Gaming News

“We need to end this stalemate”

- A reform proposal by dissident shareholder Greenlight Capital was defeated, as expected, at the annual meeting of MI Developments Inc. (TSX:MIM.A) - a dramatic event featuring an emotional speech by company founder Frank Stronach.

Greenlight, a New York investment firm, had called for MI Developments to provide only short-term funding to horse-track subsidiary Magna Entertainment (TSX:MEC.A), and for the land developer to raise its dividend, repurchase stock and increase debt.

The Greenlight proposal went down to defeat Wednesday, and Stronach - the controlling shareholder of MID, MEC and Magna International (TSX:MG.A), from which they were spun off - joined MI Developments chief executive John Simonetti in calling for an end to the public feud with Greenlight. Read more

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ATLANTIC CITY, N.J. -- Plans for a new $2 billion casino at Atlantic City's south end are one step closer to reality now that the City Council has approved a redevelopment plan for the area. via Daily Record

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BATON ROUGE - A Metairie man who runs his own construction company claimed a $97 million Powerball prize, becoming the largest winner in Louisiana Lottery history. via The Daily Advertiser

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' newest casino takes a loss in its first full quarter of operation. Las Vegas-based Pinnacle Entertainment opened the $507 million Lumiere Place on the St. via MyFox St. Louis

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Casino operator Pinnacle Entertainment Inc. said Wednesday its first-quarter profit soared 76 percent, helped by Hurricane Katrina insurance proceeds. via Canadian Business Magazine

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' Even though the Unlawful Internet Gambling Enforcement Act is coming under fire, don't expect legalized online wagering in the United States anytime soon.

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“We don't think it is likely they will be granted a review.”

A group opposed to gaming plans to appeal a court decision letting an American Indian tribe proceed with plans to build a casino in west Michigan. via RGT Online

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MGM Mirage says its first-quarter profit fell 30%, weighed down by resort opening costs and the Monte Carlo's temporary closing. via KTVN Reno

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“The stock price is going to be based on the performance of the overall company”

Publicly owned gambling companies lost 2.5 percent of their value in April, in large part due to economic tumult that has home prices in the basement and oil costs in the stratosphere. via RGT Online

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