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Howard Stutz Gaming Guru - Page 29Rise in proxy battles indicates vulnerability in gaming industry26 May 2015
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. ... (read more)
Affinity Gaming rejects buyout offer from Z Capital26 May 2015
Casino operator Affinity Gaming formally rejected a buyout offer proposed by the company’s largest shareholder, saying the price was too low. In a letter to James Zenni, the CEO of Illinois-based Z Capital Partners, Affinity board member Matt Doheny said the offer of $9.75 per share “significantly undervalues” the company. ... (read more)
Pinnacle Entertainment rejects union proposals22 May 2015
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. ... (read more)
Nevada adopts law allowing slots with skill factors22 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 bets21 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 Vegas21 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)
Key shareholder urges that Affinity Gaming be sold21 May 2015
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 ... (read more)
IGT to sell Las Vegas complex as company consolidates20 May 2015
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 Resorts20 May 2015
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 ... (read more)
Inside Gaming: Purchase of Tropicana Las Vegas keeps alive Rat Pack-era name20 May 2015
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 ... (read more)
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