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Halls of Fame ... Who needs them?

Apr 29, 2003 6:11 AM

A SNUB FOR SI AND BERNIE? What’s with the Mississippi Business Hall of Fame, asks the Mississippi Sun Herald. There are no gaming executives included in the group’s list of outstanding businessmen, except for one member of the Choctaw Indians.

Being ignored, the editors said, were people like Las Vegas’ Si Redd, the founder of International Game Technology and considered the father of the video poker machine, and Bernard Goldstein, president and CEO of the Isle of Capri.

Redd, the newspaper noted, "is a Philadelphia native, helped bring gambling cruises to the (Mississippi Gulf) Coast," while
Goldstein is "the father of dockside casinos, including the first gambling boat in" Mississippi. Also, Goldstein heads the largest publicly-held company based in Mississippi.

"If the Mississippi Business Hall of Fame still has room for Bernie Ebbers (founder of WorldCom), then they can certainly find room for either one of these two entrepreneurs," the paper concluded.

 

FOLLOW THE LEADER AT GTECH: When former Wall Street analyst Bruce Turner took over as CEO of GTECH Holdings Inc. (GTK) last year, the price of the company’s shares plummeted to the mid teens. But that only lasted for a short time.

Working on a quick turnaround, Turner watched the company’s stock regain popularity among investors, moving consistently upward to the mid $30’s. So, it was not surprising to see recently that Turner had sold 57,900 shares that he received as options.

And, he had a lot of company. Other company officials to take advantage of the meteoric share price move were: Jaymin Patel, CFO, who registered to sell 90,000 shares; Antonio Rocha, vice president, sold 57,500; Kathleen McKeough, vice president, sold 38,000, and Director Burnett Donoho, who registered to sell 20,000 shares.

 

NO MORE STROLLS ON THE BOARDWALK: In the middle 1990s, shortly after Terry Lanni took over as chairman and CEO of MGM Grand, he spent time telling stockholders how the company definitely had plans to develop property the company owned on the Atlantic City Boardwalk into a major hotel/casino.

But, that was before the acquisition of Mirage Resorts.

Last week, John Redmond, MGM MIRAGE’s point man in property development, told reporters that the company would not be developing any property on the Boardwalk. The company’s focus will be on land it now owns on what is now called Renaissance Point on the H-Tract where the Borgata, a joint project with Boyd Gaming Inc. (BYD), is being completed.

That land, Redmond was quoted as saying, "is a key piece of property for us. We continue to evaluate how best to develop it and what the timing of development would be."

 

”˜MOMMY DEAREST’ SUES CASINO DEVELOPING SON: Out of the Virgin Islands we hear that potential casino developer Paul Golden is having a hard time getting licenses because his mother has filed a $1.3 million lawsuit against him.

In seems that mommy wants her golden son to repay money she says she loaned to him over the years. Linda Golden, the mother, who lives in New Jersey, said her prodigal son incurred debts to her over the course of eight years while trying to get businesses off the ground.

The regulators apparently have more than the disgruntled mom’s lawsuit to contend with. Golden also has a burglary conviction and some other charges; a lack of prior experience in casino and resort development, and questions about the status of other companies he once owned.

Is it a wonder Paul ended up in the Virgin Islands?