IGT settles lawsuit, enters agreement
Slot machine maker International Game Technology settled a pending lawsuit with a gaming equipment rival and then entered a business deal with the company.
IGT will make an $11.5 million investment in Las Vegas Gaming, which will create applications for IGT’s server-based gaming systems.
In a joint statement, Las Vegas Gaming committed to introduce all of its future software applications on IGT’s server-based software delivery vehicles before, or with, the launch of those applications on its own software delivery system.
Las Vegas Gaming is best-known for operating the linked progressive keno game, Nevada Numbers.
Bank will buy back auction-rate securities
Bank of America Corp. has agreed to buy back as much as $4.7 billion in auction-rate securities to settle charges that it misled thousands of customers about the risky investments, federal and New York state regulators said Wednesday.
The regulators announced similar settlements with RBC Capital Markets Corp., which agreed to buy back about $850 million worth of auction-rate securities from roughly 2,200 investors.
The Securities and Exchange Commission and New York Attorney General Andrew Cuomo announced the settlements with Bank of America Corp., which joins nine other big investment banks that have agreed to buy back a total of more than $50 billion of the securities.
Bank of America, which has neither admitted or denied wrongdoing, said it will “use its best efforts” to provide as much as $5 billion in liquidity to other businesses that bought them. The bank is paying a $50 million civil penalty.
GES stays as official contractor for expo
The International Consumer Electronics Show this week announced it will stick with GES Exposition Services as the official contractor for the event, which is the largest annual trade show and convention in Las Vegas.
The new deal means GES will continue its 30-year relationship with the event through 2013.
The show attracts more than 100,000 people to Las Vegas and is considered one of the region’s most lucrative events. The event requires thousands of workers to help install and break down exhibits.
World Market Center shifts event for 2009
Managers of the World Market Center in downtown Las Vegas will shift their annual summer market event to the fall beginning in 2009.
On Wednesday they announced the change of dates and also plans to trim the duration of their twice-annual, industry-only furniture markets from five to four days.
The inaugural fall market will be Sept. 14-17. Future fall markets will run Monday through Thursday and will be timed so they don’t conflict with Jewish holidays.
The upcoming winter market hasn’t changed. It is scheduled to take place Feb. 9-13.
Fresh & Easy adds to local stores, plans more
The specialty grocery chain Fresh & Easy opened three new stores in Las Vegas this week and will open three more later this month.
On Wednesday the chain, which now has 22 locations in the Las Vegas area, opened stores at Eastern Avenue and Fremont Street, Las Vegas and Lake Mead boulevards and Las Vegas Boulevard and Pecos Road.
The stores are the concept of British grocery giant Tesco and are gaining popularity in Nevada, Arizona and California.
Three more stores are scheduled to open at Vegas and Buffalo drives on Oct. 15, Eastern and Wigwam avenues and Vegas Drive and Jones Boulevard on Oct. 29.
Circus Circus in Reno to lay off 40 workers
Circus Circus Resort & Casino says it will lay off 40 more employees because of the economic downturn, bringing the total to 60 layoffs this year at the Reno resort.
Circus Circus officials say no more layoffs are planned now. The resort, owned by MGM Mirage Inc., now has a work force of 1,410.
Last week, Fitzgeralds Casino-Hotel in Reno announced it is closing and laying off 475 workers as part of a plan to reopen in two to three years as a boutique nongambling hotel.
Treasury prices fall after Fed cuts rate
Longer-term Treasurys fell Wednesday after the Fed cut the target rate for short-term interest rates.
The 10-year note fell 1.56 points to 102.44 and yielded 3.70 percent, up from 3.51 percent.
The 30-year bond fell 1.19 to 106.78 and yielded 4.10 percent, up from 4.04 percent.