Bally Technologies signs deal with N.Y. raceway
Bally Technologies will provide the management system to operate video lottery terminals in the Empire City Casino at New York’s Yonkers Raceway.
No terms were provided for the deal announced late Thursday.
Bally’s systems will support more than 5,310 slot machinelike VLTs at Empire City, the largest of the eight racetrack casinos in New York.
Loan defaults factor in loss
for Western Liberty Bancorp
Western Liberty Bancorp Inc., as anticipated, on Friday posted a significant loss for the second quarter because of loan defaults.
The Las Vegas-based owner of Service1st Bank of Nevada also said it continues to look at strategic alternatives such as a sale or merger.
The company reported a loss of $4.6 million, or 30 cents a share, compared to a loss of $409,000, or 3 cents a share, in the first quarter.
Western Liberty reported a loss of $1.7 million, of 15 cents a share for the second quarter last year, when it was solely a shell company.
Most of the second-quarter loss was attributed to a $4.4 million provision for loan losses.
For the first six months of 2011, Western Liberty reported a loss of $5 million, or 33 cents a share, which included a $5.7 million provision for loan losses.
At the end of the second quarter, the company had $223.3 million in loans, cash and other assets; and $131.6 million in deposits. Nonperforming assets, including bad loans, totaled $14.1 million, or 6.3 percent of assets, up from $13.8 million, or 5.4 percent, on Dec. 31.
