Cash in hand: The Shaw Group says it has received a $29 million arbitration award payment from Taiwan Power Company. Earlier this month, the Taiwan High Court ordered Taiwan Power to pay Shaw for increased costs the power company caused for work on the Lungmen Nuclear Power Project. Shaw says the payment will boost its quarterly earnings by about $23 million, or 16 cents per share. Shaw has revised its fiscal year guidance for 2011, projecting about $6.5 billion in revenue and earnings per share of $1.86 to $1.96. That excludes the Westinghouse segment.
Hopes to bring racing back: Penn National Gaming Inc., the parent company of Hollywood Casino Baton Rouge, submitted the winning bid for the shuttered Rosecroft Raceway in Maryland for about $10.25 million in cash, edging out Baltimore Orioles owner Peter Angelos in a three-way bid. Michael Lichtenstein, a Potomac lawyer whose office handled the auction, says the company would submit another $3 million for the Prince George’s County harness racing track if the Wyomissing, Penn.-based company gets a bond from the state. Penn National has a stake in several Maryland tracks. The company co-owns Laurel Park, which is about 30 miles away from Rosecroft, and Pimlico Race Course, home of the Preakness Stakes, racing’s second leg of the Triple Crown. The company also owns the Hollywood Casino in Cecil County. The sale needs to be approved by a bankruptcy judge.
