weather icon Partly Cloudy



Bank of America profits exceed Street’s outlook

Bank of America Corp. has become the latest in a string of big banks whose second-quarter earnings, while hurting from the impact of the credit crisis, still managed to beat Wall Street expectations.

The nation’s second-largest bank by assets said Monday its profit fell 41 percent as losses in its struggling mortgage operations were offset by business in other parts of the company. Bank of America reported net income of $3.41 billion, or 72 cents per share, in the quarter ended June 30, compared with net income of $5.76 billion, or $1.28 per share, a year earlier.

Revenue rose 3.5 percent to $20.32 billion from $19.63 billion.

Analysts on average expected a profit of 53 cents per share on $18.37 billion in revenue.

Diamond Resorts will buy time-share seller

Las Vegas-based Diamond Resorts, a closely held developer and manager of vacation properties, tentatively agreed to buy Florida time-share seller Bluegreen Corp. for $500 million.

Bluegreen reached a nonbinding agreement to be sold for $15 a share, more than double its $6.44-per-share Monday closing price. Diamond Resorts will have an exclusive right to negotiations through Sept. 15 to allow it to more fully examine the company’s financials, Boca Raton. Fla.-based Bluegreen said in a statement.

Bluegreen has 186,500 owners, and has sold 56,300 residential and golf community home sites since 1985. Diamond Resorts runs 110 resorts in 14 countries and has 360,000 owners.

Get dealt in against poker pros at Venetian

A new interactive show at The Venetian in Las Vegas will let spectators test their poker skills against some of the game’s most famous players.

The Strip hotel-casino says “The Real Deal!” show starting in the fall will let audience members play against players like Doyle Brunson, Daniel Negreanu and Phil Hellmuth Jr. on stage and using touch-screen devices at their seats.

The show will run like an interactive game pitting the poker professionals against amateurs and audience members. Some attendees will win prizes.

The show is scheduled to run six days each week starting in the fall.


Schering-Plough profits decline by 23 percent

Schering-Plough Corp.’s second-quarter profit tumbled 23 percent on charges for a canceled development program with Merck & Co. and accounting adjustments, but adjusted profit topped Wall Street forecasts.

Schering-Plough said it earned $398 million, or 24 cents per share, from $517 million, or 34 cents per share, in the prior-year period.

Sales rose 54.7 percent to $4.92 billion from $3.18 billion

Analysts polled by Thomson Financial forecast profit of 42 cents per share on revenue of just under $4.77 billion.


Profits slip 38 percent for American Express

American Express Co. said Monday its second-quarter profit tumbled 38 percent, well below Wall Street’s forecast, as consumer spending slowed and credit indicators deteriorated beyond the lender’s expectations.

For the period ended June 30, American Express reported net income of $653 million, or 56 cents per share, compared with $1.06 billion, or 88 cents per share, a year earlier.

Revenue rose 7.8 percent to $7.48 billion from $6.94 billion.

Analysts polled by Thomson Financial expected earnings of 83 cents per share on revenue of $7.6 billion.


GM’s new Camaro will have fuel-efficient bent

Despite record-high gasoline prices and production and work force cuts, General Motors Corp. still has a soft spot for muscle cars.

GM’s Chevrolet unveiled its 2010 Camaro on Monday, bringing back to life the sports car it retired in 2002, but with a focus on fuel efficiency.

The new Camaro will get 26 miles per gallon on the highway, GM said. It will hit showrooms in the first quarter of 2009.

GM will offer the Camaro with V-6, 3.6-liter engines in its LS and LT models, along with V-8-powered, 6.2-liter engines in its SS model. Billed as a “fun, efficient sports car for the 21st century,” GM hopes the new Camaro will appeal to enthusiasts and younger buyers.


Genentech considers Roche Holding offer

Biotechnology pioneer Genentech considered Roche Holding’s $43.7 billion offer for its remaining shares Monday as investors made clear their feelings that the Swiss pharmaceutical giant should pay more.

But some analysts said Roche, already Genentech’s majority shareholder, has leverage to keep the price for the maker of the blockbuster cancer therapy Avastin and other cancer treatments from spiraling much higher.

