IN BRIEF

Shuffle Master prices shares for offering

Las Vegas-based Shuffle Master priced its public offering of more than 17.6 million shares at $4.25. The offering on the Nasdaq National Market is expected to close Friday.

Shuffle Master, a gaming equipment supplier, said underwriters of the stock offering were granted an overallotment option to buy an additional 2.6 million shares.

The company said proceeds from the offer are expected to be approximately $70.1 million, or $80.8 million if the underwriters exercise their overallotment option.

Slowdown planned for work on Margaritaville

Harrah's Entertainment is slowing construction of its $700 million Margaritaville Resort in Biloxi, Miss., due to tight financing markets and other economic conditions, the company said Tuesday.

No new opening date was given for the project, which broke ground in October and was scheduled for a spring 2010 completion.

However, Harrah's spokeswoman Marybel Batjer said construction of the $1.3 billion, 650-room Octavius hotel tower at Caesars Palace on the Strip is proceeding as scheduled toward an early 2009 completion.

TOPEKA, Kan.

More revenues seen for Harrah's project

A proposal for a casino in Sumner County by Harrah's Entertainment would generate more revenue than two other plans from companies vying to run a state-owned facility there, consultants for Kansas' casino review board say.

Potential revenues a casino would generate for the state will be a factor as the Lottery Gaming Facility Review Board decides which companies will receive management contracts for four state-owned casinos.

But the board also will consider which plans would best attract tourism and what's in the state's best interest, said Matt All, chairman of the seven-member board.

The board will begin two days of meetings Thursday to hear from the casino companies and the two consulting groups that worked with the board. On Aug. 21-22, the board will decide who gets the management contracts in Sumner and Cherokee counties, and on Sept. 18-19, it will make the same decisions for Wyandotte and Ford counties.

CHARLOTTE, N.C.

Wachovia posts loss, misses Street forecast

Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well.

The bank said it lost $8.86 billion, is slashing its dividend and eliminating 10,750 positions after losses tied to mortgages soared.

Even excluding one-time items, the results substantially missed analysts' estimates.

Wachovia said it lost the equivalent of $4.20 per share in the April-June period. In the same time last year, the bank earned $2.34 billion, or $1.22 per share.

Excluding $6.1 billion in write-downs to the value of its intangible assets and merger-related and restructuring charges of $128 million, Wachovia lost $2.67 billion, or $1.27 per share.

Analysts on average expected a loss of 78 cents per share.

NEW YORK

Treasury prices decline after official speaks

Treasury prices dropped Tuesday as Federal Reserve Bank of Philadelphia President Charles Plosser said the central bank will need to boost interest rates "sooner rather than later" to fend off inflation.

In late trading, the 10-year Treasury note fell 0.5 points to 98.16. Its yield rose to 4.1 percent from 4.04 percent on Monday, according to BGCantor Market Data.