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Oracle and AMD expand AI partnership to keep up with demand

WASHINGTON (AP) — and Advanced Micro Devices are expanding their partnership with the deployment of 50,000 graphic processing units beginning in the third quarter of 2026 with further expansion to follow.

The so-called AI “supercluster” is a massive, interconnected group of high-performance computers designed to work together as a single system.

AMD shares jumped 3% before the bell Tuesday, while Oracle’s slipped 1.8%.

The companies said that next-generation AI models are poised to outgrow the limits of current AI infrastructure.

No dollar figures for what each company’s investment in the expanded partnership.

IMF raises U.S., global growth outlook despite tariffs

Summary

  • lifts U.S. growth forecast to 2% for 2025, 2.1% for 2026
  • seen at 3.2% this year amid resilience
  • U.S. importers bearing most tariff costs, IMF says
  • AI boom and supply-chain agility help offset trade pressures

WASHINGTON (AP) — The U.S. and global economies will grow a bit more this year than previously forecast as the administration’s have so far proved less disruptive than expected, the International Monetary Fund said Tuesday, though the full impact of those policies is still emerging.

The United States’  will expand 2% in 2025, the IMF projected in its influential semi-annual forecast, the . That is slightly higher than the 1.9% forecast in the IMF’s last update in July and 1.8% in April. The U.S. should grow 2.1% next year, also just one-tenth of a percent faster than its previous projection, the IMF said.

The global economy, meanwhile, will grow 3.2% this year, up from a 3% estimate in July, the IMF forecast, and 3.1% in 2026, the same as its previous estimate.

The figures represent a bit of a round-trip for the IMF: In January, before Trump began imposing tariffs, it had forecast global growth of 3.3%, only slightly higher than its newest estimate. While the U.S. and world economies have fared better than expected, it’s too soon to say they are fully in the clear, the IMF said, as Trump has continued to make tariff threats and it can take time for changes in international trade patterns to play out.

The reasons for the better performance “are clear,” IMF chief economist said in a blog post.

“The United States negotiated trade deals with various countries and provided multiple exemptions,” Gourinchas wrote. “Most countries refrained from retaliation, keeping instead the trading system largely open. The private sector also proved agile, front-loading imports and speedily re-routing supply chains.”

By front-loading imports, many companies were able to stock up on goods before the duties took effect, enabling them to avoid or delay price increases.

Yet many of those factors only reflect “temporary relief, rather than underlying strength in economic fundamentals,” the IMF’s report said.

The IMF also said that import price data in the U.S. shows that so far importers and retailers are paying most of the tariffs, not overseas companies, as many Trump administration officials have predicted. Over time, those firms are likely to pass on more of the price hikes to consumers, the IMF said.

There are signs that some downsides of the higher tariffs are starting to emerge, the IMF outlook said. Core , which excludes the volatile food and energy categories, has ticked up to 2.9%, according to the Federal Reserve’s preferred measure, up from 2.7% a year ago. Hiring has ground to nearly a halt, which could partly reflect a more cautious approach by many firms in the wake of the uncertainty created by the higher tariffs.

The IMF’s forecasts are modestly more optimistic than many private-sector economists’ expectations. The National Association for Business Economics, a group of academic and business economists, on Monday forecast that the U.S. would grow just 1.8% this year and 1.7% in 2026.

Nearly two-thirds of the economists surveyed by the NABE said they think the administration’s duties are nevertheless slowing growth, by up to a half-percentage point.

Other trends are offsetting some of the downsides of tariffs in the U.S., Gourinchas said. For example, a clampdown on immigration has reduced the supply of workers at the same time that hiring has slowed. As a result, the unemployment rate has remained low.

An -driven investment boom in data centers and computing power has also provided a lift to the economy, Gourinchas noted in his blog post.

China, meanwhile, has weathered the hit from U.S. tariffs by sending more of its goods to Europe and Asia, rather than the United States, and its currency has depreciated, which has made its exports cheaper. The IMF is forecasting that China’s economy will expand 4.8% this year and 4.2% in 2026, the same as in July.

