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Failed N.J. casino will reopen with a new owner

Atlantic City's former Revel casino did plenty of things wrong in the two years it was open. Now the new owner says he's fixing them and plans to reopen the property as the Ocean Resort Casino. Colorado real estate developer Bruce Deifik said he plans to allow smoking, open a buffet, welcome bus tours, and reconfigure the casino floor to make it easier to move around. All those things were considered problems with the $2.4 billion Revel, which closed in 2014. Deifik bought it for $200 million in January and plans a summer opening. — ASSOCIATED PRESS


As demand for lithium surges, company boosts production

A little-known Chilean company that until recently churned out mostly crop nutrients may hold a key to the future of electric-vehicle production. And a Chinese mining company is poised to grab a big piece of it. Soc. Quimica & Minera de Chile sits on the world's richest deposit of lithium. It produces more than 20 percent of the global supply and is about to produce a lot more. SQM will at least double and could eventually quadruple lithium capacity, thanks to recent agreements between the company and the Chilean government. Ramping up production of the mineral will help meet seemingly insatiable demand from electric-car makers. The green light to mine vastly more lithium has put SQM in the sights of several mining companies, including London-based Rio Tinto Group and China's Tianqi Lithium Corp. ''Tianqi owning the stake would be another step toward overall Chinese consolidation of the lithium industry,'' said Chris Berry, a New York-based energy-metals analyst. Christopher Perrella, a Bloomberg Intelligence analyst, said a Chinese move to control SQM makes sense. ''The Chinese view electric vehicles as a key technological focus,'' he said. ''Most of the world's batteries are made in China, and access to lithium would be of strategic interest.'' Lithium prices have reached historic highs on the strength of growing EV production. — BLOOMBERG NEWS


Largest warehouse owner gets even bigger with $8.4b deal

Prologis Inc. has agreed to acquire DCT Industrial Trust Inc. for $8.4 billion in stock and assumed debt, making the world's largest warehouse owner even bigger as demand surges in the age of online shopping. DCT stockholders will receive 1.02 Prologis shares for each of theirs, the companies said Sunday — a premium of about 16 percent over DCT's closing price of $58.75 on Friday. The boards of both San Francisco-based Prologis and Denver-based DCT approved the purchase, which is expected to be completed in the third quarter. DCT's 71 million square feet of real estate will help Prologis deepen the its presence in high-growth markets including Southern California, the San Francisco Bay area, Seattle, South Florida, and New York and New Jersey, according to the companies. — BLOOMBERG NEWS



Feds will assess health of the Atlantic scallop fishery

Federal regulators are reviewing the health of sea scallops in the Atlantic Ocean to get a better handle on their status. Sea scallops are among the most valuable wild-harvested seafood products in the United States. They were worth more than $485 million at the docks in 2016, when fishermen harvested more than 40 million pounds of them. The National Oceanic and Atmospheric Administration describes the assessment as a ''scientifically rigorous review.'' It will help in the writing of future regulations for the sea scallop fishery. The agency says results of the assessment will be available in July. Sea scallops come to shore from Maine to Virginia. Massachusetts is the most productive state; in 2016, more than half of America's sea scallops came to land in Massachusetts. — ASSOCIATED PRESS



Wow Air may seek funding as it ponders expanding, including with more US flights

The Icelandic carrier Wow Air, which offers low-cost trans-Atlantic flights via a hub in Reykjavik, may seek to raise funds this year by selling a stake in the company. Wow needs to finance expansion plans that include service to Asia and its first direct Europe-United States flights. It could seek a nonindustry investor or opt for an initial public offering of stock, founder and chief executive Skuli Mogensen said in an interview in London. He said that other airlines have shown an interest in Wow but declined to name possible suitors. Major carriers are sold on the concept of discounted long-distance travel, Mogensen said. Wow will announce its first Asian route from Iceland next month, with the aim of connecting travelers to the eastern seaboard of North America via the shortest Arctic flight path, Mogensen said. Dublin and London remain options for a base for Wow's first direct US discount flights, while Wow is continuing to explore the possibility of establishing a "counter-seasonal" hub — possibly in the Southern Hemisphere — to which it could shift some of its aircraft during the Northern Hemisphere's winter, when demand ebbs, Mogensen said. — BLOOMBERG NEWS