Reno Gazette-Journal from Reno, Nevada • Page 20

Reno Gazette-Journal i SATURDAY JUNE 5, 1993 STEVE FALCONE, BUSINESS EDITOR: PHONE, 788-6322; FAX, 788-6458 June 4, 1993 DOW(lndustrials) NYSE Minneapolis 7.50 .50 New York 7.875 1.5 Philadelphia 7.00 2.875 Phoenix 7.625 1.0 Seattle 7.50 1.75 Tampa 7.50 1 375 Washington 7.375 2.0 Bonds: Prices of short-term Treasuries plummeted following an unexpected surge in May employment was seen as giving the Federal Reserve more leeway to raise interest Long-and intermediate-range maturities initially fell sharply in reaction to the report, but they recovered some of their losses by day's The price of the Treasury's main 30-year bond ended down 21-32 point, $6.56 per 1 ,000 in face value. Its jumped to 6.91 percent. CHICAGO Average mortgage rates for single-family homes in 14 metropolitan areas as of June 2 as compiled by the Chicago Title Insurance Co. The rates are for 30-year, fixed-rate mortgages for 80 percent of the value of the house. A point is a one-time fee equaling one percent of the mortgage.

June 2 Prev. Wk percent points Atlanta 7.25 2.0 7 375 2.125 Boston 7.375 2.0 7 625 1 875 Chicago 7.625 2.25 7.50 2.25 Dallas 7.375 1.375 7.375 1.625 Denver 7.25 1.0 7.25 1.0 Houston 7.50 .625 7.50 .625 Los Angeles 7.50 1.5 7.50 1.625 500 AM EX MidCap NASDAQ Airline workers' pay to rise, judge extends deadline I PHOENIX America West Airlines has announced a bonus plan for its 10,000 employees to partly offset a pay cut and freeze implemented after the carrier filed for Bankruptcy Court protection. The bonus program could put an additional 1 1 million in the employees' pockets over the next year. In another development, a federal bankruptcy judge Thursday gave the Phoenix-based airline additional time for filing its reorganization plan despite a creditor's objection. The bonus that will begin June 30 will reward employees for helping the airline turn the corner financially, America West President Mike Conway said in a memo to employees.

It will take the form of quarterly bonuses, one guaranteed and the other dependent on the airline's financial performance. Combined, the payout could be as much as $2.9 million per quarter. Alpine Meadows 5 Amfed Financial 19 Amservlnc. BankAmerica 43 Clorox 49'a Coeurd'Alene 19 Vo Comstock Bank 7Vs R.R. Donnelley 29 Echo Bay 11 Ve First Interstate 56'4 -1 FirstMiss Gold 5 -Va First Western Fin.

53b FMC Gold 6V4 Gannett 51 Vz Vz General Motors 41 Vz V2 Granite Const. 177a Harding 9V4 Vz Nevada Power 25 Newmont 51 Vt Pacific Telesis 49V4 Ve J.C. Penney 48 Reno Air 15 Rotech 13V2 Santa Fe Pacific 16 Va Sierra Pacific 21 Sierra Tahoe Southwest Gas 17 Vs US Bancorp 24 -Va NYSE Diary Advances: 744 Declines: 1199 Unchanged: 594 Downtown blues: Reno redevelopment is starting to pay off, judging by proposals that are surfacing. in Business Monday, owners of small businesses say they're concerned about the future. Rates ease: Thirty-year, fixed-rate mortgages averaged 7.47 percent this week, down from 7.50 percent last week, according to a national survey.

For local rates, see today's Home Finder. 70 Total issues: 2,537 21 Composite volume: 285,941 ,210 1992 vg. comp. 250,157,090 cline the American economy increasingly relies on service jobs. Reinforcing the decline in factory jobs was the Commerce Department's announcement Friday that new orders for manufactured goods in April fell 0.3 percent, following a 1.6 percent drop in March.

Analysts had been expecting an increase of about 0.1 percent. Uncertainty over the administration's budget and health care packages continue to stymie substantial job growth in manufacturing, some analyst said, because companies are unsure what is going to happen to their taxes. "Leading industrial CEOs have indicated to me that they have vir CORPORATIONS would be a marked improvement over the 0.9 percent expansion recorded in the first quarter. "If you step back, as compared to just yesterday, there is a different picture of the economy," said Robert G. Dederick of the Northern Trust Co.

"Yesterday there was lackadaisical growth and today there was pretty decent growth, and it is doing so in the face of manufacturing weaknesses." Indeed, employment in the manufacturing sector fell by 39,000 in May, the government said, bringing the total decline to almost 300,000 over the past year, and providing further evidence that with defense spending in de awn chain plans 5 Atlanta stores THE ECONOMY Analysts: Recovery may be picking up speed after poor first quarter. WASHINGTON The nation's jobless rate declined to 6.9 percent in May, the government reported Friday, prompting analysts to suggest the recovery is picking up speed following an anemic first quarter. May's decline in unemployment Ready Mix opens new batch plant Concrete mixing: Facility can whip up 375 yards of concrete an hour. By Susan Skorupa GAZETTE-JOURNAL Reno-Sparks Ready Mix has completed construction of a state-of-the-art concrete batch plant, which company officials say is one of the largest of its type in the western U.S. Construction began in February and was completed at a cost of about $1.5 million, said operations manager Mark Baker.

