Nasdaq Suspends $1 Minimum Requirement
The Nasdaq Stock Market on Thursday announced that it is suspending its minimum price requirement for companies to remain listed on the exchange. The move is a reaction to the terrorist attacks on the United States on Sept. 11.
The $1 minimum price requirement will be suspended until Jan. 2, when Nasdaq’s board will decide whether to make the suspension permanent. About 669 companies—15 percent of those listed on the Nasdaq—trade below $1 per share. The exchange’s previous rule called for companies to receive a notice if their stock traded below $1 for 30 straight days. If the company could not sustain a price above $1 for 10 straight days in the subsequent 90 days, the company would be delisted.
I-gaming companies who trade on the Nasdaq and whose price has dripped below $1 during the past year include Youbet.com and Interactive Systems Worldwide Inc.
Hilton Leaders Buy Stock
The chief executive of U.K. hotel and betting company Hilton Group (HG.L) bought £27,306 worth of Hilton Group stock last week.
David Michaels purchased 1,334 shares of Hilton Group at 187 pence per share on Sept. 21 and another 15,293 shares on Sept. 24. Other Hilton executives to purchase Hilton stock last week include Sir Ian Robinson, the company’s chairman, who bought 10,000 shares, and executive director Anthony Harris, who bought 12,500 shares at 160.5 pence each.
Hilton Group stock closed at 184 pence today; the company’s 52 week high is 259.
SSP to Use GET’s I-Gaming Software
SSP Solutions Inc. (SSPX), which develops hardware and software for financial transactions on the Internet, announced Thursday that it has purchased rights from Gaming & Entertainment Technology to distribute interactive gambling technology.
SSP will add its security infrastructure and smart card enrollment to the games created by GET, an I-gaming software developer based in Sydney, Australia.
Rob Gorman, managing director for strategic alliances at SSP, said GET’s suite of games was already approved by Australian authorities, and that will help SSP as interactive gambling policy is decided in the United States.
“Leveraging GET’s Internet gaming know-how greatly boosts our secure gaming market strategy and positioning, and is particularly important as recognized casino brands respond to new licensing policies for interacting gaming here in the U.S,” he said.
Reverse Split, Name Change for CCA
CCA Companies Inc. last week changed its name to Lottery & Wagering Solutions and will now trade under the symbol “LWSL.” The decision was made at a stockholders meeting on Sept. 26. Stockholders also approved a twenty into one reverse stock split.
The company, which manages hotels and casinos in Suriname, in June acquired Emerging Market Solutions International Inc. EMSI has an exclusive contract to provide the systems, equipment and support services necessary for Vietnamese authorities to set up an online lottery as well as sports betting systems in Ho Chi Minh City and the Southern Provinces.
Tax Increase to Cost Tabcorp AUD $8.6 Million Per Year
An increase in tax on gaming machines will cost Australia’s Tabcorp Ltd. (TAH.AX) AUD $8.6 million this year, the company said.
On July 1 the state of Victoria raised taxes on its 30,000 betting machines from AUD $333 to AUD $1,533 to generate more money for its ailing hospital system.
Tabcorp chairman Michael Robinson said he is glad the increase will be substantially lower than the AUD $4,000 tax per machine that was proposed by the state.
Tabcorp provides wagering and gaming in Victoria and operates the Star City casino. Gaming contributed AUD $846.4 million to the company’s 2000-2001 revenue.
PlayandWin Reverse Split
PlayandWin Inc. announced a reverse twenty for one split of its stock last week. Also, effective Oct. 1, the company’s ticker symbol will be “OCT BB: PWNI.” President Steward Garner said the split should aid the company in raising capital in future financing.
Multimedia Games Listed on Nasdaq
Multimedia Games Inc. (MGAM) began trading on the Nasdaq on Thursday. The company’s stock had previously been listed on Nasdaq’s SmallCap Market. The company develops video lottery and interactive bingo games and delivers them via its Betnet proprietary broadband communication network.
Report Released
World Gaming plc (OCT BB: WGMGY) announced its fiscal 2001 results this week; total revenue for the year ending April 30 was $20.2 million, a 13 percent increase from last year.
World Gaming plc(WGMGY) – 2001 Annual Report