IN BRIEF

BOSTON

Bankruptcy filings rise sharply in ’08

Bankruptcy filings among publicly traded companies surged 74 percent in 2008, according to data from BankruptcyData.com, a division of New Generation Research Inc.

There were 136 bankruptcy filings by publicly traded companies in 2008, compared with 78 in 2007, according to the data. The 2008 results were still short of the record 263 bankruptcy filings in 2001.

In Nevada, two public companies filed for bankruptcy in 2008 and one in 2007, according to BankruptcyData.com.

In June last year, Searson Financial Network of San Francisco filed in Nevada bankruptcy court for Chapter 11, which allows for reorganization of debt. Chapeau Inc., a Carson City company that did business as BluePoint Energy, filed Chapter 11 bankruptcy in October 2008 but its bankruptcy later was converted to Chapter 7 for liquidation.

The sole public company bankruptcy in Nevada in the prior year was 360 Global Wine Co., which was headquartered in Los Angeles and reported $82 million in assets.

So far this year, Silver State Bancorp of Henderson is the only formerly public company to file for bankruptcy. It reported $1.7 billion in assets and was the holding company for Silver State Bank, the financial institution that federal and state regulators seized last September.

RENO

Gasoline prices jump for first time since July

Gasoline prices in Nevada have increased an average of 9 cents a gallon over the past month, the first time they’ve gone up in the state since July.

The average price for a gallon of self-serve unleaded is now $1.93. That compares with a national average of $1.79.

AAA Nevada spokesman Michael Geeser says prices likely will rise higher this spring as refiners cut back on gasoline production. But he says they don’t expect the “wild ride of ups and downs” that occurred last year because there’s now a stronger supply of oil and weakened demand for gasoline across the country.

The highest prices in Nevada were reported in Reno and Sparks at $1.99. Elko reported the lowest at $1.72. Las Vegas and Henderson reported $1.90 and Carson City $1.91.

Nevada is tied for third with Illinois for the third highest gasoline price average in the Lower 48. California is the highest with a statewide average of $2.01.

Opening planned for Macau casino

Melco Crown Entertainment Ltd., a venture between Australian billionaire James Packer and Macau magnate Stanley Ho’s son, said its City of Dreams casino will open in the second quarter of this year.

“The worst time has probably gone” for Macau, Chief Executive Officer Lawrence Ho said at a press conference Tuesday in Macau. The opening of the $2.1 billion project in the world’s largest gambling hub will create about 7,000 jobs, he added.

Macau’s workers have seen jobs cut as the credit crunch and tightening travel restrictions by China, the city’s biggest market, hurts gambling revenue. Las Vegas Sands Corp. has halted construction worth about $12 billion in the city, leading to at least 9,000 job losses, while Galaxy Entertainment Group Ltd. has delayed the opening of a resort.

SAN FRANCISCO

Tech veteran tapped for Yahoo CEO post

Yahoo named technology veteran Carol Bartz as its new chief executive Tuesday, bringing in a no-nonsense leader known for developing a clear focus — something that has eluded the struggling Internet company during a three-year slump.

The decision to lure Bartz, 60, from software maker Autodesk Inc. ends Yahoo’s two-month search to replace co-founder Jerry Yang, who surrendered the CEO reins after potentially lucrative deals with rivals Microsoft Corp. and Google Inc. both collapsed.

After describing herself as a straight shooter, Bartz told analysts in a conference call that she intended to ensure Yahoo gets “some friggin’ breathing room” so the company can “kick some butt.”

She said it would be presumptuous to share her vision for Yahoo on her first day on the job.

“I wouldn’t have taken the job if I didn’t believe there was a huge opportunity here,” Bartz said before she had to hustle off to her first meeting with Yahoo’s top managers.

After a tepid early reaction, investors seemed to warm up to Bartz’s appointment. Yahoo shares fell 12 cents Tuesday to close at $12.10, then recovered 35 cents, nearly 3 percent, in extended trading on the Nasdaq National Market.

NEW YORK

Treasury prices higher; credit loosens up

Treasury prices edged higher Tuesday, and the once-frozen market for corporate debt is showing signs of life. Businesses are selling more bonds and finding an increased appetite for commercial paper, the short-term IOUs companies issue for cash.

In another promising sign, lending rates between banks fell again Tuesday. The London Interbank Offered Rate, or Libor, on three-month loans in dollars fell to 1.09 percent from 1.16 percent Monday, according to the British Bankers’ Association.

The benchmark 10-year Treasury note rose 0.25 points to 112.72 points, and its yield slipped to 2.30 percent from 2.31 percent late Monday. Yields move opposite prices.

The 30-year bond was unchanged at 129.22 points, and its yield remained at 3 percent, according to BGCantor Market Data.

