Featured Articles Archive - Page 167

Rise in proxy battles indicates vulnerability in gaming industry

A decade ago, activist hedge funds had $10 billion invested in proxy fights that sought to influence board elections, switch out management or change a business’s direction.Today, the figure is estimated to have grown to $215 billion.“The sharks are looking for blood in the water,” said attorney Clifford Neimeth, a Greenberg Traurig shareholder and a specialist in corporate securities law.He said proxy battles — in which shareholders are persuaded to join forces and gather proxies to win a stockholders vote — are responsible for up to 65 percent of the current mergers and acquisition activity in corporate America.The gaming industry is not immune...read more

Bet Bar at the front of Spain's booming sports betting industry

On game days for the Real Madrid soccer team, the area surrounding Estadio Santiago Bernabéu is an outdoor festival. At the stadium, near the city’s financial district, the club’s fans gather with intense passion.The only place more popular than the 81,000-seat stadium for watching Real Madrid is the Bet Bar.Located directly across Calle Rafael Salgado from Estadio Santiago Bernabéu’s northern end, the small sports wagering facility is hidden by trees and other landscaping...read more

Teamsters suspend picket line at SLS Las Vegas

The Teamsters Union said it was suspending a picket line at the SLS Las Vegas Hotel & Casino but threatened to resume the protest if it can’t organize some 50 valet parking employees at the Strip resort.The union set up a picket line at SLS this week, claiming SLS management committed unfair labor practices and fired three workers for supporting the organizing campaign.In an unsigned statement, SLS said more than half of the 1,600-room resort’s employees are union members and the property was open to working with other unions.“We hope they stay true to their word,” Chris Griswold, secretary-treasurer of Local 986, said in a statement...read more

Nevada Gold moves to acquire Club Fortune Casino

Nevada Gold & Casinos has begun the process to acquire its first casino in Nevada.The Las Vegas-based company, which operates 10 casinos in Washington and a slot machine route on Deadwood, S.D., announced late Friday it would acquire the Club Fortune Casino in Henderson for $14.2 million in cash and 1.2 million of Nevada Gold’s company stock.The transaction is expected to close next year and require approval of Nevada gaming regulators.In a statement, Nevada Gold CEO Michael Shaunnessy said Club Fortune owner Carl Giudici would remain with the property as a consultant and shareholder.Shaunnessy said the transaction would be financed with an expansion of the Nevada Gold’s existing credit agreement.According to the statement, Club Fortune generated $16 million in revenue and $2.4 million in cash flow last year...read more

IGT's losses reflect weakening state of US slot machine industry

The final quarterly earnings report this month by slot machine giant International Game Technology was more of a look inside the dwindling North American gaming equipment market, rather than the company.IGT’s sale to Italy-based lottery provider GTECH Holdings for $6.4 billion closed April 7...read more

Top-10 Biff bets

I finally got around to watching the season finale of The Flash this weekend and I was surprised by how badly the show handled the time travel plot. These characters live in a world that's already seen Back to the Future, The Terminator and Star Trek (in all of its incarnations)...read more

Nevada adopts law allowing slots with skill factors

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 and emerged from last year’s interim study committee that looked at the effect of technology on gaming.In a statement, Sandoval said the bill promotes opportunities for casinos to incorporate skill-based games that may be appealing to a new generation of visitors.“In order for our state to sustain its edge in an increasingly competitive gaming industry, we must continue to expand, evolve and embrace the potentials found in the 21st century,” Sandoval said.The idea was to create slot machines that have elements of skill and other features to attract younger gamblers...read more

Pinnacle Entertainment rejects union proposals

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...read more

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 Silver Sevens Hotel & Casino should be sold.In letter to Affinity’s board that was filed Wednesday with the Securities and Exchange Commission, Illinois-based Z Capital Partners said the company “has seen no meaningful board leadership or value creation for shareholders” since it was created in 2010 following the bankruptcy reorganization of Herbst Gaming.Z Capital already owns a 39.5 stake in the company, which operates 11 casinos in four states...read more

Teamsters picket as SLS Las Vegas

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