Jackpot Enterprises

Last updated July 13, 2019

Jackpot Enterprises, Inc. was an American gambling machine route operator and casino operator from 1980 to the late 1990s, and had its common stock listed on the New York Stock Exchange (NYSE) with the one-letter ticker symbol "J" from 1987 to 2002. It changed its business focus to become a dot-com company as J Net Enterprises, Inc. during the dot-com bubble, and later became Epoch Holding Corporation, owning an investment management firm.

A Slot route operator is a company that owns and operates slot machines in several locations. By providing this service, many small businesses are able to provide slot machines that they could not otherwise afford to operate.

The New York Stock Exchange is an American stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York. It is by far the world's largest stock exchange by market capitalization of its listed companies at US$30.1 trillion as of February 2018. The average daily trading value was approximately US$169 billion in 2013. The NYSE trading floor is located at 11 Wall Street and is composed of 21 rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007. The main building and the 11 Wall Street building were designated National Historic Landmarks in 1978.

A ticker symbol or stock symbol is an abbreviation used to uniquely identify publicly traded shares of a particular stock on a particular stock market. A stock symbol may consist of letters, numbers or a combination of both. "Ticker symbol" refers to the symbols that were printed on the ticker tape of a ticker tape machine.

History

Gambling operations

Jackpot Enterprises was incorporated in Nevada in June 1980 to take over two existing route operators, Cardivan Company and Corral United, Inc. From 1980 to 1995 it also came to acquire majority ownership of Corral Coin, Inc. and Corral Country Coin, Inc.^[1]

Jackpot acquired the Owl Club in Battle Mountain on July 1, 1990, and the Nugget in downtown Reno on June 30, 1995.^[1] It began its operation of the casino at Debbie Reynolds' Hollywood Hotel and Casino in Las Vegas on June 28, 1993, and of the Pony Express Casino at the Holiday Inn Express motel in Jackpot, Nevada on January 26, 1995.^[1]

Battle Mountain is an unincorporated town in and the county seat of Lander County, Nevada, United States. The population was 3,635 at the 2010 census. Its primary economic base is gold mining and to a lesser extent, legalized gaming.

Reno is a city in the northwest section of the U.S. state of Nevada, approximately 22 miles (35 km) from Lake Tahoe. Known as "The Biggest Little City in the World", Reno is known for its casino industry. Reno is the county seat of Washoe County. The city sits in a high desert river valley at the foot of the Sierra Nevada and its downtown area occupies a valley informally known as the Truckee Meadows. The city is named after Union Major General Jesse L. Reno, who was killed in action during the American Civil War at the Battle of South Mountain on Fox's Gap.

Holiday Inn Express is a mid-priced hotel chain within the InterContinental Hotels Group family of brands. Originally founded as an "express" hotel, their focus is on offering limited services at a reasonable price. Standard amenities lean toward the convenient and practical which cater to business travelers and short-term stays. As of September 2018, there are 2,687 Holiday Inn Express hotels featuring over 274,000 rooms worldwide.

Jackpot and President Riverboat Casinos operated a joint dockside casino at Mhoon Landing, Mississippi in 1993 and 1994, but closed it on July 8, 1994. Jackpot also operated casinos in Deadwood, South Dakota, but closed them on June 30, 1995.^[1] In February 1995, it also ended operations at Water Street Casino, Inc., which was doing business as the Post Office Casino.^[1]

A riverboat casino is a type of casino on a riverboat found in several states in the United States with frontage on the Mississippi River and its tributaries, or along the Gulf Coast. Several states authorized this type of casino in order to enable gaming but limit the areas where casinos could be constructed; it was a type of legal fiction as the riverboats were seldom if ever taken away from the dock.

Mhoon Landing is an unincorporated community located on the Mississippi River in Tunica County, Mississippi, United States. It is approximately 6 miles (9.7 km) northwest of North Tunica and approximately 12 miles (19 km) southwest of Tunica Resorts.

Deadwood is a city in South Dakota, United States, and the county seat of Lawrence County. It was named by early settlers after the dead trees found in its gulch. The city had its heyday from 1876 to 1879, after gold deposits had been discovered there, leading to the Black Hills Gold Rush. At its height, the city had a population of 5,000, and attracted larger-than-life Old West figures including Wyatt Earp, Calamity Jane and Wild Bill Hickok.

