March 10 (Bloomberg) -- MGM Mirage Chief Executive Officer James Murren said investors betting on a U.S. economic recovery are returning to casino debt and equity.
MGM Mirage, the biggest casino owner on the Las Vegas Strip, yesterday sold $845 million of bonds to repay some loans under an arrangement it previously struck to extend the maturity on borrowings.
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Thursday, March 11, 2010
Staying in a Hotel? Watch Your Credit Cards
Travelers staying in hotels might want to carefully check their credit card statements for fraudulent charges in the months following the stay. According to recent reports, cybercriminals across the globe have a new favorite target: the wireless networks of hotels.
While financial services companies used to receive the bulk of hacker attacks, last year hotels emerged as the new choice target among hackers-out of 218 breaches in a total of 24 countries, 70 of those breaches took place through hotel networks, according to a report by security firm Trustwave SpiderLabs.
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While financial services companies used to receive the bulk of hacker attacks, last year hotels emerged as the new choice target among hackers-out of 218 breaches in a total of 24 countries, 70 of those breaches took place through hotel networks, according to a report by security firm Trustwave SpiderLabs.
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Hamburger Chain Sonic Sees Decline in Comps this Quarter
Drive-in hamburger chain Sonic Corp. (SONC: 9.88, 0, 0%) reported Wednesday an expected decline in same-store sales for the coming quarter of 12% to 14% due to bad weather and cutbacks in consumer spending.
Approximately one-third of Sonic stores are based in Texas and Oklahoma, where snow storms and severe rains were common during the first part of the year. Thanks to a drop in consumer spending, the company may also see sales tax collections down by double digits.
The company has implemented new advertising and promotional strategies and improved product quality in an effort to boost sales in the third and fourth quarter of 2010.
Approximately one-third of Sonic stores are based in Texas and Oklahoma, where snow storms and severe rains were common during the first part of the year. Thanks to a drop in consumer spending, the company may also see sales tax collections down by double digits.
The company has implemented new advertising and promotional strategies and improved product quality in an effort to boost sales in the third and fourth quarter of 2010.
San Francisco Four Seasons averts foreclosure
The Four Seasons Hotel San Francisco has escaped looming foreclosure as owner Millennium Partners and a new equity partner have paid down a significant amount of the debt on the property.
Millennium and private equity group Westbrook Partners have paid down the mortgage on the Four Seasons San Francisco from $90 million to $55 million. Under the agreement Westbrook becomes two-thirds owner of the hotel while Millennium holds on to a one-third ownership interest in and continues to asset manage the hotel.
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Millennium and private equity group Westbrook Partners have paid down the mortgage on the Four Seasons San Francisco from $90 million to $55 million. Under the agreement Westbrook becomes two-thirds owner of the hotel while Millennium holds on to a one-third ownership interest in and continues to asset manage the hotel.
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