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.
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.
Shares of Magna Entertainment Corp. dropped 11.35% on their first day of trading following the company's implementation of a 1-20 reverse stock split.
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 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.
A business associated with Magna Entertainment founder and chairman Frank Stronach has increased its ownership of the racing conglomerate stock to 5.8%.
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.
Magna Entertainment took another major hit in the stock market Monday when its stock dropped 14% to $3.45.
Magna Entertainment's stock plunged Friday on the heels of a second quarter earnings report that failed to meet analysts' projections. The stock fell 20.6%, a loss of $1.04, on heavy trading to $4.01.
Trading was heavy again on Gemstar-TV Guide International Tuesday, but the media and technology company that lost 39% of its stock value Monday ended the day with a small gain.
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.
Television Games Network has acquired 16.6% of Youbet.com's outstanding shares of common stock.
Penn National Gaming will proceed with a 2-for-1 split of the company's common stock on June 25.
The Nasdaq Stock Market notified executives at Youbet.com on May 16 that the company's stock was not in compliance with a $1 per share minimum standard and was subject to delisting.
Gemstar-TV Guide stock plunged Friday after a report released two days ago said the company may have engaged in "patent misuse" and that its on-going patent infringement lawsuit may be groundless.
Gemstar-TV Guide, the parent company of the TV Games Network, took a heavy blow in the stock market Tuesday after an analyst questioned the accounting of $127.6 million in revenue.
Scientific Games, the parent company to Autotote, announced Friday it has filed the necessary paperwork for an offering of 12,500,000 shares of Class A common stock.
Penn National Gaming stock has been down about $1 per share Tuesday on speculation it may be a potential buyer of a $400 million casino company.
Magna Entertainment announced Friday it plans to proceed with an offering of 20 million shares of Class A stock.
Youbet.com has been notified by the Nasdaq Stock Market that it isn't in compliance with the $1 a share minimum bid price standard.
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%
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 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.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.
Penn National Gaming's public offering of 4 million shares will sell for $30.50 per share, the company announced today. The net proceeds of about $79.1 million from the offering will be used to repay debt.
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.
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 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.
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.
Gemstar-TV Guide, the parent company of the TV Games Network, reached a new 52-week low of $20.25 Tuesday. The stock tumbled with the rest of the major markets, which were affected by profit warnings and job cuts.
While most companies with ties to Thoroughbred racing followed the markets downward this week, a couple managed to see their stock values appreciate.
Magna Entertainment's stock dropped 10% Monday, the first day of trading following a company announcement that fourth quarter losses would be greater than anticipated.
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.
Brisk trading is pushing Churchill Downs stock ever higher, but declines in technology stocks are weighing heavy on Satish Sanan's IMRglobal.
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.
The price of Magna Entertainment's stock continued its recent spiral.
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