Articles to Read 8/20/09

1. Sears Shares Drop as Recession Drags Down Sales

Sales at U.S. Sears stores open at least 12 months declined 13 percent as consumers bought fewer washers, dryers and refrigerators and clothing, the Hoffman Estates, Illinois-based company said today in a statement. Same-store sales at Kmart fell 3.9 percent.

2. Five-Star Hotel Rates to Drop, Hotwire’s Bason Says

Average U.S. daily hotel rates fell 8.7 percent to $98.66 in the first half of the year from a year earlier, while occupancy tumbled 11 percent to 54.6 percent, according to data compiled by Smith Travel Research Inc.

3. Stanley Ho Shows He Makes Macau Money Vegas Men Can’t Replicate

Las Vegas Sands and Wynn got more than 60 percent of their revenue from Macau last year.

In the first six months of 2009, Las Vegas Strip casino revenue fell 15 percent -- adding to what had been a record 11 percent decline in 2008. Macau’s gambling revenue dropped 10 percent in the first seven months of this year in part because of the visa restrictions. Atlantic City’s revenue was down 15 percent in that period.