The Gaming Industry Insider

Jan 23, 2008 3:42 AM

THE INSIDER: Shares of Scientific Games Corp.(SGMS) plunged 40% last week when it was announced that the company had lost the Pennsylvania Lottery online systems contract to GTech. The change will take place on Jan. 1, 2009.

Canterbury Park Holding Corporation (ECP) has announced that its directors have approved a plan for the company to repurchase 250,000 of its shares.

Looking forward to the awarding of casinos operating licenses, the Kansas Racing and Gaming Commission says it plans to triple its staff to insure having sufficient personnel to monitor and regulate the four casinos and two racinos.

Louisiana officials say the state’s casinos took in $228.1 million in December, slightly higher that the $223 million reported a year earlier.

Don Kornstein, who at one time was CEO of Jackpot Enterprises Inc., has announced his resignation from the board of directors of Cash Systems Inc. (CKNN). He said he wanted to devote more time to other business interests.

Penn National Gaming Inc. (PENN) said it expects to open the Hollywood Casino at Penn National Racecourse in Grantville, Penn., on Feb. 12.

Landry’s Restaurants Inc. (LNY) has declared a quarterly dividend of five cents per share to be paid on Jan. 31 to shareholders of record on Jan. 24.

Moving forward with plans for a mega-resort in Atlantic City, MGM MIRAGE Inc. (MGM) has filed an application with the N.J. Department of Environmental Protection for approval of its development site next to The Borgata Hotel/Casino & Spa.

Groundbreaking for the Majestic Star Casino in Pittsburgh, owned by Detroit entrepreneur Don Barden, has taken place and the property is expected to be ready for action in May, 2009.

The gaming/real estate firm of Colony Capital reportedly has given the opening bid of $850 million for the Tropicana Hotel/Casino in Atlantic City.

According to the U.S. Market Risk Index, published by the PMI Mortgage Insurance Co., Las Vegas ranks just behind the leader, Riverside-Bernardino-Ontario, Cal., as most likely to experience a decline in home prices over the next two years.

Interactive Systems Worldwide, developer of SportXction Systems, says it is in negotiations with the Ontario Lottery and Gaming Corp. relative to a license to place the system in two Canadian casinos.