How much is that?
"I think $2 billion is not an unreasonable number," said Kevin DeSanctis, president and chief executive officer of Revel Entertainment Group L.L.C., of the projected price tag for Morgan Stanley's new casino on the Boardwalk. Revel will operate and Morgan Stanley will own the new gambling palace. DeSanctis, who spoke at yesterday's gambling industry conference in Atlantic City, said the casino's price had nearly doubled because of rising construction costs and the long permitting process to build along the Jersey Shore. DeSanctis said he hoped to break ground in the spring of 2008, with the opening anticipated during 2011. Arquitectonica, which has built massive casinos and hotels in Dubai and Macau, was named the designer for the new casino. - Suzette Parmley
Costly breakup fee
It's all in their pre-nup: Highmark Inc. and Independence Blue Cross want to marry, but if either decides to dump the other in favor of an outside suitor, or for certain other reasons, it'll cost $15 million. And by the way, this breakup fee cannot be socked away in some remote investment. In their consolidation agreement filed with Pennsylvania's Department of Insurance, the two Blues say it must be paid with "immediately available funds." - Jane M. Von Bergen
1-for-3 or 1-for-6?
Orthovita Inc., which makes materials used for bone regeneration and soft-tissue healing, wants to reduce the number of its outstanding shares to boost its stock price. Shareholders are being asked to approve next month a 1-for-3 to 1-for-6 cut, called a reverse stock split, according to a filing with the Securities and Exchange Commission. Orthovita says its current share price, less than $3, deters some potential buyers. "Many institutional investors have policies prohibiting them from holding lower-priced stocks," the Malvern company said. - Jonathan Berr