License suspended for real estate broker
The state of Nevada has suspended the license of a Las Vegas broker for 25 years and fined him $250,000 for renting out foreclosed homes to tenants.
The Nevada Real Estate Division on Monday said it extended a suspension for Elvis Nargi of American Executive Realty because he failed to appear at two hearings.
The division, part of the Nevada Department of Business & Industry, says Nargi’s tenants didn’t know that lenders had foreclosed on the homes.
Wynn Resorts Ltd. puts more shares up for sale
Wynn Resorts Ltd. put 7 million shares of common stock on the market Monday. The operator of Wynn Las Vegas, Encore and Wynn Macau, said it would use the sale’s proceeds for general corporate purposes and debt repayment.
Shares of Wynn closed Monday at $19.65 on the Nasdaq National Market, down $1.15, or 5.53 percent. After the share offering was announced, the company’s stock fell almost 5 percent in after-hours trading.
Deutsche Bank Securities and Merrill Lynch are acting as joint book-running managers and underwriters. Wynn Resorts will also offer an option to sell just over 1 million added shares.
Wynn Resorts has about 112 million shares outstanding.
Ameristar works to stay within covenants
Las Vegas-based Ameristar Casinos took steps Monday to ensure the company doesn’t violate the leverage ratio covenants of its credit facility during the second half of the year.
The regional casino operator said it amended the terms of the credit facility to give the company better financial flexibility.
Ameristar Chief Executive Officer Gordon Kanofsky said the company had its lenders’ support to make the changes. Ameristar’s current outstanding credit facility debt is $1.67 billion. In connection with obtaining the amendment, the company paid the credit facility lenders approximately $9 million in one-time upfront fees.
Interest rates mixed in Treasury auction
Interest rates on short-term Treasury bills were mixed in Monday’s auction with three-month bills declining and rates on six-month bills rising.
The Treasury Department auctioned $30 billion in three-month bills at a discount rate of 0.25 percent, up from 0.24 percent last week. It auctioned $29 billion in six-month bills at a discount rate of 0.445 percent, down from 0.46 percent last week.
Treasury prices slide ahead of Fed meeting
Treasury prices slipped Monday ahead of today’s meeting of the Federal Reserve, sending the 30-year bond’s yield to the highest level since November
The benchmark 10-year Treasury note fell 0.5 points to 98.22. Its yield rose to 2.94 percent from 2.88 percent late Friday. Prices move opposite yields.
The 30-year bond fell 1.44 points to 95.34, and its yield rose to 3.76 percent from 3.67 percent, its highest rate since November.