IN BRIEF
Control board to hear Stations buyout plan
Fertitta Colony Partners, the group trying to take Station Casinos private, is scheduled to go before state gaming regulators Wednesday to gain approval of its $5.4 billion management-led buyout.
Fertitta Colony Partners is a joint-venture partnership between members of Station Casinos' founding family and California-based real estate investment firm Colony Capital.
Station Casinos Chairman and CEO Frank Fertitta III, director and President Lorenzo Fertitta, and Colony Capital Chairman and CEO Tom Barrack have been asked to appear for the hearing of the state Gaming Control Board in Carson City.
Separately, Harrah's Entertainment is scheduled to appear Oct. 17 before the New Jersey Casino Control Board. Private equity partners Apollo Management and Texas Pacific Group are seeking approval for a $17.1 billion buyout of the gaming giant.
No date has been set for Nevada regulators to consider the buyout.
Electric bills poised to rise slightly in valley
Nevada Power Co. customers will see electric bills go up again Monday.
But it won't be much.
Average ratepayers will see their bills increase $2 or 1.21 percent a month, information from the Southern Nevada utility shows.
The increase is attributable to Nevada Power adjusting its base tariff energy rate to reflect purchased power or energy costs. The utility pays the costs, then passes them along to customers with no profit to the company. The base tariff rate is adjusted quarterly.
A typical customer using 1,250 kilowatts of power pays a monthly bill of $162.41, according to Nevada Power.
NEWARK, N.J.
Avaya investors to take company private
Shareholders of Avaya voted Friday to take the communications and software company private, selling it for $8.2 billion to two private equity groups.
The deal is expected to close by the end of October.
The company announced in June that it accepted a buyout offer from affiliates of Silver Lake Partners and TPG.
Avaya shareholders will get $17.50 a share.
The company said it has received all regulatory approvals to complete the deal.
Avaya shares closed unchanged Friday at $16.96.
Southwest Gas files winter-rate increase
Southwest Gas Corp., a Las Vegas-based gas distribution company, on Friday said it filed a Southern Nevada rate increase effective Nov. 1 because of increased prices for natural gas.
The typical residential customer's winter bill will increase 66 cents to $84.38 based on use of 6,400 cubic feet of gas. The increase in an average month will climb 43 cents to $58.39.
The gas distribution company makes quarterly adjustments in its rates to reflect the cost of gas over a 12 month period, which, in this case, ended Aug. 1.
Ivana Las Vegas site sold for $47 million
The old Ivana Las Vegas site on the northeast corner of Sahara Avenue and the Strip has sold for $47 million to Aspen Highlands Holdings, a limited-liability company registered in Colorado, Clark County land records show.
The 2-acre site, occupied by the dormant Holy Cow brewery, casino and adjacent parking garage, was marketed for Rinkai America by CB Richard Ellis in May for an asking price of $50 million.
The real estate firm declined to give details of the sale due to confidentiality agreements.
The property was acquired by Rinkai America through a series of land buys totaling $14.8 million in the late 1990s.
A proposed $700 million, 900-foot condominium project branded by Ivana Trump was announced in early 2005, but never materialized.
WASHINGTON
NetBank shut down after loan defaults
NetBank, an online bank with $2.5 billion in assets, was shut down by the government on Friday because of an excessive level of mortgage defaults.
It was the largest savings and loan failure since the tail end of the industry's crisis more than 14 years ago. Federal regulators appointed the Federal Deposit Insurance Corp. as a receiver for Alpharetta, Ga.-based NetBank.
Customers with less than $100,000 deposited with NetBank will be protected by FDIC insurance.
Shuffle Master closes table games purchase
Shuffle Master closed the purchase of Progressive Gaming International's table games division Friday, taking control of several popular game titles, including Caribbean Stud Poker.
The deal, closed this week, has Shuffle Master paying Progressive $19.8 million for the table games' rights, plus royalty payments through 2016 based on the games' sales performances. Led by Caribbean Stud, the table games division had 621 tables operating in casinos worldwide as of Sept. 1.
Shuffle Master shares fell 19 cents, or 1.25 percent. Firday to close at $14.95. Progressive Gaming shares fell 11 cents, or 2.15 percent, to close at $5.
NEW YORK
Treasury prices gain on last day of quarter
Treasury prices posted strong gains Friday, the final trading session in a quarter marked by a shift in investor sentiment away from risk and toward safety.
On Friday new data showing brisk consumer spending, contained inflation and stronger commercial construction undercut the picture of economic peril that has driven demand for low-risk Treasurys this quarter.
The benchmark 10-year Treasury note rose 0.22 points to 101.66 with a 4.54 percent yield, down from 4.57 percent at Thursday's close. Prices and yields move in opposite directions. The 10-year yield began the quarter at 5.02 percent.
The 30-year benchmark bond advanced 0.56 points to 103.19 with a 4.79 percent yield, contrasting with 4.84 percent Thursday. The 30-year yield started off the third quarter at 5.12 percent.
