IN BRIEF

NEW YORK

Cyber Monday bounce expected to be minor

Retailers who saw Thanksgiving holiday sales drop off as the weekend progressed stepped up online promotions on the day known as “Cyber Monday” to try to get consumers tired of the crowds at stores to keep shopping.

But after weeks of already heavy discounting both at regular stores and online, experts were doubtful that the day would give much of a lift to what is still expected to be one of the weakest holiday seasons in years.

The Monday after Thanksgiving was dubbed “Cyber Monday” by the National Retail Federation trade group in 2005 to describe the unofficial kickoff to the online retail season — when customers shopped at their desks as they returned to work. But with more deals advertised ahead of time and more consumers with high-speed access at home, the day has lost some luster.

KANSAS CITY, Mo.

Call for backup power to cell towers rejected

Federal regulators have rejected proposed changes by the Federal Communications Commission that would require all U.S. cell phone towers to have at least eight hours of backup power.

The White House Office of Management and Budget said late Friday that the FCC failed to get public comment before passing the regulations last year and didn’t show that the information required from wireless companies would be useful.

It also said the FCC hadn’t demonstrated that it had enough staff to analyze the hundreds of thousands of pages of documents that the wireless industry said its members would likely have to produce as part of the regulations.

A federal appeals court put the rules on hold this summer pending a review by the OMB.

COLUMBUS, Ohio

Economic report sends oil below $50 a barrel

Oil prices tumbled below $50 a barrel Monday as the National Bureau of Economic Research reported that the U.S. economy has been in a recession since December.

A tandem of bleak economic reports led to an early decline even before the bureau report was released, and a huge sell-off on Wall Street was enough to send crude prices down fast on the belief that energy demand is deteriorating.

A bureau panel believes the current downturn will last until the middle of 2009 and will be the most severe slump since the 1981-82 recession.

Light, sweet crude for January delivery fell more than 9 percent, or $5.15, to settle at $49.28 a barrel on the New York Mercantile Exchange.

ATLANTIC CITY

Casinos struggling with mortgages

As millions of Americans are having problems paying their mortgages, so too are some Atlantic City casinos.

Trump Entertainment Resorts became the second casino operator in Atlantic City to say it would not make a scheduled loan payment while it tries to work out new terms with its lenders. Last month, Resorts Atlantic City did the same thing, and more could follow.

It’s the latest proof that Atlantic City’s casinos, once thought to be recession-proof, are subject to the same financial pressures affecting the rest of America. In fact, one gambling industry analyst thinks as many as five of Atlantic City’s 11 casinos could file for some form of bankruptcy protection in 2009.

DETROIT

Ford considers sale of struggling Volvo

Ford Motor Co. is considering selling Volvo Car Corp. as the beleaguered U.S. automaker seeks to raise cash and weather a global automotive sales crisis.

Göteborg, Sweden-based Volvo Cars, which Ford bought in 1999, has been struggling against a weak U.S. dollar and declining demand. Volvo sales through October are down more than 28 percent compared to the month in 2007, according to Autodata Corp.

Ford said Monday it expects its strategic review of the luxury automaker will take several months. The move is one of several actions Ford is taking to strengthen its balance sheet amid what it called “severe economic instability worldwide.”

“Given the unprecedented external challenges facing Ford and the entire industry, it is prudent for Ford to evaluate options for Volvo as we implement our One Ford plan,” said company President and CEO Alan Mulally in a written statement, referring to a plan to standardize the company globally.

Ford shares fell 14 cents, or 5.2 percent, Monday to close at $2.55 on the New York Stock Exchange.

Harrah’s debt exchange attracts bondholders

Harrah’s Entertainment Inc. said holders of about $4 billion of bonds, or 36 percent of the outstanding amount, participated in an exchange offer as the casino operator tries to push back maturities and avoid default.

About $286 million, or 19 percent, of the outstanding 2010 and 2011 notes have been tendered so far, with investors electing to receive cash instead of new notes, Las Vegas-based Harrah’s said in a statement. The 2010 and 2011 notes are the nearest maturities of the bonds eligible to be swapped.

“They didn’t really get the bonds they most wanted,” said Adam Cohen, founder of Covenant Review LLC in New York, a debt research firm that analyzes corporate bond terms. “This was not a good showing.”