The plant can mix 375 yards of concrete per hour, Baker said. "We have a lot more confidence in the local economy these days and thought the timing was right to make the investment," said co-owner Bill Balsi. "Now with this new equipment we can really serve the area much better." The plant, located at 333 Gal-letti Way, provides concrete and concrete products to contractors and the general public. Before completing the facility, the company could mix about 200 yards of concrete per hour at two separate operations. "It's one of the most modern plants on the West Coast," said Jay Gore, company spokesman.

"It has computerized controls and all new techniques for recovering dust." The plant's fully automated controls and computerized mixing system can detect varying mois- 7.50 .50 7.875 1.625 7.00 2 875 7.50 1.0 7.50 1.625 7.50 175 7.50 2.625 CHICAGO Chicago Title Insurance Co average of variable rates available in the above cities for a new 1-year adjustable mortgage, based on a 30-year loan for 80 percent of the value of a single-family house. June 2 Prev. Wk percent points Average 4 50 1.625 4.50 1.50 marked the first time the monthly rate fell below 7 percent since November 1991. Civilian unemployment hit a recessionary high of 7.7 percent in June 1992, and had been stuck at 7 percent since February. The Labor Department said U.S.

businesses hired an additional 209,000 workers last month, almost double the number predicted by economists. Job growth was particularly robust in services and construction. The May figures suggest the economy is growing again at a respectable annual rate of 2.5 percent to 3 percent, analysts said. While considerably below the pace of most post-war recoveries, that FILL 'ER UP: A concrete-truck Ready Mix facility on Galetti Way. ture levels in the sand and stone used to make concrete, company officials say.

By adding precisely the right amount of water, the concrete is mixed consistently. A large-capacity speed delivery system eliminates waiting times Aztar Bally Gaming Bally Mfg. Boomtown Caesars World Casino Data Sys. Circus Circus Grand Casino Hilton Hotels IGT Jackpot Ent. MGM Grand Mirage Promus Cos.

Rio Hotel Sahara Casino Sahara Resorts Sands Regent Showboat United Gaming Video Lottery 9Vb 14Vb 11V2 31 V4 48 15 59Vs 467a 52 37 23 35 45Vi 45Ve 14 7 33 19V2 23V4 1014 11V2 V2 -H4 1Vb -1V4 -1 -1V2 -1 -38 -1 -Vs .34 -38 .14 2 .34 -38 18 V2 1 if i rSSC 1 ffTM 1 1 -ox Oft tySttisQ) that rates. end. or yield But some tually put hiring plans 'on until uncertainties over currently; pending tax and health care legist lation are resolved," said Jerry Ja-; sinowski, president of the Nation-; al Association of Manufacturers. Some economists said that; May's job gains fall within an eco-. nomic comfort zone, that the rate of, growth is healthy enough to avert another recession, but not vigorous enough to rekin-; die inflationary; pressures and cause interest rates to rise.

In California, however, the nomic recovery continued to lag; The jobless rate rose to 8.7 percent in May from 8.6 percent in April. Los Angeles Times i in that region by 1996. Now with a total 130 employees, the company's long-term plans call for a 1 00 stores nation-, wide by 1 997, Mack said. The first addition is a facility to open July 4, at Memorial Drive and Interstate 285 in DeKalb County, he said. Mack said he chose Atlanta for the initial expansion because it's a "vibrant metropolitan city, that's on the upswing," on the verge of hosting the international summer Olympic Games.

He said Super Pawn also plans stores in each of four major markets: Oklahoma City; MinneapolisSt. Paul; and Miami. Long-range plans target communities throughout Texas. I Steven Mack joined the busi-; ness in 1 98 1 and under his lead-i ership the company computer-! ized operations, improved its; management system and mod-' ernized operations partly to improve the pawn industry's im-; age, he said. extends price war promotion that it designed to make Marlboros more competi-" tive against cheaper discount smokes.

When Philip Morris announced the promotion April 2, it said it would run from late May through late June. But analysts said they suspected one' month would not be long enough The promotion effectively slashed Marlboro's retail an average of 40 cents a pack" from about $2. 15 to $2.20. GAMING No offer yet on Ormsby DA official: Bank expects sale of Carson City casino to take some time. By Wayne R.