Genentech’s stock price climbed above Roche’s offer of $89 per share in Monday trading — a bet that the independent directors weighing the Basel-based company’s bid will demand more money.

Shares jumped $12.06, or 14.74 percent, to close at $93.88 on the New York Stock Exchange. The shares had risen to a 52-week high of $94.19 earlier in the session.


Interest rates decline in Treasury auction

Interest rates on short-term Treasury bills fell in Monday’s auction with rates on three-month bills dropping to the lowest level since late April.

The Treasury Department auctioned $24 billion in three-month bills at a discount rate of 1.52 percent, down from 1.61 percent last week. Another $23 billion in six-month bills was auctioned at a discount rate of 1.92 percent, down from 1.955 percent last week.


Treasury prices rise as oil costs keep climbing

Treasury prices rose slightly Monday as the stock market showed little direction and as oil prices ticked higher, leading investors to the safety of government bonds.

In late trading Monday, the 10-year Treasury note rose 0.44 points to 98.69. Its yield fell to 4.04 percent from 4.09 percent on Friday.

Don't miss the big stories. Like us on Facebook.
Business Videos
How much do Las Vegas casino CEOs make?
Las Vegas gaming CEOs made anywhere between $1 million and $24 million last year, according to company filings with the U.S. Securities and Exchange Commission. ((Las Vegas Review-Journal)
30-year-old Rio needs a little TLC
Nearly 30 years after the Rio opened, the red and blue jewel that helped catapult Las Vegas to a new level with its buffet and nightclub has lost its status along with its shine.
The latest on the Drew Las Vegas - VIDEO
Eli Segall recounts his tour of the Drew Las Vegas, formerly the Fontainebleau, on the Las Vegas Strip. (Michael Quine/Las Vegas Review-Journal)
Pinball Hall of Fame to move near south Strip
Operators of the Pinball Hall of Fame have been approved to build a new, larger arcade near the south edge of the Strip on Las Vegas Boulevard near Russel Road. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
National Hardware Show underway Las Vegas
The National Hardware Show kicked off Tuesday at the Las Vegas Convention Center (Mat Luschek / Review-Journal)
Caesars for sale?
Caesars Entertainment Corp. has been swept up in takeover speculation since the company’s share price tumbled last year amid disappointing earnings and concerns over a recession. Amid the decline, hedge funds scooped up shares. Billionaire activist investor Carl Icahn began buying shares of Caesars as early as January. Icahn acquired nearly 18 percent by mid-March. In February Icahn called on the Caesars board to study a sale as a way to boost shareholder value.
Las Vegas home prices
Las Vegas home prices grew fastest among major markets in February for the ninth straight month. But amid affordability concerns, the growth rate has slowed down. Southern Nevada prices in February were up 9.7% from a year earlier, according to the latest S&P CoreLogic Case-Shiller index. The last time Las Vegas' price growth fell below 10% was in September 2017, S&P Dow Jones Indices reported.
Free Parking Coming To Wynn
Free parking will come to the Wynn and Encore resorts on May 1, 2019. (Mat Luschek / Review-Journal)
Founding Venetian employees talk about 20 years at the Strip resort
The Venetian, which opened May 3, 1999, is celebrating 20 years on the Las Vegas Strip. Seven original employees talk about opening the luxury resort and working there for two decades. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Circa aiming for December 2020 opening
The 1.25-million-square-foot property will have 44-stories and 777-rooms. It will also have a separate nine-story, 1,201-space parking garage.
Boxabl official explains the building concept
Boxabl business development manager Galiano Tiramani shows off a room built by his company. (Blake Apgar/Las Vegas Review-Journal)
TI/Mirage Tram reopens
The tram that shuttles guests between TI and Mirage reopened this week after being closed for much of 2018.
Las Vegas Convention Center expansion taking shape
Renderings and actual footage show how the Las Vegas Convention Center is evolving.
Former Starbucks CEO Howard Schultz at Las Vegas convention
Former Starbucks CEO and potential presidential candidate Howard Schultz spoke at the Epicor Insights user conference at Mandalay Bay Convention Center Wednesday, April 17, 2019. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Drew Las Vegas to open in the second quarter of 2022
The 67-story Drew Las Vegas is slated to open in the second quarter of 2022 at the north end of the Las Vegas Strip. (Michael Quine/Las Vegas Review-Journal)
NAB Day 1 (Time Lapse)
