In Brief

Updated agreement will keep Oasis running

The Oasis in Mesquite can continue to run at reduced operations until Thursday through an update to an existing bank agreement, a filing Friday with the Securities and Exchange Commission shows.

Black Gaming closed the Oasis’ table game operations, company-owned restaurants and nightclub Dec. 19 under a bank agreement that first expired Jan. 15 and was extended Feb. 2.

The Oasis reduced its slots from 750 machines to 144, and closed most of its 900-room hotel. The move reduced the casino’s staff by 340 workers.

Majority owner Randy Black Sr. and Black Gaming officials are scheduled to appear before the Mesquite City Council on Tuesday to discuss the Oasis’ future.


Housing slump causes timber company loss

Weyerhaeuser Co. said Friday its fourth-quarter loss ballooned to more than $1 billion as the rapidly deteriorating U.S. housing market forced the timber and wood products company to book a massive charge and write down other assets.

The loss amounted to $5.73 per share in the three months ended Dec. 31. The company reported a loss of $63 million, or 30 cents per share, in the year-earlier period.

“These results reflect the speed and severity of the deterioration of market conditions,” Weyerhaeuser Chief Executive Dan Fulton said.


Dividend payments expected to decline

Dividend payments from America’s largest companies are expected to fall 13.3 percent this year, the steepest drop since 1942, Standard & Poor’s predicted Friday.

The agency said companies in the benchmark S&P 500 index are expected to pay out $214.7 billion in 2009, down from $247.9 billion in 2008.

The projected drop for 2009 would be the worst since the 16.9 percent decrease in 1942.

S&P said 62 of the 500 companies in the index lowered their dividends last year. That totals $40.6 billion in reduced income for shareholders.


Toyota sees big loss and plans cost-cutting

After losing $1.8 billion over its last financial quarter, Toyota Motor Corp. said Friday it plans to reduce its costs by an additional 10 percent across all major parts of its operations.

The areas targeted for cost cuts include capital expenditures, plant expansions, production and employment costs.

Toyota made the announcement after reporting that it now expects to report a net loss of 350 billion yen, or $3.85 billion, for its full fiscal year, which ends in March.

Toyota’s quarterly sales plunged 28.4 percent to 4.8 trillion yen or $52.4 billion.


Bank of America chief answers charges

Bank of America Corp. Chief Executive Ken Lewis capped off a week of defending his bank and his role in it on Friday by firing back against rumors that his company could be in danger of nationalization.

“It’s absurd,” Lewis said in a CNBC interview, adding that he knows of no government officials who have talked about nationalizing the bank.

Speaking generally about the banking industry, Lewis reiterated the strength of his Charlotte, N.C.-based company, saying that BofA would not need additional federal funding and still believes its acquisition of brokerage Merrill Lynch & Co. was the right move.


Treasury prices decline amid stimulus optimism

Treasury prices fell Friday, pushing the 10-year note’s yield to 3 percent for the first time this year.

In late trading, the benchmark 10-year Treasury note fell 0.72 points to 106.41. Its yield rose to 2.98 percent from 2.90 percent Thursday.