In Europe, Germany is bolstering growth by increasing government spending to build up its military, Gourinchas said. The IMF now expects the 20 countries that use the euro to grow 1.2% this year, up from a 1% forecast in July, and 1.1% next year, the same as three months ago.

The IMF is a 191-nation lending organization that works to promote economic growth and financial stability and to reduce global poverty.

OpenAI partners with Broadcom to design custom AI chips

Summary

  • to design custom with
  • Partnership follows deals with , and
  • Broadcom shares surge more than 9% on announcement
  • Analysts warn of “AI bubble” amid rising infrastructure costs

OpenAI said Monday it is working with chipmaker Broadcom to design its own  computer chips.

The two California companies didn’t disclose the financial terms of the deal but said they will start deploying the new racks of customized “AI accelerators” late next year.

It’s the latest big deal between OpenAI, maker of ChatGPT, and the companies building the chips and data centers required to power AI.

OpenAI in recent weeks has announced partnerships with chipmakers Nvidia and AMD that will supply the AI startup with specialized chips for running its AI systems. OpenAI has also made big deals with Oracle, CoreWeave and other companies developing the data centers where those chips are housed.

Many of the deals rely on circular financing, in which the companies are both investing in OpenAI and supplying the world’s most valuable startup with technology, fueling concerns about an AI bubble. OpenAI doesn’t yet turn a profit but says its products now have more than 800 million weekly users.

“What’s real about this announcement is OpenAI’s intention of having its own custom chips,” said analyst Gil Luria, head of technology research at D.A. Davidson. “The rest is fantastical. OpenAI has made, at this point, approaching $1 trillion of commitments, and it’s a company that only has $15 billion of revenue.”

OpenAI CEO said the work with Broadcom to develop a custom chip began about 18 months ago. Broadcom also works with other leading AI developers, including tech giants Amazon and Google.

Altman said on a podcast announcing the deal that the computing power made possible through the Broadcom partnership will amount to 10 gigawatts, which he described as “a gigantic amount of computing infrastructure to serve the needs of the world to use advanced intelligence.”

Broadcom shares surged more than 9% on Monday.

Broadcom CEO Hock Tan said on the same podcast that OpenAI needs more computing capacity as it progresses toward a “better and better frontier model and towards superintelligence.”

“If you do your own chips, you control your destiny,” he added.

Goldman Sachs loses senior bankers after leadership reshuffles, dealmaking pause

Goldman Sachs loses senior bankers after leadership reshuffles, dealmaking pause
By Saeed Azhar

NEW YORK (Reuters) -Goldman Sachs has lost more than a dozen senior investment bankers this year, a higher number than normal, after internal shake-ups and a sluggish start to 2025 drove them to seek new opportunities, according to three sources familiar with the situation.

Some bankers left because they expected to be passed over for promotions this year, including to Goldman’s elite partner class, while others exited because they expected meager bonuses after dealmaking stalled in the first half, according to two of the sources familiar with the situation who declined to be identified while discussing personnel matters.

The scale of departures is being reported by Reuters for the first time.

Despite the departures, Goldman still tops ‘s league tables for mergers and acquisitions, and its fee volumes have also surged close to levels seen in 2021. Its broader investment banking net revenue in the nine months of the year rose to the highest level since 2021, according to data from Dealogic.

The bankers who departed this year joined rivals including JPMorgan Chase, Wells Fargo and Citigroup, while others joined boutiques like Evercore.

“We always look to run our firm in service of our clients and shareholders,” a bank spokesperson said in a statement. “Goldman Sachs succeeds because of our exceptional teams and strength of our franchise.”

The bank will announce new partners in 2026.

In 2024, it appointed 95 new partners, including 26 women, which became effective earlier this year.

It advised Electronic Arts on its $55 billion sale to a consortium of private equity firms and Saudi Arabia’s Public Investment Fund this year, and also advised Holcim on the spinoff of its North American business Amrize, now valued at $26 billion.

