As shareholders of MNTG i move that we ask our company to donate one per cent of gross revenues from vlts for the remainder of September to the children of victims of terrorist attacks on Tuesday......
Casinos throughout the country are starting to come up with various donation plans. PNK: Pinnacle Entertainment is donating 1% of the revenue from each of its five properties based on the gross over a number of days with a minimum guarantee of $ 100,000 per casino.
I think we will see different approaches by different casinos. I imagine we will see other industries do this as well.
One says this fully cognizant of the risk of sounding less than fully patriotic or insensitive to the occurrence in NY and DC of the past few days. Nothing could be further from the truth. I'm an institutional shareholder of MNTG living in NY, affected at least at much as any other shareholder I've read about on this message board. Friends and acquaintances were affected by these events.
That said, I don't feel it's the place of our corporation to be dictating how to make charitable contributions on our behalf. Nor do I appreciate other shareholders dictating how I, as an owner, should be spending my and my limited partners' money. If others feel they wish to make a contribution to further their particular causes, so be it, and I applaud (and respect) their efforts. I, too, make charitable contributions as an individual, although I would NEVER ask you all, as shareholders of MNTG, to sign off on my selected recipients.
Capitalism permits each of us to make our own allocations of our own capital, or the capital we control as fiduciary. In times of dislocation such as these, it's important to let cool heads prevail. Spend your own capital as you see fit, but please, don't spend other people's capital as you see fit, any more than you would wish me to allocate your capital.
MNTG is not an appropriate vehicle to distribute capital to our personal causes. Neither the tax codes nor the forum permits this to be an efficient allocation device to further individual causes.
We've been fighting tyranny long enough. Spend your own personal capital as you see fit, but please, let's not get carried away by emotions, regardless of the heated sentiment that may exist.