IN BRIEF

MGM Mirage President Jim Murren added the title of chief operating officer Tuesday, moving into a corporate operational role and away from the company’s day-to-day financial dealings.

The casino operator also promoted CityCenter CEO Bobby Baldwin to the position of chief design and construction officer.

Under the new structure, Murren will oversee all of MGM Mirage’s company-owned casinos except for Bellagio, Monte Carlo and the $7.4 billion CityCenter development.

Dan D’Arrigo has been promoted to CFO of MGM Mirage while Cathy Santoro has been promoted to treasurer, assuming two of Murren’s positions. Bob Selwood was named chief accounting officer.

NEW ORLEANS

Louisiana casinos’ win increases during July

With competition expanding on the Mississippi Gulf Coast, the amount of money won by Louisiana’s state-licensed casinos grew by 0.8 percent in July over July 2006, even though there was one more gambling outlet open, state police reported Tuesday.

The 13 riverboat casinos, Harrah’s Entertainment’s downtown casino in New Orleans and slot machine casinos at Louisiana Downs, Evangeline Downs and Delta Downs took in $228.3 million, compared with $226.5 million in July 2006.

Earlier this year, the Amelia Belle riverboat opened near Morgan City. Last month, that casino accounted for $4.6 million in winnings from gamblers, meaning the casinos that were open a year ago saw their July-to-July winnings drop by $1.8 million.

The riverboats won $161.3 million last month, Harrah’s took in $35.2 million and the track casinos won $31.8 million.

WINDSOR, Ontario

Chrysler unveils new line of minivans

The first of Chrysler’s next-generation minivans rolled off an assembly line Tuesday, a critical launch for the automaker as it tries to remain the dominant player in the minivan segment and struggles to return to profitability.

“This minivan is the kind of great product that sets Chrysler apart,” Chrysler President Tom LaSorda told hundreds of cheering employees at the Windsor Assembly Plant, where four generations of his family have worked and where the minivan was born 24 years ago.

LaSorda said the next-generation minivans have 35 new or revised features, including second-row seats that swivel 180 degrees so passengers can sit around a table. The company spent $1.4 billion on the redesign, including a $511 million investment in the Windsor plant.

LaSorda said he is confident about the demand for minivans despite evidence that some customers have been rejecting minivans in favor of car-based crossovers. Minivan sales peaked at 1.37 million in 2000, but sales were about 970,000 last year, down 12 percent from 2005. Of those, 38 percent were Chrysler minivans.

MINNEAPOLIS

Target, Saks results fall within Street’s outlook

Target’s profits were as good as analysts expected, and Saks lost less money than expected. These days, that’s good news.

For the quarter ended Aug. 4, Minneapolis-based Target Corp. said it earned $686 million, or 80 cents per share, up 12.6 percent from $609 million, or 70 cents per share, a year ago.

Revenue rose 9.5 percent to $14.62 billion from $13.35 billion.

Analysts polled by Thomson Financial were expecting Target to earn 80 cents per share on revenue of $14.67 billion.

Target said same-store sales rose 4.9 percent for the quarter. The company said it expects same-store sales growth in the mid-single digit percentages for the year’s second half.

Meanwhile, upscale department store operator Saks reported a narrower loss as its same-store sales jumped 13.2 percent and its margins expanded on reduced markdowns. But its shares fell because it said margins would be flat for the rest of the year.

The company reported a second-quarter loss of $24.6 million, or 17 cents per share, compared with a loss of $51.9 million, or 38 cents per share, a year earlier.

Sales rose 15 percent to $694.1 million, from $603.8 million.

NEW YORK

Oil prices slip below $70 a barrel mark

Crude oil prices dropped below $70 a barrel to an eight-week low Tuesday, after Hurricane Dean weakened and it appeared the storm would have no lasting effect on Mexican oil production.

Gasoline and natural gas prices also extended their sharp losses, with traders betting that demand is falling and supplies are safe.

Light, sweet crude for September delivery lost $1.65 to settle at $69.47 a barrel on the New York Mercantile Exchange — its lowest close since June 27.

NEW YORK

Prices for three-month Treasury bills surge

The yield on the three-month Treasury bill shot up Tuesday, erasing some of the last few days’ hefty losses, as some investors stepped away from the ultrasafe assets.

At 5 p.m. EDT, the yield on the three-month Treasury bills was 3.59 percent, up from 3.01 late Monday. The discount rate rose 0.56 percentage point to 3.50 percent.

The yield on the T-bill was as low as 2.92 percent early Tuesday, but jumped close to 0.7 percentage points by late afternoon following a weak auction of four-week bills.

The 10-year Treasury note was up $3.13 per $1,000 in face value, or 0.31 points, from its level at 5 p.m. Monday. Its yield, which moves in the opposite direction, fell to 4.59 percent from 4.63 percent.