VEGAS INC Magazine - Latest Las Vegas business news, features and commentaries about gaming, tourism, real estate and more
Issue link: https://www.ifoldsflip.com/i/35634
IN BUSINESS COURTS DOCTOR SUES AFTER BEING LAID OFF AT CANCER INSTITUTE By Steve Green senior staff writer Another physician who was laid off by the Nevada Cancer Institute is suing the Las Vegas nonprofit. Dr. Wolfram Samlowski filed suit last week in Clark County District Court in Las Vegas charging breach of contract after he lost his job April 8, paying $375,000 per year. This is at least the fourth lawsuit to be filed by professionals and staff against the institute over the April 8 layoffs of about 150 staffers, or the firing of a doctor a few months earlier. The Cancer Institute, hurt by declines in government funding and donations, says the staff cuts were necessary for it to survive. Samlowski says he gave up a tenured full professorship at the University of Utah’s Huntsman Cancer Institute to join the Nevada Cancer Institute to build a melanoma and kidney cancer program at NCI in 2007. The suit says Samlowski is highly regarded in his field and served as principal investigator at the Utah center’s Cancer Immunotherapy Program. Working under a contract extending through June 2012, the suit says Samlowski was terminated without cause and in breach of his contract. The suit charges his firing “irreparably harmed his career and his research.” Because of his dismissal, the suit says his hospital privileges were suspended at Summerlin Hospital and St. Rose Dominican Hospitals - San Martin Campus. The suit also alleges that his firing threatened prospective contractual relationships between the doctor and “various third parties relating to his lab research and clinical trials.” Samlowski is represented in the lawsuit by Lawrence Semenza, who also represents laid-off workers in a class-action suit against the institute. The Cancer Institute has not yet responded in court. THIS IS TOP OF AD .TPIRC S EH T PIL F O T YTILIBISNOPSE R S’ENOYREV E S’TI tlud a detsur t a n i gni dfino c r o dneir f a ro f p u gnikcit S n o yrot s eh t etirwe r na c uo y sya w eh t f o ow t tsu j er a .gro.wontpircsehtp i fl tisi v ,sloo t dn a spi t r Fo .gniyllu b THE STRIP DEBT RATING AGENCY GIVES VOTE OF CONFIDENCE TO RIV By Steve Green senior staff writer Now that it’s out of bankruptcy, the owner of the 2,075-room Riviera should have no trouble generating enough cash to meet its obligations. That’s according to Moody’s Investors Service, which issued ratings on $80 million in debt carried by the post- bankruptcy Riviera Holdings Corp. “Given rising visitation to Las Vegas, Moody’s expects Riviera can grow EBITDA modestly and we expect debt to EBITDA to decline to approximately 8.25 times and 6.75 times by year-end 2011 and 2012, respectively,” it said. EBITDA is a profitability measure meaning earnings before interest, taxes, depreciation and amortization. “The rating outlook is stable given Riviera’s good liquidity and Moody’s view that earnings will grow modestly over the next year,” Moody’s said. Still, as is consistent with most casino companies, Moody’s assigned a speculative-grade B3 corporate family rating to Riviera Holdings, which also has a casino in Black Hawk, CO. The Colorado property has 746 slot machines, nine table games, a buffet and similar casino-type amenities. “The rating reflects high pro- forma financial leverage—debt to trailing EBITDA is 11 times, earnings concentration from two casino properties, our expectation of a slow recovery for the Las Vegas property and a short operating history under the current management team. Ratings are supported by the consistent earnings generated by the casino in Black Hawk, CO., and the company’s good liquidity,” Moody’s said. In the first quarter, Riviera Holdings lost $2.2 million vs. a loss in the year- ago quarter of $4.5 million. It was taken out of bankruptcy this spring by hotelier Barry Sternlicht and other investors. The process was expected to eliminate about $276 million in debt and other liabilities. CHRIS SHOVES MARK INTO A LOCKER. .SLANI F ETAT S T A TU O T I GU H KRA MDN A SIRH C They’ve always had a passion for technology. Now is the time to recognize them! NOMINATIONS DUE 15 JULY 2011 PM_72006.01 RRF _ “Flip the Script - Chris/Mark” Anti Bullying Campaign - Vegas Inc. _ Ad Size: 14 1/4 pg. box = 4.67" x 6" _ 4/C InDesign _ Fonts: HelvNeueLtStd, SimianDisplay _ TF: Carla _ PM: BrianC _ AD: Jessica _ GA: JoAnn 5/13,16/11, loaded 5/18 HERE’S YOUR CHANCE TO NOMINATE LAS VEGAS’ TOP TECH EXECS – you know, the executives who keep today’s technology work- ing at your company and envisioning the technology that will make tomorrow better. Help us pick the city’s best in IT. To nominate, go to: www.VEGASinc.com/TopTech | 4 JULY 2011 |