BACK TO TOP |
HAWAII
Kahala Nui breaks ground, gets funding
Just in time for its groundbreaking, a complex bond structure has been concluded to provide $183 million in financing for Kahala Nui.A ceremony was scheduled for 10 this morning to kick off construction on the retirement center, planned for Catholic church land next to the Star of the Sea school near Kahala Mall. Construction costs are estimated at $100 million.
The state government started the funding process in November with the issuance of $142 million in tax-exempt bonds for Kahala Senior Living Community Inc., the nonprofit corporation set up to develop the complex.
Now another $40 million-plus has been arranged with Zeigler Capital Markets Group in Chicago as the bond underwriter. The revenue bonds, some taxable and some tax-exempt, were purchased by several large mutual fund groups and insurance companies.
The complex, due to open in 2005, will have two residential buildings, one of five stories and the other of six stories, plus a five-story health care building. Greystone Communities Inc. of Texas will manage the complex for Kahala Senior Living Community.
Investment pros get local chapter
The Association for Investment Management and Research has approved an application to establish a Hawaii-based chapter. The international nonprofit organization has more than 50,000 investment practitioner and educator members in more than 100 countries.The local chapter, Hawaii Society of Investment Professionals, will seek to promote the professional and educational development of its members and local investment community. Bank of Hawaii's William Barton was elected president of the local chapter.
Previously, Hawaii investment professionals had to hold their memberships in mainland chapters of AIMR.
AIMR also is the sponsoring organization for the Chartered Financial Analyst exam.
Board clears Pacific Wings deal
The state Board of Land and Natural Resources yesterday approved a land deal at Kahului Airport that will allow Maui-based commuter airline Pacific Wings to build to build a three-story maintenance hangar and headquarters facility.Pacific Wings, which already has state Department of Transportation approval for the project, has been operating out of temporary headquarters at Kahului for about four years.
MAINLAND
Las Vegas bets fly on ‘Pirate Bowl’
LOS ANGELES >> Whether it's the Buccaneers or the Raiders who win the Super Bowl, Las Vegas will haul in a pirate's bounty.Wagers are pouring in to Las Vegas for America's biggest football game of the year, the Super Bowl, which pits the Tampa Bay Buccaneers against the Oakland Raiders Sunday.
Bookies are expecting a hot game, spiced by an east-west rivalry and super-sized grudges.
The game is one of the biggest betting events of the year in Las Vegas, and with Super Bowl XXXVII in nearby San Diego, wagering this year may top all previous outlays, industry executives said. That would be a boon for the gambling town that is suffering from a downturn in domestic travel.
MGM Mirage Race and Sports Book Director Robert Walker expects a flood of last-minute bets on the order of $500,000 each and predicted that the number of bets would be the highest ever. Whether the dollar amount wagered hits a record is another matter, since a few individuals play havoc with statistics.
Super Bowl bets throughout Nevada have been around $70 million in recent years. The record was $77 million in 1998 when the Green Bay Packers played the Denver Broncos.
