From the desks of the Hotel News Now editorial staff:
- Special Report: Different approaches to group business
- Eldorado Resorts to acquire Caesars Entertainment for $8.6b
- Hard Rock in Punta Cana removes minibar liquor dispensers
- Economic recovery shaky as eurozone job market slows
- US oil prices jump 10% as conflict with Iran continues
Special Report: Different approaches to group business: The latest Special Report from HNN, “Where groups are going,” explores the state of group business by talking with hoteliers, revenue managers and meeting planners on what groups are looking for now and how the hotel industry can respond.
The report offers a variety of topics on group business: creative spaces; competition among U.S. meeting markets; the effect of shorter booking windows; tech trends; and how hoteliers can meet their groups’ needs.
Eldorado Resorts to acquire Caesars Entertainment for $8.6b: Eldorado Resorts will acquire Caesars Entertainment in an $8.6-billion cash-and-stock deal, The Wall Street Journal reports. Eldorado will buy all of Caesars’ outstanding shares at $12.75 per share through an offer of $8.40 a share in cash and a 0.0899 share of Eldorado’s common stock.
As part of the deal, Eldorado agreed to sell the land and real estate associated with Caesars’ branded Harrah’s Resort Atlantic City, Harrah’s Laughlin Hotel & Casino and Harrah’s New Orleans Hotel & Casino to VICI Properties for $1.8 billion, according to the article. The proceeds from this deal will help Eldorado’s funding of its acquisition of Caesars.
Caesars has about 50 casinos in 13 states and five countries. Eldorado has more than 25 properties, most of which are located outside of Las Vegas.
Hard Rock in Punta Cana removes minibar liquor dispensers: The Hard Rock Hotel and Casino Punta Cana where two guests died has removed liquor dispensers from its minibars, CNN reports. Hotel GM Erica Lopez said the decision was made to “provide more tranquility for the guests,” and was independent of the deaths.
There has been speculation that at least some of the deaths of 10 American travelers in the Dominican Republic are related to the minibars after reports of the guests becoming ill after having drinks from the minibar, according to the article. However, officials in the Dominican Republic and the U.S. have stated the deaths are not connected. Authorities are continuing to investigate.
Economic recovery shaky as eurozone job market slows: In response to a weaker global demand for exports, European manufacturers are cutting back on hiring, The Wall Street Journal reports. As a result, the eurozone’s economic recovery could take another hit “since it would lose the support of consumers at home just as it has lost buyers abroad.”
The Eurozone lost 6.7 million jobs from September 2008 and the second quarter of 2013, according to the article. The region recovered in the following years, resulting in a net gain of 3.6 million jobs. However, purchasing managers at manufacturers in the region reported they were cutting payrolls in May and would add to them slightly in June because of weakening new orders. In the first quarter, manufacturers’ payrolls grew by 1.3% year over year.
U.S. oil prices jump 10% as conflict with Iran continues: The price of U.S. crude oil jumped by 10% on Friday over the fears of the growing conflict between the U.S. and Iran, Reuters reports. An attack on Iran could disrupt the flow of oil in the Middle East.
U.S. gasoline futures increased by 4% as well because of a fire at the Philadelphia Energy Solutions refinery in Philadelphia, according to the article.
These increases in the price of oil and gas come after weeks of U.S. gas prices dropping ahead of the summer travel season.
Compiled by Bryan Wroten.