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Business news in brief

In the Region

Revel clubs want to stay open

The operator of two immensely popular clubs at the bankrupt Revel Casino Hotel - the HQ Night Club and the HQ Beach Club - filed a complaint in U.S. Bankruptcy Court in Camden, asking for a preliminary injunction that would allow it to keep its facilities open even though Revel closed Tuesday. Idea Boardwalk L.L.C., which said it paid $16 million of the $80.3 million needed to build out the spaces in Revel that it has used, said its clubs have independent entrances making it unnecessary for HQ patrons to access the casino. The HQ Beach Club was jammed with guests Sunday and Monday for DJ parties, while the casino remained almost empty. - Harold Brubaker

Fed: All regions see growth

All 12 of the Federal Reserve's regions reported economic growth in July and August, a Fed survey said. Six regions - New York, Cleveland, Chicago, Minneapolis, Dallas and San Francisco - characterized growth as "moderate." Philadelphia and five other regions reported somewhat slower expansion. The survey found no clear evidence that the economy is expanding so fast that the Fed might soon need to begin raising interest rates to prevent inflation. The survey, known as the Beige Book, is based on anecdotal reports from businesses across industry sectors and will be considered with other data when Fed policymakers next meet, Sept. 16-17. - AP

ICG now named Actua

ICG Group Inc. a Radnor tech firm now focused on cloud computing, said it changed its name to Actua Corp. and its Nasdaq ticker symbol changed from ICGE to ACTA. "Over time, we have matured into a high-growth, high-margin, pure-play cloud company," CEO Walter Buckley said in a statement. Buckley cofounded the company in 1996 as Internet Capital Group. Actua employs 650. ICG had a net loss of $12.9 million, or 35 cents per share on revenue of $19 million for the quarter that ended June 30, compared with a loss of $6.9 million, or 19 cents per share, on revenue of $13.5 million in the same three months a year earlier. - Inquirer staff

Drexel signs project adviser

Drexel University said it has retained Chicago-based real estate services company Jones Lang LaSalle Inc., or JLL, for advice in the selection of a "master developer" for 10 acres of its proposed mixed-use Innovation Neighborhood in University City. Drexel president John A. Fry, in a statement, said the university expects the developer to come up with a plan to blend "education, research, commercial, retail, hospitality, and residential uses" for the project. - Reid Kanaley

Pa. slots revenue up

Gamblers lost $210 million at slot machines in Pennsylvania's 12 casinos in August, a 2.4 percent increase over the same month last year and the first time since last October that the industry logged a year-over-year increase, the Pennsylvania Gaming Control Board said. - Harold Brubaker

Toll contracts down

Toll Brothers Inc., the Horsham builder, said completed home sales in the May-July quarter vaulted 36 percent from the prior-year period to 1,444 homes, while signed contracts fell 6 percent to 1,324 homes. All told, the company reported net income of $97.7 million, or 53 cents per share, for the three months ended July 31. That compares with net income of $46.6 million, or 26 cents per share, in the prior-year period. Revenue in the latest quarter jumped 53 percent to $1.06 billion from $689.2 million. Shares fell 4.7 percent, or $1.68, to close at $33.95. - AP

Comcast confirms sponsorship

Comcast Corp., of Philadelphia, confirmed that it would replace Nationwide Insurance as the sponsor of a national NASCAR-sanctioned race series, beginning on Jan. 1. The race will be called the NASCAR Xfinity Series. Comcast is the third sponsor of the stock-car race series, following Nationwide and Anheuser-Busch. Terms were not disclosed. - Bob Fernandez


Tesla picks Nevada for plant

Tesla Motors has chosen Nevada as the site for a massive, $5 billion factory that will pump out batteries for a new generation of electric cars, a person familiar with the company's plans said. The person said work would soon resume at an industrial park outside Reno. Four other states - California, Texas, Arizona and New Mexico - were vying for the project and the estimated 6,500 jobs it will bring. Nevada Gov. Brian Sandoval's office said the governor would make a major announcement Thursday. - AP

CVS changes name

CVS Caremark Corp. halted sales of tobacco products almost a month ahead of schedule, started a smoking-cessation campaign, and changed its name to position itself as a health-care provider in the growing U.S. market. CVS Health, as the company now calls itself, will forgo $2 billion in annual revenue as it becomes the first national pharmacy chain to end tobacco sales. Its rivals have not followed suit. - Bloomberg News