Bellagio, MGM Resorts International’s luxury hotel turns 20
The more than 3,000-room Bellagio hotel is situated on the site of the former Dunes Hotel. The Dunes was imploded in 1993, and construction of the Bellagio started in 1996. It cost $1.6 billion to build, making it the most expensive hotel in the world at the time. The Bellagio was former Wynn Resorts Ltd. Chairman and CEO Steve Wynn’s second major casino on the Strip after The Mirage. MGM Resorts International acquired the property from Steve Wynn in 2000. (Tara Mack/Las Vegas Review-Journal)
Facial recognition software at G2E – Todd Prince
Shing Tao, CEO of Las Vegas-based Remark Holdings, talks about his facial recognition product. (Todd Prince/Las Vegas Review-Journal)
Former NBA player, Shaquille O'Neal, speaks about his new Las Vegas chicken restaurant
Former NBA player, Shaquille O'Neal, speaks about his new Las Vegas chicken restaurant. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Bobby Baldwin to leave MGM
MGM Resorts International executive and professional poker player Bobby Baldwin is set to leave MGM.
Caesars has new armed emergency response teams
Caesars Entertainment Corp. has created armed emergency response teams. They are composed of former military and law enforcement officials. "These teams provide valuable additional security capabilities,” Caesars spokeswoman Jennifer Forkish said. Caesars is hiring Security Saturation Team supervisors, managers and officers, according to LinkedIn. The company did not say how many people it plans to hire for the units. (Las Vegas Review-Journal)
Las Vegas, airlines prepare for CES
CES in January is expected to attract more than 180,000 attendees. (Las Vegas Review-Journal)
AGS partners with Vegas Golden Knights
AGS is the nation’s second-largest manufacturer of Class II slot machines used primarily in tribal jurisdictions. It announced a marketing partnership with the Vegas Golden Knights NHL team. (Las Vegas Review-Journal)
Lehman Brothers bet big on Las Vegas
Lehman Brothers collapsed 10 years ago, helping send the country into the Great Recession.
Fremont9 opens downtown
Fremont9 apartment complex has opened in downtown Las Vegas. (Marcus Villagran/Las Vegas Review-Journal) @marcusvillagran
Ross & Snow launches in Las Vegas
Luxury shoe brand Ross & Snow has opened in Las Vegas, featuring "functional luxury" with premium shearling footwear. (Bailey Schulz/Las Vegas Review-Journal)
Remote Identification and Drones
DJI vice president of policy and public affairs discusses using remote identification on drones. (Bailey Schulz/Las Vegas Review-Journal)
Drones and public safety in Nevada
Two representatives in the drone industry discuss UAV's impact on public safety. (Bailey Schulz/Las Vegas Review-Journal)
Frontier Airlines to launch flights from Las Vegas to Mexico
Frontier, a Denver-based ultra-low-cost carrier, will become the first airline in more than a decade to offer international service to Canada and Mexico from Las Vegas when flights to Cancun and Los Cabos begin Dec. 15. (Rick Velotta/Las Vegas Review-Journal)
MGM Resorts International CEO Jim Murren addresses Oct. 1 lawsuits
MGM Resorts International Chairman and CEO Jim Murren addresses criticism his company has received for filing a lawsuit against the survivors of the Oct. 1 shooting. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International opens the doors on MGM Springfield
Massachusetts’ first hotel-casino opens in downtown Springfield. The $960 million MGM Springfield has 252 rooms and 125,000-square-feet of casino. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International prepares to open MGM Springfield
Las Vegas-based MGM Resorts International gave news media and invited guests a preview of the $960 million MGM Springfield casino in Massachusetts. The commonwealth's first resort casino will open Friday, Aug. 24. (K.M. Cannon/Las Vegas Review-Journal)
A Walk Through Circus Circus
It only takes a short walk through Circus Circus to realize it attracts a demographic like no other casino on the Strip: families with young children. (Todd Prince/Las Vegas Review-Journal)
Morphy Auctions, a vintage slot machines seller, wants gaming license
Vice president Don Grimmer talks about Morphy Auctions at the company's warehouse located at 4520 Arville Street in Las Vegas on Thursday, Aug. 16, 2018. (Rick Velotta/Las Vegas Review-Journal)
Nevada's venture capital money doesn't stay in state
Zach Miles, associate vice president for economic development for UNLV, said there’s venture money in Southern Nevada, “but trying to find the right groups to tap into for that money is different.” According to a 2017 report from the Kauffman Foundation, Las Vegas ranked number 34 out of 40 metropolitan areas for growth entrepreneurship, a metric of how much startups grow. With a lack of growing startups in Las Vegas, investment money is being sent outside of state borders. The southwest region of the U.S. received $386 million in funding in the second quarter, with about $25.2 million in Nevada. The San Francisco area alone received about $5.6 billion. (source: CB Insights)
Neon wraps can light up the night for advertising
Vinyl wrap company 5150 Wraps talks about neon wraps, a new technology that the company believes can boost advertising at night. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Nevada on the forefront of drone safety
Dr. Chris Walach, senior director of Nevada Institute for Autonomous Systems, talks to a reporter at NIAS's new Nevada Drone Center for Excellence of Public Safety, located inside the Switch Innevation Center in Las Vegas. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
Motel 8 on south Strip will become site of hotel-casino
Israeli hoteliers Asher Gabay and Benny Zerah bought Motel 8 on the south Strip for $7.4 million, records show. They plan to bulldoze the property and build a hotel-casino. Motel 8 was built in the 1960s and used to be one of several roadside inns on what's now the south Strip. But it looks out of place today, dwarfed by the towering Mandalay Bay right across the street.
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