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Friday, February 04, 2000
Copyright © Las Vegas Review-Journal
IN BRIEF
Turnberry may buy
shuttered El Rancho
A company developing luxury high-rise condominiums in Las Vegas may buy the shuttered El Rancho, John Riordan, Turnberry Associates vice president, said.
Riordan said Turnberry has an option on the site but it will probably take a couple of months before a bid could be made -- if one is made.
"We really honestly don't have a plan for (the property)," Riordan said. "We know we would like to have the site and get rid of the eyesore. It's a great piece of property with a great future."
Turnberry Associates are developing the $600 million Turnberry Place, a residential high-rise building on Paradise Road near Riviera Boulevard. Earlier this week the company announced its plans to buy a 10-acre parcel of land near Turnberry Place for another undisclosed future development.
Riordan would not disclose details of the possible deal and calls to the El Rancho's owners were not returned.
Henderson adopts
annexation deal
The city of Henderson has adopted an annexation agreement for park and library sites in Del Webb Corp.'s Anthem community.
Del Webb will also build, equip and donate a fire station to the city of Henderson, and dedicate a 20-acre school site to the Clark County School District.
The agreement for park sites, a major component of the annexation, includes plans for the 55-acre Anthem Hills Park, which will be the second-largest park in Henderson.
Del Webb will develop and build the first phase of the park at an estimated cost of $7 million. It will have a baseball field, two softball fields, basketball courts, a playground and a roller hockey rink.
Completion of the park's first phase is estimated for late summer.
Trump rejects offer
for casino company
Donald Trump rejected an offer made late last year by Colony Capital, a Los Angeles investment fund, for Trump Hotels & Casino Resorts, the New York Post reported Thursday.
Under the offer, valued at $500 million, Colony, which owns Harveys Casino Resorts, would have paid as much as $15 a share for Trump's debt-ridden company, the newspaper reported. Trump Hotels would have received a cash injection of $100 million.
Trump, who owns 42 percent of the company, would have remained involved in the business but would not necessarily have retained total control, the newspaper reported.
Rates unchanged
for 30-year mortgages
WASHINGTON -- Rates on 30-year fixed-rate mortgages, which have been on an upward climb, were unchanged this week.
The average interest rate on 30-year mortgages held steady at 8.25 percent for the week ending Feb. 5, matching the rate from the week before, according to a weekly survey released Thursday by Freddie Mac, the mortgage company.
Two weeks ago, the rate on a 30-year mortgage hit 8.26 percent, the highest rate since Sept. 13, 1996.
Fifteen-year mortgages, a popular option for refinancing, inched up this week, however, with an average rate of 7.85 percent this week compared with the average rate of 7.84 percent last week.
The rates do not include add-on fees known as points, which averaged at or just over 1 percent of the loan amount for both types of mortgages.
Bond prices rise
for second session
NEW YORK -- The new investment landscape for U.S. government securities was apparent Thursday as traders for a second straight day bid up the price of the no-longer benchmark 30-year Treasury bond as if it were an Internet stock.
The price of the 30-year bond soared 2.03 points, or $20.31 1/4 per $1,000 in face value.
Its yield, which moves in the opposite direction, fell to 6.13 percent Thursday from Wednesday's 6.28 percent.
Yields on three-month Treasury bills were 5.6 percent, with the discount falling 0.03 percentage points from late Wednesday to 5.44 percent. Six-month yields were 5.84 percent as the discount fell 0.06 percentage points to 5.59 percent. One-year yields finished at 6.14 percent, with the discount dropping 0.06 percentage points to 5.78 percent.
Yields are the interest bonds pay by maturity, while the discount is the interest at which they are sold.
The federal funds rate, the interest on overnight loans between banks, rose to 5.75 percent from 5.50 percent late Wednesday.
The Bond Buyer index of municipal bonds rose 23/32 point to 92 5/32. The yield was 6.24 percent, down from Wednesday's 6.30 percent.
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