress convention next month. Pegasus Gold Corporation, Placer Dome and Rayrock Mines are vying for the recognition. DuPont and Conoco will present a $40,000 grant to a non-profit organization in the name of the winning company and give that company a trophy, according to an article in the July AMC Journal. The convention is scheduled for Sept 19-22 in San Francisco. The winner will be chosen by a five-member committee: Rep.

Nick Rahall, Ann Maest, environmentalist; Glenn Miller of the University of Nevada, Reno, environmentalist; Lynn Sprague, director of Mineral and Geology Management for the U.S. Forest Service; and Joyce M. Kelly, executive director of the Wildlife Habitat Enhancement Council The magazine said Pegasus has a committee to review the company's environmental programs and encourages employee environmental performance through group and individual awards. The magazine said Pegasus also has an active communications program and community outreach effort At Placer Dome, AMC said, a Global Environmental Management Initiative calls for environmental programs that go beyond regulatory compliance and integrate environmental concerns into its operations management functions. Examples of this, the magazine said, were reclamation at Bald Mountain in Nevada and Equity Silver Mine in British Columbia, Canada.

Rayrock Mines includes environmental stewardship as a formal part of its personnel evaluation and salary system and requires contractors to meet set environmental standards. The company's Pinson Mine in Nevada has received numerous reclamation awards. PLACER Dome Inc. of Vancouver, B.C., announced that it has agreed to purchase I35132O special warrants of Gibraltar Mines Limited at $5,125 per warrant or $10 million total. The warrants are to be issued by Gibraltar to Placer Dome at the same time as those to be issued through an underwriting agreement announced Thursday by Gibraltar to sell 8388,889 warrants at $4.50 per warrant or $40 million total.

Each warrant will entiUe the holder to acquire one share of Gibraltar without additional consideration, according to a news release from Placer Dome, which presently holds 8304,881 shares of the Gibraltar or 68 percent of its outstanding shares. Once Placer Dome exercises its warrants, it will hold 10,156,101 Gibraltar shares and, if all warrant holders exercise their warrants, Placer Dome will hold roughly 44 percent of the outstanding shares of Gibraltar. Placer Dome said it was making the investment to provide financial support for Gibraltar's growth strategy and financing plan, but it doesnt plan to increase its control of Gibraltar. vision in the new law that reduces business meal tax deductions from 80 percent to 50 percent Tina Kreisher, an aide to Rep. Barbara Vucanovich, described the tax break as a "salve" for restaurants.

"I would like to think it was a guilty conscience," Mehl said. "Our industry was being asked to bear an unfair brunt of the taxes." The restaurant industry had complained that lowering the deductibility of business meals would mean $3.8 billion in lost revenues. within casinos and resorts. The provision translates into "tens of millions of dollars" saved by Nevada businesses, according to Wayne Mehl, Washington representative of the Nevada Resort Association. "It's clearly a benefit to us," Mehl said.

Nevada lawmakers were familiar with the issue, but apparently none was directly involved in securing the tax break. Some believe the tax break was designed to soften the blow that restaurants will suffer by another pro LAS VEGAS (AP) Nevada casinos will be the beneficiary of a last-minute tax break worth millions of dollars under the budget bill signed into law by President Clinton this week. The law gives restaurants nationwide a new tax credit that they can use to offset Social Security taxes they pay to the government to cover tips collected by food servers. In the final days before the tax package was hammered out Sen. John Breaux, expanded the tax break to include food outlets NEW ORLEANS CAP) New Orleans investors won Louisiana's land casino monopoly, upsetting a group with more grandiose plans and seemingly unbeatable political connections.

Wendell Gauthier, president of a partnership between 10 New Orleans investors and the Promus Company, parent of Harrah's Casino Hotels, said Harrah's Jazz hoped to open by Jan. 1. The state casino board awarded the monopoly to Hilton Jazz over Christopher Hemmeter's Grand Palais Casino which planned to hire Caesars World to run the casino. Gauthier's plan to renovate the city's outmoded Rivergate convention center in three stages edged out Hemmeter's plan to blow up the Rivergate and replace it with a glitzy building. Gauthier must work out a deal to rent the Rivergate, the only legal site for a permanent casino, from Hemmeter.

