Casino owner pledges $20 million to resort
Marian Ilitch, the owner of the National Hockey League’s Detroit Red Wings, offered to pump $20 million into her MotorCity Casino to obtain a loan amendment as gambling revenue falls.
Ilitch made the proposal after Credit Suisse AG’s asset management arm, Highland Capital Management LP, and other investors asked her to invest more money in the property because it’s at risk of violating terms of a $606 million loan, according to investors with knowledge of the situation.
IRS to offer assistance to tip-earning workers
The Internal Revenue Service will offer assistance to tip earners next month in Las Vegas.
The first session will be held from 9:30 a.m. until 3:30 p.m. Feb. 3 at the offices of the Culinary Local 226 at 1630 S. Commerce St. The second set of conferences will be
1:30 p.m. to 6:30 p.m. Feb. 5 at Texas Station, 2101 Texas Star Lane.
Tip-earning employees should bring paperwork and records. Walk-in taxpayers will be helped, but the IRS recommends that workers call 868-5179 and schedule an appointment.
Bank gives up some branches, adds others
Nevada State Bank has relinquished 23 store branches in Southern Nevada to US Bank, but Nevada State added four separate branches near some of the former grocery store facilities.
US Bank took over the former Nevada State locations in Las Vegas area Smith’s Food & Drug Stores on Monday morning, as previously announced.
Nevada State vacated the same branches on Friday and also announced four new locations in Southern Nevada last week. In addition, Nevada State is adding 38 automated teller machines in Walgreen’s stores in Southern Nevada.
With the transaction, US Bank added 23 grocery store locations in the Las Vegas area, bringing the area total to 47 plus 17 traditional branches.
Interest rates increase in Treasury auction
Interest rates on short-term Treasury bills rose in Monday’s auction with rates on three-month bills climbing to the highest level since early November.
The Treasury Department auctioned $29 billion in three-month bills at a discount rate of 0.15 percent, up from 0.14 percent last week, and $28 billion in six-month bills at a discount rate of 0.345 percent, up from 0.32 percent last week.
Dow Chemical will miss buyout deadline
Dow Chemical said Monday it will not close on its $15.4 billion buyout of Rohm & Haas Co. by this week’s deadline.
The Federal Trade Commission signed off on the acquisition Friday, creating a Tuesday deadline for Dow to close the deal.
Dow cited the global financial crisis and the decision by a Kuwaiti state-owned petrochemical company to exit a $17.4 billion joint venture with Dow just days before the deal was to close at 2008’s end.
Price for Treasurys falls, extending streak
Treasurys dropped for a sixth straight session on Monday.
The benchmark 10-year Treasury note fell 0.25 points to 109.47, and its yield rose to 2.64 percent from 2.62 percent.