Casino Industry Insider news bites - 05-05-09

May 5, 2009 5:06 PM
Earnings by Ray Poirier | Poor economic conditions took their toll on Arizona’s tribal casinos in the first quarter of 2009. Revenues fell 9.4%, according to the Arizona Department of Gaming. Inc. (UBET) has added two new executives. Mark Midland will be vice president of racing and business development, and Rey del Vale becomes vice president of strategy and planning.

Las Vegas Sands Corp. (LVS) has declared a quarterly dividend payment of $2.50 per share on its 10% Series A preferred stock. The dividend is payable on May 15 to stockholders of record on April 30.

Susan Bala, former president of Racing Services Inc. of South Dakota, who served more than two years in prison before her conviction was overturned, is suing the state and federal lawyers who prosecuted her case.

Spirit Airlines has launched daily service between Boston and Atlantic City. Departure time is 11:40 a.m. while the return flight is at 5:20 p.m.

Pennsylvania horse race purses, both Thoroughbred and Standardbred, increased by some 40% in 2008 thanks to slots revenue generated by machines at six racinos.

The bankruptcy court has decided that the Tropicana Casino Resort in Atlantic City should be sold at auction. The sale price is expected to be closer to $200 million than the original $1 billion. The auction should take place in mid-June.

Dover Downs Gaming & Entertainment Inc. (DDE) has declared a quarterly cash dividend of $0.05 per share to be paid on June 10 to shareholders of record on May 10.

Detroit news reports indicate that Penn National Gaming Inc. (PENN) has submitted a bid for the Greektown Casino in downtown Detroit, Michigan. Greektown, owned by the Sault Ste. Marie tribe, filed for Chapter 11 bankruptcy about a year ago.

Bally Technologies Inc. (BYI) has appointed Mark J. Wiedemer as director of systems sales.

Question? Comment? E-mail me at: Ray Poirier