Jackpot also had route operations at several retail store chains, including the stores owned by Albertson's, American Stores, Kmart, Thrifty PayLess, and Warehouse Markets, Inc.^[1] These retail store route operations provided around half of Jackpot's revenue in 1995.^[1]

American Stores Company was an American public corporation and a holding company which ran chains of supermarkets and drugstores in the United States from 1917 through 1999. The company was incorporated in 1917 when The Acme Tea Company merged with four small Philadelphia, Pennsylvania area grocery stores (Childs, George Dunlap, Bell Company, and A House That Quality Built) to form American Stores. In the following eight decades, the company would expand to 1,575 food and drugstores in 38 states with $20 billion in annual sales in 1998.

Kmart Corporation is an American big box department store chain headquartered in Hoffman Estates, Illinois, United States. The company was incorporated in 1899 as S. S. Kresge Corporation and renamed to Kmart Corporation in 1977. The first store with the Kmart name opened in 1962. At its peak in 1994, Kmart operated 2,323 discount stores and Super Kmart Center locations in the United States. After declaring bankruptcy in 2002 and again in 2018, the chain's store count has been reduced to 202 locations. From 2005 through 2019, Kmart was a subsidiary of Sears Holdings Corporation and is now a subsidiary of Transform Holdco LLC.

Thrifty PayLess Holdings, Inc. was a pharmacy holding company that owned the Thrifty Drugs and PayLess Drug Stores chains in the western United States. The combined company was formed in April 1994 when Los Angeles-based TCH Corporation, the parent company of Thrifty Corporation and Thrifty Drug Stores, Inc., acquired the Kmart subsidiary PayLess Drug Stores Northwest, Inc. At the time of the merger, TCH Corporation was renamed Thrifty PayLess Holdings, Inc. and Thrifty operated 495 stores, PayLess operated 543 stores.

J Net

In early March 2000, the company suddenly shifted its primary business focus to technology-related investments, investment management, and dot-com business incubation.^[2]^[3]^[4] It took a controlling stake in Meister Brothers Investments,^[3] and later in InterWorld Corporation.^[4]

A business incubator is a company that helps new and startup companies to develop by providing services such as management training or office space. The National Business Incubation Association (NBIA) defines business incubators as a catalyst tool for either regional or national economic development. NBIA categorizes their members’ incubators by the following five incubator types: academic institutions; non-profit development corporations; for-profit property development ventures; venture capital firms, and combination of the above.

Jackpot changed its name to J Net Enterprises, Inc., on December 6, 2000,^[5] weeks after selling its slot route operations to the Herbst family for $41 million.^[6]^[7]

J Net was delisted from the NYSE on May 8, 2002, and began trading on the Over-the-Counter Bulletin Board (OTCBB) with the ticker symbol "JNEI".^[8]

InterWorld Corporation, which was J Net's e-commerce software business and 95% owned by J Net, filed for Chapter 7 bankruptcy in May 2004.^[4] InterWorld had been under investigation by the Securities and Exchange Commission since March 2001, for events that occurred before J Net acquired InterWorld.^[4]

Epoch

Epoch Investment Partners, Inc. (EIP) was formed as an investment advisory firm in April 2004 by William W. Priest. J Net acquired EIP on June 4, 2004.^[9]

J Net declared its intention to get out of the e-commerce and technology infrastructure businesses by June 2004 and concentrate solely on investment management and advisory service. It sold off its electronic commerce software subsidiary, IW Holdings, Inc., to IWH management in September 2004, and shut down the technology infrastructure business, leaving EIP as the only remaining business.^[4]

To convert itself into a Delaware corporation, J Net Enterprises formed Epoch Holding Corporation on November 29, 2004, and merged itself into Epoch Holding Corporation on December 3, 2004. The new corporation was headquartered in New York City.^[10]

Epoch's shares switched from over-the-counter to the NASDAQ Capital Market on October 4, 2005.^[11]

Epoch was sold to the Toronto-Dominion Bank in March 2013.^[12] The last Epoch Holding Corporation filing with the Securities and Exchange Commission was in April 2013.^[13]

