IN BRIEF

Black Gaming to demolish part of Oasis, including casino

Bankrupt Mesquite gaming operator Black Gaming announced Thursday it plans to demolish part of the Oasis, including the casino, this year.

CEO Randy Black Sr. said that nearly 400 of the property's 900 rooms, some office space and the timeshare buildings will remain, pending approval from various government entities.

The announcement is a reversal from Black's statements two weeks ago that the property may reopen if the economy rebounds.

The Oasis saw its operations significantly reduced in December 2008. The Oasis continued to operate 16 slot machines to preserve its gaming license.

Black said the demolition likely needs approval from the city, bankruptcy court and state gaming regulators before it can happen.

The company continues to operate the Virgin River and Casablanca in Mesquite, which is 80 miles northeast of Las Vegas on Interstate 15.

Governor's tourism conference to return after two-year break

After a two-year hiatus, the Governor's Conference on Tourism will resume in December.

The conference, sponsored by the Nevada Commission on Tourism and focusing on travel trends and tourism issues, will run Dec. 7-8 at the Peppermill in Reno.

The conference was canceled for the past two years because of the recession.

"It was a difficult decision to put the conference on hold, but the economy and strained budgets required (the commission) to do so," said Lt. Gov. Brian Krolicki, who serves as the tourism commission's chairman. "The conference has become a staple of learning and networking for Nevada's tourism industry, and it's with great pleasure we can resume this valuable program."

Krolicki said the registration fee will also be reduced from previous years to reflect the shorter schedule.

Paulson hedge fund to acquire
10 percent stake in Harrah's

Hedge fund Paulson & Co. is teaming with the owners of Harrah's Entertainment to buy nearly $1.118 billion of the gaming giant's debt at a discount, Harrah's announced Thursday.

Paulson, TPG Capital and Apollo Management agreed to buy $835 million in various notes due between 2015 and 2017 for $557 million.

Paulson will buy nearly $532 million of the notes and TPG and Apollo will buy nearly $303 million for an undisclosed price.

Included in Paulson's purchase is a private exchange of approximately $710 million in notes for equity in Harrah's, the announcement said.

The deal will give Paulson a nearly 10 percent stake in Harrah's.

The transaction will also raise nearly $557 million in cash for Harrah's, pushing the company's liquidity to $3 billion with $1.5 billion in cash on hand.

Paulson & Co. is run by billionaire and subprime short seller John Paulson.

The move comes nearly two weeks after Paulson purchased 4 million shares of Boyd Gaming Corp. and 40 million shares in MGM Mirage.

NEW YORK

Rates on 30-year mortgages increase in week, data show

Rates on 30-year fixed mortgages ticked up this week from the lowest level of the year.

Freddie Mac said Thursday that the average rate rose to 4.79 percent, up from 4.78 percent last week. A year ago, the rate averaged 5.29 percent.

Rates dropped to a record low of 4.71 percent in December, pushed down by a Federal Reserve program that reduced borrowing costs for consumers. That campaign ended in March.

Rates have fallen further as investors, wary of European turmoil, shifted money into U.S. Treasury bonds. Mortgage rates tend to track the interest rates paid on long-term Treasury bonds.

The average rate on a 15-year fixed-rate mortgage hit a record low of 4.20 percent, down from 4.21 percent last week. The 15-year fixed-rate mortgage is a popular choice for refinancing.