IN BRIEF
SPRINGFIELD, Ill.
Speaker proposes casino expansion
House Speaker Michael Madigan showed his hand in gambling negotiations Monday, proposing an expansion that would raise $1 billion a year through two new casinos and thousands of slot machines at riverboats and horse tracks.
But as legislative leaders huddled in Gov. Rod Blagojevich's office in Chicago, it was unclear whether Madigan's plan would lead to a breakthrough or more back-and-forth in a dispute that has dragged on for months.
The new proposal includes many of the elements that already passed the Senate in September, including a huge, land-based casino in Chicago and thousands more slot machines at Illinois' nine existing riverboats.
Morgans taps new chief executive officer
Morgans Hotel Group Co., owner of the Hard Rock Hotel, on Monday named Fred Kleisner president and chief executive officer. He had served as the company's interim president and CEO since September; he's been a member of the company's board since its initial public offering in February 2006.
He replaces Ed Scheetz, 42, who resigned in September.
The resignation followed the drug-overdose death of a 24-year-old woman in Scheetz's condominium at Turnberry Towers on Aug. 29.
Station Casinos sells offices in leaseback
Station Casinos has sold its new corporate offices for $70 million in a leaseback transaction that will infuse the company with immediate cash.
The locals gaming company spent $64.2 million this year to build the 138,558-square-foot office building on West Charleston Boulevard next to Red Rock Resort. The company sold the building to Cole Cos., a real estate investment management firm based in Phoenix.
Station Casinos also signed a 20-year lease on the building, which began to be occupied in September, for an undisclosed amount, Station will continue to pay taxes, insurances and maintenance on the building.
OAK BROOK, Ill.
Same-store sales up for McDonald's Corp.
McDonald's Corp., the world's No. 1 hamburger chain, said Monday that global same-store sales rose 8.2 percent in November.
Same-store sales, or sales at restaurants open at least thirteen months, is a key indicator of retailer performance since it measures growth at existing restaurants rather than newly opened ones.
U.S. same-store sales rose 4.4 percent, boosted by sales of coffee, breakfast items and Dollar Menu selections.
In Europe, same-store sales grew 10.8 percent, McDonald's said; in Asia/Pacific, Middle East and Africa, same-store sales rose 12 percent.
NEW YORK
Stock gauges rise on rate-cut expectations
Wall Street advanced Monday as expectations for an interest rate cut from the Federal Reserve and an uptick in pending home sales helped offset concerns about another round of subprime mortgage-related losses. The Dow Jones industrials gained more than 100 points.
Investors remained upbeat ahead of today's Fed's rate-setting meeting.
The Dow rose 101.45, or 0.74 percent, to 13,727.03.
Broader stock indicators also rose. The Standard & Poor's 500 index rose 11.30, or 0.75 percent, to 1,515.96. The Nasdaq composite index added 12.79, or 0.47 percent, to 2,718.95.
WASHINGTON
Interest rates mixed in Treasury auction
Interest rates on short-term Treasury bills were mixed in Monday's auction with three-month bills dropping while six-month bills were unchanged.
The Treasury Department auctioned $21 billion in three-month bills at a discount rate of 3 percent, down from 3.03 percent last week.
NEW YORK
Treasury prices decline ahead of Fed meeting
Treasury prices dropped Monday as bond market investors tried to gauge Federal Reserve monetary policy a day ahead of a critical Fed decision on rates.
The benchmark 10-year Treasury note fell 0.5 points to 100.82 with a yield of 4.15 percent, up from 4.12 percent late Friday. Prices and yields move in opposite directions.
