Wednesday, May 27, 2009

Daily Briefing, 5/27/2009

Good morning everyone! Here is today's Daily Briefing.

Bethlehem Sands' had the best opening weekend for any casino in Pennsylvania, raking in $18.4 million and making $1.62 million in revenue. The Loop, a shuttle which takes people from the Sands to various locations in Bethlehem, was also a hit. In Allentown, the city is holding the line on expenses but still not getting enough revenue, leaving the potential for an $8 million year-end deficit.

There is some interesting drama at the state-wide level, as President Obama and the Democratic Senate Campaign Committee are both trying to muscle Congressman Sestak out of a primary challenge to Arlen Specter.

In national news, President Obama nominated Federal Judge Sonia Sotomayor for the vacancy on the Supreme Court caused by Judge Souter's retirement. If confirmed, Sotomayor would be the third woman on the court and first Hispanic. Local Hispanic's praised the nomination. The other big piece of local news was that the California Supreme Court upheld a challenge to Proposition 8, passed in 2008, which banned gay marriage in the state after being approved by the voters. The Court did, however, decide that all prior marriages entered before the passage of Proposition 8 were legal.

On the economic front, there is some very good news. A report from the National Association of Business Economics found that economic growth will rebound before the end of 2009, although the 2nd quarter will still show a decline. Consumer confidence also shot up to its highest levels in eight months, the biggest one-month jump since 2003. The news wasn't all good, however, as home prices dropped 20% during the first three months of 2009.

We have two Chamber events today: a forum on the proposed optional 1% sales tax increase and a ribbon cutting for a Walmart in Whitehall.

And that's it for today! Have a great day.

No comments: