IN BRIEF
Trump to buy company out of bankruptcy
Donald Trump and an affiliate of lender Beal Bank Nevada agreed to invest $100 million in bankrupt Trump Entertainment Resorts Inc. and buy the casino company he founded out of bankruptcy.
Beal Bank agreed to restructure $486 million in secured debt to extend the maturity to December 2020 from 2012, Atlantic City-based Trump Entertainment said in a statement. Shareholders and holders of debt securities will receive nothing under the plan, which requires court approval.
"We're going to invest $100 million initially and that won't be the end of it," Trump said. "Now that we'll be running the company, it will be a wonderful company after we intelligently spend money to fix it."
Trump Entertainment filed for Chapter 11 bankruptcy in Camden, N.J., on Feb. 17, days after Donald Trump quit as chairman and said he was severing ties.
Sands loan amendment deadline extended
Las Vegas Sands Corp., the casino company controlled by billionaire Sheldon Adelson, extended the deadline for lenders to vote on a loan amendment for its Macau unit to Friday from July 31.
The company is seeking to alter the definition of change of control to let its Venetian Macau Ltd. sell stock on the Hong Kong stock exchange, according to a presentation distributed to lenders. It also wants them to approve the sale of $1.5 billion in bonds to repay bank debt and finance a project under construction.
Goldman Sachs Group Inc. first sought the changes on behalf of Las Vegas Sands on July 14. The New York-based bank initially asked lenders to make a decision by 4 p.m. New York time July 31, according to the presentation.
Former president will attend energy summit
Former President Bill Clinton has joined the list of public-policy luminaries and government officials set to appear at Senate Majority Leader Harry Reid's National Clean Energy Summit 2.0.
The conference, scheduled for Monday inside the Cox Pavilion at the University of Nevada, Las Vegas, will also feature Clinton's former sidekick, ex-Vice President Al Gore.
Energy Secretary Steven Chu, Labor Secretary Hilda Solis, California Gov. Arnold Schwarzenegger and Los Angeles Mayor Antonio Villaraigosa are also scheduled to appear.
Locals tabbed to participate include NV Energy Chief Executive Officer Michael Yackira and Rose McKinney James of the Energy Foundation Board.
The summit's focus will revolve around job creation, Reid has said.
Tickets to the event cost $150. Visit www.cleanenergy summit.org to register.
Profits drop sharply for Beasley Broadcast
Beasley Broadcast Group, a Naples, Fla.-based radio station operator with five stations in Southern Nevada, on Tuesday said its net income fell sharply from a year earlier as revenue fell in 10 of the company's 11 station clusters.
In a statement, the company said its net income was $708,862, or 3 cents per share, for the three months ended June 30, down from net income of $2.4 million, or 10 cents per share, a year earlier.
Revenue fell 23.9 percent to $23.6 million from $31 million.
Beasley said approximately 62 percent of the revenue decline related to the company's Las Vegas, Philadelphia and Miami-Fort Lauderdale, Fla., market clusters. In the statement, Chairman George Beasley said sagging real estate markets particularly hurt ad sales in its Las Vegas and Florida markets.
During the quarter, Beasley Broadcast agreed to sell Las Vegas radio stations KBET-AM (790) and KCYE-FM (104.3) to Reno-based Silver State Communications for $15.25 million. The deal is expected to close in the third quarter.
After the deal closes, Beasley will own three stations in Las Vegas, KFRH-FM (102.7), which will inherit KCYE's country music format; KKLZ-FM (96.3); and KDWN-AM (720).