Melton GAZETTE-JOURNAL I Bank of America Nevada has been talking to potential buyers of the closed Ormsby House in Carson City, but there have been no formal offers, the bank's spokesman said Friday. The property has been closed since early this year, and the bank took possession of the facility in a mid-April foreclosure. "It's going to take some time to get this property sold and to Actually get interested parties to come forward," said Paul Stowell, Bank of America spokesman. Gene Miller, spokesman for t)on Laughlin, Riverside Resort owner in Laughlin, said the casino magnate is no longer interested in buying the Ormsby because of refurbishing costs estimated at $8 million. "We're no longer in the running.

Somebody will buy it," Miller said. "Money isn't the problem. It's a question of being practical about it." Carson City business officials have said the reopening of the hotel-casino is vital to the economic health of the community, partly because the hotel was among a limited number of major lodging facilities. "At this point, we look to continue marketing the property aggressively," Stowell said. "We hope we can find a buyer for that property who can renovate and get it up and running quickly." To qualify for a relatively quick reopening, the new owner likely would have to be someone who already holds an Unlimited Nevada gaming license, Stowell said.

He noted that getting a first-time unlimited gaming license Can take up to several months or even years. Harrah's joins New Orleans application I NEW ORLEANS Harrah's, the casino entertainment division of The Promus Cos. said Friday that it would Join with New Orleans Louisiana Development Corp. in a application to operate Louisiana's only land-based casino entertainment complex to be located in New Orleans. 5 If the proposal is selected by the state agency, a joint venture failed Harrah's Jazz Co.

will develop, own and operate the proposed Harrah's Jazz Casino. Harrah's will manage the facility under a management contract and have a part ownership in the project. If selected, Harrah's Jazz Company has offered to pay the state $100 million for the Exclusive land-based casino rights in the state upon opening Of the first phase of the casino, targeted for April 1994. New Orleans Louisiana Development Corp. is owned by ten businessmen and attorneys, all residents of Louisiana.

Jr11vw '1 if i I i mU II By Wayne R. Melton GAZETTE-JOURNAL The family owned parent company of EZ-CASH Super Pawn in downtown Reno Friday announced plans to open five satellite stores in Atlanta, area. "It's a multiple store experience, the next generation of our corporate organization," said Steven Mack of Las Vegas, Cameo Inc. president and chief executive officer. Formerly of the Truckee Meadows, Mack and his family own nine Super Pawns in Nevada, including two in Reno, one in Sparks and six in Las Vegas.

The main Reno store was once called Cameo Jewelry Loan. The new stores will be opened in conjunction with an unnamed major investor along with the Mack family business, he said. The five Atlanta-area stores are scheduled to open by December, and long-range plans call for a total of 20 Super Pawns Tobacco company NEW YORK (AP) Philip Morris USA signaled Friday that the cigarette price war is going to last well into the summer as it extended the expiration of its Marlboro brand promotion by about five weeks until early August. Industry analysts said they had expected an extension, and tobacco stock prices were steady after the disclosure. The nation's biggest tobacco maker told distributors it would extend until Aug.

8 the price Craig SailorGazette-Journal driver fills up at the new Reno-Sparks for concrete trucks. Sand, cement and other dust-producing products are mixed inside a 1,500 square foot enclosed area that uses filters and a vacuum process to extract floating particles from the air. Gaming Tourism Aztar to buy out partner in Atlantic City's TropWorld ATLANTIC CITY, N.J. Aztar Corp. has agreed to buy out its partner in the TropWorld Casino and Entertainment Resort, the company said.

Phoenix-based Aztar has offered to buy out Ambassador Real Estate Investors, L.P. for $58 million in cash and to forgive a $240 million note Ambassador owes Aztar, the company said in a statement. The deal is contingent upon approval of more than two-thirds of Ambassador investors and obtaining $20 million in Financing, Aztar said. The buyout shouldn't have any significant effect on Aztar's financial condition or profitability, the company said. Aztar is a publicly held gaming company that also operates the Tropicana Resort and Casino in Las Vegas and the Ramada Express Hotel and Casino in Laughlin.

Station Casinos weighs Missouri, Las Vegas expansion Plans LAS VEGAS Station Casinos Inc. is weighing expansion plans here and in Missouri after a public offering that netted it about 1 07 million. I Most of the money from last month's public offering went to pay off the 104 million first mortgage on the Palace Station hotel-casino in Las Vegas, but the company has an $80 million bank 1 credit line for expansion, said vice president Glenn C. Christenson. The company plans to build the $85 million Boulder Station on the northeast corner of Lamb Boulevard and Boulder Highway, with completion expected next summer.

The 27-acre facility will employ up to 1 ,800 workers and have 300 hotel rooms and 75,000 square feet of casino place. Station Casinos also has another 27 acres across Boulder Highway from Sam's Town for another possible casino site. 1st-time Reno visitors Favorite Nevada gaming destinations, 1992:. None Las Vegas 13 15 Lauahlln other 7 Lake Tahoe 7 Source: RRC Associates Gazette-Journal.