MGM Mirage Endowment funds scholarships

1 Nov 2006

LAS VEGAS, Nevada – (PRESS RELEASE) -- The University of Nevada, Las Vegas (UNLV) and the Invent the Future campaign leadership today announced the largest corporate scholarship donation ever received in the institution's 49-year history. With a $1 million gift from MGM Mirage, the university will establish the MGM Mirage Academic Excellence Scholarship Endowment. The funds will be used to underwrite scholarships for National Merit® scholars at UNLV.

"The MGM Mirage Academic Excellence Scholarship program will support UNLV's efforts to attract the best and brightest students from Nevada and throughout the United States," said UNLV President Dr. David B. Ashley. "The perpetuity of this endowment will allow us to continue attracting these talented students in the future."

Established in 1955, the National Merit® Scholarship Program is an academic competition that honors individual students who demonstrate exceptional academic ability and potential for success in rigorous college studies. Less than one percent of the nation's high school seniors are selected to become National Merit® scholars.

"At MGM Mirage, we believe education has the potential to uplift the lives of individuals and provide a foundation for a community's growth and development," said MGM Mirage Chairman and CEO Terry Lanni. "This gift reinforces our commitment to higher education in Nevada and helps enhance the academic reputation of UNLV."

According to Lanni, MGM Mirage will consider providing additional annual gifts of $1 million to the UNLV endowment fund for the next four years.

"We hope that the MGM Mirage Academic Excellence Scholarship will become one of the most prestigious awards offered to attract our nation's most promising young scholars to UNLV," noted Stephen Rosenbaum, dean of UNLV's Honors College. "We know that merit-based scholarships are one of the elements academically-talented students look for when selecting their university of choice."

The MGM Mirage Academic Excellence Scholarship Endowment will be counted as part of the Invent the Future campaign -- the university's first comprehensive effort to raise $500 million to fund initiatives at UNLV. The campaign has raised more than $332 million in gifts and pledges since 2002. In addition to establishing student scholarships, funds will help attract and retain top faculty, enhance academic research and expand partnerships throughout the university community. Riviera Holdings reports Q3 results Riviera Holdings reported net revenues for the quarter were $50.3 million, consistent with the net revenues for third quarter of 2005.

LAS VEGAS, Nevada – (PRESS RELEASE) -- Riviera Holdings Corporation (Amex: RIV) today reported record financial results for the three-month and nine-month periods ended September 30, 2006. Net revenues for the quarter were $50.3 million, consistent with the net revenues for third quarter of 2005. Income from operations was $6.0 million, up $668,000 or 12.6 percent from the third quarter of 2005. Included in income from operations in the third quarter of 2006 was $281,000 in merger related costs compared to $126,000 in 2005. Net loss for the quarter was $432,000 or $0.04 per share, an improvement of $841,000 from the third quarter of 2005 when the Company had a net loss of $1.3 million. Adjusted EBITDA (1) was $9.8 million in the third quarter of 2006 compared to $9.7 million in 2005 Adjusted EBITDA consists of earnings before interest, income taxes, depreciation, amortization, equity-based compensation, asset impairments, Sarbanes-Oxley Act expenses and mergers, acquisitions and development costs, as shown in the reconciliation with net income in the tables and notes of this release.

Third Quarter 2006 Developments

* Riviera Las Vegas net revenue decreased $250,000 or less than 1.0 percent

* Riviera Las Vegas Adjusted EBITDA was $5.7 million compared to $5.8 million in 2005

* Riviera Black Hawk net revenue increased $300,000 or 2.0 percent

* Riviera Black Hawk Adjusted EBITDA was $4.9 million, an increase of 3.2 percent

* The Company has $32 million in cash plus a $30 million revolver which is fully available as of September 30, 2006

Nine Months Ended September 30, 2006

Net revenues for the nine months ended September 30, 2006 were $154.5 million, a decrease of $1.6 million or 1.0 percent from the same period in 2005. The decrease in net revenue was related to the leasing of the gift shops at Riviera Las Vegas to ABC Stores in February 2006. The gifts shops were previously owned and operated by the Company. In addition, in 2005 Riviera Las Vegas discontinued one show, which generated $1.2 million in revenue but produced no profit during the year. Income from operations was $20.7 million, an increase of $1.0 million or 5.0 percent from the 2005 nine month period. Included in income from operations for the nine months ended September 30, 2006 and 2005 was an expense of $1.2 million and income of $400,000 respectively in mergers, acquisitions and development costs, net of a non-refundable fee paid to the Company in 2005. Adjusted EBITDA (1) was $32.4 million, an increase of $600,000 or 1.9 percent from the same period in 2005.

