WMS Industries posts 48 percent profit jump

Slot machine provider WMS Industries said Thursday its second quarter net income increased 48 percent thanks to a 6 percent increase in game sales.

WMS said its profit was $23.7 million, or 41 cents per share, for the three months that ended Dec. 31, up from profit of $16 million, or 27 cents per share, a year ago.

Revenue rose 12 percent to $178.4 million.

IGT to lay off some manufacturing staff

Slot machine maker International Game Technology told its work force Thursday it would lay off about 200 manufacturing-related employees.

IGT’s manufacturing functions are based mainly in Reno with some activities in Las Vegas.

This is the second round of staff reductions for the slot machine giant. In January IGT completed an 8 percent cutback in employees through early retirement buyouts and layoffs.

Deal will extend loan for New Frontier site

The owners of the vacant New Frontier site have reached an agreement in principal to extend a loan used for the purchase, the Israel-based partner in the joint venture owning the land said in a statement.

Elad Group will receive a 42-month extension to repay a $625 million loan until August 2012, according to an agreement reached with its lenders.

Repayment of the loan was originally postponed last August until May by lenders Goldman Sachs and Credit Suisse.


Mortgage rates slide but exceed 5 percent

Rates on 30-year mortgages edged down this week, but remained above 5 percent, Freddie Mac reported Thursday.

The average rate on a 30-year fixed mortgage dipped to 5.1 percent this week from 5.12 percent last week. A year ago, the 30-year, fixed-rate mortgage averaged 5.68 percent.

The average rate on a 15-year fixed-rate mortgage was unchanged at 4.8 percent. A year ago, the rate was 5.17 percent.


Treasury prices slide after notes auction

Treasurys slid Thursday after the government’s auction of five-year notes received weaker-than-expected demand.

The benchmark 10-year Treasury note fell 1.16 points to 107.47, and its yield rose to 2.81 percent from 2.652 percent.

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