IN BRIEF

Moody's downgrades MGM Mirage debt

Moody's Investors Service on Tuesday downgraded casino operator MGM Mirage's $7.8 billion debt load Tuesday, believing that the company's earnings in 2009 will fall below previously anticipated results.

Moody's, in reducing the company's corporate family rating to B1 Ba3, said the recession is causing consumers to reduce discretionary spending.

"Additionally, the company has been unable to raise the targeted $3 billion in capital for its CityCenter development, and so its cash needs have increased," Moody's senior credit officer Peggy Holloway said in a statement.

She expected MGM Mirage's debt to cash flow ratios to exceed "a level inconsistent with its prior rating."

Shuffle Master names successor for chief

After an 18-month search, gambling equipment provider Shuffle Master announced Monday that veteran casino executive Tim Parrott would replace Chief Executive Officer Mark Yoseloff in March.

Yoseloff, 61, who stepped down as the Las Vegas-based gaming company's chairman of the board last year, will help Parrott during a transition period.

Yoseloff headed Shuffle Master for 12 years. In a statement, the company said Yoseloff would not seek re-election to the board of directors and would retire after a short period as a part-time employee.

Parrott has more than 20 years experience in the gaming industry. He most recently served as the president and CEO of the American subsidiary for Australian slot machine maker Aristocrat Technologies Inc. He left that position late last year.

Before joining Aristocrat, Parrott was chairman and CEO of a Las Vegas-based production company and he spent 10 years as the chairman and CEO of Boomtown, which merged with Pinnacle Entertainment in 1998.

ATLANTIC CITY

New Jersey casinos shedding jobs quickly

New Jersey's casino commission says 10 of Atlantic City's 11 casinos are shedding jobs at an alarming pace.

Just over 38,000 people were working in the gambling halls this week, a report released Tuesday by the state Casino Control Commission shows.

That's nearly 2,700, or almost 7 percent, fewer than worked here a year ago.

In December alone, the casinos shed 566 jobs compared with 78 jobs lost in December 2007.

The biggest reduction came at Bally's Atlantic City, which eliminated 669 jobs in the past year. Six other casinos eliminated 300 or more jobs.

Only one casino -- Harrah's Resort Atlantic City, which opened a second hotel tower last year -- added workers, bringing its payroll to 3,951 with 300 new employees.

NEW YORK

No free lunch, but free breakfast at Denny's

Competition among casual restaurant operators heated up Tuesday, as Denny's Corp. launched free Grand Slam breakfasts in an effort to reacquaint customers with its brand and showcase its meals as value-friendly options for cash-conscious consumers.

The restaurant chain was giving away the free Grand Slams, which include pancakes, eggs, bacon strips and sausage links, to any customer visiting its restaurants on Tuesday between 6 a.m. and 2 p.m.

The company reported 14 million hits on its Web site between Sunday night and Monday morning -- the site read "service unavailable" at midday Tuesday. By late afternoon Tuesday, when the site was back up, Denny's had recorded 40 million hits since Sunday night.

With the promotion only under way a few hours, spokeswoman Cori Rice said restaurants in Miami, Washington D.C. and Los Angeles were reporting long lines and other locations said they were very busy but under control.

"From all reports, it's going extremely well," Rice said.

LOUISVILLE, Ky.

Yum Brands profits dip 12 percent in quarter

Yum Brands Inc., the operator of Pizza Hut and Taco Bell, said Tuesday that its fourth-quarter profit slipped 12 percent as the strengthening dollar hurt business.

Yum Brands' profit slid to $204 million, or 43 cents per share, compared with $231 million, or 44 cents per share, last year. The results include 3 cents in charges.

Sales rose 3.7 percent to $3.38 billion from $3.26 billion, helped by demand in mainland China.

NEW YORK

Treasury prices decline after housing data

Treasury prices slipped as stocks rose Tuesday, with investors encouraged by some better-than-expected earnings reports and housing data.

The benchmark 10-year Treasury note fell 1.38 to 107.38, and its yield rose to 2.84 percent from 2.71 percent.

The 30-year bond fell 3.44 points to 114.91, and its yield rose to 3.67 percent from 3.47 percent.