Did Bellino usurp a corporate opportunity? Is he liable to Lottery?

Richard Bellino and Robert Anderson formed La- Vista Lottery, Inc. (Lottery) to operate a restaurant, lounge, and keno game in LaVista, Nevada. They each owned 50 percent of the stock of Lottery, and both were officers and directors.
During the next nine years, Lottery grossed more than $100million. Bellino and Anderson each received over $4milllion in salary and dividends. Although Bellino and Anderson were both involved in Lottery, Bellino spent more time, in part because of his personal relationship with Lottery’s lounge manager. During this period, Bellino did not complain to Anderson about his lack of involvement in Lottery, and Anderson never refused to do anything that Bellino asked him to do.
Resentful of Anderson’s work ethic, Bellino setup a meeting with LaVista’s city administrator. Until that meeting, the city had been satisfied with Lottery’s performance. But after the meeting, the administrator recommended to the city council that the keno contract be put up for competitive bid. Bellino incorporated LaVista Keno, Inc. (Keno) to bid on the contract.
Bellino wrote to Anderson complaining that he (Bellino) was doing too much work for Lottery at too little pay. (Evidently, $4 million is not as much as it used to be.) Therefore, Bellino intended to resign from Lottery and bid on the city contract himself. Anderson offered to do more work or whatever Bellino wanted, but Bellino refused any effort at reconciliation. He then submitted a bid on behalf of Keno. At the time he submitted the bid, Bellino was still an officer of Lottery, as well as a director and a 50 percent shareholder. Anderson also bid on the contract on behalf of Lottery. The city awarded the new contract to Keno.
Anderson and Lottery filed suit against Bellino and Keno, alleging that they had usurped a corporate opportunity. The lower court found for Anderson and Lottery. It ordered Bellino to pay $644,992.63 but provided that Bellino could receive a credit of $172,514.63 against the judgment if Bellino transferred the stock of Keno to Lottery and persuaded the city to relicense the keno contract from Keno to Lottery.