Progressive Gaming: Rapid Bet Live Pulled From The Palms

Quick hit: A big part of the bullish argument on Progressive Gaming (PGIC) has been its Rapid Bet Live, a real-time sports book wagering system. Just last November Jefferies analyst Aimee Remey said of the terminals, which were being tested at The Palms in Las Vegas (the only Las Vegas casino to take them) : "We believe wireless sports prop-betting is where the real money is."

This just in: In recent days, a Palms spokesman confirmed to me, the Palms has ripped out the machines. He offered no explanation. Emails and calls to Progressive CFO Heather Rollo haven't been returned.

The company, which issued a press release on October 31 when Rapid Bet Live Wireless went live at the Palms, didn't issue a press release regarding the removal of the machines, which follows the departure from the Palms of Rich Baccellieri, who had been its race and sports director.

Progressive did, however, issue a press release several weeks ago when it hired Baccellieri as its Sports Product Specialist; at the same time the company announced that it had received approval for Rapid Bet Live by the Gaming Board in the Bahamas.

UPDATE: Baccellieri, in a call after this post ran, said the Palms pulled the machines because he left. One long wrote to say, "This is a dangerous short as all the negatives are on the table and positive catalysts are right around the corner."

The beat goes on...!