New Piñon owners: Our tradition is to keep the employees, management structure
November 16, 2005
This week Carson City learned that the Piñon Plaza was sold to a medium-sized gaming corporation based in Black Hawk, Colo. The news came as a surprise to the managers and employees, and many employees may be worried about job security.
Steve Roark, Jacobs Entertainment Inc. chief financial officer and president of casino operations, said his company is known for buying entertainment properties and retaining the management structure. Jacobs also owns the Gold Dust West Casino in Reno. The company did not change general managers after the sale.
“We traditionally keep the employees that were there,” he said. “Our general tendency is to dance with the girl that brought you.”
Jacobs’ offer on the Piñon was one of three received by owner Clark Russell, president of Capital City Entertainment. He announced the $14.5 million sale Tuesday. The company must secure a gaming license on the property, which could take more than six months.
“Northern Nevada is a great market and a great place to live and a great customer base,” said Roark. “We’re glad that we were able to find Mr. Russell.”
Wells Fargo donated to the Nevada Rural Housing Authority to underwrite the development and implementation of a comprehensive Financial Literacy Program for rural Nevadans. Together they donated $12,500.
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Predatory lending and consumer fraud are on the rise, the cost of housing is skyrocketing, energy costs are increasing and rising health care costs combine to put many Nevadans in peril of financial disaster. Wells Fargo officials said that Nevada ranks 47th in the country in its citizen’s financial literacy.
Nevada Rural Housing Authority’s Financial Literacy Program will create networks of financial institutions, real estate, school, library and local business professionals throughout rural Nevada that will assist it in providing education and support to people who want to improve their financial future. Educational modules may include budgeting, banking services, credit repair, first time home buying, predatory lending, small business development preparation and retirement planning. Long- and short-term financial counseling will also be available so that families can clear debt, get back on budget and start saving for the future.
Bully’s Sports Bar and Grill is inviting all families to enjoy a free Thanksgiving dinner noon to 5 p.m. Thursday at:
3530 N. Carson Street in Carson City
2005 Sierra Highlands Drive in Reno
18156 Wedge Parkway in Reno
2955 N. McCarran & Pyramid Way in Sparks
2898 Vista Blvd. in Sparks
1640 Robb Drive in Reno.
For more information, please call 825-4333.
Sierra Pacific Resources (NYSE: SRP) reached an agreement with Enron Power Marketing Inc. that resolves the long-term, ongoing litigation involving more than $300 million in terminated contracts between Enron and Sierra Pacific’s utility subsidiaries, Nevada Power Company and Sierra Pacific Power Company.
Sierra Pacific said that after all terms of the agreement are finalized, the company expects its net payment for resolving its Enron-related issues will be no more than $89.9 million. Key terms of the agreement are as follows:
The Sierra Pacific utilities agree to pay $129 million to settle Enron’s claim of more than $300 million for payment on contracts Enron terminated in 2002.
Enron agrees to provide and pay an unsecured claim of $126.5 million against its bankruptcy estate in settlement of the Nevada utilities’ claims that are currently being litigated on appeal before the 9th Circuit Court of Appeals and before the Federal Energy Regulatory Commission.
The Nevada utilities expect to realize no less than 30 percent of the face value of the claim against the bankruptcy estate which would guarantee that Sierra Pacific’s total payment will be no more than the $89.9 million. The payment could be less if the utilities receive more than 30 percent of the face value of the claim.
Sperry Van Ness, a commercial real estate investment brokerage firm, completed the sale of Village Plaza, a 21,000-square-foot retail center, to AM Davis Mercantile for $10.5 million. The property is located at 899 Tahoe Blvd., near SR-28, in Incline Village.
Jack Brower, CCIM of Sperry Van Ness / Gold Dust Commercial in Carson City, represented the seller, Village Plaza General Partnership. The buyer represented itself.
CitiBank Corp. awarded Citizens for Affordable Homes Inc. as 2005 Outstanding Partnership. The nonprofit organization Chief Executive Officer Ron Trunk, Chairman of the Board Dan O’Callaghan and past board chairman Al Kramer traveled to San Francisco on Nov. 10 to receive the award. Citizens for Affordable Homes was the only organization from Nevada to receive this award.
n Contact reporter Becky Bosshart at email@example.com or 881-1212.
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