Oklahoma tribes are 80 percent of MGAM revenues

Monday, April 26, 2004  

Oklahoma tribes with casino generate nearly 80 percent of net revenues for Multimedia Games Inc., the largest supplier of Class II games in the Indian gaming market.

Multimedia's largest tribal customer is the Chickasaw Nation. The company is funding land acquisitions and casino expansions for the tribe. One facility is required to dedicate 80 percent of space to Multimedia's machines.

That arrangement qualifies as a management contract, the National Indian Gaming Commission said in a letter last week. The contract therefore needs federal approval under the Indian Gaming Regulatory Act.

News of the letter sent MGAM stock plunging 15 percent on Friday, with a high-volume of trading. The stock rebounded to close on Friday at $23.55, down from $25.57 the day before.

Get the Story:
Regulators question casino funds (The Daily Oklahoman 4/24)
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