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 High-flying business: Retired Lt. Cols. Robert Lavallee, foreground, and Bud Cosper Wednesday examine a model of the Air Force's new F-22 Stealth fighter at the Lockheed Martin information booth at the Las Vegas Convention Center. Several aerospace companies have set up exhibit booths as part of the Air Force's 50th anniversary celebration being celebrated at Nellis Air Force Base this weekend. Photo by John Gurzinski. |
 ITT, Hilton continue takeover fightAnother inning began Thursday in Hilton Hotels Corp.'s $10.5 billion hostile takeover bid for ITT Corp., the parent company of Caesars World and Sheraton hotels.ITT said it will lay off 125 of its 200 headquarters staff employees in New York. It also said it will cut the number of floors it occupies to five from 11 in the New York office building. The layoffs don't affect employees at ITT's Caesars Palace, a spokesman said. FULL TEXT MGM's luck turns sour for quarterNet income and casino revenue were down at the MGM Grand Inc. for the first quarter of the year, according to the company's quarterly report released Thursday.But the January opening of MGM's New York-New York joint venture helped spur a 16 percent increase in the company's stock earnings for the quarter, according to a company executive. FULL TEXT 
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