Net income for the nine months ended September 30, 2006 was $1.3 million, or $0.10 per share, compared to net loss of $138,000, or $0.01 per share, for the nine months ended September 30, 2005.

Nine Months of 2006 Developments

* Riviera Las Vegas net revenue decreased $2.0 million or 1.7 percent

* Riviera Las Vegas Adjusted EBITDA was $22.5 million an increase of 1.2 percent

* Riviera Black Hawk net revenue was $39.5 million an increase of 1.1 percent

* Riviera Black Hawk Adjusted EBITDA was $12.8 million and consistent with 2005

Riviera Las Vegas

"At the Riviera, we continue to focus on providing our customers great value for their Las Vegas experience. We are investing in upgrades to our facility and slot mix, as well as continuing to implement key marketing programs for value-oriented customers," said Robert Vannucci, President of Riviera Las Vegas.

"Our occupancy for the three months ended September 30, 2006 increased to 94.9 percent compared to 93.8 percent for the same period in 2005. Additionally we had an average daily room rate of $74.28 compared to $69.17 in 2005. We continue to evaluate our revenue streams and focus our efforts on the revenues that add increased profitability to the property," said Mr. Vannucci.

Riviera Black Hawk

William L. Westerman, the Company's Chief Executive Officer, said, "We are pleased with the performance of our Black Hawk property given the increase in competition and gaming capacity in the Black Hawk market. Our strong Adjusted EBITDA margin and a fair share of over 130 percent for the quarter and nine months, is a testament to our team and the quality of our property within the Black Hawk market."

Consolidated Operations

Mr. Westerman, said, "The Company is focused on increasing operating margins, as evidenced by our recent results and current plans to have both slot floors one hundred percent 'ticket - in ticket - out' by February 2007. Both markets have had challenges, including lower walk in traffic in Las Vegas, and the competitive pressures in Black Hawk; however our teams have provided record results for the third quarter and the first nine months of 2006. We are currently evaluating our debt structure, given the call premiums on our bonds and the current rate environment as a way to free up additional cash to reinvest in our properties."