“There have been fewer deals overall, but larger in size, requiring less headcount,” said Stephen Biggar, a banking analyst at Argus Research.

Megadeals across the industry jumped to $1.26 trillion in global mergers and acquisitions during the third quarter, up 40% year over year, according to Dealogic data. But 8,912 deals were signed, down 16% from last year, the worst third-quarter performance for deal volume in 20 years, according to the data.

The surge in investment banking has also boosted Goldman’s shares, which are up nearly 38% this year, outperforming the Financials index’s 11% rise.

LEADERSHIP CHANGES

Goldman made major leadership changes this year, introducing co-heads across its major divisions and adding six new members to its management committee. The firm also created a new financing division.

The Wall Street giant also pulled forward annual staffing cuts to the second quarter this year from September. The exercise typically targets a headcount reduction of 3% to 5% based on performance. Headcount fell 2% to 45,900 employees in the second quarter versus the first, according to a company filing.

“The expectation for the bigger M&A environment has been in place for some time,” said Macrae Sykes, a portfolio manager at Gabelli Funds. “As such, I believe that Goldman Sachs is well prepared to take advantage of the tailwinds given their franchise and broad-based banking capabilities. Headcount may fluctuate, but not, in my opinion, the productiveness of the firm’s banking culture.”

Below is a list of some of the Goldman bankers who have departed this year. They did not respond to requests for comment.

Name New Company Role

 

Gabe Gelman Baker Brothers Head of Capital

Advisors Solutions

Citigroup Managing Director,

David Friedland Co-Head of North America

Investment Banking

Geddes Johnson FIS Head of Strategy and M&A

Bennett Blau Evercore Managing Director,

Medtech

Todd Eagle Managing Director, Head

of US Real Estate

JPMorgan Managing Director,

Brett Miller Co-Head of Software

Investment Banking

JPMorgan Managing Director, Head

Eric Quanbeck of Applied Technology

 

JPMorgan Managing Director,

Jonathan Business Services

Slaughter

 

Devin Wilde Morgan Stanley Managing Director

BDT & MSD Managing Director,

Ryan Nolan Partners Global Co-Head of

Software

Chris DiOrio Wells Fargo Managing Director, Head

of Industrials M&A

Wells Fargo Managing Director, Head

Kieran Ryan

(Reporting by Saeed Azhar; Editing by Will Dunham and Paul Simao)

 

Stocks rebound as Trump softens China tariff stance

Summary

NEW YORK (AP) — And back up goes . U.S. stocks rallied Monday after President Donald Trump said ” it will all be fine,” just days after he sent the market reeling by threatening much higher tariffs on China.

The S&P 500 jumped 1.6% in its best day since May and recovered just over half its drop from Friday. The Industrial Average climbed 587 points, or 1.3%, and the Nasdaq composite leaped 2.2%.

“Don’t worry about China,” Trump said on his social media platform Sunday. He also said that China’s leader, Xi Jinping, “doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!”

It was a sharp turnaround from the anger Trump displayed on Friday, when the S&P 500 tumbled to its worst drop since April after he accused China of “ a moral disgrace in dealing with other Nations.”

Trump pointed to “an extremely hostile letter” from China describing curbs to exports of rare earths, which are materials used in the manufacturing of everything from personal electronics to jet engines. Trump said at the time that he may place an additional 100% tax on imports from China starting on Nov. 1.

For its part, China urged the United States to resolve differences through negotiations instead of threats. “We do not want a tariff war but we are not afraid of one,” the Commerce Ministry said in a statement posted online.

Hours later, Trump posted his less confrontational talk about China on Truth Social. The backtrack in anger, which also came before trading began on Wall Street, raised hopes that the world’s two largest economies could find a way to allow global to continue smoothly.

The down-and-up moves for the market echoed its manic swings during April. That’s when Trump shocked investors with his “Liberation Day” announcement of worldwide tariffs, only to eventually relent on many to give time to negotiate trade deals with other countries.