The yield on the three-month T-bill was higher at 0.10 percent from 0.06 percent late Monday.

ad-high_impact_4
Business
What Is A Smart City?
George Karayannis, vice president of CityNow, Panasonic’s smart-city arm, explains. (Nicole Raz/Las Vegas Review-Journal)
Walmart uses virtual reality to train employees
Walmart Academy Facilitator demonstrates the VR training program being used by Walmart stores across the country.
With holidays around the corner, department stores hiring extra staff
J.C. Penny hired 72 seasonal workers this year at the Galleria at Sunset mall in Henderson in order to handle the heavy traffic of the holiday shopping season. (Rachel Aston/Las Vegas Review-Journal)
Startup Weekend fosters new businesses
With the help of entrepreneurial peers and an expert panel of mentors, Techstars Startup Weekend fosters the ideas of attendees into marketable business plans. (Rachel Aston/Las Vegas Review-Journal)
Mecum Car Auction in Las Vegas
The Mecum Auctions is held at the Las Vegas Convention Center. Bizuayehu Tesfaye/ Las Vegas Review-Journal @bizutesfaye
Construction underway for new Google Data Center
Henderson is slated to be home to a new Google data center in December 2020. The Governor’s Office of Economic Development approved $25.2 million in tax abatements for Design LLC, a wholly-owned subsidiary of Google. The company plans to build the data center on 64 acres of land on Warm Springs Road west of Boulder Highway.
Anthony Rufo talks about his new product, an in-home digital companion and monitor.
Anthony Rufo talks about his new product, HAPPIE Home technology, an in-home digital companion and monitor designed for unpaid family caregivers that gives personalized alerts, messages and reminders. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Holiday parades help bring shoppers to Downtown Summerlin
Sports Town USA floor manager Angela Gardonio talks about the work that goes into the Downtown Summerlin holiday parades and how they benefit her and other businesses there.
Final vote on CG Technology
Final commission vote on the $2 million settlement for CG Technology.
Happie Home Startup Establishing Headquarters In Las Vegas
Digital companion startup company Happie Home is establishing its headquarters in Las Vegas after receiving tax abatements from the Governor's Office of Economic Development on Nov. 15. (Bailey Schulz/Las Vegas Review-Journal)
A Facebook-branded space inside of Macy’s at the Fashion Show shopping center
A Facebook-branded space inside of Macy’s at the Fashion Show shopping center will showcase 13 small businesses in November and December and seven in January. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
T-Mobile uses ticketing data to plan for event
T-Mobile Executive Director of Arena Operations explains how ticket sales data and demographics help plan staffing, vendors, parking and operations for an event.
Costco opens its doors in southwest Henderson
Costco has opened its fifth Las Vegas-area location near the intersection of St. Rose Parkway and Amigo Street. (K.M. Cannon/Las Vegas Review-Journal)
Las Vegas strip mall and office park
The Krausz Cos. and WG Group bought a strip mall and an office park in Las Vegas for nearly $80 million total. They acquired a portion of Tropicana Beltway Center in the southwest valley for $59 million. They also acquired the Westbay office complex in the Las Vegas Medical District. The buyers are former owners of The Gramercy, a once-mothballed mixed-use project in the Las Vegas suburbs. They sold The Gramercy in phases for more than $100 million.
Mario Barth talks about the growth of the tattoo industry
Celebrity tattoo artist and business owner Mario Barth talks about the growth of the tattoo industry at The World of Tattoo industry trade show at Planet Hollywood in Las Vegas
$7.5M Las Vegas pot dispensary opens near Las Vegas Strip
Planet 13, which bills itself as one of the largest dispensaries in the world, opened to the public Thursday. It has entertainment including an interactive floor and floating orbs. (K.M. Cannon/Las Vegas Review-Journal)
Caesars CEO to step down next year
Caesars Entertainment Corp. CEO Mark Frissora will leave the casino company in February. Frissora has been CEO since July 2015. He was named CEO right after Caesars' operating company filed for Chapter 11 bankruptcy protection Caesars Entertainment emerged from bankruptcy protection in October 2017 Before Caesars, Frissora spent seven years as chairman and CEO of Naples, Fla.,-based Hertz He led the consolidation of the rental-car industry through Hertz‘s acquisition of the Dollar Thrifty Automotive Group.
Planet 13 in Las Vegas adds twist to marijuana dispensary look
Planet 13, which bills itself as one of the largest dispensaries in the world, opened to the public Thursday. The dispensary is located near the intersection of Desert Inn Road and Sammy Davis Jr. Drive, near Trump International, in Las Vegas. Planet 13 has plans in the future for a coffee shop, a tasting room for marijuana-infused beer and wine, a lounge for consuming marijuana on site if that is legalized and space for food.
Caesars Entertainment opening 2 resorts in Dubai
Cove Beach will open on Meraas’ Bluewaters Island in Dubai in November and Caesars Palace Bluewaters Dubai and The Residences at Caesars Palace Bluewaters Dubai will open in December. (Caesars Entertainment)
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)
TOP NEWS
News Headlines
Add Event
Home Front Page Footer Listing
Circular
You May Like

You May Like