Business briefing - pressofAtlanticCity.com: Business

Business briefing - pressofAtlanticCity.com: Business

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Posted: Wednesday, July 17, 2013 12:01 am

Pa. table games

Total gambling revenue at Pennsylvania's 11 casinos was flat for the fiscal year that just ended, but gross revenue from table games grew 7.4 percent on the strength of continued strong growth at the Sands Casino Resort Bethlehem and the first full year of play at Valley Forge Casino Resort. The Pennsylvania Gaming Control Board said casinos generated $3.14 billion in combined revenue from slot machines and table games during the fiscal year that ended June 30, up less than a tenth of a percent from the year before.

Homebuilder index

U.S. homebuilders are feeling more optimistic about their home sales prospects than they have in more than seven years, a trend that suggests home construction will accelerate in coming months. The National Association of Home Builders/Wells Fargo builder sentiment index jumped to 57 this month, from 51 in June. It was the third consecutive monthly gain.

Cape Bancorp stock

Cape Bancorp Inc., the

parent of Cape Bank, announced Tuesday it

completed a repurchase of 667,239 shares of common stock at an average price of $9.35 per share. The company also recently declared a cash dividend on common stock of 5 cents per share, payable to stockholders of record as of July 29 and expected to be paid Aug. 12. Cape Bank operates 15 offices in Atlantic and Cape May counties.

Coca-Cola struggles

Coca-Cola is struggling to sell more soda in North America. The world's largest beverage maker blamed a confluence of factors including unusually bad weather for its disappointing second-quarter results. It cited cold, wet conditions at home and flooding in parts of Europe for weak volume growth globally and a 4 percent profit decline.

New AT&T option

AT&T is making it easier for customers to upgrade their cellphones more frequently, as long as they're willing to pay more. The country's

second-largest cellphone carrier says it's introducing an option called AT&T Next on July 26. Instead of paying, for example, $200 up front

to buy a smartphone, customers would pay monthly installments of $15 to $50 on top of their service plan, depending on the device.

Gas prices up

Gasoline rose to the highest price in five weeks as the recent spike in oil continues to filter down to the consumer level. The average price for a gallon of gas rose 2 cents overnight to $3.635, the

highest since June 10.

GM sales rise

General Motors' global sales grew almost 4 percent in the first half of the year, enough to fend off Volkswagen for second place and perhaps close the gap with sales leader Toyota. GM said it sold 4.85 million cars and trucks from January through June.

Goldman jumps

Goldman Sachs said that its second-quarter profit doubled and revenue jumped 30 percent, helped by gains in stock and bond underwriting and the bank's own investments. But the hot topic for analysts who follow the bank was a set of impending capital rules and how they might affect the powerful New York investment bank.

Factor output up

U.S. factories turned out more business equipment, home electronics and autos in June. The Federal Reserve said factory production rose 0.3 in June from May. That followed a 0.2 increase in May. But the increases only offset production drops in March and April.

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