If this time ends up similarly, potentially even after a sharp drop for stock prices, subsiding trade tensions and uncertainty could allow for a rolling recovery to continue into 2026, according to Morgan Stanley strategists led by Michael Wilson.

To be sure, the U.S. may have been primed for a drop. It was already facing criticism that prices had shot too high following a torrid 35% run for the S&P 500 from a low in April. The index, which dictates the movements for many 401(k) accounts, is still near its all-time high set last week.

Not only did Trump’s backdown from tariffs help stocks soar since April, so did expectations for several cuts to interest rates by the Federal Reserve to help the economy.

Critics say the market looks too expensive now after prices rose much faster than corporate profits. Worries are particularly high about companies in the artificial-intelligence industry, where pessimists hear echoes of the 2000 dot-com bubble that imploded.

Broadcom jumped 9.9% for one of Monday’s biggest gains in the S&P 500 after announcing a collaboration with OpenAI. Broadcom will help develop and deploy custom AI accelerators that the maker of ChatGPT will design.

For stocks broadly to look less expensive, either prices need to fall, or companies’ profits need to rise.

That’s raising the stakes for the upcoming earnings reporting season, with big U.S. companies lined up to say how much profit they made during the summer. JPMorgan Chase, Johnson & Johnson and United Airlines are some of the big names on the calendar this coming week.

Fastenal tumbled 7.5% for the largest loss in the S&P 500 after the maker of fasteners and safety supplies reported a profit for the latest quarter that was slightly weaker than analysts expected.

All told, the S&P 500 rose 102.21 points to 6,654.72. The Dow Jones Industrial Average climbed 587.98 to 46,067.68, and the Nasdaq composite rallied 490.18 to 22,694.61.

At Bank of America, strategist Savita Subramanian is optimistic that S&P 500 companies can deliver a bigger overall profit than analysts expected. Besides reports showing a resilient , she also pointed in a BofA Global Research report to how the U.S. dollar’s weakening against other currencies boosts the value of big U.S. companies’ sales made overseas.

In stock markets abroad, indexes edged higher in Europe following losses in Asia, which had their first opportunity to react to Trump’s threat from Friday of additional tariffs on China.

Stocks fell 1.5% in Hong Kong and 0.2% in Shanghai.

China reported its global exports rose 8.3% in September from a year earlier, the strongest growth in six months and further evidence that its manufacturers are shifting sales from the United States to other markets.

UPDATES: with close of US trading.

Retailers scale back holiday hiring amid tariffs, slowdown

Summary

  • expected to fall to the lowest level since 2009
  • delaying seasonal recruitment amid tariff pressures
  • Some companies using AI and flexible scheduling to cut labor costs
  • Shutdown, slower and uncertainty cloud outlook

NEW YORK (AP) — Uncertainty over the economy and  is forcing retailers to pull back or delay plans to hire seasonal workers who pack orders at distribution centers, serve shoppers at stores and build holiday displays during the most important selling season of the year.

American Christmas LLC, which creates elaborate holiday installations for commercial properties such as New York’s Rockefeller Center and Radio City Music Hall, plans to hire 220 temporary workers and is ramping up recruitment nearly two months later than usual, CEO Dan Casterella said. Last year, it took on 300 people during its busy period.

The main reason? The company wants to offset its tariff bill, which Casterella expects to be as big as $1.5 million this year, more than double last year’s $600,000.

“The issue is if you overstaff and then you underperform, it’s too late,” Casterella said. ”I think everyone’s more mindful now than ever. ”

Holiday hiring could fall to 2009 levels

Online behemoth Amazon Inc. said Monday it intends to hire 250,000 full-, part-time and seasonal workers for the crucial shopping period, the same level as a year ago.

But job placement firm Challenger, Gray & Christmas forecasts overall holiday hiring for the last three months of the year will likely fall under 500,000 positions. That’s fewer than last year’s 543,000 level and also marks the smallest seasonal gain in 16 years when retailers hired 495,800 temporary workers, the firm said.

