IN BRIEF

Global Cash Access Holdings, a Las Vegas-based supplier of cash access and customer relationship marketing systems for the gambling industry, on Wednesday said it will delay filing its quarterly financial report to the Securities and Exchange Commission, pending an internal investigation about undisclosed allegations.

A board committee with the assistance of independent counsel is conducting the investigation, Global Cash Access said.

Global Cash Access reported $142.9 million in revenues, a 9.6 percent rise from a year ago. The company earned $11.3 million in third quarter, down from $12.2 million a year ago.

Revenue lower at Tropicana on Strip

The Tropicana’s net revenues decreased 5.5 percent to $37.4 million for the quarter ended Sept. 30, compared with $39.6 million in 2006, earnings released Tuesday show.

Revenues for the year have decreased 1.2 percent to $119.8 million from $121.3 million in 2006.

The Strip property’s cash flow, defined as earnings before interest, taxes, depreciation and amortization, increased 7.3 percent to $8.8 million for the quarter from $8.2 million last year.

Cash flow for the year increased 19.4 percent to $32.6 million from $27.3 million in 2006.

The Tropicana is operated by Tropicana Casinos and Resorts, a subsidiary of Fort Mitchell, Ky.-based Columbia Sussex Corp.

Vestin Group considers merging pair of trusts

Vestin Group said Wednesday that boards of directors are exploring the possibility of merging its two mortgage real estate investment trusts, which would save financial and reporting costs.

Both companies are REITs which pay out most of their income from short-term commercial real estate loans secured by real estate. Vestin Realty Mortgage II has $340 million in assets; Vestin Realty Mortgage I has $64 million in assets.

Vestin Mortgage, a subsidiary of Mike Shustek’s Vestin Group, manages the two REITS.

NEW YORK

Merrill Lynch taps next chairman and CEO

Merrill Lynch & Co. said Wednesday it has tapped New York Stock Exchange head John Thain to lead the world’s largest brokerage through the unfolding credit market turmoil that threatens Wall Street’s biggest investment houses.

Thain, 52, has been selected to become Merrill’s next chairman and chief executive officer. His appointment comes just two weeks after the ouster of Stan O’Neal as Merrill reported a $2.24 billion loss during the third quarter, the largest in its 93-year history.

The New York Stock Exchange said Wednesday that it named Duncan Niederauer chief executive. Niederauer, 48, joined the NYSE in April after serving as co-head of equities trading at Goldman Sachs.

Thain’s first day as Merrill’s new chief is Dec. 1.

NEW YORK

Institutions warn of bigger losses ahead

Billions of dollars in mortgage losses reported during the third quarter could be a prelude to even bigger losses in the fourth quarter, as two more financial institutions warned of substantial writedowns on Wednesday.

After financial services firms collectively took more than $40 billion in writedowns during the third quarter, early figures for the current quarter are already approaching $30 billion.

“Fundamentals point toward writedowns being worse than those listed today,” CIBC World Markets analyst Meredith Whitney said Wednesday. “Everyday credit gets worse and the value of securities gets worse.”

Bear Stearns Cos. and HSBC Holdings PLC were the latest to predict rising losses.

NEW YORK

Treasury prices mixed as stocks head down

Treasury prices closed mixed Wednesday as stocks dropped and investors tried to sort out whether they should downplay concerns about further credit problems stemming from bad mortgages.

The benchmark 10-year Treasury note fell 0.09 cents to 99.75 with a yield of 4.28 percent, up from 4.26 percent late Tuesday. Prices and yields move in opposite directions.