IN BRIEF

MGM Mirage exits racetrack casino plan

Casino operator MGM Mirage said Tuesday that it formally withdrew its proposal to develop and manage a video lottery terminal casino at Aqueduct Racetrack and has ended talks with the New York Racing Association and the state of New York.

MGM said it worked with the racing association and the state for almost four years on the project, suggesting that the two sides came close to a deal but couldn’t reach an agreement.

Aqueduct’s video lottery terminal parlor was scheduled to house 4,500 machines and expected to generate more than $400 million annually for the state.

The slot machine revenue was expected to help NYRA emerge from bankruptcy and pursue a 20-year extension of the franchise it held since 1955 to operate Aqueduct, Belmont and Saratoga thoroughbred tracks.

Lanni said “certain unresolved issues” forced the decision.

“We expended a lot of resources, time and effort on the project, and regret that it did not come to fruition,” he said.

NYRA had hoped the video slot machines would be in place by last fall, but revised that to the fall of this year. NYRA has blamed delays on gaining state approvals.

A year ago, the state approved the MGM contract so construction could begin on the $170 million facility in Queens.

RENO

Mineral income rises to record in Nevada

Mineral income soared last year in Nevada to a record $5.1 billion, an increase of $1.4 billion over the previous year that was buoyed by higher prices, even though production was generally down.

Gold production leveled off at 6.3 million ounces compared to 6.85 million ounces in 2005, the state Division of Minerals reported on Monday.

But the average price of gold rose from $445 an ounce to $603 an ounce. That put the calculated value of gold production in Nevada at $3.8 billion last year, up about $750 million from 2005.

Nevada continued to be the nation’s top gold producer, producing 78 percent of the total amount mined in the country. The state produces 12 percent of the world’s gold.

The state also produced 127.5 million pounds of copper worth $389 million last year at an average of $3.05 a pound.

Silver production dropped 1.5 million ounces to 8.45 million ounces.

Utilities commission airs pending rate case

The Public Utilities Commission on Tuesday heard a discussion of a proposed settlement in Nevada Power Co.’s pending deferred energy rate case.

The settlement, if approved as expected by the commission, would increase the average monthly bill of the single-family residential customer by 38 cents and the average monthly bill of a multifamily residential unit by 21 cents, according to Nevada Power Co.

The energy rate change would take effect June 1 along with a change in general or nonenergy rates and rate changes resulting from agreements over two past disputes.

The total increase in rates will be 14 percent or as much as $30 a month in this summer if the commission approves the general rate increase as proposed by Nevada Power.

Binion’s will open new club on 24th floor

Call it a nightclub with a New York strip view.

Operators of Binion’s Gambling Hall & Hotel on Fremont Street will open a nightclub in the hotel casino’s 24th-floor steakhouse.

The club, called Speakeasy, opens Friday and will operate from 11:30 p.m. to 3 a.m., after diners clear out from Binion’s Ranch Steakhouse.

The restaurant will continue to operate with the nightclub using the same space after closing time on weekends, said MTR Gaming Group, which owns Binion’s.

Sands Corp. chief paid $5.6 million in 2006

Billionaire Sheldon Adelson received $5.6 million in compensation as chief executive of Las Vegas Sands Corp. in 2006, and added about $9.2 billion in personal wealth as the casino company’s share price more than doubled.

Adelson received $1 million in base salary, $4.4 million in nonequity incentive compensation and $151,469 in other compensation for such things as health care insurance, and use of spa facilities and company aircraft, according to a proxy statement filed this week with the Securities and Exchange Commission.

The 73-year-old casino magnate, listed sixth on Forbes’ magazine’s list of the world’s wealthiest people this year, also controls 184.9 million shares, or 52 percent of the company.

NEW YORK

Bond prices fade after manufacturing news

U.S. government bond prices inched down Tuesday as a glowing April manufacturing survey reminded investors yet again that the economy is too strong to warrant a cut in interest rates.

At 5 p.m. EDT, the 10-year Treasury note was down $1.25 per $1,000 in face value, or 0.13 points, from its level at 5 p.m. Monday. Its yield, which moves in the opposite direction, rose to 4.64 percent from 4.62 percent.

The 30-year bond fell 0.03 points. Its yield rose to 4.82 percent from 4.81 percent.

The 2-year note fell 0.06 points. Its yield rose to 4.63 percent from 4.6 percent.