Wynn Opens $2.3B Resort in Las Vegas
- Dec 22, 2008
Despite a crummy economy, Wynn Resorts Ltd. opens its $2.3 billion, 2,000-room Encore tower of bronze glass adjacent to sister property 3-year-old Wynn Las Vegas luxury casino hotel, Reuters reported. Meanwhile, shares of Wynn Resorts have fallen about 66 percent since February as the casino industry has grappled with tight credit markets and a downturn in gambling demand, according to the report.U.S. stocks were poised for a lower open on Monday as investors shrugged off the government’s announcement on Friday of an auto bailout and prepared for the latest housing data, according to CNNMoney.com. Despite the President’s announcement to give Chrysler and GM a $13.4 billion loan from the $700 billion Wall Street bailout fund, with the option for an additional $4 billion later, auto-related companies are still struggling. Bloomberg reported that the world’s second largest automaker, Toyota Motor Corp., forecast its first operating loss in 71 years on plummeting demand, prompting Moody’s Investors Service to consider downgrading the company’s top-rated credit. The carmaker will post a $1.7 billion loss in the year through March, according to the report.Reuters reported that Carmax Inc. reported third-quarter sales fell 23 percent to $1.46 billion. The housing market is in focus today as the Hope Now Alliance, a coalition of lenders trying to help homeowners facing foreclosure, reports on its 2008 efforts and looks ahead to next year, the CNNMoney.com report stated. Business software maker Oracle Corp. reported weaker earnings, but still fares well when compared to its competitors, the Associated Press reported. With maintenance contracts accounting for about half of its business, Oracle has generated more than $11 billion in annual revenue and avoided mass layoffs and other similar measures being imposed at many other technology companies.The Redwood Shores-based company said it earned $1.3 billion, or 25 cents per share in the three months ended in November. The net income dipped by $7 million from the same time last year while the earnings per share remained the same, according to the Associated Press. Reuters stated that UBS has sold some of its non-strategic commodities businesses to J.P. Morgan for an undisclosed amount, the Swiss bank said today. J.P. Morgan had bought all of the Canadian-based commodities energy business, Canadian Energy, from UBS’s investment bank by purchasing shares in UBS Warburg Energy Holdings, Reuters reported.