Harrah's contract PHOENIX CAP) The Ak-Chin Indian Community has contracted with the Harrah's casino chain to manage a gambling center on the reservation, raising concern among other metropolitan Phoenix tribes about competition. The tribe and Harrah's announced plans for a $247 million facility about 25 miles south of Phoenix. They need approval of the management agreement from the National Indian Gaming Commission, which is expected within 60 days, said William Strickland of Tucson, an attorney for the tribe. He said the casino would take about six months to build. The 532-member Ak-Chin community is allowed to operate up to 475 slot machines under a state compact signed in June.

The casino will include off-track betting and 40 gaming tables for poker, bingo and keno. The complex also will include restaurants, retail stores and meeting rooms, the tribe said. Finalist in Greece BEVERLY HILLS, Calif. CAP) -Hilton Hotels Corporation's international subsidiary is a finalist in bidding for several casino projects around Athens, Greece, the company said. Greece, in the same way as some U.S.

municipalities, is opening up to Las Vegas-style gaming as a source of revenue, said Hilton spokesman Marc A. Grossman. Hilton's Conrad subsidiary was named last week on two official finalist lists, one for the city and one for the greater Athens area. El Rancho Hotel LAS VEGAS CAP) A Los Angeles-based video company that has previously announced plans to buy the Maxim Hotel says it has entered into a preliminary agreement to purchase the closed El Rancho Hotel in Las Vegas. The El Rancho, owned by veteran Las Vegas gaming executive Ed Torres, closed in July 1992.

the price of the purchase was not disclosed. A news release said Las Vegas Entertainment Network, planned to reopen the property as Country Land U.SA Hotel and Casino. Riverboat casino SIOUX CITY, Iowa CAP) A Nevada-based company wants to buy the riverboat casino at Sioux City, Iowa, and has plans to operate a second boat at Council Bluffs. In the documents filed with Iowa regulators, the company asks for a guarantee that it will have a two-year monopoly in Council Bluffs, assurances it said are crucial because of gambling competition. SFPG announces appointments ous segments of the Santa Fe Pacific West Wendover have joined forces to provide new and different custom-built homes to Elko.

Eastline Vice President Charlie Gierhart has been negotiating the purchase of land in the city and is now ready to begin construction on lots in The Bluffs Subdivision adjacent to Mountain View Elementary School and on other lots in the area, according to a news release from Gurr and Associates. Eastline has just recently began working in Elko, said real estate agent Lee Gurr, and the company plans to develop additional residential lots in the coming months. East-line and Gurr and Associates will also work with people interested in building elsewhere in the area, she said. Eastline will provide construction financing. Sales associates Carol Buckner, Michele Layton and Gun-are handling the Eastline home packages.

They can be reached at 738-4773. Their office is at 345 Fifth St BUSINESS After Hours, a social event for local business people sponsored by the Elko Chamber of Commerce, is scheduled for 530 to 7 p.m. Thursday, hosted by Alltel at Stockmen's Motor Hotel. DR. ROBERT A.

Colon recently attended the Northern Rockies Optometric Conference at Jackson, Wyo. The conference provided continuing education courses for doctors of optometry from Idaho, Montana, Wyoming and Nevada, according to a news release. This year's program included 17 hours of education and case management studies in eye disease treatment and techological developments. Five nationally know optometric speakers presented the programs, and 39 ophthalmic exhibitors were on hand to present the latest in industry developments and products. Colon is a member of the Nevada Optometric Association and the American Optometric Association.

His practice is located at 1555 College Parkway. DALE WHITE, owner of Dale White Motors of Elko, was recently elected secretary treasurer of the Nevada Franchised Auto Dealers Association. Larry E. Carter, president of Desert Buick-GMC Automotive Group of Las Vegas, was elected association president Jack Stanko of Champion Chevrolet-Geo of Reno was elected vice president The association, which represents 80 franchised dealers, has executive offices in Reno. GENE MOORE, the local investment representative for Edward D.

Jones it Company, says his firm has kicked off its search for winners of the Edward D. Jones Company Award for Non-profit Innovation and Excellence. "This award will recognize outstanding programs and events sponsored by non-profit organizations throughout the nation," Moore said. "Selection will be based upon innovation, success, management and the ability of these programs or events to be implemented by other groups." A winning organization will be selected from each of the firm's 59 regions, and each will receive $500 that may be used as a charitable donation or toward attending a two-day Management and Leadership Conference for Non-profit Organizations to be held in Washington, D.C., Nov. 8-9.

