Zenith invests in Wynn deal. (The Digest).Zenith zenith, in astronomy, the point in the sky directly overhead; more precisely, it is the point at which the celestial sphere is intersected by an upward extension of a plumb line from the observer's location. National Insurance Corp. spent $13 million to buy 1 million shares of Wynn Resorts Wynn Resorts Limited NASDAQ: WYNN was formed on October 25, 2002 by former Mirage Resorts Chairman and CEO Stephen A. Wynn. The company is based in Las Vegas, Nevada and is a developer and operator of high end hotels and casinos. Ltd., which will build Le Reve, a $2.4-billion Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. hotel-casino. Woodland Hills-based Zenith's common-stock holdings totaled $32 million as of June 30, along with its $900 million in bond holdings. Zenith's purchase was nearly 2.9 percent of the total 34.6 million shares Wynn sold in an initial public offering. Zenith recently completed the sale of its nine-year-old Las Vegas real estate company for $65 million, freeing up funds to support growth of the workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. insurance specialist. Zenith has been profitable this year after recording losses in much of the last three years. Rising premiums have helped boost profits across the insurance industry since last year's terrorist attacks. Zenith estimates it will record a gain on the sale of its Las Vegas real estate holdings in the fourth quarter of about $7 million and will receive approximately $28 million in repayment of intercompany loans Intercompany loan Loan made by one unit of a corporation to another unit of the same corporation. from its homebuilding subsidiary. |
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