Gaming News

“We think it's because (Stronach's) proposed reorganization contains a multi-hundred-million dollar payoff for Mr. Stronach, while the 2005 board recommendations do not.”

Frank Stronach, founder of MI Developments Inc., has easily defeated an attempt by shareholder Greenlight Capital to block his restructuring plan. via The Toronto Star

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“They're expected to ramp up and I have no reason to doubt that”

MGM Mirage, owner of MGM Grand Detroit, said first-quarter profit fell, weighed down by expenses of opening new casinos such as the one in Detroit and lost revenue as U.S. gamblers stayed away because of the ... via Detroit Free Press

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“We're seeing softness across the board”

Casino operator Harrah's Entertainment Inc. reported Friday that it swung to a first-quarter loss, citing costs associated with a deal to take it private and "challenging economic conditions." The world's ... via Reno Gazette-Journal

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Date Posted: May 7, 2008 Last Updated: May 7, 2008 Photo: MEC Due primarily to losses by Magna Entertainment racetracks, MI Developments, the property arm of Canadian auto-parts empire Magna International, ... via Blood Horse

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“If you don't move ahead with these projects, you will end up being in a very difficult position when the economy does turn around”

Projects looking up in downtime The chief executive of MGM Mirage, the parent company of Biloxi's Beau Rivage, said Tuesday he planned to push ahead with new projects even after construction costs and an ... via Sunherald.com

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“People have been saying for years that the gaming industry is recession-proof, but that's not a valid statement”

Carlos Bueno and his wife, Mayra, drove three times last year from their home in Houston to a casino in Lake Charles, La., but they won't be making the two-hour drive this summer. via USA Today

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“If we had bought it, we would have managed things better and stayed in the good graces of the Atlantic City regulators. Columbia Sussex had a different attitude. 'We've made our bet in Atlantic City,'”

Prospects for Pinnacle Entertainment's plan for a mega-casino and hotel project in Atlantic City look to be about the same as the red-and-black numbers on a roulette wheel: 50-50. Company CEO Dan Lee said ... via Asbury Park Press Online

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“We need to end this stalemate”

- A reform proposal by dissident shareholder Greenlight Capital was defeated, as expected, at the annual meeting of MI Developments Inc. (TSX:MIM.A) - a dramatic event featuring an emotional speech by company founder Frank Stronach.

Greenlight, a New York investment firm, had called for MI Developments to provide only short-term funding to horse-track subsidiary Magna Entertainment (TSX:MEC.A), and for the land developer to raise its dividend, repurchase stock and increase debt.

The Greenlight proposal went down to defeat Wednesday, and Stronach - the controlling shareholder of MID, MEC and Magna International (TSX:MG.A), from which they were spun off - joined MI Developments chief executive John Simonetti in calling for an end to the public feud with Greenlight. Read more

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ATLANTIC CITY, N.J. -- Plans for a new $2 billion casino at Atlantic City's south end are one step closer to reality now that the City Council has approved a redevelopment plan for the area. via Daily Record

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BATON ROUGE - A Metairie man who runs his own construction company claimed a $97 million Powerball prize, becoming the largest winner in Louisiana Lottery history. via The Daily Advertiser

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