New York developer backs off Tropicana
A New York developer whose group had offered $950 million to buy the Tropicana Casino and Resort said they’re no longer interested.
Joseph Palladino told The Press of Atlantic City his group is looking at other casino properties in Atlantic City and Las Vegas, but no longer wants the Tropicana.
He criticized the state trustee overseeing the sale, retired Supreme Court Justice Gary Stein, accusing him of using Palladino’s offer to jack up bids from other would-be buyers. But Stein says Palladino never proved he had the money to buy the casino.
Panel approves two ‘green’ plant projects
The Public Utilities Commission on Wednesday approved development of a geothermal power plant and a power plant operated with recovered heat.
The commission authorized joint development of a 30-megawatt geothermal power project by Nevada Power Co. of Las Vegas and Ormat, a geothermal company with offices in Reno. Geothermal plants use hot underground water or steam to generate electricity. The plant will be 70 miles southeast of Reno on federal land at Carson Lake.
The commission approved a 6-megawatt heat recovery power plant for a site 30 miles south of Las Vegas. The project will use waste heat from the Kern River Gas pipeline compressor station at Goodsprings. Ormat will supply the heat-recovery equipment.
Crude oil prices rise more than $4 barrel
Oil prices soared over $4 a barrel Wednesday, halting a two-week slide after a surprise drop in U.S. gasoline supplies fed speculation that record fuel prices aren’t keeping Americans off the roads.
Light, sweet crude for September delivery jumped $4.58 to settle at $126.77 a barrel on the New York Mercantile Exchange, after earlier rising as high as $127.39. It was crude’s biggest one-day rally since July 10, when prices ended $5.60 higher.
The Energy Information Administration said in its weekly inventory report that U.S. gasoline supplies fell by 3.5 million barrels last week. Analysts surveyed by energy research firm Platts expected gasoline supplies to increase by 400,000 barrels.
U.S. crude stockpiles fell by 100,000 barrels last week, less than the 1.3 million barrels analysts had predicted.
Sheriff wants feds to shut down casino
The Riverside County Sheriff wants federal authorities to shut down the Soboba Casino after clashes on the tribe’s neighboring reservation.
Five tribe members have been shot by deputies in recent months.
Sheriff Stanley Sniff says the tribe has hindered deputies from patrolling the reservation. He said Tuesday he’s asked the National Indian Gaming Commission to suspend the casino’s license.
Soboba Tribal Chairman Robert Salgado counters that it’s illegal for sheriffs’ deputies to patrol sovereign tribal land without a warrant.
Treasury prices fall after report on jobs
Treasury prices fell slightly on Wednesday after stocks soared and a government report Wednesday indicated the number of private sector jobs increased last month.
The ADP National Employment Report showed a 9,000 increase in July’s private sector employment.
In late trading, the 10-year Treasury note was slightly lower at 98.59 points. Its yield rose to 4.05 percent, up from 4.04 percent Tuesday, according to BGCantor Market Data.
The 30-year long bond fell 0.22 points to 96 points. Its yield rose to 4.65 percent from 4.63 percent Tuesday.