Wynn will hire 400 workers to staff clubs at expanded Encore
A day after telling Wall Street about a $67 million expansion at Encore, Wynn Resorts Ltd. announced it needs to hire 400 workers to staff the new beach club and nightclub that will be part of the development.
The company said it would begin group interviews in March for the 60,000-square-foot venue that is replacing the property’s Strip-side porte cochere.
Applicants for cocktail servers, bartenders, hosts, promoters, lifeguards, pool attendants and security have to apply online at wynnjobs.com.
The Encore Beach Club is expected to open May 21. The expansion will add pools, a restaurant and the Surrender Nightclub to the location.
An enhancement to Encore’s Switch restaurant is also part of the development.
Wynn Resorts Chairman Steve Wynn discussed the project on the company fourth-quarter earnings conference call Thursday.
American International Group loses $8.87 billion in quarter
AIG said Friday it lost $8.87 billion in the fourth quarter as its general insurance business remained weak and the company ran up expenses from paying back government loans.
The insurer also said in an annual regulatory filing that it may need additional support from the government. However, AIG has included such warnings in past filings with the Securities and Exchange Commission.
The fourth-quarter results were an improvement from the $61.7 billion AIG lost in the year-ago period, but they were worse than analysts expected. They also followed two straight profitable quarters.
AIG also had lower sales of life insurance products, and it added $2.3 billion to its reserves against losses in its commercial insurance business.
AIG has been working for the past year and a half to sell assets and streamline operations in an effort to repay government debt. Since receiving government bailout funds, AIG has completed 19 unit sales or asset transactions.
It reported Friday that it continues to unwind its Financial Products Group, the unit blamed for AIG’s downfall.
Investors weren’t happy with AIG’s news, and bid its stock down $2.74, or 9.96 percent, Friday to close at $24.77 on the New York Stock Exchange.
Fannie Mae says it needs
$15 billion in government aid
Fannie Mae needs $15 billion more in federal assistance, bringing its total to more than $75 billion. And worse, the mortgage finance company warned its losses will continue this year.
And the pain isn’t over. Fannie warned Friday that it will need even more money from the Treasury, as unemployment remains high and millions of Americans lose their homes through foreclosure.
Fannie Mae said Friday that it lost $74.4 billion, or $13.11 a share, last year, including $2.5 billion in dividends paid to the government. That compares with a loss of $59.8 billion, or $24 a share, a year earlier.
Private equity firm buying parent of Carl’s Jr., Hardee’s
A private equity firm said Friday it will buy the owner of the Carl’s Jr. and Hardee’s restaurants for about $619 million in cash.
Thomas H. Lee Partners, a Boston firm that’s among a trio of investment firms that bought Dunkin’ Brands Inc. in 2006, will assume about $309 million in debt from CKE.
Under terms of the deal, CKE shareholders will receive $11.05 in cash for each share they own — a 24 percent premium to its Thursday closing price of $8.91.
CKE, which is based in Carpinteria, Calif., can seek other offers until April 6. The company said it won’t disclose any information related to its talks with other potential buyers, unless its board decides that a superior bid has been received.