Maui Divers opens Waikiki store

Maui Divers Jewelry has opened a new store it is calling its flagship in Waikiki.

The local jewelry retailer and manufacturer recently opened the 950-square-foot store at the DFS Galleria Waikiki.

The outlet joins 14 other stores owned and operated by Maui Divers in Waikiki, and is the largest among them.

Maui Divers has 56 outlets in Hawaii, California and Guam under four names: Maui Divers Jewelry, Island Pearls, Pick-A-Pearl and Maui Divers Jewelry Luxury Collection.

Jobless claims fall to near year low

WASHINGTON » Applications for unemployment benefits dropped last week to the second lowest level this year, fresh evidence that companies are cutting fewer jobs.

First-time claims for aid fell by 17,000 to a seasonally adjusted 421,000 in the week ending Dec. 4, the Labor Department said yesterday.

The four-week average of claims, a less-volatile measure, dropped for the fifth straight week to 427,500. That’s the lowest since August 2008, just before the financial crisis intensified with the collapse of Lehman Brothers.

Vegas Strip gambling revenue leaps

Las Vegas Strip gambling revenue rose 16 percent in October, as growing blackjack and slots play helped the biggest U.S. casino city emerge from a record two-year slump.

Revenue jumped to $494.8 million from $426.3 million in the same month a year earlier, Nevada’s Gaming Control Board said yesterday. Growth accelerated from 2.8 percent in September. Strip-casino proceeds increased 5.4 percent in the first 10 months of this year.

Las Vegas is recovering from its steepest gambling and convention decline, which had exacerbated a drop in hotel room rates. MGM Resorts International, Las Vegas Sands Corp. and Wynn Resorts Ltd., the three biggest publicly traded Las Vegas-based casino owners, said the worst had passed during their most recent quarterly earnings announcements.

Revenue for all Nevada casinos increased 11 percent, to $888.6 million, in October, the gaming board said.

Borders Group loses $74.4 million

ANN ARBOR, Mich. » Borders Group said yesterday its third-quarter loss widened as its book sales continued to fall due to tough competition from online retailers and discount stores.

The No. 2 traditional bookseller in the U.S. also said the amount it can borrow under its credit facility has been reduced because the value of its inventory has fallen and it could violate its credit agreement by the next year’s first quarter if its liquidity doesn’t improve.

Borders reported a loss of $74.4 million, or $1.03 a share. That compares with a loss of $37.7 million, or 63 cents a share, last year. Its revenue fell 18 percent to $470.9 million.

The report comes after activist investor William Ackman offered to finance a Borders bid for its much larger rival, Barnes & Noble Inc.

Procter & Gamble joins social media

CINCINNATI » Goodbye, "Guiding Light." Hello, YouTube.

Procter & Gamble Co., whose sponsorship and production of daytime TV dramas helped coin the term "soap operas," has pulled the plug after 77 years. Instead, the maker of Tide detergent, Ivory soap and Olay skin care products is following its customers online with a big push on YouTube, Twitter and Facebook.

ON THE MOVE

Alston Hunt Floyd & Ing has announced Jean K. Campbell as attorney of counsel with the firm. She will focus on areas of real property, commercial leasing and land use. Campbell was previously a partner at Carlsmith Ball LLP.

Puakea Golf Course has named Dave Werner as the new general manager. He was formerly the head golf professional at Hawk Valley Golf Club in Denver as well as worked in the pro shop, merchandising and was an assistant golf professional in Puakea Golf Course.

Kahala Nui is donating $53,500 to Aloha United Way. The money will go to agencies that help seniors with housing, programming, food and more.

Madison Square Garden has deal to buy L.A. Forum

NEW YORK » Madison Square Garden is set to add an historic West Coast arena to its properties with a deal to buy the Forum.

The New York-based company said in a statement yesterday it has reached an agreement for "the option to purchase the L.A. Forum, subject to due diligence and other conditions."

MSG’s properties include the NBA’s Knicks, the NHL’s Rangers, Radio City Music Hall and its namesake arena.

Once known as the "Fabulous Forum," the arena in Inglewood, Calif., was home to the NBA’s Lakers and the NHL’s Kings until 1999, when they left for the new Staples Center. Taken over by Faithful Central Bible Church in 2000, the Forum still hosts concerts and other events.