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Some lawmakers say they’re fundamentally opposed to it. “Regardless of what is said here, my mind is already made up,” said Democratic state Sen. Ruben Kihuen, a vocal opponent of the financing plan who is also running in an competitive race for a U.S. House seat. “Regardless of how you put it it’s still a $750 million taxpayer handout.” President George Markantonis of The Venetian casino, which is part of the Sands company, defended the public-private partnership arrangement because it will benefit both public and private sectors and be run by a public board. “Let’s keep in mind the Adelson family is making this very significant and immensely generous investment into a stadium they won’t own for a team they don’t own,” he said. Lawmakers have been vetting the particulars of the arrangement, which some outside economists say is a bad deal based on overly optimistic predictions about how many new events and tourists the proposed domed stadium would attract. Steve Hill of the Nevada Governor’s Office of Economic Development said the projections passed scrutiny from Las Vegas casino executives, who are more familiar with the city’s tourism landscape than outside economists and are some of the business world’s brightest minds. Two-thirds of each Republican-controlled chamber of the legislature must approve any tax increase.
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The group’s net revenue rose 4.4 percent from a year earlier to 15.1 billion reais ($4.7 billion), driven by 45.7 percent growth for rapidly expanding wholesaler Assai, which offers rock-bottom prices for families pinched by a severe recession. Still, a worse-than-expected 38.3 percent sales drop for troubled online retail subsidiary Cnova triggered concerns, including questions about continued fallout from inventory management issues. GPA shares fell as much as 3.6 percent in early trading, the biggest drop on the benchmark Bovespa stock index. “We think (Cnova) results are still affected by operating issues of the past that are being addressed by the new management team,” wrote UBS analysts led by Gustavo สโบเบท Piras Oliveira in a note to clients. GPA’s controlling shareholder Casino Guichard Perrachon & Cie decided to restructure Cnova and delist it from the Nasdaq exchange after an investigation into inventory mismanagement triggered writedowns. Aggressive discounts at Extra hypermarkets also helped to boost third-quarter sales volumes, GPA said, but net revenue in the food division rose just 1.1 percent, excluding Assai. Sales in home appliance division Via Varejo SA were little changed from a year earlier, rising 0.4 percent despite an ongoing drop in the market for home appliances. The group’s same-store net revenue, a gauge of recurring sales activity at stores open for at least a year, rose 1.9 percent. ($1 = 3.22 reais) (Reporting by Ana Mano; Additional reporting by Paula Laier and Silvio Cascione; Editing by Brad Haynes and Tom Brown) Reblog
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