Casino News Media blog launched
Blog
Casino News Media
Websites
Media Man Australia
Casino News Media
Profiles
Poker and Casino News
Casino News Media
Friday, August 15, 2008
Virgin Casino and PKR Casino Head To Head, and other shake ups down under in Australia
Online casinos continue to be all the rage down under in Australia.
Virgin Casino has made significant progress infiltrating Australia, one the all but exclusive gaming and betting domain of the TAB / Tabcorp, Centrebet, Sporting Bet, and a sprinkle of others.
The internet changed everything of course and now everyone from Branson's Virgin (Casino), to Calvin Ayre's Bodog, the WSOP, World Poker Tour, 888.com. GoldenPalace, RedKings, they're all just a few mousepad clicks away.
In recent months many gaming and media analysts feel that Virgin Casino and PKR have made the biggest splash. This can be attributed to both Virgin's strong brand and excellent gameplay, and PKR's amazing graphics. Both outfits also have extremely strong financial backing, and positive media buzz.
Perhaps following Richard Branson's lead, a number of online casino and poker rooms are now whispering about philanthropic charity initiatives.
To James Packer's (Crown Casino) and Twiggy's credit, they have teamed up with the Australian government in assisting with an initiative to help get Australia's indigenous community back to work. It's great to see some of Packer's money go into something that makes a difference in people's lives, and could be perceived as damage control by Packer, after recently loosing millions in failed bricks and mortar casino initiatives in the Philippines and Las Vegas.
Back to Sydney, Australia, pokies will be finding themselves a secure home at South Sydney Rabbitohs, despite the Crowe and Holmes a Court previous plans.
The Australasian Gaming Expo hits Darling Harbour on the 24th August and it wouldn't be surprising to all any number of online casino tycoons wonder through, knowing that the internet is the current and future of the business. Clubs and pubs who fail to adept will end up being ancient history, and a number of insiders are saying that venues with no or little internet gaming strategy in place need their heads read, and shouldn't even be in business. Lasseters have wisely invested in physical casinos and internet, so the smart money says that they will ride out the storm. You can bet some Rabbitohs bigwigs will be watching Lasseters, and if they weren't before, they are now! Any internet skeptics need to have more of a read up on firms like Facebook, MySpace, Google, Craig's List, the do some research on the decline of newspaper sales (to the web), and if still not convinced, check out a few clubs and casinos where there's considerable difference in the ratio of patrons to pokies (aka one armed bandits).
Star City Casino, if your reading this, many are waiting patiently for you to do something really exciting with top notch gaming and entertainment. We know a few reporters waiting on something big to report on. Time might be nearing to headhunt some talent from Crown.
Branson's ramping up Virgin Hotels and Virgin Active, both whispered to find a niche in the Australian market, starting on the east coast, and Donald Trump is due to hit Australia's public speaking circuit, after recently unloading some unprofitable casino interests in the U.S. Nothing like an Aussie makeover hey Don. Rock stars used to do it, and why shouldn't celebrated businessmen.
Websites to watch: www.mediaman.com.au www.casinonewsmedia.com www.austgamingexpo.com
See you on the 24th, if not online sooner.
Media Man Australia Profiles
Virgin Casino
PKR Casino
Lasseters
Crown Casino
Casinos
Gaming
Poker and Casino News
Casino News Media
Online casinos continue to be all the rage down under in Australia.
Virgin Casino has made significant progress infiltrating Australia, one the all but exclusive gaming and betting domain of the TAB / Tabcorp, Centrebet, Sporting Bet, and a sprinkle of others.
The internet changed everything of course and now everyone from Branson's Virgin (Casino), to Calvin Ayre's Bodog, the WSOP, World Poker Tour, 888.com. GoldenPalace, RedKings, they're all just a few mousepad clicks away.
In recent months many gaming and media analysts feel that Virgin Casino and PKR have made the biggest splash. This can be attributed to both Virgin's strong brand and excellent gameplay, and PKR's amazing graphics. Both outfits also have extremely strong financial backing, and positive media buzz.
Perhaps following Richard Branson's lead, a number of online casino and poker rooms are now whispering about philanthropic charity initiatives.
To James Packer's (Crown Casino) and Twiggy's credit, they have teamed up with the Australian government in assisting with an initiative to help get Australia's indigenous community back to work. It's great to see some of Packer's money go into something that makes a difference in people's lives, and could be perceived as damage control by Packer, after recently loosing millions in failed bricks and mortar casino initiatives in the Philippines and Las Vegas.
Back to Sydney, Australia, pokies will be finding themselves a secure home at South Sydney Rabbitohs, despite the Crowe and Holmes a Court previous plans.
The Australasian Gaming Expo hits Darling Harbour on the 24th August and it wouldn't be surprising to all any number of online casino tycoons wonder through, knowing that the internet is the current and future of the business. Clubs and pubs who fail to adept will end up being ancient history, and a number of insiders are saying that venues with no or little internet gaming strategy in place need their heads read, and shouldn't even be in business. Lasseters have wisely invested in physical casinos and internet, so the smart money says that they will ride out the storm. You can bet some Rabbitohs bigwigs will be watching Lasseters, and if they weren't before, they are now! Any internet skeptics need to have more of a read up on firms like Facebook, MySpace, Google, Craig's List, the do some research on the decline of newspaper sales (to the web), and if still not convinced, check out a few clubs and casinos where there's considerable difference in the ratio of patrons to pokies (aka one armed bandits).
Star City Casino, if your reading this, many are waiting patiently for you to do something really exciting with top notch gaming and entertainment. We know a few reporters waiting on something big to report on. Time might be nearing to headhunt some talent from Crown.
