IN BRIEF

Progressive Gaming, IGT to work together

Gaming equipment rivals International Game Technology and Progressive Gaming International Corp. have signed an agreement that allows the companies to integrate software for slot machine jackpot bonus products with management systems.

The agreement is expected to help speed the rollout of server-based slot machine technology over the next year, the companies said in a joint statement Monday.

The IGT slot machine display is an interactive touch-screen tool for player communication, bonus promotions and rewards. It will be deployed on slot machines managed by Progressive Gaming systems.

Harrah's withdrawal in Bahamas draws lawsuit

Harrah's Entertainment has been sued in New York Supreme Court by the developer of a proposed $2.6 billion Bahamas development after the gaming giant said it was withdrawing from the project.

The lawsuit, filed April 9, tries to force Harrah's to proceed with the project or pay unspecified monetary damages, according to The Bahama Journal.

Harrah's was slated to partner with Baha Mar Resorts Ltd. and Starwood Hotels & Resorts Worldwide to develop a six-hotel, mixed-use resort on 1,000 acres of Cable Beach.

The project would have included the first Caesars-branded property built outside the United States.

The Las Vegas-based gaming giant had a 43 percent interest in the project with Baha Mar Resorts holding the remaining 57 percent.

DALLAS

Blockbuster bids to buy out Circuit City

Blockbuster said Monday it has offered to pay more than $1 billion for struggling Circuit City Stores, but the nation's second-biggest consumer electronics chain questioned whether the movie-rental company can finance the deal.

Blockbuster said it has been in talks with Circuit City for months about an acquisition, and sent a letter Feb. 17 to Circuit City Chairman and Chief Executive Philip Schoonover offering $6 to $8 per share in cash for the company provided it be allowed to examine its financial books and outlook.

Based on Circuit City's 168.4 million shares outstanding at Dec. 31, 2007, the deal values Circuit City at $1.01 billion to $1.35 billion.

WASHINGTON

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 in nearly four years.

The Treasury Department auctioned $22 billion in three-month bills at a discount rate of 1.06 percent, down from 1.45 percent last week; and $20 billion in six-month bills at a discount rate of 1.38 percent, down from 1.6 percent last week.

National gasoline price reaches weekly record

The average U.S. pump price for regular gasoline rose 5.7 cents to a record $3.389 a gallon in the week ended today, the government said.

The price was 51.3 cents a gallon higher than a year ago, the U.S. Energy Department said in a weekly report. Diesel fuel rose 10.4 cents to $4.059 a gallon, according to the report, based on a survey of about 800 filling stations.

Gasoline rose the most in California, where it increased 8.9 cents to $3.774 a gallon, the report from the department's Energy Information Administration said.

California had the highest average price. The lowest average price, $3.206 a gallon, was in the Gulf Coast region, where prices rose 3.2 cents from last week to $3.285 a gallon.

In Las Vegas, the average price of a gallon of regular unleaded gasoline was $3.445 on Monday, down from Sunday's record $3.448, AAA said in Daily Fuel Gauge report.

The current Las Vegas price is up 5.3 percent from the month-ago price of $3.272 and up 15.1 percent from the year-ago price of $2.992.

NEW YORK

Treasury prices decline amid banking news

Treasury prices were mostly lower Monday as investors digested more worrisome news in the banking sector and a government report that showed retail sales moved higher in March.

The benchmark 10-year Treasury note fell 0.34 points to 99.91 with a yield of 3.51 percent, up from 3.48 late Friday, according to BGCantor Market Data.