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Youbet Focus of Potential Takeover?

Youbet Focus of Potential Takeover?

A public equity investment firm managed by the president and chief executive officer of Youbet.com is considering several options for the online wagering and tote company, including a potential takeover, according to a recent filing with the Securities and Exchange Commission.

Lawsuit Filed Over Penn National Deal

A Maryland attorney who is a shareholder of Penn National Gaming Inc. has filed a styled class-action lawsuit against the publicly-traded gaming company and certain of its executives over the failed buyout attempt by two investment entities.

NASDAQ: MEC Not in Compliance

NASDAQ: MEC Not in Compliance

Share of Magna Entertainment Corp. have traded under $1 for more than 30 straight days, prompting NASDAQ to notify the racing and gaming company it was out of compliance with marketplace rules and faces delisting.

Magna Says Sale of $50 Million in Notes Complete

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Magna Entertainment Corp. said June 24 it has completed its previously announced sale of an additional $50-million aggregate principal amount of 8.55% convertible subordinated notes due June 15, 2010.

MTR Gaming Reports Bad Second Quarter

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The owner of Mountaineer Race Track and Resort in West Virginia took a huge hit in the stock market Friday morning after releasing poor second quarter earnings.

Gemstar Stock Crashes 39%

Gemstar-TV Guide International, the parent company of the TV Games Network, lost 39% of its value Monday in a frenzy of selling. Investors reacted to a ruling June 21 that Gemstar's patents for an interactive television program guide have not been infringed by competing products.

Churchill Stock Continues to Rally, MTR Gaming Slips

The approval of electronic pull-tabs in Indiana and the introduction of video lottery legislation in Kentucky pushed Churchill Downs stock up $1.80 to $41.80 per share Tuesday. On the flip side, MTR Gaming was downgraded by a major investment bank and its stock dropped 8.8%

Higher Expenses, Slow Slot Conversion Hurt MTR Gaming Stock

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Shares of MTR Gaming Group (Nasdaq:MNTG), owner of Mountaineer Park in West Virginia, fell as high as 27% on Tuesday, a day after the racetrack, casino and hotel operator reported lingering problems in converting its slot machines to higher wagers. The company also surprised analysts by annoumcing higher than expected costs associated with a new hotel.

Churchill Downs Stock Jumps 9% on Monday

Churchill Downs stock rallied Monday, rising $3.22 on heavy trading. What drove the increase can only be speculated, but it came the day before Indiana legislators are to vote on a bill that expands gambling at racetracks and riverboats, and video lottery legislation is to be introduced in Kentucky.

Youbet Joins Stable; Account-Bet Handle Tops $5M

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Youbet.com has been licensed by the California Horse Racing Board to offer account-wagering services to residents of California, effective immediately. Meanwhile, through Feb. 18, account-wagering handle through two other systems topped $5 million in the Golden State.

Magna Stock Hits 52-Week High

Magna Entertainment stock hit a new 52-week high of $10.25 Friday morning. The Canadian racing conglomerate stock price has been on a steady march upward since mid-January when it was trading for around $7 per share. Churchill Downs and Penn National keep trading at a premium on the heels of a Bear Stearns report on account wagering.

Patent Protection Concerns Shake Gemstar-TV Guide Stock

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Gemstar-TV Guide International's stock is tumbling this week because of doubts that the company can protect its interactive programming guide patents in a key court case, according to analysts. Gemstar is the parent company to the TV Games Network, a horse racing network and interactive wagering service.

Churchill to Repurchase Stock, Racing Stocks Down Overall

Churchill Downs' board of directors authorized the repurchase of up to 55,000 shares. The buy-back was authorized to help stablize the company's stock price and contribute to stablizing the market overall. Despite financial experts pleas to investors that they should not react to the terrorist attacks in New York and Washington D.C., the major stock markets sustained significant losses.

Nasdaq May Still Pull Youbet Listing

The Nasdaq stock exchange notified Youbet.com officials Tuesday that the company still fails to meet its minimum price requirement and is subject to being delisted. To remain on the exchange, Youbet.com stock needed to trade about $1 per share for 10 consecutive days before Monday.

Youbet.com Tries Rallying Investors

Youbet.com chairman Robert Fell tried assuring investors Thursday that his embattled company has the technology and the cash to operate successful Web-based horse racing and sports wagering sites.

Youbet.com Stock Hemorrhage Slows

Trading continued to be heavy on Youbet.com Thursday, but the stock price closed a more modest 4.4% lower than the day before. The day provided some relief to the two previous days of double digit declines.

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