MGM Mirage to make $1.2 billion write-down
MGM Mirage will write down the value of Mandalay Resort Group by $1.2 billion because cash flows at the casino company acquired in 2005 have weakened and buyers are paying less for gaming assets.
The goodwill and trademark expense will be taken in the fourth quarter, MGM said Friday in a regulatory filing. The company paid $7.9 billion for Mandalay in 2005.
Fourth-quarter results will be a “kitchen sink for a lot of the companies,” Deutsche Bank AG casino analyst Bill Lerner said on a conference call.
Foreclosure workshop will not go as planned
Olive Crest’s Families in Foreclosure Workshop, which was to run from 8 a.m. to noon today at 6138 W. Sahara Ave, has been canceled.
Olive Crest, a nonprofit agency, is focused on helping families survive the emotional and psychological distress of foreclosure.
For more information on Olive Crest, call the agency at 221-6224, ext. 1700. For more information about Neighborhood Housing Services of Southern Nevada’s free foreclosure counseling, call 649-0998 or visit www.nwsn.org.
Tribe aims to forge compact with Nevada
The administrator of the Shoshone-Paiute Tribes of the Duck Valley Indian Reservation, based in Owyhee on the Nevada-Idaho border, is taking steps to get a gambling compact with Nevada.
Herman Atkins, the tribal administrator, wasn’t available for comment Friday on the compact, which could cover a wide range of gambling activity.
The state Board of Examiners, which has Gov. Jim Gibbons as it chairman, must approve the compact.
Unemployment news sends Treasurys up
Treasury prices mostly rose Friday after the government reported a big jump in the unemployment rate.
The 10-year note rose 0.41 points to 111.81, and its yield fell to 2.40 percent from 2.44 percent. The 30-year Treasury bond slipped 0.26 points to 127.66 and its yield rose to 3.06 percent from 3.05 percent, BG Cantor Market Data reported.