Language: English Location: Currency: > edit my preferences Home Online Slots Live Dealer Games Online Casinos Online Poker Online Bingo Games Lotteries Sports & Racebooks Fantasy Sports Forex Betting Exchanges Spread Betting Binary Options Exclusive Bonuses Weekly Newsletter Online Gaming News Payment Methods Gaming Software Gaming Site Owners Gaming Jurisdictions		Bonuses! New games! Gossip! And all the player news you can handle. Sign up NOW! View the current issue Related Links Nevada Online Gambling
	MGM Mirage Endowment funds scholarships 1 Nov 2006 <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> LAS VEGAS, Nevada – (PRESS RELEASE) -- The University of Nevada, Las Vegas (UNLV) and the Invent the Future campaign leadership today announced the largest corporate scholarship donation ever received in the institution's 49-year history. With a $1 million gift from MGM Mirage, the university will establish the MGM Mirage Academic Excellence Scholarship Endowment. The funds will be used to underwrite scholarships for National Merit® scholars at UNLV. "The MGM Mirage Academic Excellence Scholarship program will support UNLV's efforts to attract the best and brightest students from Nevada and throughout the United States," said UNLV President Dr. David B. Ashley. "The perpetuity of this endowment will allow us to continue attracting these talented students in the future." Established in 1955, the National Merit® Scholarship Program is an academic competition that honors individual students who demonstrate exceptional academic ability and potential for success in rigorous college studies. Less than one percent of the nation's high school seniors are selected to become National Merit® scholars. "At MGM Mirage, we believe education has the potential to uplift the lives of individuals and provide a foundation for a community's growth and development," said MGM Mirage Chairman and CEO Terry Lanni. "This gift reinforces our commitment to higher education in Nevada and helps enhance the academic reputation of UNLV." According to Lanni, MGM Mirage will consider providing additional annual gifts of $1 million to the UNLV endowment fund for the next four years. "We hope that the MGM Mirage Academic Excellence Scholarship will become one of the most prestigious awards offered to attract our nation's most promising young scholars to UNLV," noted Stephen Rosenbaum, dean of UNLV's Honors College. "We know that merit-based scholarships are one of the elements academically-talented students look for when selecting their university of choice." The MGM Mirage Academic Excellence Scholarship Endowment will be counted as part of the Invent the Future campaign -- the university's first comprehensive effort to raise $500 million to fund initiatives at UNLV. The campaign has raised more than $332 million in gifts and pledges since 2002. In addition to establishing student scholarships, funds will help attract and retain top faculty, enhance academic research and expand partnerships throughout the university community. Riviera Holdings reports Q3 results Riviera Holdings reported net revenues for the quarter were $50.3 million, consistent with the net revenues for third quarter of 2005. LAS VEGAS, Nevada – (PRESS RELEASE) -- Riviera Holdings Corporation (Amex: RIV) today reported record financial results for the three-month and nine-month periods ended September 30, 2006. Net revenues for the quarter were $50.3 million, consistent with the net revenues for third quarter of 2005. Income from operations was $6.0 million, up $668,000 or 12.6 percent from the third quarter of 2005. Included in income from operations in the third quarter of 2006 was $281,000 in merger related costs compared to $126,000 in 2005. Net loss for the quarter was $432,000 or $0.04 per share, an improvement of $841,000 from the third quarter of 2005 when the Company had a net loss of $1.3 million. Adjusted EBITDA (1) was $9.8 million in the third quarter of 2006 compared to $9.7 million in 2005 Adjusted EBITDA consists of earnings before interest, income taxes, depreciation, amortization, equity-based compensation, asset impairments, Sarbanes-Oxley Act expenses and mergers, acquisitions and development costs, as shown in the reconciliation with net income in the tables and notes of this release. Third Quarter 2006 Developments * Riviera Las Vegas net revenue decreased $250,000 or less than 1.0 percent * Riviera Las Vegas Adjusted EBITDA was $5.7 million compared to $5.8 million in 2005 * Riviera Black Hawk net revenue increased $300,000 or 2.0 percent * Riviera Black Hawk Adjusted EBITDA was $4.9 million, an increase of 3.2 percent * The Company has $32 million in cash plus a $30 million revolver which is fully available as of September 30, 2006 Nine Months Ended September 30, 2006 Net revenues for the nine months ended September 30, 2006 were $154.5 million, a decrease of $1.6 million or 1.0 percent from the same period in 2005. The decrease in net revenue was related to the leasing of the gift shops at Riviera Las Vegas to ABC Stores in February 2006. The gifts shops were previously owned and operated by the Company. In addition, in 2005 Riviera Las Vegas discontinued one show, which generated $1.2 million in revenue but produced no profit during the year. Income from operations was $20.7 million, an increase of $1.0 million or 5.0 percent from the 2005 nine month period. Included in income from operations for the nine months ended September 30, 2006 and 2005 was an expense of $1.2 million and income of $400,000 respectively in mergers, acquisitions and development costs, net of a non-refundable fee paid to the Company in 2005. Adjusted EBITDA (1) was $32.4 million, an increase of $600,000 or 1.9 percent from the same period in 2005. Net income for the nine months ended September 30, 2006 was $1.3 million, or $0.10 per share, compared to net loss of $138,000, or $0.01 per share, for the nine months ended September 30, 2005. Nine Months of 2006 Developments * Riviera Las Vegas net revenue decreased $2.0 million or 1.7 percent * Riviera Las Vegas Adjusted EBITDA was $22.5 million an increase of 1.2 percent * Riviera Black Hawk net revenue was $39.5 million an increase of 1.1 percent * Riviera Black Hawk Adjusted EBITDA was $12.8 million and consistent with 2005 Riviera Las Vegas "At the Riviera, we continue to focus on providing our customers great value for their Las Vegas experience. We are investing in upgrades to our facility and slot mix, as well as continuing to implement key marketing programs for value-oriented customers," said Robert Vannucci, President of Riviera Las Vegas. "Our occupancy for the three months ended September 30, 2006 increased to 94.9 percent compared to 93.8 percent for the same period in 2005. Additionally we had an average daily room rate of $74.28 compared to $69.17 in 2005. We continue to evaluate our revenue streams and focus our efforts on the revenues that add increased profitability to the property," said Mr. Vannucci. Riviera Black Hawk William L. Westerman, the Company's Chief Executive Officer, said, "We are pleased with the performance of our Black Hawk property given the increase in competition and gaming capacity in the Black Hawk market. Our strong Adjusted EBITDA margin and a fair share of over 130 percent for the quarter and nine months, is a testament to our team and the quality of our property within the Black Hawk market." Consolidated Operations Mr. Westerman, said, "The Company is focused on increasing operating margins, as evidenced by our recent results and current plans to have both slot floors one hundred percent 'ticket - in ticket - out' by February 2007. Both markets have had challenges, including lower walk in traffic in Las Vegas, and the competitive pressures in Black Hawk; however our teams have provided record results for the third quarter and the first nine months of 2006. We are currently evaluating our debt structure, given the call premiums on our bonds and the current rate environment as a way to free up additional cash to reinvest in our properties."

Related Links

MGM Mirage Endowment funds scholarships