Situs Slot Deposit Pulsa Tanpa Potongan Casino Workers Denied Class-Action Status in Smoking Case
LAS VEGAS — As reported by the Associated Press: “A federal judge has denied class-action status to Nevada casino dealers and others who wanted tobacco companies to pay for medical exams to detect smoking-related illnesses.”
“A plaintiffs’ lawyer said the decision could kill cases in Nevada aimed at proving that tobacco companies lied about the adverse health effects of breathing secondhand smoke.”
“…U.S. District Judge Philip M. Pro in Las Vegas ruled that differences in the four Nevada cases were too great to lump them together for trial. One involved smokers. The other three were filed on behalf of nonsmoking casino workers exposed to secondhand smoke.”
…[Robert Gerard, a Las Vegas and San Diego lawyer representing two of the plaintiffs] called Pro’s ruling “a double loss for casino workers.”
“…Gerard said a class-action case could represent 100,000 nonsmoking casino workers in Nevada and many times that number of individual smokers. Nevada has the highest per capita number of smoking adults in the nation…”
Harrah’s, Gambling Stocks Fall on Warning
NEW YORK (Reuters) – Casino stocks tumbled on Friday, a day after gaming operator Harrah’s Entertainment Inc. (NYSE:HET – news) warned that the economic downturn and disappointing returns from its Rio property would drag down second-quarter profits.
Harrah’s shares closed down $6.15, more than 17 percent, at $29.64 by the end of trading on the New York Stock Exchange after the Las Vegas-based company said on Thursday it expects earnings of 46 to 50 cents a share, missing the consensus estimate of 55 cents among analysts polled by research firm Thomson Financial/First Call.
Casinos have held up well in the sluggish economy compared with the U.S. hotel industry whose revenues have been eroded by the slowdown in business travel. But gaming experts said Harrah’s warning signaled that industry profits were beginning to feel the pinch.
“This is not a company-specific issue. Clearly, the business trends are slowing,” said Jason Ader, leisure analyst with Bear Stearns. “For the biggest company to have an earnings shortfall will set the tone for the reporting period.”
Shares of rival casino operator MGM Mirage (NYSE:MGG – news) fell nearly 7 percent, or $2.03, to close at $28.75, while shares of Las Vegas-based Park Place Entertainment (NYSE:PPE – news) were off 94 cents, or nearly 8 percent, to $11 on the NYSE. More about Situs Slot Deposit Pulsa Tanpa Potongan
BLAME IT ON RIO
During a conference call on Friday, Harrah’s chairman, president and chief executive Philip Satre said low hold rates — a casino’s returns after all bets are paid — at its Las Vegas-based Rio operation had hurt quarterly performance.
Harrah’s said hold rates at the underperforming Rio fell to 11.2 percent after posting 16.6 percent in the first quarter.
The casino operator also said business from its retail segment — the walk-in customers who are not part of its core clientele — fell 6 percent across its brands, but most notably in the Reno/Lake Tahoe market in northern Nevada.
Harrah’s provided little guidance past the second quarter, but executives said they expected the retail segment to lift with the return of the robust economy.
“We don’t have any visibility as when this will turn. It is a result of the weak overall economy and I am not in a position to say when that will turn,” Satre said.
The casino’s executives also said properties in its Chicagoland market were facing fierce competition from rival casinos reaching out to walk-in gamblers. Harrah’s hopes marketing aimed at those customers will help its strengthen its properties outside Las Vegas.
But the market may take some convincing.
Raymond James & Associates on Friday cut its investment recommendation on Harrah’s to market performer from buy, citing worries that its financial weaknesses may continue beyond the second quarter.
Analyst Damon Brundage said in a research note that he was also trimming his full-year 2001 forecast for Harrah’s to $1.95 a share and his 2002 forecast to $2.20. The company earned $1.49 a share in 2000.
“Given the lower degree of earnings visibility in Las Vegas and Harrah’s central and eastern regions, we do not believe Harrah’s shares are likely to outperform the broader market indices during the next three to six months,” Brundage said.