IN BRIEF

Another executive exits Harrah's Entertainment

Another top executive has left the world's largest casino company.

Anthony McDuffie has resigned from Harrah's Entertainment, where he served as senior vice president, controller and chief accounting officer, a Monday filing with the Securities and Exchange Commission shows.

McDuffie, whose last day was Friday, joined the company in 1988 and held various financial positions through the years. He was named vice president in 1999, controller and chief accounting officer in 2001 and senior vice president in 2005.

He was also trustee and treasurer of the Harrah's Foundation.

The departure follows the exits of Vice Chairman Chuck Atwood and Chief Innovation Officer Tim Stanley, both of whom left the company late last year.

Planet Hollywood posts loss for quarter

Planet Hollywood Resort posted declining revenues in the first quarter, the first time the Strip property has reported declines in consecutive quarters since the property was rebranded from the Aladdin in late 2007.

The property posted a net loss of $14 million in the first quarter ended March 31, a late Friday filing with the Securities and Exchange Commission shows. The loss was an increase from the $12 million loss posted for the same time last year.

The loss was driven by a $9.3 million interest expense in the quarter and a 22.9 percent decline in revenues.

The interest expense was mostly tied to a $860 million loan that initially matured in December. The property's owners, however, signed the first of three possible one-year extensions available on the loan.

Revenues dropped to $57.1 million from $74 million, driven by a 21.6 percent decrease in casino revenues and a 26.5 percent decrease in hotel revenues.

Average daily room rates dropped $29 to $115 per night, while occupancy of the 2,496-room hotel was 85.1 percent.

CHICAGO

Buyers of paints, parts help Lowe's top outlook

Lowe's Cos. Inc. said shoppers buying paints, plants and replacement parts in the first quarter helped the home-improvement chain beat Wall Street forecasts and prompted it to boost its full-year outlook.

Lowe's, which operates 12 stores in Southern Nevada, said it earned $476 million, or 32 cents per share, for the three months that ended May 1, down 21.6 percent from the previous year's profit of $607 million, or 41 cents per share, but was well ahead of forecasts.

Sales fell 1.5 percent to $11.83 billion from $12.01 billion.

Analysts surveyed by Thomson Reuters expected the retailer to earn 25 cents per share on revenue of $11.63 billion.

NEW YORK

Group works to save Chrysler franchise deals

A group representing Chrysler dealers said Monday it is in talks with the automaker in hopes of getting it to scale back plans to terminate the franchise agreements of about a quarter of its dealers.

Michael Bernstein, an attorney for the Chrysler National Dealer Council, said that while it's unlikely that Chrysler LLC will change its mind about eliminating dealer franchises, he's optimistic that the company will at least agree to end fewer than the 789 originally listed in its court motion.

He also said the group wants to ensure that the dealers whose franchise agreements ultimately are terminated get the help they need from Chrysler for a smooth transition.

The talks also include Chrysler's creditors committee and representatives from Fiat Group SpA, which is leading a group that's trying to buy the majority of Chrysler's assets, Bernstein said.

On Thursday, Auburn Hills, Mich.-based Chrysler asked a New York bankruptcy court to end its franchise agreements with 789 dealers as part of its plan to restructure into a new company with a network of about 2,400 showrooms.

American Pacific profits rise from year earlier

American Pacific Corp., a chemical manufacturer based in Las Vegas, on Monday said second-quarter net income increased from a year earlier.

In a statement, company said it had net income of $1.7 million, or 23 cents per share, in the three months ended March 31, up from net income of $1.6 million, or 22 cents per share, a year earlier.

Revenue rose 16.8 percent to $56.4 million from $48.3 million.

American Pacific shares rose 38 cents, or 5.5 percent, to close at $7.33 on the Nasdaq National Market.

Vestin mortgage fund alerts possible investors

Vestin Realty Mortgage II announced Monday that it has started contacting potential investors for a $15 million private placement of short-term, unsecured notes with a 20 percent coupon.

The company intends to use the proceeds to pay down existing debt.

Vestin II, one of two real estate investment trusts managed by Michael Shustek, has $197.3 million in assets.

Shares in the REIT fell 25 cents, or 9.6 percent, Monday to close at $2.25 on the Nasdaq Global Select Market.

WASHINGTON

Interest rates dip in Treasury auction

Short-term Treasury bill rates edged down slightly in Monday's auction and are expected to remain at low levels until the Federal Reserve starts raising interest rates.

The Treasury Department auctioned $31 billion in three-month bills at a discount rate of 0.185 percent, down from 0.19 percent last week; and $29 billion in six-month bills at a discount rate of 0.295 percent, down from 0.305 percent last week.

NEW YORK

Treasury prices fall as faith in housing builds

Treasurys lost ground Monday as investors grew more confident about the housing market and banking industry.

The benchmark 10-year Treasury note fell 0.91 points to 99.03. Its yield rose to 3.21 percent from 3.12 percent late Friday.

The 30-year bond fell 2.06 to 100.81. Its yield was 4.17 percent, up from 4.08 percent Friday.