Well, I agree that the majority of RETAIL HOLDERS did not vote for a RS.....No holder of any 'casino' stock would want a RS...In some cases a RS is actually good...for instance, during the bubble, alot of legit companies flew to the moon and did constant Forward splits. Once the bubble burst, many of these companies found themselves severly overvalued, with far too many shares outstanding for the company to ever be able to move forward without doing a RS...many examples, but look at JDSU. The gains on JDSU were astronomical during the bubble. But with so many FS's, after the bubble burst, the stock was like $1.50 ( down from $200) and it's only recourse was to do a RS. Not a biggie with 'legit' companies and if you look at a few legit companies that did a RS since the bubble, MANY of them have gone up and up since the RS.
But in the casino, you are 100% correct...RS's are the kiss of death for any casino stock.....and yep, no doubt the MAJORITY of RETAIL HOLDERS did NOT vote for a RS...but with a company like this with 100 zillion shares<g>, most controlled by the insiders, EVERY single retail holder could vote no, and the insiders still control enough shares to get the 'majority'.
In fact, I always wonder why retail holders even bother to vote when casino stocks do a RS. It is a 100% waste of time..your vote means nothing, when insiders control the majority of shares......
