Daily Briefing

DAILY BRIEFING

March 31, 2009

Cordish, Kan. partner resubmit casino bid

Baltimore-based Cordish Co. and partner Kansas Speedway have resubmitted a bid to develop a Hard Rock casino and hotel at Kansas Speedway in northeast Kansas after withdrawing the proposal in December because of economic conditions. After being chosen in September to build a $705 million casino/hotel project at the speedway, the partners in Kansas Entertainment withdrew the proposal, said a spokeswoman for Kansas Lottery, which reopened the bidding and set a Wednesday deadline. Kansas Entertainment's new proposal calls for building the project in phases. It would start with a $390 million Hard Rock-branded casino. Later, a hotel, spa, convention center and entertainment/retail district would be added, a $700 million project. In Maryland, Cordish is vying for one of five slots licenses authorized by voters last year and is proposing a slots casino at Arundel Mills mall. As of Monday, Kansas had received only the bid from Kansas Entertainment for the northeast Kansas zone that has been approved for casinos, said Sally Lunsford, the lottery spokeswoman. It is expected that the Kansas Lottery Gaming Facility Review Board would choose a developer by this fall.

Lorraine Mirabella

Sales of second homes fell 22% in 2008

WASHINGTON: Sales of vacation and investment homes slid 22 percent last year, a sign that tough economic conditions and tight lending requirements shut out buyers, the National Association of Realtors reported Monday. Second-home sales made up 30 percent of the housing market, down from a peak of 40 percent in 2005, when financing was easier. "The vacation-home market really was driven by the availability of debt," said Daniel Alpert, managing director of Westwood Capital LLC in New York.

Associated Press

Netflix raising fees for Blu-ray discs

SAN FRANCISCO : Online digital video disc rental leader Netflix Inc. is raising its prices for Blu-ray discs in a change that will triple or quadruple the high-definition surcharge on Netflix's most popular subscription plans. The new rates announced Monday are being driven by the growing appetite for the Blu-ray format among Netflix's more than 10 million subscribers. Effective April 27, Netflix will adopt a sliding scale that will slap higher Blu-ray fees on plans that enable customers to check out multiple DVDs at a time.

Associated Press

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