When so-called “day traders” eye their computers in hopes of seeing a slight up-tick or down-tick on a stock they are trading, are they gambling? Are they much different from a slot machine player hoping to see those favorable symbols stop on the pay line?
When does “investing” in the market become gambling on Wall Street?
Were the Enron employees who lost their retirement money “gambling” by having all their funds “invested” in their company stock?
Answers to some of these questions may be forthcoming now that the 2nd Circuit Court of Appeals has reinstituted a claim by the N.Y. Stock Exchange that MGM MIRAGE’S New York ”” New York Hotel/Casino in Las Vegas has tarnished its image.
The Dow Jones newswires reported on Monday that the suit, filed in 1997 and rejected by a lower court in 1999, was re-instated by a three-judge appellate panel who wrote in an 18-page opinion that the “NYSE could sustain a theory of tarnishment” against the casino.
NYSE had charged that the casino’s
use of the term “New York $lot Exchange” in the midst of a themed casino
that depicted a number of Big Apple icons disparaged the Wall Street stock
trading location and improperly equated gambling with investing.
the appellate opinion, the judges wrote, “A reasonable trier of fact might
therefore find that the casino’s humorous analogy to its activities ”” deemed
by many to involve odds stacked heavily in favor of the house ”” would injure
were few surprises last week when British officials accepted most of the
recommendations of the Budd Report recommending the easing of restrictions on
gaming. Made public several months ago, the Budd Report suggested, in effect,
that the U.K. open the door to Las Vegas-style casinos.
move, especially with the introduction of slot machines, was expected to be a
bonanza for manufacturers such as International Game Technology (IGT). But, as
Robin Farley of UBS Warburg noted in a recent gaming report, such benefits to
manufacturers might be as much as two years away since the proposed changes in
gaming regulation won’t be considered by the British Parliament this year.
the gaming “revitalization program,” a gambling commission will be set up
with tough powers to oversee the whole industry. Casino licenses will be more
readily available and the operators will be able to offer live entertainment and
serve alcohol on the casino floors.
being added will be the availability of online gaming with licensing to be
introduced for the first time.
in a growing series of “gaming summits” is being scheduled to address
problems to be encountered with the introduction of casinos in New York State.
The conference, the first of its kind in the area, will be held April 8-9 in
to be addressed are: “Regulatory: The Rules of the Game; “Economic and
Social Impact: Gaming and Local Communities” “The Future of Indian Gaming in
the Empire State” “The New York Gaming Market: A Regional Perspective,”
and “How VLTs will Transform New York’s Racing Industry.”
among the speakers and seminar moderators are: Jan Jones, senior vice president,
government affairs and communications for Harrah’s Entertainment Inc; Atty. G.
Michael Brown, of Brown, Previtt & Carroll; Jacques Cornet, CIBC World
Markets; Michael Hoblock, chairman of the N.Y. State Racing & Wagering
Board; John Kempf, Goldman Sachs; Sebastian Sinclair, Christiansen Capital
Advisors; Andrew Zarnett, managing director, Deutsche Banc Alex.Brown, Inc., Ron
Sultemeier, president, Sportsystems Corp., and Bill Nader, senior vice
president, N.Y. Racing Association.
conference is being sponsored by Gem Commmunciations.
Downs Entertainment Inc. (DVD) completed its tax-free spin-off of its gaming
company over the weekend so that on Monday, shareholders had two shares to watch
on the New York Stock Exchange.
Motorsports Inc., which retained the DVD trading symbol was listed at $7.80 a
share, up $0.68 from its Monday opening. Trading separately was Dover Downs
Gaming & Entertainment Inc. (DDE) which was listed at $12.80, down $0.22
from its opening split price.
to separating the two activities within the Delaware company, the stock had a
52-week high of $17.23 and a 52-week low of $10.90.
record number of automobiles crossed the California border into Nevada
during the month of February, according to counters placed at the state line by
the Nevada Department of Transportation.
35,000 vehicles per day were recorded during the period, officials said, marking
a 5% increase over January and a 17.9% jump over February of 2001. This was the
largest month-to-month increase in the last 10 years and the third highest since
The Highway Stations started keeping records in 1985.
during the period, total arriving and departing passenger count at
McCarran International Airport increased 2% over January but was down 8.5%
versus the numbers recorded last ÂÃ‚ÂFebruary.
year, after the Nevada legislature approved the study and possibly
implementation of online gaming, The Venetian’s Sheldon Adelson went on record
as strongly supporting online gaming for his company. In a recent SEC filing,
the company indicated it was pursuing the possibility of running an Internet
Master Inc. (SHFL) is suing VendingData Corp. and two subsidiaries alleging
violation of gaming patents.
legislative effort is underway in Rhode Island to siphon off some of the
video-lottery revenues designated as supplements to greyhound race purses. Track
officials have warned that cutting purses would adversely affect revenues for
both the track and the state.
by the Pokagon Band of Potawatomi Indians for a casino in southwestern Michigan
were back on track this week as a federal judge threw out a lawsuit aimed at
blocking the project.
GTECH Holdings (GTK) has awarded a $2
million contract to TransAct for a custom impact printer.
National Gaming Inc. (PENN) has agreed to pay $1 million to the Showboat
Development Company, a subsidiary of Harrah’s Entertainment Inc. (HET) to end
litigation involving the slots activities at Charles Town Racetrack.
N.J. Casino Control Commission has ordered Atlantic City casino operators to
terminate their relationships with embattled auditor Arthur Andersen Co.
Ho, the Macau casino tycoon, has signed a new gambling contract with the former
Portuguese colony on China’s southern coast. Still awaited are contracts
between Macau officials and the other two license designees, Steve Wynn, and
Galaxy Casino Co., a partnership involving Sheldon Adelson.
Investors Service has assigned a B1 rating to $200 million senior notes offered
by Boyd Gaming Corporation (BYD).