Casino operator buys back shares for $100 million
Tuesday, April 1, 2003 | 9:36 a.m.
Mandalay Resort Group said Monday it will pay Bank of America Corp. $100 million for 3.26 million Mandalay shares as it settles an equity forward contract.
Mandalay said it was is buying the shares for about $30.67 each as the contract expired Monday. The Las Vegas-based company made the agreement with Bank of America in September 2000 as a way to buy back its stock without spending its own money, Mandalay President and Chief Financial Officer Glenn Schaeffer said.
Bank of America bought 6.9 million shares at a cost of $138.7 million, or about $20.10 a share in 2000. Mandalay since then bought stock from Bank of America to reduce the value of the contract to $100 million. The value of the shares under the contract has been adjusted based on Mandalay's share price to keep the value of the agreement at $100 million, Schaeffer said.
archive
- Most Read
- Discussed
- Most E-mailed
- Binion’s to close all 365 rooms, lay off 100 workers
- Ex-NBA star to pay $12,835 monthly in gambling debt case
- “Last Call!”: Two words you wouldn’t expect to hear on The Strip
- Slot makers team up at behest of CityCenter
- Report: 70 percent of homeowners underwater
- Scuffle in pub parking lot leads to attorney’s arrest
- What reactions to Palin, Stewart say about society
- Now, Rebels must build on big Louisville win
- Nevada leads nation in rate of bankruptcy filings
- LV budget numbers foretell many layoffs
Blogs
The Kats Report
Planet Hollywood's Thomas McCartney headed for Tropicana (13 Comments)
Elsewhere
LV woman robs Kentucky strip club, police say (4 Comments)
Las Vegas Sands' Hong Kong IPO flops (3 Comments)
The Kats Report
Monday List: Top 13 Moments and Observations From Thanksgiving Weekend (4 Comments)
Politics: Ralston's Flash
Tarkanian: Reid is liberal, out of touch, rude, poisonously partisan and a know-it-all (19 Comments)
The Kats Report
Barry Manilow off to Paris: Two-year deal starts March 5 at Le Theatre des Arts (12 Comments)
Politics: Ralston's Flash
Ensign survives radio interview with no follow-ups; partial transcript below (11 Comments)
Calendar »
- 1 Tue
- 2 Wed
- 3 Thu
- 4 Fri
- 5 Sat
-
Grand opening of Vdara
Vdara | 10 a.m. to 11:59 p.m.
-
Dik Richie at Moon
Moon Nightclub | 10:30 p.m. to 11:59 p.m.
-
A Night to Honor Israel at the Cashman Theatre
Cashman Convention Center | 7 p.m. to 10 p.m.
-
Ladies night at Feelgoods
Feelgoods
-
Sin City Sinners at VooDoo Lounge
VooDoo Steak & Lounge
The Sun
Locally owned and independent for more than 50 years.
Technorati