Among other companies cutting holiday payrolls: Radial, an e-commerce company that powers deliveries for roughly 120 companies like Lands’ End and Cole Haan and operates 20 fulfillment sites. It plans to hire 6,500 workers, fewer than last year’s 7,000, and is waiting to the last minute to ramp up hiring for some of its clients, chief human resources officer Sabrina Wnorowski, said.

Bath & Body Works, based in Reynoldsburg, Ohio, said it plans to hire 32,000 workers, below the 32,700 a year ago.

“We saw real strong signals that there’s been a cooling in the , even beyond what our expectations were in the first nine months of the year,” Challenger’s senior vice president Andy Challenger said.

Challenger also noted companies are using  bots to replace some workers, particularly those working in call centers. And he’s also seeing companies hiring workers closer to when they need them.

Meanwhile, the list of companies staying mum about their specific holiday hiring goals keeps growing. Target Corp., UPS and Macy’s are declining to offer figures, a departure from years past.

Holiday hiring: the first clues to what’s in store for spending

Retailers’ hiring plans mark the first clues to what’s in store for the U.S. holiday shopping season and come as the U.S. job market has lost momentum this year, partly because ‘s trade wars have created uncertainty that’s paralyzing managers trying to make hiring decisions.

The Labor Department reported in early September that U.S. employers — companies, government agencies and nonprofits — added just 22,000 jobs in August, down from 79,000 in July and well below the 80,000 that economists had expected.

The , which started Oct. 1 and has delayed the release of economic reports, could worsen the job picture.

In an attempt to exert more pressure on Democratic lawmakers as the government shutdown continues, the White House budget office said Friday mass firings of federal workers have started.

Analysts will be closely monitoring the shutdown’s impact on spending. For now, many retailers say that consumers, while resilient, are selective. Analysts will also be watching how shoppers will react to price increases as a result of high tariff costs in the next few months, experts said.

Given an economic slowdown, holiday spending growth is expected to be smaller than a year ago, according to several forecasts.

Mastercard SpendingPulse, which tracks spending across all payment methods including cash, predicts that holiday sales will be up 3.6% from Nov. 1 through Dec. 24. That compares with a 4.1% increase last year.

Deloitte Services LP forecasts holiday retail sales to be up between 2.9% to 3.4% from Nov. 1 through Jan. 31. That’s compares with 4.2% last year.

And Adobe expects U.S. online sales to hit $253.4 billion from Nov. 1 to Dec. 31, representing a 5.3% growth. That’s smaller than last year’s 8.7% growth.

A more flexible approach

Companies are increasingly wanting to hire workers closer to when they need them, experts said.

“In today’s environment, brands are really looking for us to be agile,” Radial’s Wnorowski said.

So for some of its clients, Radial will now be hiring two weeks before Thanksgiving weekend, the traditional start for the season, instead of four weeks before the kickoff. Radial is also training holiday hires faster with new technology that’s simplifying their tasks. It used to take a couple of days to train a worker, but now it only takes a couple of hours, she said.

Meanwhile, Target will offer current workers additional hours and then will tap into a separate pool of workers— 43,000— who pick up shifts. The Minneapolis-based company also hires seasonal workers across its nearly 2,000 stores and more than 60 distribution facilities to meet demand, it said.

For the past few years, Walmart, the largest private employer, has been offering its workers extra hours available during the holidays, a Walmart spokesperson said, noting it’s worked well and the feedback from customers and workers has been “overwhelmingly positive.”

The Bentonville, Arkansas-based retailer said there may be some seasonal hiring on a store-by-store basis, but most locations will dole out those hours to current workers.

Economic data blackout could create challenges

Waiting until the last minute to hire could mean a mad scramble to find talent, but companies say that with the slowing economy, they don’t anticipate having a hard time.

Meanwhile, the temporary halt of the release of economic reports leaves retailers in the dark about sales forecasts and the workers they may need.

