in brief

WASHINGTON

Nevada among several states
targeted for mortgage help

The Obama administration plans to send $600 million to help unemployed homeowners avoid foreclosure in five states.

The Treasury Department said Wednesday that mortgage-assistance proposals submitted by North Carolina, Ohio, Oregon, Rhode Island and South Carolina received approval. The states estimate their efforts could help up to 50,000 homeowners.

The administration is directing $2.1 billion from its existing $75 billion mortgage assistance program to 10 states. Each state designed its own plan. Treasury approved money in June for Arizona, California, Florida, Michigan and Nevada.

Nevada has consistently been ranked among states hit the hardest by the foreclosure crisis.

Cosmopolitan Las Vegas
turns on marquee lights

The marquee lights are on at the Cosmopolitan of Las Vegas.

The $3.9 billion Strip property turned on the lights late Tuesday in anticipation of its Dec. 15 opening.

The 2,995-room hotel project is owned by German lender Deutsche Bank. The bank paid about $1 billion for the half-finished development in August 2008 after its previous developers entered foreclosure.

The 8.7-acre Cosmpolitan of Las Vegas is located between Bellagio and CityCenter.

Chemical company reports
wider third-quarter loss

American Pacific Corp., a Las Vegas-based chemical company, on Wednesday reported its third-quarter loss increased 28 percent, to $4.6 million from $3.6 million a year ago.

The loss per share rose to 61 cents from 48 cents for the quarter ending June 30. Revenues increased 18 percent, to $37.2 million from $31.4 million last year.

Its Specialty Chemicals segment, which makes ammonium perchlorate for tactical missiles and the Space Shuttle, reported operating income jumped to $2.8 million from $600,000 a year ago. Revenues rose to $8.2 million from $6.3 million.

The Fine Chemicals segment reported a $2.5 million operating loss, compared to $800,000 last year. Revenues grew to $20 million from $15.6 million.

The Aerospace Equipment segment had a $100,000 operating loss, compared with operating income of $400,000 last year. Revenues decreased to $8.6 million from $9.1 million a year ago.

American Pacific shares gained 36 cents, or 7.6 percent, to close at $5.07 Wednesday on the Nasdaq National Market.

Global Cash Access sees
net income, revenue decrease

Las Vegas-based Global Cash Access on Wednesday reported drops in profit and revenue for the second quarter.

Net income was $5.9 million, a drop of 35 percent over the $9.1 million in the previous second quarter. Revenue was $157.2 million, a drop of 9.1 percent over the $173 million in the previous second quarter.

And diluted earnings per share from continuing operations were 9 cents in the second quarter of 2010 on 67.9 million diluted shares, compared with 12 cents in the second quarter of 2009 on 79 million diluted shares.

"While conditions in the gaming industry remain challlenging, we've continued to pursue our product and service innovation strategy and believe that this is positioning the company well for the long term," company president and CEO Scott Betts said in a statement.

The company also lowered its annual guidance for GAAP earnings per share to between 40 and 43 cents and cash earnings per share to between 69 and 72 cents.

Las Vegas-based Global Cash Access provides cash access products such as ATMs and related services to more than 1,100 casinos. Shares gained 5 cents, or 1.2 percent, to close at $4.20 on the New York Stock Exchange.