Community bank out of Nasdaq compliance

Community Bancorp said Wednesday that it received notice that it had violated requirements for continued listing on the Nasdaq National Market by failing to file its annual 10-K report for last year on time.

Community Bancorp said it has 60 days from the April 17 date of the notice to submit a plan for complying. Nasdaq can grant the company an extension of up to 180 days to satisfy requirements. The company said it expects to file the 10-K within that period.

Shares in the company fell 8 cents, or 3.1 percent, closing at $2.49 on Nasdaq.

Wynn Resorts amends credit agreement

Wynn Resorts Ltd. rose Wednesday in Nasdaq trading after it amended a credit agreement, accepting a higher interest rate and lower loan limit in exchange for a two-year extension and relief from some debt covenants.

Wynn climbed $2.97, or 9.4 percent, to close at $34.56.

Lenders waived leverage covenants in the Wynn Las Vegas revolver loan until June 2011 and increased them thereafter. They extended the maturity of about $610 million of the loan to July 2013 from August 2011 and eased interest coverage ratios, Las Vegas-based Wynn Resorts said Tuesday in a statement.

The casino company said in the statement that it has more than $1.3 billion in cash and about $4.5 billion in long-term debt.

Penn National boss prepares to pounce

Penn National Gaming Inc. Chief Executive Officer Peter Carlino likens himself to a wolf stalking bigger prey.

Armed with $1.48 billion, Carlino says he’s waiting until debt-laden MGM Mirage, Harrah’s Entertainment Inc. and other ailing casino owners are forced to sell properties along the Strip. Once financial restructuring moves are exhausted and companies face default, he will make his move.

“We’re watching things very closely but will pounce only when the sun, moon and stars align,” Carlino said in an e-mail last month. “Penn National can wait as long as need be to make acquisitions that will be opportunistic and, more importantly, return-focused.”

Penn National, a Wyomissing, Pa.-based racetrack owner that expanded into slots, has cash when the world’s biggest casino operators don’t. Revenue at Strip properties like Harrah’s Caesars Palace and MGM Mirage’s Bellagio has fallen, making it harder for their owners to service debt.

Penn National is expected to report first-quarter earnings of 34 cents a share today, excluding some items, on sales of $609 million, the average of analysts’ estimates compiled by Bloomberg.


Private company hired to run Cal Neva Resort

The lender that foreclosed on the historic Cal Neva Resort at Lake Tahoe said Wednesday that a private management firm has been hired to run the operation and keep it open while the hotel-casino’s future is contemplated.

Canyon Capital Realty Advisors, a Los Angeles-based investment group, earlier this month assumed ownership of the hotel-casino once owned by Frank Sinatra after no bids were received at foreclosure sales held April 8 in California and Nevada.

National Hospitality Holdings LLC, a Philadelphia-based company that specializes in hotel investment and management, has been hired to oversee the property, Canyon said in a statement.

Canyon filed a default notice against the Cal Neva in December after its owner, Namcal LLC, failed to make payments on a $26.8 million debt.


McDonald’s earnings increase in first quarter

McDonald’s Corp., which has been thriving during the economic downturn, said its first-quarter profit climbed 3.5 percent as more customers worldwide came to the Golden Arches for a cheap meal.

Oak Brook, Ill.-based McDonald’s said it earned $979.5 million, or 87 cents per share, for the quarter ended March 31, up from $946.1 million, or 81 cents per share, a year earlier.

Analysts polled by Thomson Reuters had expected a profit of 82 cents per share.

Sales fell 9.4 percent to $5.08 billion from $5.61 billion

Barclays Capital analyst Jeffrey Bernstein called the company’s results “impressive in this environment” and said in a note to investors that McDonald’s will remain “the name investors return to in a ‘flight to quality.’ “

Outlooks cut for makers of casino equipment

Casinos aren’t ordering as many new slot machines leading an analyst to cut his expectation for how high the shares of one company might rise and to lower his sales estimates for another.

Sterne Agee analyst David Bain cut his slot replacement forecasts for casino equipment suppliers after WMS Industries Inc. reported lower-than-expected units sold late Tuesday.

Bain lowered Bally’s price target to $52 from $54. He reaffirmed a “buy” rating.

Bain reduced his 2009 revenue estimate for Reno-based International Game Technology to $2.19 billion from $2.21 billion and lowered its 2010 estimate to $2.32 billion from $2.37 billion.

Analysts surveyed by Thomson Reuters expect 2009 sales of $2.28 billion and 2010 revenue of $2.4 billion.

Bain kept a “neutral” rating and $13.30 price target on the company.


Pharmaceutical sales expected to slow

Pharmaceutical sales, squeezed by the worldwide recession, will increase globally by the slowest rate in a quarter-century and decline in the U.S. this year, according to a new forecast.

