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POSTED: Thursday, May 07, 2009

Boyd Gaming loses $13.8 million

Casino operator Boyd Gaming Corp. posted a first-quarter loss yesterday after taking a big impairment charge.

The company, whose Vacations Hawaii charter subsidiary suffered a 13 percent drop in revenue, reported a loss of $13.8 million, compared with a loss of $32.6 million a year ago. Last quarter's results were hurt by a $28.4 million charge related to a write-off for Boyd's Dania Jai-Alai acquisition in January.

Revenue fell 8 percent to $434.8 million from $471.1 million as the Las Vegas gaming market faltered amid the recession.

Vacations Hawaii, which runs charter flights six days a week to Las Vegas from Honolulu, saw its revenue decrease to $8.7 million from $10 million.

 

Tesoro swings to $51 million profit

Tesoro Corp., which operates the largest of two refineries in Hawaii, swung to a net profit of $51 million in the first quarter after losing $82 million in the year-earlier quarter.

The San Antonio-based company said it benefited from higher gross margins on petroleum products and lower operating costs.

The 2008 results included a $27 million after-tax benefit related to a legal settlement.

Tesoro's refining margin at its Campbell Industrial Park facility last quarter improved to a positive $8.53 a barrel from a loss of $1.49 a barrel during the same period last year. Total Hawaii throughput was 73,000 barrels a day, down 8.2 percent from 67,000 in the year-ago quarter.

 

Commercial rent-hike bill passes

Businesses that lease property in the Sand Island, Kalihi Kai and Mapunapuna areas of Honolulu would be given more leverage in rent disputes in legislation headed to Gov. Linda Lingle's desk.

The House and Senate approved Tuesday a bill that would mandate “;fair and reasonable”; rents when leases are renegotiated in the three industrial areas. The measure would require arbitrators to consider the use and characteristics of the land. However, its provisions would be in effect for only one year.

The legislation grew out of complaints from more than 180 businesses that lease property in the areas that landowner HRPT Properties Trust, a Massachusetts firm, has been pushing exorbitant rent hikes.

 

Lawmakers simplify union creation

A bill making it easier for workers to form labor unions passed Hawaii's Legislature on Tuesday.

The Democrat-controlled state House and Senate gave final approval to the measure that permits a union to be certified if a majority of workers sign union-authorization cards.

The proposal is mostly limited to agriculture businesses because they're not covered by federal labor rules, and it exempts businesses with less than $5 million in annual revenue. Similar legislation expanding unions in many more industries nationwide is pending in Congress. The measure now heads to Gov. Linda Lingle, who vetoed a previous “;card check”; bill last year.

 

On The Move

» Holiday Retirement's Hawaii Operations has hired Lyle Takeuchi as regional director for Hawaii Kai Retirement Community on Oahu and Kalama Heights Retirement Community in Kihei, Maui. He was previously the general manager for W Honolulu Diamond Head hotel and has more than 22 years experience in executive level positions.

 

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» BlueWave Technology has promoted Alyssa Hostelley to vice president of product management from project and product manager. She has more than 10 years experience in project management, product development, operations and finance.