The conference is sponsored by The Conference Board and by the Peter F. Drucker Foundation for Non-profit Management From the 59 finalists, four grand winners will be selected. They will receive $5,000 and a two-day, all-expense-paid trip for two of its members to attend the conference. The contest is open to all organizations with a 501(cX3) designation. Award application forms are available at the local office at 461 Fifth St Entries must be submitted by Sept 10.

Each non-profit organization that submits a contest application will receive a free copy of Peter F. Drucker's book, Managing the Nonprofit Organization. for Hecla Mining Company in Coeur d'Alene, Idaho. Before working for Hecla, Kok was the public relations director for HannaWheeler Associates, a Coeur d'Alene-based advertising and Santa Fe Gold Corporation announced several appointments and title changes, including naming Steve Lang, former vice president and general manager of the Rabbit Creek Mine, as vice president and general manager of the new Twin Creeks gold mine in Nevada. Jim Arnold, former manager of the Chimney Creek Mine, has become manager at the new operation.

The Twin Creeks mine is a consolidation of the Rabbit Creek and Chimney Creek mines near Winne-mucca. SFPG acquired Chimney Creek in a gold for coal swap with Hanson Natural Resources Company, an affiliate of Hanson PLC. At the Lone Tree Mine, also near Winnemucca, Mark Ward has been organization since 1985, most recently as administrative manager for its former crushed stone subsidiary, Western Rock Products, Inc. Prior to joining Santa Fe, Roe worked 13 years for the Kerr-McGee Nuclear Corporation as a geologist and mine superintendent Other management changes at SFPG include title changes for three of SFPG's vice presidents. Bruce Hansen is now vice president-finance and development; Al Smith is vice president-operations-production; and Dave Hogan has been appointed vice president-operations-development In addition to the Lone Tree and Twin Creeks gold mines, SFPG operates the Mesquite gold mine in California.

SFPG is a wholly owned subsidiary of Santa Fe Pacific Corporation. ik Kok tf iur fr i itiw Roe public relations firm. Earlier she was a radio journalist in the Northwest Terry Roe is SFPG's new manager for compensation and benefits for the Human Resources Department Roe has been associated with vari to mine operations promoted manager. SFPG, headquartered in Albuquerque, also promoted Tim Leftwich to the position of vice president for environmental quality. Leftwich has been managing SFPG's environ Leflwich PRACTICING PRIMARILY IN mental efforts since 1990.

Prior to that, Leftwich was the director of mining and minerals for the state of New Mexico. He also worked for Kaiser Coal Corporation in Raton, N.M., Clayton Williams Oil and Gas Company and Amoco Production Company. In addition, SFPG named Vicki Kok as manager for corporate communications. Prior to joining SFPG two months ago, Kok served five years as director of public relations HERBERT JOSEPH SANTOS, JR. DANGEROUS 1 DEFECTIVE PRODUCTS WRONGFUL DEATH AUTOMOBILE ACCIDENTS SELECTED CRIMINAL DEFENSE CONSTRUCTION ACCIDENTS SLIP FALL CLAIMS SPORTS INJURIES MEDICAL MALPRACTICE FREE INITIAL CONSULTATION MEMBER AMERICAN TRIAL LAWYERS ASSOCIATION NEVAOA TRIAL LAWYERS ASSOCIATION NEVADA BAR ASSOCIATION ARIZONA BAR ASSOCIATION WASHOE COUNTY BAR ASSOCIATION Small Business (SBA) Loans Loans available for Equipment Purchase New Buildings Working Capital Remodeling Present Facilities ($35,000 minimum) Call Daryel or Mike at 1-800-ABC-MONY The American Bank of Commerce Boise, Idaho I til, 1.

3 INERA RAYROCK of Toronto announced that re-. ceiDts have been issued by -nimiiriiiiiii inr nn iiiiliAtotfBtfatfiBlfittaMwiyiliiiiagaiii-rMii ii 11 iri-a irii i 11 -111 i ir III I the Ontario Securities Commission for its final prospectuses for $247.