Economy Briefs: State cements status as No. 2 gambling market

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PHILADELPHIA — Pennsylvania is now the nation’s second-largest gambling market behind Las Vegas.

The state’s gaming control board announced Tuesday that Pennsylvania’s 11 casinos pulled in more than $233.1 million in gross slot-machine revenue last month, setting an all-time monthly high for the state.

Atlantic City, N.J., was the previous second-largest gambling market.

The totals include revenue from two test nights and one day of operations at Valley Forge Casino Resort, which opened Saturday. Overall, the figures broke the previous monthly record of $218.3 million set in July.

The gaming board says that for the first two months of 2012, Pennsylvania casinos tallied $515.7 million in gross revenue with slots and tables combined. New Jersey reported comparable gross revenue of $479.6 million.

IMF

Chief wants expanded ‘firepower’ to help economies

The managing director of the International Monetary Fund said Tuesday that the global recovery is growing stronger but still is very fragile, calling on the international community to give her organization “more firepower” to help keep tottering economies from going under.

“We certainly need more resources,” Christine Lagarde said without specifying how much more was needed. Ms. Lagarde said the IMF would address that question at its spring meeting in two weeks.

The IMF currently has about $400 billion in resources that it can use to provide loans to countries in trouble; Ms. Lagarde has talked about expanding those resources to close to $1 trillion. The 17 countries that use the euro already have promised to provide $200 billion of that amount.

Ms. Lagarde said the global economy is making some advances in digging itself out of the worst downturn in decades, but that the recovery remains particularly frail in Europe. She suggested cutting government spending too quickly in developed countries such as the U.S. and larger European nations could make things worse, not better.

Policymakers on both sides of the Atlantic need “breathing space to finish the job,” she said. Ms. Lagarde also said that Europe’s faltering would quickly spread and the U.S. recovery, slowly gaining strength, “might well be in jeopardy.”

NEW YORK

Icahn: CVR Energy investors agree to hostile takeover bid

NEW YORK — Billionaire investor Carl Icahn says a majority of CVR Energy shares have been tendered in support of his hostile takeover bid for the oil refiner.

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