Golden Gaming edged in bid for hotel project
A partnership involving Kansas Speedway won a contract Friday to build and manage a state-owned hotel-casino that will overlook the track, narrowly beating out the Las Vegas-based Golden Gaming for the project.
The Hard Rock will be developed by a partnership between the Kansas Speedway and Baltimore-based real estate developer Cordish Co. that plans to open the casino in Wyandotte County in 2011.
The vote for the speedway proposal was 4-3, with the dissenters choosing a plan from Las Vegas-based Golden Gaming. Golden Gaming, which owns the PT’s pub chain plus casinos in Pahrump and Colorado, had proposed a $662 million casino .
Book offers backstory on ‘Oracle of Omaha’
A new book about billionaire Warren Buffett says that as a young man he wasn’t confident in much of anything except his business acumen.
The tale of how a brilliant but needy young man grew into one of the world’s greatest investors by taking stakes in undervalued companies is recounted in the first authorized biography of the chairman and CEO of Berkshire Hathaway Inc.
The Associated Press obtained an audio version of the book Friday, ahead of its Sept. 29 release.
Financial bailout news sends oil prices higher
Oil prices shot up more than $6 a barrel Friday, breaking back into $100 territory as a sweeping government plan to rescue the imperiled U.S. financial system emboldened investors to re-enter the markets.
Light, sweet crude for October delivery rose $6.67 to settle at $104.55 a barrel on the New York Mercantile Exchange. It was oil’s first close above $100 in a week.
Money markets get aid from government
The federal government on Friday stepped in to bolster the teetering $3 trillion money-market mutual fund industry and stem a wave of withdrawals that resembled a Depression-era run on the banks, parked largely by panicked institutional clients, in what are normally considered to be the safest of investments.
The Treasury Department said it will tap into a $50 billion fund created during the Depression and temporarily provide guarantees for the popular investment products, held in some 38 million accounts that let investors see modest returns while keeping cash readily available if needed.
News of bank bailout sends Treasurys down
Government bond prices tumbled Friday as the U.S. government said it was drafting a plan to rescue the nation’s embattled banks, leading investors to take their money out of Treasurys and put it back into stocks.
The benchmark 10-year Treasury note sank 2.03 to 101.53 late Friday. Its yield rose to 3.81 percent from 3.53 percent late Thursday.
Also late Friday, the 30-year long bond fell 3.09 to 101.44, while its yield rose to 4.41 percent from late Thursday’s rate of 4.18 percent.