IN BRIEF

CHARLOTTE, N.C.

Federal regulators seize Corus Bankshares

Federal regulators on Friday said they seized Corus Bankshares Inc., a Chicago-based lender to condominium, office and hotel projects. The seizure came after the bank said collateral securing condo loans in Nevada and three other states had lost value.

Corus had acknowledged that its capital was critically eroded. The bank had cited "a rapid and precipitous decline" in the value of collateral securing its condo loans, mainly in Nevada, Arizona, Southern California and Southern Florida, for the erosion.

Corus was highly exposed to the volatile high-rise condo market. In 2006, the bank had 90 percent of its $9 billion loan portfolio allocated to condo projects, including $770 million in Las Vegas. Among its local projects are Juhl ($106 million), Newport Lofts ($87 million), Panorama Towers ($236 million), Streamline ($123 million) and One Las Vegas ($140 million).

Streamline and One Las Vegas entered foreclosure this year due to slow sales and the inability or unwillingness of buyers to close escrow. Newport Lofts foreclosed last year. Sandhurst, another high-rise condo project that Corus was going to finance, never started construction.

MGM Mirage extends date for exchange offer

Strip casino giant MGM Mirage extended the early participation date for a previously announced debt exchange offer.

The company said Friday that the date was extended to Sept. 24 from Thursday.

Under the terms of the offer, eligible bondholders can exchange a portion of $782 million in 8.5 percent senior notes, due 2010, for up to $500 million in 10 percent senior notes, due 2016.

Because the early participation date happens at the same time of the exchange offer's expiration date, MGM Mirage will exchange $1,000 in existing notes in the exchange offer for total consideration of $1,175 in new notes.

Only qualified institutional buyers and certain non-U.S. investors located outside the U.S. can participate in the exchange offer.

Wynn IPO may come soon in Hong Kong

An initial public offering on the Hong Kong Stock Exchange by Las Vegas-based casino operator Wynn Resorts Ltd. could take place early next month, published reports say.

Wynn could raise up to $1 billion through the IPO, sources told Reuters News Service in Hong Kong.

The company plans to sell shares of its Wynn Macau resort to back the IPO, possibly up to 20 percent of the hotel-casino, one source said. In June, the company valued Wynn Macau at $1.2 billion.

The company filed a prospectus for the listing with both the Hong Kong Stock Exchange and the Securities and Exchange Commission.