Atlantic City's casinos showed some signs of stabilization as gambling revenue continued to decrease at a slower clip than this summer. October revenue figures released yesterday from the New Jersey Casino Control Commission showed that monthly revenue was down 6.5 percent compared with a year ago. That was only slightly more than the 5.8 percent decline in September - and an improvement from the double-digit decreases in the peak summer months. The casinos won nearly $324 million last month, down from $346.2 million from a year ago. Revenue from slot machines was $222.4 million, or about 69 percent of the total, while revenue from table games made up the rest at $101.4 million. For the first 10 months of the year, the casinos generated nearly $3.4 billion, down 13.5 percent from the same period in 2008. - Suzette Parmley
Thousands of Pennsylvania residents who have exhausted their unemployment compensation benefit may be able to get 20 more weeks of checks. State officials said more than 35,000 people will receive a mailing about the benefit and instructions on how to file for it. With the extension approved by Congress, Pennsylvania now offers up to 99 weeks of jobless benefits. - AP
Sovereign Bancorp Inc., which has been owned since January by Spain's Banco Santander N.A., swung to a $1.2 billion third-quarter profit from a $982 million loss in the same period a year ago thanks to a $1.3 billion income tax benefit. Sovereign, which is based in Boston, said in its quarterly report to the Securities and Exchange Commission that credit problems continued mounting in most parts of its $57 billion loan portfolio. The lender has set aside $1.9 billion to cover expected losses, up from $1.1 billion a year ago. The company's Sovereign Bank has 6.6 percent, or $8.38 billion, of the market share in the eight-county Philadelphia region based on deposits as of June 30, the most recent figures. - Harold Brubaker
Public Service Electric & Gas Co. received approval to provide $143 million in loans to finance the installation of small-scale solar energy systems. The New Jersey Board of Public Utilities approved PSE&G's plan to lend developers or customers about half the cost of installing solar systems no larger than 500 kilowatts (a typical residential system is 7 kilowatts). Loan recipients will be able to repay the debt with the money received by selling renewable energy credits earned by the solar generators. The costs of the loan program will add about 36 cents to a residential customer's annual bill. Details are available at www.pseg.com/solarloan. - Andrew Maykuth
Target Corp. has agreed to pay $375,000 to settle a lawsuit brought by the New Jersey Attorney General's Office that alleged that Target Stores violated a number of consumer laws, including selling infant formula and nonprescription drugs after expiration dates. The settlement includes an agreement by Target to create a new senior management position, group pricing compliance specialist, to monitor the company's pricing policies. Last year, the Attorney General's Office reached a $475,000 settlement with Rite Aid Corp. over similar violations. - Christopher K. Hepp
VIST Financial Corp., Wyomissing, Pa., said it had accounted incorrectly for a certain form of debt and as a result had to revise results for last year and the first nine months of this year. For the three months ended Sept. 30, the revised net income was $155,000, down from $529,000. Last year's result improved under the correct accounting rules to $2.15 million from $1.77 million. - Harold Brubaker
Two Bear Stearns Cos. executives who ran hedge funds that crashed in 2007 amid the subprime mortgage meltdown were acquitted yesterday of lying to investors about the looming crisis on Wall Street. Jurors found Ralph Cioffi and Matthew Tannin not guilty of conspiracy and other charges in an alleged fraud that cost 300 investors about $1.6 billion and nearly caused the demise of Bear Stearns. The firm barely avoided bankruptcy in a rescue buyout by JPMorgan Chase & Co. Both men had been charged with three counts of securities fraud and two counts of wire fraud. Cioffi was also charged with insider trading. - AP
Senate Banking Committee Chairman Christopher Dodd called for sweeping new government powers to prevent another economic collapse, protect consumers, and dismantle failing institutions. Dodd's 1,100-page draft would strip the Federal Reserve and other regulators of their powers to regulate banks and hand that job to a single agency. The bill also would take away the Fed's ability to monitor credit cards and mortgages, and establish a new Consumer Financial Protection Agency. - AP
After a slow start, the Obama administration's mortgage relief program has reached one in five eligible homeowners, a government report says. As of the end of October, more than 650,000 borrowers, or 20 percent of those eligible, have signed up for trials lasting up to five months, the Treasury Department said. The modifications reduce monthly payments to more affordable levels. - AP
Gemcraft Homes, Baltimore, filed for Chapter 11 bankruptcy protection Monday "because of the economic and market conditions existing in the land development and home-building industry," the builder said. Gemcraft has two developments in the eight-county area - Penn's Manor in Kennett Square and Hills of London Grove in Avondale. Gemcraft president Bill Luther said he expected to have $37 million in new financing from existing lenders and "a related party." Company advertising director Kimberly Kemp said business will operate normally during the bankruptcy. - Alan J. Heavens
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