in brief

Harrah's submits proposal
for casino project in Kansas

Harrah's Entertainment said Thursday it has submitted a new proposal to develop and operate a state-owned casino in south-central Kansas.

The submission to the Kansas Lottery Commission is on a smaller scale than plans that were dropped by a company-led partnership in November 2008 at the beginning of the economic downturn.

Although Harrah's did not disclose a cost, the new plan is for a casino anchoring a 100-room hotel, multiple restaurants, a sports bar, retail space and nearly 15,000 square feet of entertainment and meeting space.

The resort is planned for Mulvane, a small town 15 miles south of Wichita and 150 miles north of Oklahoma City. The state would receive nearly 20 percent of the casino's revenues, but Harrah's would own the amenities.

The application deadline with the state Lottery Commission was Thursday. Applicants have until July 29 to submit plans to Sumner County, where the resort would be. Harrah's and competing applicants are scheduled to give presentations to the Sumner County Commissioners on Aug. 10. The seven-member Kansas Lottery Commission will make the final decision on awarding the contract.
CARSON CITY

Reno casino keeps license by filing for bankruptcy protection

A Reno casino has avoided the possible suspension of its gambling license over delinquent casino taxes and fees by filing for bankruptcy protection.

Lawyers for the Siena Hotel Spa Casino said the company, Wild Game LLC, filed a Chapter 11 bankruptcy petition late Wednesday in the Northern District of California.

The filing came the night before the Nevada Gaming Commission planned to consider the fate of the hotel-casino that employs about 300 people on the banks of the Truckee River in downtown Reno.

By filing for bankruptcy protection, the Siena, owned by California businessman Barney Ng, now falls under the jurisdiction of the federal court and can remain open while it tries to restructure its debts.

On July 1, commissioners suspended the casino's gambling license for not maintaining enough bankroll to pay winnings and for falling delinquent on $153,000 in taxes, but they immediately stayed the suspension so the casino could keep operating under strict conditions.

NEW YORK

As mortgage rates move lower, refinancing applications surge

The lowest mortgage rates in decades are just too good for some people to pass up.

Brokers are reporting rising interest in home refinancings as rates on 30-year fixed loans have hit record lows in four of the past five weeks. This week the average rate fell to 4.56 percent, the lowest since mortgage company Freddie Mac began tracking rates in 1971.

Weekly applications to refinance home loans have nearly doubled in July from April, according to the Mortgage Bankers Association.

The rate on the 15-year fixed loan, a popular choice for refinancing, dropped to 4.03 percent from 4.06 percent last week. That was the lowest since 1991.

As energy producers monitor storm, oil prices head higher

Oil prices advanced Thursday as energy producers kept an eye on a developing tropical storm that could move into the Gulf of Mexico by the weekend.

At the gas pump, prices were unchanged at a national average of $2.718 for a gallon of unleaded regular gasoline, according to AAA, Wright Express and Oil Price Information Service. The price is nearly 2 cents less than it was a month ago and about 25 cents higher than a year ago.

Benchmark crude surged $2.74, or 3.6 percent, to settle at $79.30 a gallon on the New York Mercantile Exchange.

Bank-holding company
posts second-quarter profit

Western Alliance Bancorporation, the holding company for banks in Nevada, Arizona and California, turned the corner with net income of $1.2 million for the second quarter, compared with a $14.1 million net loss a year ago. After deducting dividends for preferred stockholders, the bank recorded a net loss of 2 cents a common share, compared with a loss of 31 cents in the same period last year, it said Thursday.

Its Nevada operations, including Bank of Nevada in Las Vegas and First Independent Bank in Reno, lost $9.6 million in the second quarter.

Western Alliance shares gained 11 cents, or 1.6 percent, closing at $6.81 on the New York Stock Exchange.