IN BRIEF

Caesars Atlantic City mall to go to lender

Mall owner Taubman Centers Inc. plans to turn over a mall on the Atlantic City boardwalk to its lender because the recession cut traffic to the East Coast gaming capital.

Taubman said the shops at the Caesars Atlantic City hotel aren't generating enough cash to pay the debt. The Bloomfield Hills, Mich.-based real estate investment trust wrote down the value of The Pier Shops at Caesars and its Regency Square property in Richmond, Va., it said in a statement Tuesday.

Atlantic City's gambling revenue fell 16 percent in August. Sales at U.S. retail properties fell 71 percent to $3.6 billion in the first half of the year, New York-based research company Real Capital Analytics Inc. reports.

Macau will limit fees to junket operators

Macau, the world's biggest gambling hub, will limit commissions paid to junket operators to 1.25 percent of the betting chips purchased by high rollers, helping cut casino operators' costs.

Las Vegas Sands Corp., SJM Holdings Ltd. and the four other operators in the only Chinese city where casinos are legal have until Oct. 1 to alter agreements with companies catering to VIP gamblers.

Macau's six casino operators, including Melco Crown Entertainment Ltd. and Galaxy Entertainment Group Ltd., lobbied the government to limit the commissions.

NEW YORK

BofA backpedals on overdraft fees

Bank of America Corp. said Tuesday it's capping the fees it charges customers for overdrawing their accounts, backpedaling on the boosts the company imposed just this year.

Starting Oct. 19, Bank of America said it will no longer charge overdraft fees when a customer's account is overdrawn by less than $10 in one day.

A $35 fee will still be levied if the account isn't brought into balance within five days.

The Charlotte, N.C.-based bank also will limit to four the number of times an overdraft fee can be charged on an account per day. Just this year, the bank had raised that cap from five to 10.