“Certainly, for our customers not having access to data will put more of a challenge on their ability to forecast,” Wnorowski of Radial said. “But we’ll stay very close to them as we go into peak and we’ll adjust as soon we see things changing.”

LendingTree CEO and founder Doug Lebda dies in ATV accident

NEW YORK (AP) — LendingTree CEO and founder Doug Lebda died in an an all-terrain vehicle accident over the weekend, the online loaning platform said Monday.

In a company announcement, LendingTree confirmed that Lebda unexpectedly died on Sunday and that its leadership “deeply mourns his passing” while extending condolences to the executive’s loved ones.

“Doug was a visionary leader whose relentless drive, innovation and passion transformed the financial services landscape, touching the lives of millions of consumers,” LendingTree’s board of directors said in a statement. “His passion will continue to inspire us as we move forward together.”

Scott Peyree, LendingTree’s chief operating officer and president, has now been appointed CEO effective immediately. And lead independent director Steve Ozonian will also step into Lebda’s role as chairman of the board, the company said.

Shares of Charlotte, North Carolina-based LendingTree fell more than 2% by early afternoon trading on Monday.

Lebda founded LendingTree in 1996 — to “simplify the loan shopping process” after experiencing his own frustrations when getting his first mortgage, LendingTree’s website notes. The platform launched nationally in 1998 and became a public company in 2000. It was later acquired by internet conglomerate IAC/InterActiveCorp, before spinning off on its own again in 2008.

Today, LendingTree’s central online loaning marketplace helps users find and compare loans for mortgages, credit cards, insurance needs and more. LendingTree, Inc. also owns brands across the financial sector — including CompareCards and Value Penguin.

In addition to his multiple-decade career at LendingTree, Lebda also co-founded a financial services platform for children and families called Tykoon in 2010. He previously worked as an auditor and consultant for PriceWaterhouseCoopers.

“All of my ideas come from my own experiences and problems,” Lebda told The Wall Street Journal in a 2012 interview.

First Brands CEO James resigns amid bankruptcy process

Summary

(Reuters) -First Brands said on Monday founder Patrick James had stepped down as CEO and will be succeeded by Chief Restructuring Officer Charles Moore on an interim basis, as the maker advances its Chapter 11 process.

The Ohio-based company, which makes filters, brakes and lighting systems, filed for bankruptcy protection in late September, after its lenders began investigating irregularities in the company’s financial reporting.

The outgoing CEO’s brother, Edward, has stepped down from his senior position in the company, the Financial Times reported on Friday.

Reuters reported last week that the U.S. Justice Department had launched a probe into First Brands’ dealings with creditors and sent an inquiry to the company.

The privately held company disclosed liabilities of about $11.6 billion, according to court documents.

Moore, who has served as the distressed auto parts company’s chief restructuring officer since September, will oversee stabilization initiatives and facilitate a court-supervised sale process.

He brings more than 30 years of leadership experience in restructuring and performance improvement across the automotive supply chain, the company said.

First Brands racked up most of its long-term debt by acquiring other parts suppliers and auto repair services over the past 15 years.

U.S. investment bank flagged its exposure to First Brands, saying its Leucadia Asset Management fund, through its credit fund Point Bonita, held about $715 million in receivables linked to the company.

However, Jefferies CEO Rich Handler and President Brian Friedman sought to reassure investors in a letter posted on Sunday, saying any potential losses would be “readily absorbable,” due to the bank’s scale.

Reuters also reported that Morgan Stanley’s asset management unit as well as BlackRock and Texas Treasury Safekeeping Trust had asked Jefferies to return some money they invested in the latter’s Point Bonita Capital fund.

(Reporting by Aishwarya Jain in Bengaluru; Editing by Sahal Muhammed, Sriraj Kalluvila and Anil D’Silva)

 

Norfolk Casino hires six new leaders

Developers and the on Monday announced that they have hired six new senior leaders to guide operations of the $750 million .

