After a couple of years of struggling with business adversity, Victor Salerno, founder and CEO of American Wagering Inc. (BETMQ) was finally able to smile Monday as his company emerged from bankruptcy.
As reported previously, the company completed all the required actions to emerge from Chapter 11. On Monday morning the shares traded on Nasdaq with the same symbol of BETMQ with the "Q" indicating its bankruptcy designation. However, the company indicated it had petitioned Nasdaq officials to remove the "Q" for future trading.
The shares opened at $1.48 a share and moved up to a high of $1.55 on very modest trading before settling at the end of the day at $1.41a share, down $0.07.
"We are pleased to emerge from Chapter 11 proceedings," Salerno remarked. "While it has been difficult, the reorganization process has allowed us to structure our litigation payables in a manner that will not create a material drain on the company’s cash flows."
Although better known as the operator of Leroy’s horse and sports betting locations, the company also is the largest supplier of ticket issuing machines at Nevada casino race and sports books through Computerized Bookmaking Systems, Inc., and is a licensed manufacturer and distributor, through its wholly-owned subsidiary AWI Manufacturing Inc., of self-service wagering kiosks.
Bipartisan support has been generated by Canterbury Park Holding Corp. (ECP) in Shakopee, Minn., for a $120 million racino development on its 380-acre horse track site.
In introducing its plan, Canterbury officials released an economic analysis that said the racino would generate at least $200 million in new tax revenue for the state during the first two years of full operation. Also, the analysis estimated that the racino would create 1,300 new full and part-time jobs.
From a racing point of view, officials said it would add some $18 million to live racing purses.
Currently, the track conducts harness, quarter horse and thoroughbred racing and operates a card club.
THE INSIDER: Voters in Broward County in Florida have voted in favor of permitting Gulfstream Park to install slot machines. The matter must now be taken up by the Florida legislature to write laws determining how the revenues will be shared.
Indian tribes operating casinos in New Mexico paid the state nearly $10 million in slot-machine revenue sharing for the final three months of 2004.
Two state lawmakers in Indiana, who have had business relationships with Centaur Gaming, part owners of Hoosier Park, have agreed to end their business dealings.
Analysts at Morgan Stanley have raised their price target on Boyd Gaming Corp. (BYD) form the previous $39 to $57.
WMS Industries Inc. (WMS) and Aruze Corp. have agreed to collaborate on the development of proprietary interactive display technology for mechanical reel gaming devices.
Gaming Partners International Corporation (GPIC) has received approval to be listed on Nasdaq National Market.
Two Oregon businessmen have proposed building a $490 million Las Vegas styled casino on the site of the idle Multnomah Greyhound Park. The facility has been idle since a decision by Magna Entertainment Inc. (MECA) abandoned the property.
CIBC World Markets analysts have downgraded the shares of Isle of Capri Casinos Inc. (ISLE) to sector perform from sector outperform.
The government of Singapore will announce on April 18 whether to allow a casino to be built. Some 18 proposals for hotel/casinos have been submitted.