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Aug 28, 2008 -- WGL Entertainment Holdings, Inc. (PINKSHEETS: WEHI) announced today that it has agreed in principal to distribute 15,000,000 shares of a publicly traded media company to its shareholders. The shares represent approximately $100,000 at its current value. The media company whom we will identify upon closing will air the WGL Million Dollar Shootout (MDSO) reality television series through its International outlets and represent the MDSO in the U.S. market for a national network airing. At closing, which is expected by the end of next week, a record date will be set for the distribution of the shares. "This new partnership will bring many synergies to both companies not only in the media environment, but in the pursuit of further mergers and acquisitions. The dividend being paid represents 13.3% of WGL Entertainment Holdings, Inc.'s current market capitalization," said Mike Pagnano, CEO, WGL Entertainment Holdings, Inc. "We continue to work very hard to bring value to our shareholders and appreciation of our PPS. This significant agreement is a Win-Win for all involved."
Aug 28, 2008 -- Bringing home the stylish decor of The Water Club, A Signature Hotel by Borgata and a part of Boyd Gaming Corporation (NYSE: BYD), is now just a click away with the official launch of ShopTheWaterClub.com. The new website is a one-stop-shop, offering customers a chance to purchase their favorite items from the premier East Coast destination for their home -- or gift the experience for others to enjoy. Items from The Water Club Collection, including the hotel's custom-designed bed, its sumptuous bedding and plush towels, are among the products available for purchase. "The Water Club experience is more than a hotel brand -- it's a lifestyle brand," explains Drew Schlesinger, VP and General Manager of The Water Club. "Similar to Borgata's debut, The Water Club's amenities have quickly become a big hit with our customers. Our guests frequently contact us about the products that are exclusive to the hotel -- everything from the bedding collection to the glassware to the L'Occitane Bath amenities in our guestrooms. ShopTheWaterClub.com will offer guests the unique ability to purchase these items for the first time, at their convenience, and enjoy The Water Club experience at home year-round." ShopTheWaterClub.com features the hotel's signature mocha, chocolate and turquoise-colored sateen bedding, custom-designed for The Water Club; the hotel's 100 percent Turkish cotton robes; crystal wine glasses hand-selected by acclaimed chef Geoffrey Zakarian, culinary-lifestyle consultant for The Water Club; the hotel's L'Occitane Bath Collection; The Water Club pillows, which are filled with CentroClean(TM) white goose down, enveloped inside soft, 100 percent down-proof cotton; and much more. All items are shipped within 24-hours of purchase.
Aug 28, 2008 -- Empire Resorts Inc. (NASDAQ: NYNY | Quote | Chart | News | PowerRating) said Thursday that a joint-venture partner completed the last piece of investor financing needed for a $1.1 billion redevelopment project to build a gambling resort in the Catskills. Empire said the partner, Concord Associates LP, closed a $225 million equity loan with a Kansas City-based real estate investment trust, Entertainment Properties Trust. According to Empire, the loan completed the $300 million financing required under a New York law signed in July. The investors propose to build a gambling resort including a 300,000-square foot casino, a 750-room hotel and convention center on the site of the Concord Hotel near Monticello, N.Y., and about 100 miles northwest of New York City. The Concord was once one of the largest of the Catskills resorts, but it fell into bankruptcy in the 1990s and was sold to developers. Empire Chief Executive David P. Hanlon said the company hopes to get building permits in the next few days and for work to begin almost immediately. Demolition of old buildings on the site is complete.
Aug 28, 2008 -- Las Vegas Sands Corp. (NYSE: LVS | Quote | Chart | News | PowerRating) Chairman Sheldon Adelson insisted his company would thrive despite worsening economic conditions as he marked the one-year anniversary Thursday of his $2.4 billion Venetian resort in this southern Chinese gambling city. Since its opening, the mega-casino resort, the biggest in the world, has gotten some 24 million visitors and helped launch what Adelson envisions as a massive, concentrated resort area. Adelson is betting the Cotai Strip will become one of the world's top tourist destinations. However, the American billionaire, whose company posted a second-quarter loss amid a weakening Las Vegas market, faces a host of challenges from slowing global growth to fierce competition from Wynn Resorts and others. Adelson maintained Sands could fare well because of its focus on luring business travelers for conventions, exhibitions and other industry meetings held even during recessions. "Our entire strategy avoids the possibility of an economic slowdown, a recession," Adelson told reporters at the Venetian Macao Hotel Resort. Macau, just an hour by high-speed ferry from Hong Kong, has seen its gambling revenue grow rapidly since the government ended Hong Kong tycoon Stanley Ho's monopoly on the gambling industry after Macau was returned to Chinese rule from Portugal in 1999. China's only city with legalized casinos, Macau has already overtaken the Las Vegas Strip in gaming revenue to become the world's most lucrative gambling center.
Market Wrap for August 28th, 2008
Thursday marked another low volume session for stocks, but the lack of buying conviction didn't stop the major indices from trending more than 1% higher to near session highs. The advance was prompted by encouraging economic data, retreating oil prices, and leadership from the financial sector. Trading volume on the NYSE failed to break one million shares for the ninth straight session. Volume typically exceeds the one million shares mark with relative ease. The lack of trading suggests there may be little conviction behind the stock market's recent moves. Nonetheless, the session's advance remains pleasing to bullish investors. Stocks took off early on following the announcement of second quarter GDP data. Growth was revised upward to 3.3% from a previously reported 1.9%. Exports and personal consumption played a key role and suggested the economy is faring far better than many headlines suggest. Additionally, trends in the data suggest third quarter GDP will expand at a similar rate. Initial jobless claims for the week ending August 23 fell 10,000 to 425,000. Meanwhile, the four-week moving average retreated to 440,250 from 446,250. The numbers reflect soft labor conditions and indicate a modest decline for August nonfarm payrolls is likely. Crude futures climbed as much as 2% early on, moving higher on fear that Hurricane Gustav will disrupt Gulf production. As those fears subsided and a larger-than-expected build in natural gas inventories was announced oil dropped as much as 3.4%. It closed more than 2% lower, near $115.55. Crude's retreat pushed the energy sector into the red. It finished 0.8% lower and was the only sector in the S&P 500 unable to post a gain. The financial sector was the primary beneficiary of the session's buying efforts. It closed 4.5% higher. Providing the most influence were diversified financial service companies, which finished with a 5.4% gain. Fannie Mae (FNM 7.95, +1.47) and Freddie Mac (FRE 5.28, +0.53) were a couple of the highest fliers, though. Fannie announced last evening it is shaking-up its management team to control credit losses, conserve capital, and provide liquidity to the mortgage market. Thrifts and mortgage lenders closed with a 10.9% advance. Of the major indices, the Dow posted the largest advance. Its only component to finish lower was Coca-Cola (KO 53.12, -0.67), which was downgraded at Credit Suisse to Neutral from Outperform. Week-to-date, the Dow is up 0.7%, the S&P 500 is up 0.6%, but the Nasdaq is down 0.2%.
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