ELA Games Introduces a New Title – Tail of Crime
ELA Games, an innovative game development studio, announces the release of "Tail of Crime", its newest action-packed game, pulling players into a world of mystery."Tail...
Penn Entertainment Welcomes Ruisanchez and Hartnett to Board
Penn Entertainment welcomes Carlos Ruisanchez and Johnny Hartnett as board directors, with HG Vora nominee William Clifford not securing a seat.
HG Vora, one of the biggest shareholders in the land-based and online gaming operator, started a lawsuit against Penn Entertainment for reducing the number of board seats up for election from three to two, leaving William Clifford behind.
Penn Entertainment, on the other hand, insists that Clifford didn’t have enough experience or skills to make it to the board.
Penn shared in a statement:
“We are pleased to welcome Johnny and Carlos, both of whom bring highly relevant experience in digital and retail gaming to the board. The board remains committed to the close oversight of our differentiated omnichannel strategy and to delivering sustainable long-term value.
We recognise there is more work to be done, and we are intently focused on driving profitability in our Interactive segment and growth across the business as we continue strengthening the company’s balance sheet and liquidity position, deleveraging and accelerating capital return to shareholders.”
Parag Vora, Founder and Portfolio Manager at HG Vora, believes that Ruisanchez and Hartnett will work constructively with their fellow directors to drive shareholder value. However, he is also confident that Clifford was supported for a board seat by “dozens of institutional investors and actively managed funds,” and received a majority of votes cast in the election.
Parag Vora said:
“More than 60 per cent of the votes cast in the election were against the company’s Say-On-Pay proposal, and the company only received approval from approximately 25 per cent of Penn’s outstanding shares, according to preliminary tabulations.”
HG Vora sued Penn Entertainment in the Eastern Pennsylvania District Court, claiming that Penn tried to avoid regulatory oversight and violated the law by removing one of the three seats without notifying shareholders. HG Vora has filed a motion to speed up the trial, while Penn has submitted a request to stay the case.
Japan updates laws against online casinos
Japan’s government has approved a legislative amendment, targeting the crackdown on online gambling.
Japan’s House of Councillors has passed a revision to the Basic Act on...
