party is pulling out

[Perplexity]

[ QUOTE ]
Brick and Mortar gaming stocks waaay up.

[/ QUOTE ]

Wow yeah they sure are.

http://finance.google.com/finance?catid=60427371

A big part of this is the Harrah's takeover offer though, hard to disentagle the two...

[gintron]

I don't understand how people are saying don't worry about cashing out. Isn't there a good chance of party going bankrupt with the plummeting stocks and en masse cashouts that are occuring?

[Jeremy517]

Party was making $4 million per day in rake and is a publically traded company. They likely have billions in the bank, not counting what they're holding for players. Cashouts won't be an issue.

[Cumulonimbus]

DUDE WTF MY ROLL ON PARTYPOKER IS GONE. I HAVEN'T BEEN ON THE INTERNET ALL WEEKEND TIL JUST NOW, WTF IS GOING ON?

[Someone]

checked transaction history yet?

[Maulik]

I've been in Hawaii on vacation for the past three weeks. Surpringly, I don't really care!

[Mr.K]

[ QUOTE ]
Brick and Mortar gaming stocks waaay up.

[/ QUOTE ]

Data?

[Miamipuck]

[ QUOTE ]
[ QUOTE ]
Brick and Mortar gaming stocks waaay up.

[/ QUOTE ]

Data?

[/ QUOTE ]

Harrah's has an offer to take it private in one of the largest private equity buyouts ever.

[Mr.K]

[ QUOTE ]
where does the 270 days (269 remaining) figure come from?

[/ QUOTE ]

Whoever was saying this doesn't have a damned clue. So don't listen to them. I am so sick and tired of the off-base amateur analysis in here that I'm about ready to up and stop posting.

The 270 day thing is a "shot clock" that is tied to promulgation of regulations to help banks and financial services providers identify and block prohibited transactions. The Federal Reserve will be working jointly with the Treasury Dept. and AG on these regs. The law says that the regs must be published "within" 270 days of enactment of the bill. Since the bill hasn't been enacted yet, this clock hasn't started running. It will start running the day the President signs the bill. From there, it could theoretically be 1 day or 270 days before regs are published, but proabably somewhere between 100 and 250 based on how other agencies typically perform. These rules may or may not be the subject of litigation, which might impose additional delays in their implementation.

But let me be clear about one thing: the 270 clock DOES NOT APPLY to the prohibition on accepting payments for illegal gambling purposes. That prohibition goes into effect the moment Bush signs the law. That prohibition is the one the online cardrooms, like Party, are reacting to today.

So there are two things in the law: the initial prohibition (immediate), and the banking regs (up to 270 days).

[theyweresuited]

i guess that is gonna be over