IN BRIEF

New LV Sands exec will earn $2 million

The new president and chief operating officer of Las Vegas Sands Corp. will earn $2 million plus the chance to earn an annual bonus totaling 50 percent of his base salary, according to a filing Tuesday with the Securities and Exchange Commission.

Michael Leven, a member of the company's board of directors and longtime hospitality industry executive, began his role with Las Vegas Sands on March 11. He originally was expected to begin work on April 1.

Leven replaced Bill Weidner, who had been president of the Las Vegas Sands for almost 14 years.

Weidner, who had been feuding with Chairman and Chief Executive Officer Sheldon Adelson over Las Vegas Sands' direction, resigned March 8 after being told by two members of the casino operator's board that he would be replaced.

Golden Nuggets post lower revenue in 2008

Revenue at the Golden Nugget hotel-casinos in Las Vegas and Laughlin was down 4.7 percent to $253.3 million in 2008, falling at a faster pace toward the end of the year.

The figures were included in year-end fiscal reports for Landry's Restaurants Inc., the Houston-based parent company of the Golden Nugget properties.

In the fourth quarter, revenue at the Golden Nuggets was down 14.5 percent to $56.4 million.

Company officials said construction on a new hotel tower at the Las Vegas property will continue and is scheduled to be complete by year's end, despite lower occupancy and room rates.

Bond rating service downgrades LV Sands

Bond rating service Standard & Poor's downgraded the corporate credit rating of Las Vegas Sands Corp. because of concern over the casino operator's development pipeline and credit compliance.

S&P cut the corporate credit rating to B- from B for the owner of The Venetian and Palazzo. The rating outlook is "negative."

Las Vegas Sands shares rose 28 cents, or 14.07 percent, Tuesday to close at $2.27 on the New York Stock Exchange.

CUPERTINO, Calif.

Text tools coming in new iPhone software

Apple Inc. is updating its software for iPhones so that users can cut, copy and paste text, a basic computing feature that was missing from the gadget that seems to do everything.

At an iPhone event for journalists Tuesday at Apple headquarters, the company also pledged to broaden the way that third-party software programmers can build and sell content for the device.

Apple shares rose $4.24, or 4.44 percent, Tuesday to close at $99.66 on the Nasdaq National Market.

DETROIT

Long bankruptcy could finish GM, chief says

If General Motors Corp. were forced into Chapter 11 bankruptcy protection, the company would end up being liquidated because a long bankruptcy would scare customers away, Chief Executive Rick Wagoner said Tuesday.

Speaking at a breakfast in Washington, D.C., Wagoner said restructuring the company out of court would accomplish 99 percent of what could be achieved in bankruptcy but without the risk of losing customers or the huge expense of Chapter 11.

NEW YORK

Treasury prices decline after news on housing

Treasury prices fell Tuesday, weighed down by news of a surge in housing starts.

The benchmark 10-year Treasury note fell 0.41 points to 97.81. Its yield rose to 3.00 percent from 2.94 percent late Monday.

The 30-year bond fell 1.03 points to 94.03, and its yield rose to 3.80 percent from 3.76 percent.