CABO SAN LUCAS, Mexico—Hurricane Olaf slipped back to tropical storm force on Friday after slamming into the Los Cabos resorts at the tip of Mexico’s Baja California Peninsula and then drenching the region with torrential rains. The storm came ashore near San Jose del Cabo late Thursday as a Category 2 hurricane with winds of 100 mph (155 kph), according to the U.S. National Hurricane Center. But winds had dropped to 40 mph (65 kph) by Friday evening, when it was centered about 45 miles (65 kilometers) west-southwest of Cabo San Lazaro. At least 700 local residents spent the night in shelters while while an estimated 20,000 foreign tourists hunkered down in their hotels. State Civil Defense Deputy Secretary Carlos Alfredo Godínez said he had received no reports of lives lost. The national electrical company reported the storm knocked out power to most customers in the state, but it was …