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References

1 2 3 4 5 6 7 Jackpot Enterprises, Inc. "Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]". EDGAR . Washington, D.C.: Securities and Exchange Commission. Retrieved 2019-01-26. SEC Accession No. 0000351903-95-000016.
↑ Binkley, Christina (March 8, 2000). "Jackpot Enterprises Plans Shift To the Internet From Gambling". The Wall Street Journal (online ed.). New York City. Retrieved 2019-01-27.
1 2 Brick, Michael (March 8, 2000). "Jackpot Enterprises Rolls the Dice With Internet Venture". TheStreet . Retrieved 2019-01-27.
1 2 3 4 5 J Net Enterprises, Inc. (2004-09-28). "Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]". EDGAR . Washington, D.C.: Securities and Exchange Commission. Retrieved 2019-01-27. SEC Accession No. 0000351903-04-000050.
↑ Jackpot Enterprises Inc. (2001-01-08). "Form 8-K - Current report". EDGAR . Washington, D.C.: Securities and Exchange Commission. Retrieved 2019-01-26. SEC Accession No. 0000912057-01-002014.
↑ "Buyers of Continental casino receive approval to take over slot route". Las Vegas Sun. October 5, 2000. Retrieved 2019-03-08.
↑ Form 8-K - Current Report (Report). Jackpot Enterprises. November 30, 2000 – via EDGAR.
↑ J Net Enterprises, Inc. (2002-09-30). "Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]". EDGAR . Washington, D.C.: Securities and Exchange Commission. Retrieved 2019-01-26. For the period ending 2002-06-30.
↑ J Net Enterprises, Inc. "Form 8-K - Current report". EDGAR . Washington, D.C.: Securities and Exchange Commission. Retrieved 2019-01-26. SEC Accession No. 0000351903-04-000016.
↑ Epoch Holding Corporation (2004-12-07). "Form 8-K - Current report". EDGAR . Washington, D.C.: Securities and Exchange Commission. Retrieved 2019-01-26. SEC Accession No. 0000351903-04-000063.
↑ Epoch Holding Corporation (2005-10-05). "Form 8-K - Current report". EDGAR . Washington, D.C.: Securities and Exchange Commission. Retrieved 2019-01-26. SEC Accession No. 0000351903-05-000034.
↑ TD Bank Group (2013-03-27). "TD Bank Group completes acquisition of Epoch Holding Corporation" (Press release). PR Newswire . Retrieved 2019-01-27.
↑ Epoch Holding Corporation (2013-04-08). "Form 15-12B - Securities registration termination [Section 12(b)]". EDGAR . Washington, D.C.: Securities and Exchange Commission. Retrieved 2019-01-26. SEC Accession No. 0001193125-13-145307.

External links

SEC EDGAR results for Epoch Holding Corp.

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[edgar-10k-19950927-1] 1 2 3 4 5 6 7 Jackpot Enterprises, Inc. "Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]". EDGAR . Washington, D.C.: Securities and Exchange Commission. Retrieved 2019-01-26. SEC Accession No. 0000351903-95-000016.

[2] Binkley, Christina (March 8, 2000). "Jackpot Enterprises Plans Shift To the Internet From Gambling". The Wall Street Journal (online ed.). New York City. Retrieved 2019-01-27.

[thestreet-rolls-3] 1 2 Brick, Michael (March 8, 2000). "Jackpot Enterprises Rolls the Dice With Internet Venture". TheStreet . Retrieved 2019-01-27.

[edgar-10k-20040928-4] 1 2 3 4 5 J Net Enterprises, Inc. (2004-09-28). "Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]". EDGAR . Washington, D.C.: Securities and Exchange Commission. Retrieved 2019-01-27. SEC Accession No. 0000351903-04-000050.

[5] Jackpot Enterprises Inc. (2001-01-08). "Form 8-K - Current report". EDGAR . Washington, D.C.: Securities and Exchange Commission. Retrieved 2019-01-26. SEC Accession No. 0000912057-01-002014.

[6] "Buyers of Continental casino receive approval to take over slot route". Las Vegas Sun. October 5, 2000. Retrieved 2019-03-08.

[7] Form 8-K - Current Report (Report). Jackpot Enterprises. November 30, 2000 – via EDGAR.

[edgar-10k-20020930-8] J Net Enterprises, Inc. (2002-09-30). "Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]". EDGAR . Washington, D.C.: Securities and Exchange Commission. Retrieved 2019-01-26. For the period ending 2002-06-30.

[9] J Net Enterprises, Inc. "Form 8-K - Current report". EDGAR . Washington, D.C.: Securities and Exchange Commission. Retrieved 2019-01-26. SEC Accession No. 0000351903-04-000016.

[10] Epoch Holding Corporation (2004-12-07). "Form 8-K - Current report". EDGAR . Washington, D.C.: Securities and Exchange Commission. Retrieved 2019-01-26. SEC Accession No. 0000351903-04-000063.

[11] Epoch Holding Corporation (2005-10-05). "Form 8-K - Current report". EDGAR . Washington, D.C.: Securities and Exchange Commission. Retrieved 2019-01-26. SEC Accession No. 0000351903-05-000034.

[12] TD Bank Group (2013-03-27). "TD Bank Group completes acquisition of Epoch Holding Corporation" (Press release). PR Newswire . Retrieved 2019-01-27.

[13] Epoch Holding Corporation (2013-04-08). "Form 15-12B - Securities registration termination [Section 12(b)]". EDGAR . Washington, D.C.: Securities and Exchange Commission. Retrieved 2019-01-26. SEC Accession No. 0001193125-13-145307.