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Non-Tech : LVEN:NASDAQ--Las Vegas Entertainment Inc.

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To: Q. who wrote (146)	1/10/2000 12:59:00 PM
From: EL KABONG!!!	Read Replies (1) of 228

lvrj.com Monday, January 10, 2000 Copyright © Las Vegas Review-Journal Company once tied to El Rancho raided Review-Journal The FBI raided the Arizona offices last week of a company once affiliated with the owners of the shuttered El Rancho on the Strip. Because the agents were acting on a sealed search warrant, FBI spokesman Ed Hall told the Mesa (Ariz.) Tribune he could not reveal why a dozen agents searched records Friday in the Scottsdale, Ariz. offices of the U.S. Guarantee Corp. or whether anything was found. Hall said as of Friday evening there had been no arrests. U.S. Guarantee is a Nevada-incorporated company that agreed in October to back a $400 million loan to a Las Vegas man who was planning a $190 million purchase of 12.2 million shares of Las Vegas Entertainment Network, owner of the El Rancho. On Oct. 9, Las Vegas Entertainment announced plans, in a Securities and Exchange Commission filing, to purchase Jackpot Enterprises, a slot machine distributor and operator, for $95 million in cash. Six days later, the SEC halted trading on Las Vegas Entertainment's stock, and a day later the purchase offer for Jackpot was withdrawn. The stock has not traded since. Las Vegas Entertainment has announced several plans for the El Rancho since it purchased the boarded-up property on the northern end of the Strip. But none of the plans has yet materialized. The company has lost $47.5 million since it was founded in 1990, including $5.28 million in the first nine months of fiscal 1999. Las Vegas Entertainment warned on Sept. 24 that its continuing losses "raise substantial doubt about the company's ability to continue as a going concern." KJC

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