BUSINESS BRIEFS
Quiksilver CEO now president also; stock surges
Advertiser Staff and News Services
LOS ANGELES — A shake-up at Quiksilver Inc. yesterday put Chief Executive Robert B. McKnight Jr. into the president's seat too and sent shares in the world's largest surfwear maker up 6 percent.
McKnight, who is also chairman and was president until 2001, replaced Bernard Mariette, a 15-year Quiksilver veteran who spearheaded the ill-fated acquisition three years ago of what was then known as Skis Rossignol.
Mariette resigned to pursue what Quiksilver called "other interests" — including trying to take Rossignol off Quiksilver's hands. Huntington Beach, Calif.-based Quiksilver would like to unload the brand, which has been a financial drag.
LAS VEGAS SETS VISITOR RECORD
LAS VEGAS — The number of people visiting Las Vegas in 2007 has inched up 0.7 percent to a record 39.2 million.
The Las Vegas Convention and Visitors Authority says the figure is the fourth consecutive annual record.
The increase comes as hotel room inventory rose a mere 0.2 percent, to 132,947.
Authority spokesman Jeremy Handel says that may have restricted the number of visitors.
Hotel occupancy also was at a record 90.4 percent, tying the previous high set in 1996.
The authority expects Las Vegas to add 40,000 hotel rooms by 2012, including 9,000 this year. It's aiming to raise the visitor count this year by 1.5 percent, to 39.8 million people.
WYNN RESORTS BACK IN GREEN
LAS VEGAS — Wynn Resorts Ltd., the casino company controlled by billionaire Steve Wynn, said yesterday that it swung from a loss a year earlier to a profit of $65.5 million in the fourth quarter, pushed by sharply higher VIP business in the Chinese gambling strip of Macau.
Its Wynn Las Vegas resort also held up, posting a 3.3 percent revenue increase despite a slowing U.S. economy.
Chief Executive Wynn said the company did not see its business slow, but he forecast general weakness ahead, saying "you probably should turn on the yellow light" for the Las Vegas market.
Wynn shares fell 4 cents to close at $119.84 before the earnings announcement and dropped another $5.09, or 4.2 percent, to $114.75 in after-hours trading.
COMCAST SLOWS NETWORK TRAFFIC
WASHINGTON — Comcast said yesterday that it purposely slows down some traffic on its network, including some music and movie downloads, an admission that sparked more controversy in the debate over how much control network operators should have over the Internet.
In a filing with the Federal Communications Commission, Comcast said such measures — which, for example, can slow the transfer of music or video between subscribers sharing files, for example — are necessary to ensure better flow of traffic over its network.
In defending its actions, Comcast argued that it should be able to direct traffic so networks don't get clogged. Consumer groups and some Internet companies counter that the networks should not be permitted to block or slow users' access to the Web.
AMAZON FIGHTS SALES TAX PLAN
ALBANY, N.Y. — Amazon.com is fighting Gov. Eliot Spitzer's plan to require out-of-state online companies to collect New York state sales tax on goods they send to addresses in New York — the most recent cash-strapped state to propose the tax.
Spitzer estimates in his budget that the state would gain $47 million by requiring Internet giants such as www.Amazon.com to collect state sales tax. If that portion of the budget is passed, retailers will start being required to collect the taxes.
New Yorkers are currently on an honor system to report their online spending when they file their state tax returns.