Data firm IMS Health, which tracks medication sales in more than 100 countries, said Wednesday it expects a growth rate of 2.5 percent to 3.5 percent worldwide over 2008 sales.

That’s about 2 percentage points below the prior IMS forecast, in October, and far below the 6.5 percent to 8 percent growth rates from 2004 through 2007.

In the United States, IMS expects pharmaceutical sales to actually decline by a percent or two this year, then remain flat through 2013.


Treasury prices fall as bank worries renewed

Treasurys dipped Wednesday, even as stocks fell in a late-day slump on renewed worries about problems at banks.

The benchmark 10-year Treasury note fell 0.31 points to 98.34. Its yield rose to 2.96 percent from 2.90 percent late Tuesday.

The 30-year bond fell 1 point to 94.59. Its yield rose to 3.83 percent from 3.74 percent.

Holiday shopping and returns make this the busiest time of year for UPS
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Primm’s outlet mall has fallen on hard times
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Miltary auction at Ritchie Bros. Auctioneers
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Tesla’s Nevada Gigafactory ahead of economic impact expectations
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T-Mobile Tech Experience Truck parks in Toshiba Plaza at T-Mobile Arena
The Tech Experience Truck is a state-of-the-art showroom on wheels, with demonstrations that put connected drones, smart cities, augmented/virtual reality and smart tracking. The exhibit shows new wireless technology – including 5G and the Internet of Things (IoT). (K.M. Cannon/Las Vegas Review-Journal)
Steve Siegel, CEO of the Siegel Group, speaks about helping families and other needy residents
Steve Siegel, CEO of the Siegel Group, speaks about helping families and other needy residents to keep them from teetering off into homelessness. Bizuayehu Tesfaye/Las Vrgas Review-Journal @bizutesfaye
Crowds camp out for Chick-fil-A opening
Dozens of customers camped out 24 hours ahead of the 6 a.m. Thursday opening of the new Chick-fil-A on Rainbow Blvd.
Cheapest listings for sale in Las Vegas
Listed for $39,990, 585 S. Royal Crest Circle, Unit #9 is one of the cheapest homes currently listed for sale in Las Vegas. (Caroline Brehman/Las Vegas Review-Journal)
MGM's sports betting deals
MGM Resorts International signed a sports betting sponsorship agreement with the NBA in July It was the first professional sports league to have official ties with a legal sports betting house. The deal came just two months after the U.S. Supreme Court overturned a law prohibiting sports betting in most states. In October, MGM became the first gaming company to sign a sports betting partnership with the NHL. In November, MGM became the first gaming company to sign a sports betting partnership with the MLB. Financial terms of Tuesday’s deal and earlier partnerships have not been announced.
Terry Miller discusses Convention Center
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Zappos treats their team members on Cyber Monday
Zappos rolls out a variety of food, drinks and special activities for all team members at their downtown Las Vegas headquarters for Cyber Monday. (K.M. Cannon/Las Vegas Review-Journal)
Team Hybrid at the 2019-Model Motor Trend International Auto Show
Among the companies showing off the 2019 model cars, Team Hybrid shows off its modified cars. Las Vegas resident David David talks about the team, which is in its ninth year exhibiting at the show, and his show car.
Black Friday Shoppers at downtown Summerlin and at the Arsenal
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Black Friday shopping in Las Vegas
Black Friday sale shopers express their shopping experience. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Las Vegas Livestock recycling Strip food waste
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Black Friday at Fry's
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Black Friday shoppers at Best Buy at 5 am
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Black Friday - 1am Closing Time
Quiet night.
Black Friday - 12:30am - Best Buy Arroyo Crossing
Sam's Town Holiday Lighting Ceremony
On Wednesday, Nov. 21, 2018, Mystic Falls Park opened with its annual tree lighting ceremony, hosted by Boyd Gaming Executive Chairman Bill Boyd. The attraction features a Winter Wonderland theme and holiday-inspired laser light show, available daily Nov. 23 to Jan. 1. (Mat Luschek/Las Vegas Review-Journal)
What Is A Smart City?
George Karayannis, vice president of CityNow, Panasonic’s smart-city arm, explains. (Nicole Raz/Las Vegas Review-Journal)
Walmart uses virtual reality to train employees
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With holidays around the corner, department stores hiring extra staff
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Startup Weekend fosters new businesses
With the help of entrepreneurial peers and an expert panel of mentors, Techstars Startup Weekend fosters the ideas of attendees into marketable business plans. (Rachel Aston/Las Vegas Review-Journal)
Mecum Car Auction in Las Vegas
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Construction underway for new Google Data Center
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Anthony Rufo talks about his new product, an in-home digital companion and monitor.
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Holiday parades help bring shoppers to Downtown Summerlin
Sports Town USA floor manager Angela Gardonio talks about the work that goes into the Downtown Summerlin holiday parades and how they benefit her and other businesses there.
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