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Holding Company Gets First Approval. 2005-07-18
Gaming regulators in Nevada have given their first nod of support to a holding company, which will manage the Stratosphere and the two Charlie's casinos in Arizona. AREP Gaming was created under American Casino & Entertainment Properties, and American Real Estate Partners. This company is one, which businessman Carl Icahn owns. The corporation will run the Las Vegas casinos and Atlantic City’s the Sands.
It was just last Wednesday; the State Gaming Control Board approved Richard Brown as president with Denise Barton as chief financial officer for this new company. Brown has had cash flow improvement by 60% in 2004, as compared to 2003. From 2004-2005 the cash flow went up 22%. Taking this into account, the decision was a good one in appointing Brown as the president if the new company. July 28 matters should be fully decided upon by The Nevada Gaming Commission.
The new merger, with new leadership should be a good one. Both the holding company and its players are expected to up the percentage rates, through reconstruction. Next week, things should be decided, chances are in their favor.
(By Andrea)