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Howard Stutz
 

Pinnacle Entertainment rejects union proposals

22 May 2015

By Howard Stutz
Stockholders of Pinnacle Entertainment rejected seven proposals offered by hotel and restaurant workers union Unite Here that would have changed the regional casino company’s bylaws concerning shareholders' rights.

The vote took place Tuesday at the Las Vegas-based company’s annual meeting. Results were announced Thursday in a filing with the Securities and Exchange Commission.

The proxy fight launched by the national union was largely in response to Pinnacle’s announced plans to separate the company’s casinos into a publicly traded real estate investment trust. Pinnacle would continue to operate the casinos.

Earlier this month, Pinnacle confirmed it was in “productive” discussions with Gaming and Leisure Properties over sale of the casinos. The company is the REIT spin-off of rival regional casino operator Penn National Gaming.

Copyright GamingWire. All rights reserved.

Pinnacle Entertainment rejects union proposals is republished from Online.CasinoCity.com.
 

Nevada adopts law allowing slots with skill factors

22 May 2015
A bill backed by the Nevada gaming equipment industry was signed Thursday by Gov. Brian Sandoval and will allow state gaming regulators to adopt rules where slot machines can add a skill-based, arcade-style element to the game. Senate Bill 9 was proposed by the Association of Gaming Equipment Manufacturers ... (read more)
 

Analysis: 'Net gambling bill accidentally criminalizes some Nevada sports bets

21 May 2015
A bill in Congress that would ban Internet gambling would inadvertently criminalize Nevada’s booming mobile sports wagering business, which has been credited with turning the Silver State’s sports books into a $3.9 billion-a-year industry. The measure, backed by Las Vegas Sands Corp. Chairman Sheldon Adelson, is aimed at reversing changes made in 2011 to the 1961 Federal Wire Act. ... (read more)
 

Teamsters picket as SLS Las Vegas

21 May 2015
The Teamsters Union set up picket lines at the SLS Las Vegas Hotel & Casino on Wednesday, complaining the hotel-casino is not allowing its valet parking attendants to form a union. Teamsters Local 986 organized the protest, which the union claims is supported by other labor organizations. “The picket signs went up at 4 a.m. ... (read more)

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Key shareholder urges that Affinity Gaming be sold

An offer to acquire all outstanding shares of casino operator Affinity Gaming by its largest shareholder has expired, and the investment firm that made the offer believes the company that owns the Primm Valley Resort and Casino and read more)
 

IGT to sell Las Vegas complex as company consolidates

Slot machine maker International Game Technology plans to sell its massive corporate Las Vegas campus as the company consolidates operations following its $6.4 billion merger with Italian lottery provider GTECH Holdings.During IGT’s quarterly earnings conference call last week, company CEO Marco Sala said ... (read more)
 

Shareholder ends proxy fight with MGM Resorts

New York based Land and Buildings Investment Management ended its proxy fight with MGM Resorts International Tuesday, saying that “substantial insider shareholders” were resistant to changing the company’s board.However, the real estate group, which owns less than 1 percent of MGM Resorts’ stock, took credit ... (read more)
 

Inside Gaming: Purchase of Tropicana Las Vegas keeps alive Rat Pack-era name

During the past decade, Penn National Gaming was named as a potential buyer of nearly every Strip resort that was for sale or rumored to be on the market.So it was no surprise when the regional gaming company announced on April 29 it would spend $360 million to buy the Tropicana Las Vegas.The tran... (read more)
 

Analyst sees no 'silver bullets' to Macau turnaround

A Wall Street investment house downgraded the prospects for the three Nevada-based casino operators with expanding developments in the cratering Macau gaming market.In a research report to investors Monday, Goldman Sachs gaming analyst Steven Kent said Macau’s downturn, which has seen 11 straight monthly ... (read more)