NAB kicked off at the Las Vegas Convention Center on Monday, April 8, 2019. (Mat Luschek / Review-Journal)
National Association of Broadcasters Show shows 1mm thick 8K TV with 22.2 channel digital sound
Japan’s NHK Science & Technology Research Laboratories booth featured a 1mm thick 8K TV system used in conjunction with a 22.2 channel digital sound system at the National Association of Broadcasters Show at the Las Vegas Convention Center. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Nevada shoppers react to Smith’s no longer accepting Visa credit cards
On March 1, Smith’s announced that it would no longer be accepting Visa credit cards at any of its 142 supermarkets, including the 45 in Nevada.
Massachusetts Gaming Commission asks how long Wynn executives knew about misconduct
Business reporter Rick Velotta gives an update on the adjudicatory hearing on the suitability of Wynn Resorts to retain its gaming license in Massachusetts.
Henderson app developer part of Startup in Residence
Henderson based developers of the app On Point Barricade are taking part in Startup in Residence, a North America program dedicated to pairing tech companies with governments. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Sam's Town employees and customers talk of their love for the iconic casino
Longtime Sam's Town employees and customers love each other and love their casino. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Las Vegas apartments rents
Las Vegas’ apartment market has accelerated in recent years. Developers are packing the suburbs with projects, landlords are on a buying spree, and tenants have filled buildings.
William Boyd talks about the birth of Sam's Town
On the eve of the 40th anniversary of Sam's Town, William Boyd, executive chairman of Boyd Gaming and son of hotel namesake Sam Boyd, talks about how the casino became one of the first local properties in Las Vegas. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
High Roller observation wheel turns five
The world’s tallest observation wheel celebrates it’s fifth year on Sunday, March 31, 2019. (Michael Quine/Las Vegas Review-Journal) @Vegas88s
Escape Room Industry Growing In Las Vegas
Escapology employees discuss the growing escape room industry in the U.S. and Las Vegas. (Bailey Schulz/Las Vegas Review-Journal)
Impact of parking fees on visiting the Las Vegas Strip
There are no data showing a relationship between Strip resort and parking fees and the number of out-of-state visitors to Las Vegas. But there are data showing a relationship between Strip parking fees and the number of local visitors to the the Strip. ‘’As a local, I find myself picking hotels I visit for dinner or entertainment, based on whether they charge for parking or not,”’ said David Perisset, the owner of Exotics Racing. ‘’It is not a matter of money, more of principle.’’ A 2018 survey by the Las Vegas Global Economic Alliance found 36.9 percent of Clark County residents reported avoiding parking at Strip casinos that charge for parking. 29.1 percent reported avoiding using any services from a Strip casino that charges for parking.
MGM's sports betting deals
MGM Resorts International signed a sports betting sponsorship agreement with the NBA in July It was the first professional sports league to have official ties with a legal sports betting house. The deal came just two months after the U.S. Supreme Court overturned a law prohibiting sports betting in most states. In October, MGM became the first gaming company to sign a sports betting partnership with the NHL. In November, MGM became the first gaming company to sign a sports betting partnership with the MLB. Financial terms of Tuesday’s deal and earlier partnerships have not been announced.
Faraday puts Las Vegas land on the market
Nearly two years after Faraday Future bailed on its North Las Vegas auto factory, the company has put its land up for sale. (Michael Quine/Las Vegas Review-Journal)
El Cortez owner Kenny Epstein on running the iconic property
Kenny Epstein, owner of the El Cortez Hotel in downtown Las Vegas, talks about Jackie Gaughan mentorship and answers rumors about bodies in the basement at the mob-era casino. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
LVCVA recommends construction of underground people mover
The Las Vegas Convention and Visitors Authority announced the recommendation for an underground people mover for the convention center. The system would have the potential to expand and connect Downtown and the resort corridor all the way to McCarran. (Michael Quine/ Las Vegas Review-Journal)
CEOs get $800K pay raise, leaving workers further behind

Pay for CEOs at S&P 500 companies rose to a median of $12 million last year, including salary, stock and other compensation, according to data analyzed by Equilar.