Nevada Gaming Commission OKs new ownership for casinos
The Nevada Gaming Commission has approved new ownership for six rural Northern Nevada casinos now in bankruptcy.
Commissioners on Thursday unanimously approved an unrestricted casino license for 777 Gaming Inc. of Las Vegas and Nevada Asset Holdings LLC of Colorado Springs, Colo., to acquire the casinos from Holder Hospitality Group.
The properties include the Silver Club in Sparks; Commercial Casino and Stockmen’s Casino Hotel in Elko; Scoreboard Casino in Spring Creek; the El Capitan in Hawthorne; and Parker’s Model T Casino in Winnemucca.
Holder filed for Chapter 11 bankruptcy protection in June, and Northern Nevada Asset Holding acquired the $33 million note on the properties.
Mortgage rates increase for second straight week
Mortgage rates rose for the second consecutive week but the number of homeowners who applied for refinancing remained strong.
The average fixed rate on a 30-year mortgage was 4.94 percent this week, up from 4.81 percent last week, Freddie Mac said Thursday.
Mortgage rates are closely tied to yields on long-term government debt, which have risen since the average fixed rate on 30-year mortgages hit a record low of 4.71 percent the week of Dec. 3.
The average rate on a 15-year fixed mortgage rose to 4.38 percent from 4.32 percent last week.
FedEx posts drop in earnings, foresees lukewarm results
FedEx Corp. says the economy has “reached a turning point,” but a full recovery could still be a long way off.
The world’s second-largest package delivery company issued a tepid outlook for the quarter that ends in February, saying it’s not sure if strong holiday season shipping volume will hold up. But in the long run, it sees strong demand in Asia and Latin America leading the way to global economic recovery.
In the September-to-November period, FedEx Corp. earned $345 million, or $1.10 per share, compared with $493 million, or $1.58 per share a year earlier. Revenue fell 10 percent to nearly $8.6 billion.
Thomson Reuters says analysts expected profit of $1.06 per share on revenue of $8.46 billion.
Long-awaited standard finally set for Blu-ray disc players
3-D television took a big step forward Thursday with the finalization of a standard for Blu-ray disc machines.
The Blu-ray Disc Association announced it had reached agreement on the long-awaited standard that allows for full 1080p viewing of 3-D movies on home TVs. Blu-ray disc players that use the standard will be delivering two images, each in full resolution, to create the effect.
The first Blu-ray machines equipped for full-on 3-D are expected to be announced at the International Consumer Electronics Show in Las Vegas in January, and then be available to consumers later in the year. Observers also expect current 3-D movies such as “Avatar,” which opens today, to come out in formats that can play on the new disc machines.