The announcement was made as the team is gearing up for the November opening of The Interim Gaming Hall, the temporary predecessor to the permanent casino. Located beside the permanent resort site, The Interim will have more than 130 slot machines on a single-level floor and some food and beverage offerings.

“These talented leaders will play a vital role in ensuring we deliver an outstanding experience for our guests and a supportive workplace for our team members,” Ron Bailey, vice president and general manager of the casino, said in a statement. “Their deep expertise and passion for excellence will strengthen our operations as we move closer to opening The and, ultimately, our best-in-market resort.”

Joining the team as the director of regulatory compliance is Jennifer McGowan, who will ensure the casino adheres to laws and regulations. She started her career in gaming security at Boyd Gaming’s Treasure Chest Casino in Kenner, Louisiana, in 2013 before moving into compliance roles in 2016. She was most recently a compliance officer for a racetrack casino in New Orleans. She has a bachelor’s degree in public relations from Tulane University and holds a CAMS (Certified Anti-Money Laundering Specialist) certification.

Meanwhile, John Wetzel has been tapped as the vice president of finance. He joins the team after previously serving as the finance director for Rivers Casino Portsmouth. He previously held leadership roles at various gaming operators. Wetzel earned a bachelor’s degree in accounting from the University of Mississippi and is currently pursuing his MBA at the University of Southern Mississippi.

Other new executives include:

  • Joseph Berry, director of information technology
  • Keyond Gorley, director of security
  • Nathan Leu, director of surveillance
  • Staci Robnett, director of cage and count

According to the developers, the Interim Gaming Hall is currently hiring people for several different roles, including security officers, various cashier positions, slot technicians, IT positions and more.

Boyd Gaming and the plan to debut their permanent in late 2027. The permanent resort will feature a 65,000-square-foot casino with 1,500 slot machines and 50 table games, a 200-room hotel, eight food and beverage outlets, live entertainment and a 45,000-square-foot outdoor amenity deck. Construction on the long-awaited casino began in February.

Coalfields Expressway portion opens in Buchanan

A 2.74-mile portion of the Corridor Q project — 7 miles of which are the only part of the currently under development in Virginia — has opened in .

Elected officials, staff, Coalfields Expressway Authority members and Bizzack Construction held a ribbon cutting Friday for the road.

Seven miles of Corridor Q (designated as U.S. Route 460) overlap with the proposed $4 billion, 115-mile Coalfields Expressway (), also known as U.S. Route 121. Authorized by Congress in 1995, the CFX would run from U.S. Route 23 in Pound to Interstates 64 and 77 in West Virginia, improving connectivity between Southwest Virginia, West Virginia, Tennessee and Kentucky.

Roughly 50 miles of the CFX would run through Virginia. As of September, the miles not overlapping the Corridor Q project remained unfunded.

Jonathan Belcher, Virginia Coalfields Expressway Authority’s executive director and Virginia Coalfield Economic Development Authority’s executive director and general counsel, said in a statement: “The opening of this section further extends the Coalfields Expressway in Virginia and greatly enhances the access, quality of life and economic development of this entire area. Southwest Virginia and Buchanan County are open for business, and this road is helping to pave the way for a brighter future for the coalfield region.”

The ribbon-cutting ceremony celebrated the approximately $200 million Poplar Creek Phase A, which had opened to traffic. The limited-access, four-lane runs from the Southern Gap redevelopment site on Southern Gap Road at the east end of Route 460/121 to Route 604, or Poplar Creek Road.

The remaining 2.07-mile portion of Corridor Q is under construction and scheduled to open in late 2027. When complete, the 127.5-mile Corridor Q will run from the Virginia-Kentucky state line to I-81 near Christiansburg.

Corridor Q, “which has been decades in the making,” Virginia Transportation Secretary W. Sheppard Miller III said in a statement, “will ensure a stronger connection between Virginia and Kentucky, support future economic development and enhance the quality of life for residents of this beautiful region of the commonwealth.”