Slot executives sell more stock

Thursday, Dec. 2, 1999 | 11:28 a.m.

For the third time this year, two top Anchor Gaming Inc. executives have sold some of their holdings in the Las Vegas-based casino-game designer.

Thomas Matthews, Anchor's executive vice president, secretary and treasurer, and Joseph Murphy, the company's vice president of casino and slot-route operations, sold 4,650 shares each for $271,425 apiece.

In May, Matthews sold 2,500 shares for $119,850, while Murphy sold 2,000 shares for $95,880. In August, they and Anchor President Mike Rumbolz sold 30,000 shares each for $1.35 million apiece.

Anchor Controller Geoffrey Sage said today the sales were for estate-planning purposes and involved stock acquired under options. As of June 30, the two executives had exercisable options to acquire about 66,000 shares each, and another 137,500 of options vesting at later dates.

"This may or may not be related to the fundamentals, but the exercise and sale of stock appears to be substantial in light of prior year's sales," said Dave Ehlers, chairman of Las Vegas Investment Advisors Inc.

Ehlers noted that since June, Anchor insiders have either sold or registered to sell stock 23 times for a total of 263,800 shares, or about 2.2 percent of the 12 million shares outstanding.

Assuming an average exercise price on the options of $18 a share, and an average sales price of $50 a share, the sales would generate about $8.5 million of pre-tax gains.

Anchor stock was quoted at $54.875, up $1 a share, in early afternoon trading today.