WASHINGTON

Interest rates decline in Treasury auction

Interest rates on short-term Treasury bills fell in Monday’s auction to the lowest levels on record.

The Treasury Department auctioned $28 billion in three-month bills at a discount rate of 0.05 percent, down from 0.15 percent last week; and $28 billion in six-month bills at a discount rate of 0.43 percent, down from 0.49 percent last week.

NEW YORK

Treasury prices rise as stocks head down

Yields on long-term U.S. government debt sank to record lows Monday as worries about mounting economic problems and a stock market plunge touched off another investor rush to safety. The possibility that the Federal Reserve could enter the Treasury market as a buyer also helped drive down yields.

The 10-year note rose 0.88 points to 107.97 and yielded 2.71 percent, down from 2.92 percent.

The 30-year bond rose 2.38 to 121.91 and yielded 3.33 percent, down from 3.43 percent.

ad-high_impact_4
Business
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)
Drones and public safety in Nevada
Two representatives in the drone industry discuss UAV's impact on public safety. (Bailey Schulz/Las Vegas Review-Journal)
Frontier Airlines to launch flights from Las Vegas to Mexico
Frontier, a Denver-based ultra-low-cost carrier, will become the first airline in more than a decade to offer international service to Canada and Mexico from Las Vegas when flights to Cancun and Los Cabos begin Dec. 15. (Rick Velotta/Las Vegas Review-Journal)
MGM Resorts International CEO Jim Murren addresses Oct. 1 lawsuits
MGM Resorts International Chairman and CEO Jim Murren addresses criticism his company has received for filing a lawsuit against the survivors of the Oct. 1 shooting. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International opens the doors on MGM Springfield
Massachusetts’ first hotel-casino opens in downtown Springfield. The $960 million MGM Springfield has 252 rooms and 125,000-square-feet of casino. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International prepares to open MGM Springfield
Las Vegas-based MGM Resorts International gave news media and invited guests a preview of the $960 million MGM Springfield casino in Massachusetts. The commonwealth's first resort casino will open Friday, Aug. 24. (K.M. Cannon/Las Vegas Review-Journal)
A Walk Through Circus Circus
It only takes a short walk through Circus Circus to realize it attracts a demographic like no other casino on the Strip: families with young children. (Todd Prince/Las Vegas Review-Journal)
Morphy Auctions, a vintage slot machines seller, wants gaming license
Vice president Don Grimmer talks about Morphy Auctions at the company's warehouse located at 4520 Arville Street in Las Vegas on Thursday, Aug. 16, 2018. (Rick Velotta/Las Vegas Review-Journal)
Nevada's venture capital money doesn't stay in state
Zach Miles, associate vice president for economic development for UNLV, said there’s venture money in Southern Nevada, “but trying to find the right groups to tap into for that money is different.” According to a 2017 report from the Kauffman Foundation, Las Vegas ranked number 34 out of 40 metropolitan areas for growth entrepreneurship, a metric of how much startups grow. With a lack of growing startups in Las Vegas, investment money is being sent outside of state borders. The southwest region of the U.S. received $386 million in funding in the second quarter, with about $25.2 million in Nevada. The San Francisco area alone received about $5.6 billion. (source: CB Insights)
Neon wraps can light up the night for advertising
Vinyl wrap company 5150 Wraps talks about neon wraps, a new technology that the company believes can boost advertising at night. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Nevada on the forefront of drone safety
Dr. Chris Walach, senior director of Nevada Institute for Autonomous Systems, talks to a reporter at NIAS's new Nevada Drone Center for Excellence of Public Safety, located inside the Switch Innevation Center in Las Vegas. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
Motel 8 on south Strip will become site of hotel-casino
Israeli hoteliers Asher Gabay and Benny Zerah bought Motel 8 on the south Strip for $7.4 million, records show. They plan to bulldoze the property and build a hotel-casino. Motel 8 was built in the 1960s and used to be one of several roadside inns on what's now the south Strip. But it looks out of place today, dwarfed by the towering Mandalay Bay right across the street.
TOP NEWS
News Headlines
Add Event
Home Front Page Footer Listing
Circular
You May Like

You May Like