Lanni quits board of major homebuilder

Outgoing MGM Mirage Chairman and CEO Terry Lanni on Tuesday resigned his seat on the board of directors of KB Home.

Earlier this month, Lanni, 65, stepped down from his jobs with MGM Mirage, effective Sunday. Company President Jim Murren was elected to fill the casino operator’s chairman and CEO slots starting Monday. Lanni was elected to an outside director position with MGM Mirage.

A day after Lanni’s departure, questions arose surrounding his academic credentials.

The KB Home position was Lanni’s only corporate board position outside MGM Mirage. He is on the board of trustees for the Ronald Reagan Presidential Foundation, the Board of Overseers of the Keck School of Medicine at the University of Southern California, the board of trustees at Santa Clara University and the Del Mar Thoroughbred Club.


Developers detail plans for casino in Illinois

The three players in the high-stakes competition for Illinois’ unused 10th casino license showed their hands Tuesday, laying out details of plans to build a new gambling destination in Des Plaines, Rosemont or Waukegan.

Executives from three gaming companies publicly presented their bids at an Illinois Gaming Board meeting, promising to deliver much-needed tax revenue for the state, money-sharing arrangements that would benefit other communities and jobs to put people to work.

The gaming board has said a winning bidder will be chosen by year’s end for the casino license.

The three finalists are Trilliant Gaming for Rosemont, Waukegan Gaming and Midwest Gaming & Entertainment for Des Plaines.

Trilliant Gaming’s bid is the highest with an upfront licensing fee of $435 million, followed by Waukegan Gaming at $225 million and Midwest Gaming at $100 million.


Slot machines busy as tribal casino opens

Navajo Nation President Joe Shirley Jr. says patrons of the tribe’s first casino injected $1.2 million into slot machines on opening day.

The head of the tribe’s gaming enterprise, Bob Winter, would not confirm the amount but says it far exceeded expectations. The Fire Rock Casino, just east of Gallup, opened to the public on Nov. 19.

Up to 4,000 people showed up for the opening, hundreds of them waiting outside. Winter says 75 jackpots of $250 or higher were hit that day.

The casino, which has 472 slot machines, 10 table games, and poker and bingo rooms, is expected to generate $32 million a year for the Navajo Nation, about a fifth of the annual tribal budget.


Dour economic news pushes oil prices down

Oil prices fell nearly 7 percent Tuesday and gasoline prices fell to levels not seen since 2004 as a raft of lousy news about the economy, housing and the consumer state of mind suggested the U.S. is headed toward the worst recession in decades.

After spiking Monday on news that the U.S. would bail out financial giant Citigroup, light, sweet crude for January delivery on Tuesday tumbled $3.73 to settle at $50.77 a barrel on the New York Mercantile Exchange.

Gasoline prices nationwide continued to decline, falling 2.3 cents overnight to $1.885, their lowest levels since September 2004 when the average price for three days was $1.886, according to auto club AAA, the Oil Price Information Service and Wright Express.

D.R. Horton posts loss; chief sees challenges

D.R. Horton Inc.’s chief executive said Tuesday he expects this fiscal year to be even more challenging than 2008, which ended with a nearly $800 million quarterly loss on slower home sales and more than $1 billion in charges.

The Fort Worth, Texas-based homebuilder reported a net loss of $799.9 million, or $2.53 a share, compared to a loss of $50.1 million, or 16 cents a share, in the year-ago period.

Sales fell 45 percent to $1.75 billion from $3.12 billion.

Analysts polled by Thomson Reuters had forecast a loss of $1.88 a share on revenue of $1.7 billion.

The company sold 6,961 homes in the fourth quarter, down 41 percent from year-ago levels.


SPAM sales surge, but Hormel profits drop

Consumers looking to slice their food budgets bought more canned SPAM and Dinty Moore stews and shied from more costly microwave meals, Hormel Foods Corp. said Tuesday.

But double-digit sales increases for the company’s canned foods couldn’t offset significantly higher costs for commodities and a hefty investment loss, leading to a big drop in profit during the period.

Hormel’s fiscal fourth-quarter profit fell 33 percent to $67.8 million, or 50 cents per share, from $101.2 million, or 73 cents per share, a year earlier.

Much of the slide came from a $20.4 million investment loss due to financial market turmoil.

Revenue rose 12 percent to $1.86 billion from $1.66 billion, helped by sales of refrigerated and specialty foods.

Hormel Foods shares fell 68 cents, or 2.33 percent, Tuesday to close at $28.56 on the New York Stock Exchange.


Big ethanol producer in buyout discussions

The first salvo may have been fired this week in a long-awaited shakeout for the U.S. ethanol industry.

VeraSun Energy Corp., the nation’s No. 2 ethanol producer, announced it had received an unsolicited takeover bid one month after seeking bankruptcy protection, and just hours after the nation’s biggest producer, Poet LLC, said it was talking with other companies about buyouts.

Neither Poet nor VeraSun will say if the two are negotiating a deal. VeraSun made the announcement just hours after Poet Chief Executive Jeff Broin told The Associated Press that his company was talking with a number of producers.

Treasury prices higher after report on GDP

Treasury prices rose Tuesday, pushing down rates, after the Commerce Department reported that gross domestic product for the third quarter fell.

The 10-year note rose 2 to 105.53 and yielded 3.09 percent, down from 3.33 percent.

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.
Project billed as one of the world's largest marijuana dispensaries plans to open Nov. 1
Planet 13 co-CEO Larry Scheffler talks about what to expect from the new marijuana dispensary, Thursday, July 19, 2018. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Oasis Biotech opens in Las Vegas
Brock Leach, chief operating officer of Oasis Biotech, discusses the new plant factory at its grand opening on July 18. (Bailey Schulz/Las Vegas Review-Journal)
UNLV Tech Park innovation building breaks ground
Construction on the first innovation building at the UNLV Tech Park is underway. (Bailey Schulz/Las Vegas Review-Journal)
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