IN BRIEF
New president takes reins at Tropicana
The Tropicana has finally landed a new property president after months of searching.
Ron Thacker has left his position as vice president of casino operations at Fontainebleau Resorts to take the reins of the troubled Strip property.
Thacker will oversee all operations of the property, a change from the previous management structure that had two general managers at the property, one overseeing the casino operations and one running the hotel.
The property has been without direct leadership since the late summer, soon after the resort's parent company, Tropicana Entertainment, filed for Chapter 11 bankruptcy.
Barcelona Hotel owner plans apartments
The new owner of the Barcelona Hotel and Casino in Las Vegas plans to convert the rooms to weekly and monthly apartment units with access to the casino.
Stephen Siegel of Las Vegas bought the Barcelona for $12 million and will make it the first of his concept properties called Siegel Slots and Suites.
The idea is to create stand-alone properties with residential living and casino gambling at prices affordable for the working class.
In addition to the Barcelona at 5011 E. Craig Road, Siegel acquired an adjacent gasoline station and grocery store.
Siegel already owns the Gold Spike in downtown Las Vegas and several Siegel Suites apartment buildings around Las Vegas.
Shuffle Master exec resigns from post
A Shuffle Master Gaming executive under investigation by the Securities and Exchange Commission has left the company.
In a one-paragraph filing with the SEC late Monday, Shuffle Master said Senior Vice President Brooke Dunn "ceased his full-time employment with the company, effective Dec. 31."
On Nov. 18, Shuffle Master said Dunn, a 12-year employee with the gaming equipment provider, was under investigation for alleged improper trading in the company's stock by an unrelated third party.
Shuffle Master required Dunn to step down as an executive officer and not perform his senior vice president duties. He was placed on administrative leave with pay pending the outcome of the SEC matter.
PITTSBURGH
Alcoa will cut spending, eliminate 13,500 jobs
Alcoa, the largest U.S. aluminum maker, said Tuesday that it would cut 13,500 jobs, or about 13 percent of its global work force, and reduce spending and output because of the economic downturn.
The company, based in Pittsburgh, said that in addition to the job cuts, 1,700 contractors would be eliminated and that it was implementing a global salary and hiring freeze.
Because of its actions, Alcoa said it expected fourth-quarter charges of between $900 million and $950 million. The company expects to report quarterly results Jan. 12.
The latest reductions lower the company's annual smelting capacity by about 750,000 tons, or about 18 percent, Alcoa said.
DETROIT
Greektown Casino hires turnaround firm
Greektown Casino in Detroit has hired a Las Vegas-based turnaround firm as the casino works to emerge from bankruptcy protection.
The Detroit Free Press reported Tuesday that the Fine Point Group will try to boost revenue and improve operations at the downtown casino, which filed for Chapter 11 bankruptcy protection in May.
The firm has a one-year contract and will be paid $150,000 a month. Three Fine Point executives will assume interim roles as chief executive, general manager and vice president of marketing.
SAN FRANCISCO
Apple will cut price of some songs on iTunes
Apple Inc. is cutting the price of some songs in its market-leading iTunes online store to as little as 69 cents and plans to make every track available without copy protection.
In Apple's final appearance at the Macworld trade show, Apple's top marketing executive, Philip Schiller, said Tuesday that iTunes song prices will come in three tiers: 69 cents, 99 cents and $1.29. Record companies will choose the prices, which marks a significant change, since Apple previously sold all songs for 99 cents.
Apple gave the record labels that flexibility on pricing as it got them to agree to sell all songs free of "digital rights management," or DRM, technology that limits people's ability to copy songs or move them to multiple computers.
Apple shares fell 1.56, or 1.65 percent, Tuesday to close at $93.02 on the Nasdaq National Market.
NEW YORK
Treasury prices higher after securities auction
Treasurys traded mixed Tuesday, recovering from steeper losses after a robust auction of 10-year Treasury inflation-protected securities.
The 10-year note rose 0.16 points to 111.13, and its yield rose to 2.50 percent from 2.48 percent late Monday.
The 30-year Treasury bond rose 0.47 points to 128.94, and its yield fell to 3.01 percent from 3.03 percent.
