Cosmopolitan hires executive from rival

The Cosmopolitan has hired a second top executive away from a competing property on the Strip.

Jeff Burge, the vice president of finance at the Las Vegas Sands Corp.’s Palazzo and Venetian, has been hired as the Cosmopolitan’s chief financial officer, a project official said Tuesday.

The 40-year-old Burge will join the $3.9 billion project Monday and report to the resort’s chief executive officer, John Unwin.

Unwin, who resigned as the general manager at Caesars Palace in July, will join the project in October.

Deutsche Bank hired both men, who will oversee the resort even if another company is brought in to operate the hotel-casino.

Las Vegas Sands finishes financing transaction

Las Vegas Sands Corp. said Tuesday it completed a $600 million financing transaction, a preliminary step toward an initial public offering of shares on the Hong Kong Stock Exchange.

The IPO, which will be backed by the company’s casinos in Macau, will allow Las Vegas Sands to restart construction on several stalled projects along the Chinese gaming enclave’s Cotai Strip.

Las Vegas Sands also has been trying to strengthen its balance sheet.

“The closing of this financing, in combination with the other measures we have completed to date, demonstrates that we are successfully executing that plan,” Las Vegas Sands Chairman Sheldon Adelson said in a statement.

Board member tapped for consolidated bank

Capitol Bancorp Ltd. on Tuesday said Peter Atkinson has been named to the board of directors for the proposed consolidated Bank of Las Vegas.

In a statement, Capitol Bancorp said that, pending regulatory approval, Bank of Las Vegas, Black Mountain Community Bank, Desert Community Bank and Red Rock Community Bank will consolidate and operate as one bank charter, under the name Bank of Las Vegas.

Thomas Mangione, Capitol Bancorp’s Nevada regional president, has been named the new bank’s chairman and chief executive officer. Atkinson will serve on the board of directors and as president of Bank of Las Vegas at the Black Mountain location.

The consolidated bank’s James Howard, J. Randall Boesch and Vince Ciminise will continue in their roles as community presidents and remain at their current locations. Howard will also serve as chief operating officer.


Consumers chop debt, slash borrowing

The Federal Reserve says consumers slashed their borrowing in July by the largest amount on record as job losses and uncertainty about the economic recovery prompted Americans to rein in their debt.

Consumers ratcheted back their credit by a larger-than-anticipated $21.6 billion from June, the most on records dating to 1943. Economists expected credit to drop by $4 billion.

July’s retreat translated into an annualized drop of 10.4 percent. That was even sharper than the 7.4 percent annualized decline in June and the deepest cut since a 16.3 percent pace in June 1975.

Demand for nonrevolving credit used to finance cars, vacations, education and other things fell by $15.4 billion, also a record decline.


China auto sales increase 82 percent

China’s auto sales surged 82 percent in August to 1.14 million units, but monthly sales dropped to second place behind the United States after leading for much of the year, data showed Tuesday.

Total sales for the first eight months of 2009 rose to 8.33 million units, up nearly 30 percent from a year earlier, the official Xinhua News Agency said, citing the state-sanctioned China Association of Automobile Manufacturers.

Global carmakers are looking to China to drive revenues amid sluggish demand elsewhere.

August was the sixth month that China’s auto sales, boosted by tax cuts and subsidies as part of Beijing’s stimulus, exceeded 1.1 million units.


Officials spar anew over bank acquisition

Bank of America Corp. and the New York Attorney General’s office are sparring again over the bank’s acquisition of Merrill Lynch & Co.

Attorney General Andrew Cuomo’s office asked Bank of America to provide details by Monday about why it didn’t disclose certain information to shareholders ahead of the acquisition that closed Jan. 1.

Cuomo’s office, which has been investigating the deal, said in a letter Tuesday that Bank of America failed to tell shareholders about potential losses, write-downs and an acceleration of bonus payments to Merrill Lynch employees. Bank of America also failed to tell shareholders before they approved the deal in December that senior executives considered backing out of the Merrill Lynch purchase.

Bank of America has so far refused to say why it didn’t disclose such information.

The attorney general’s office said it needs those details to make “fair and fully informed decisions as to what charges, if any, to bring.”

Bellagio, MGM Resorts International’s luxury hotel turns 20
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Facial recognition software at G2E – Todd Prince
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Former NBA player, Shaquille O'Neal, speaks about his new Las Vegas chicken restaurant
Former NBA player, Shaquille O'Neal, speaks about his new Las Vegas chicken restaurant. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Bobby Baldwin to leave MGM
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Caesars has new armed emergency response teams
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Las Vegas, airlines prepare for CES
CES in January is expected to attract more than 180,000 attendees. (Las Vegas Review-Journal)
AGS partners with Vegas Golden Knights
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Lehman Brothers bet big on Las Vegas
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Fremont9 opens downtown
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Ross & Snow launches in Las Vegas
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Drones and public safety in Nevada
Two representatives in the drone industry discuss UAV's impact on public safety. (Bailey Schulz/Las Vegas Review-Journal)
Frontier Airlines to launch flights from Las Vegas to Mexico
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MGM Resorts International CEO Jim Murren addresses Oct. 1 lawsuits
MGM Resorts International Chairman and CEO Jim Murren addresses criticism his company has received for filing a lawsuit against the survivors of the Oct. 1 shooting. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International opens the doors on MGM Springfield
Massachusetts’ first hotel-casino opens in downtown Springfield. The $960 million MGM Springfield has 252 rooms and 125,000-square-feet of casino. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International prepares to open MGM Springfield
Las Vegas-based MGM Resorts International gave news media and invited guests a preview of the $960 million MGM Springfield casino in Massachusetts. The commonwealth's first resort casino will open Friday, Aug. 24. (K.M. Cannon/Las Vegas Review-Journal)
A Walk Through Circus Circus
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Morphy Auctions, a vintage slot machines seller, wants gaming license
Vice president Don Grimmer talks about Morphy Auctions at the company's warehouse located at 4520 Arville Street in Las Vegas on Thursday, Aug. 16, 2018. (Rick Velotta/Las Vegas Review-Journal)
Nevada's venture capital money doesn't stay in state
Zach Miles, associate vice president for economic development for UNLV, said there’s venture money in Southern Nevada, “but trying to find the right groups to tap into for that money is different.” According to a 2017 report from the Kauffman Foundation, Las Vegas ranked number 34 out of 40 metropolitan areas for growth entrepreneurship, a metric of how much startups grow. With a lack of growing startups in Las Vegas, investment money is being sent outside of state borders. The southwest region of the U.S. received $386 million in funding in the second quarter, with about $25.2 million in Nevada. The San Francisco area alone received about $5.6 billion. (source: CB Insights)
Neon wraps can light up the night for advertising
Vinyl wrap company 5150 Wraps talks about neon wraps, a new technology that the company believes can boost advertising at night. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Nevada on the forefront of drone safety
Dr. Chris Walach, senior director of Nevada Institute for Autonomous Systems, talks to a reporter at NIAS's new Nevada Drone Center for Excellence of Public Safety, located inside the Switch Innevation Center in Las Vegas. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
Motel 8 on south Strip will become site of hotel-casino
Israeli hoteliers Asher Gabay and Benny Zerah bought Motel 8 on the south Strip for $7.4 million, records show. They plan to bulldoze the property and build a hotel-casino. Motel 8 was built in the 1960s and used to be one of several roadside inns on what's now the south Strip. But it looks out of place today, dwarfed by the towering Mandalay Bay right across the street.
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