Word: stocked
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Dates: during 1970-1979
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...prime mover was Resorts International, which set off the gambling stock boom by opening the first (and so far only) casino in Atlantic City, N.J., in May. This time, the Florida-based firm's big news was that its boardwalk betting palace had grossed $60 million in its first three months, about triple the revenues of the largest Las Vegas casinos...
Resorts' Class A stock rose $13 in four days on the American Exchange, closing at a high of $123.50. That was a 560% increase since Jan. 1. Not bad for a company that has never paid a cash dividend. Resorts will soon split 3 for 1, and it is scarcely the only big winner. Some others, with their rises from April through August: Caesars World, 583%; Playboy, 351%; Bally, 283%; Del Webb, 281%; and Harrah...
...send its stock flying, all a company has to do is hint that it might get into gambling. Shares of Ramada Inns, which is merely rumored to be interested in diversifying into gaming, have risen 267% this year. Reflecting the market's irrationality as well as its volatility, Wurlitzer, the jukebox producer, climbed several points after announcing that it was not expanding into slot machines. Though worried by the jumpiness of the stocks, the New York and American exchanges had been reluctant to do anything that might spoil the action that is profitably increasing volume and enticing people into...
Finally the exchanges moved, lifting the initial margin requirements for gambling issues from 50% to 75%-meaning that buyers would have to put up at least $750 for every $1,000 stock purchase. The Big Board said it was acting "to insure the protection of public investors and the maintenance of a fair and orderly market." One firm, A.G. Becker of Chicago, banned all credit on five particularly jittery stocks. These moves depressed the gaming issues, but not for long. Indeed, the gambling-stock rebound last week helped spark a broad market rally. The Dow Jones industrial average rose...
LAST SPRING, despite the largest out-pouring of student political sentiment in several years, the Harvard Corporation refused to divest itself of its holdings in companies operating in South Africa. It also declined to get rid of its stock in banks lending money to the Vorster regime, or even to sponser shareholder resolutions urging companies to withdraw. The inspiring protests of the last week in April--a week that saw crowds of up to 3500 students united in protest--may have sputtered with the advent of reading period, but the issue is far from resolved...