Casino Gets Biggest Stake: Nona Morelli’s II...

Casino Gets Biggest Stake: Nona Morelli’s II Inc. said Tuesday that it completed the sale of its casino operation to a Louisiana casino developer. Nona Morelli’s II, based in Irvine, sold the division, Casino Management of America Inc., to E.N. Phillips Co. for 2 million shares of Phillips common stock, 250,000 new preferred shares, and an unspecified amount of warrants to purchase common stock and options at a later date. The deal makes Nona Morelli’s the largest shareholder of E.N. Phillips.