Branson's ramping up Virgin Hotels and Virgin Active, both whispered to find a niche in the Australian market, starting on the east coast, and Donald Trump is due to hit Australia's public speaking circuit, after recently unloading some unprofitable casino interests in the U.S. Nothing like an Aussie makeover hey Don. Rock stars used to do it, and why shouldn't celebrated businessmen.
Websites to watch: www.mediaman.com.au www.casinonewsmedia.com www.austgamingexpo.com
See you on the 24th, if not online sooner.
Media Man Australia Profiles
Virgin Casino
PKR Casino
Lasseters
Crown Casino
Casinos
Gaming
Poker and Casino News
Casino News Media
CentreBet To Sponsor The Jets - 14th August 2008
Online casino and sportsbook provider CentreBet has announced a deal to be the main sponsor for the Newcastle Jets soccer team of the Australian Hyundai A-League for the upcoming season.
CentreBet is one of Australasia’s leading sports wagering and gaming brands and offers online sportsbetting through CentreBet.com, which is licensed by Australia, along with its UK-licensed CentreBet.co.uk. Players may also take part in poker or casino games through its Internet poker room and casino licensed by the Netherlands Antilles at CentreBetPoker.com and CentreBetCasino.com.
“It’s a red letter day for the club as we’ve worked long and hard to secure a sponsorship,” said Remo Nogarotto, Director of Football for the Jets.
“We’ve been negotiating with CentreBet for the last four or five months. We are very, very, very happy with the arrangements both financial and the structure of the deal. We think that CentreBet is a wonderful fit for our team.
“It’s also very consistent with sponsorship deals from overseas. A number of teams in Serie A and, indeed, in the English Premier League overseas are sponsored by betting agencies. It is something that appears to be an international trend. We’re the first A-League team to be a beneficiary of that trend.”
The deal, for an undisclosed sum, will see CentreBet’s logo feature on the shirts of the defending A-League champions and has an option to be extended. The agreement also covers sponsorship of the team for the upcoming Asian Football Confederation Champions League competition, which will see 32 teams from eleven nations compete to see who is the best from the world’s largest continent.
The growth of soccer in Australia along with the Jets’ on-field success since the inception of the Hyundai A-League has generated great interest from sponsors. In addition, the Jets’ move into Asia next season promises to offer great exposure for CentreBet and its online betting channels.
Media Man Australia Profiles
CentreBet
Poker News Media
Casino News Media
Online casino and sportsbook provider CentreBet has announced a deal to be the main sponsor for the Newcastle Jets soccer team of the Australian Hyundai A-League for the upcoming season.
CentreBet is one of Australasia’s leading sports wagering and gaming brands and offers online sportsbetting through CentreBet.com, which is licensed by Australia, along with its UK-licensed CentreBet.co.uk. Players may also take part in poker or casino games through its Internet poker room and casino licensed by the Netherlands Antilles at CentreBetPoker.com and CentreBetCasino.com.
“It’s a red letter day for the club as we’ve worked long and hard to secure a sponsorship,” said Remo Nogarotto, Director of Football for the Jets.
“We’ve been negotiating with CentreBet for the last four or five months. We are very, very, very happy with the arrangements both financial and the structure of the deal. We think that CentreBet is a wonderful fit for our team.
“It’s also very consistent with sponsorship deals from overseas. A number of teams in Serie A and, indeed, in the English Premier League overseas are sponsored by betting agencies. It is something that appears to be an international trend. We’re the first A-League team to be a beneficiary of that trend.”
The deal, for an undisclosed sum, will see CentreBet’s logo feature on the shirts of the defending A-League champions and has an option to be extended. The agreement also covers sponsorship of the team for the upcoming Asian Football Confederation Champions League competition, which will see 32 teams from eleven nations compete to see who is the best from the world’s largest continent.
The growth of soccer in Australia along with the Jets’ on-field success since the inception of the Hyundai A-League has generated great interest from sponsors. In addition, the Jets’ move into Asia next season promises to offer great exposure for CentreBet and its online betting channels.
Media Man Australia Profiles
CentreBet
Poker News Media
Casino News Media
CryptoLogic to Build Internet Casino for Owners of Europe's Largest Dedicated Gaming TV Network - 8th August 2008
DUBLIN, IRELAND -- (MARKET WIRE) -- 08/08/08 -- CryptoLogic Limited (TSX: CRY)(TSX: CXY)(NASDAQ: CRYP)(LSE: CRP), a leading software developer to the global Internet gaming market, announced today that it has signed a three-year contract relating to Internet casino software with the Gaming Media Group Limited, owner of The Poker Channel, Europe's largest dedicated gaming television network, and PokerHeaven.com, a major European poker room.
Under the agreement, made through CryptoLogic subsidiary WagerLogic Limited, CryptoLogic's award-winning casino games will be available to players around the world - in five languages - later this year. CryptoLogic will be the sole provider of online casino software for the duration of the contract.
"We promised swift action to take CryptoLogic to the next level of online gaming, and our new relationships with leading brands such as the Gaming Media Group show that we are executing on our plan," said Brian Hadfield, CryptoLogic's President and CEO. "Gaming Media Group's commitment to promote the games through advertising means new profile for CryptoLogic products that takes them to new people and new places."
The Poker Channel, which recently announced its launch in the Netherlands on UPC, now broadcasts to more than 15 million households across 16 different territories in Europe. The channel, which offers more than 600 hours of premium programming, attracts close to one million unique viewers per month, with 65 per cent of its viewers visiting an online gaming site every day. It also operates www.PokerChannelEurope.com, a leading provider of on-demand programming for gaming fans worldwide.
PokerHeaven.com is one of the most recognized poker brands in Europe, with a player base spread across Europe and driven through its strong online and TV presence since its launch three and a half years ago.
"Our partnership with CryptoLogic provides us with a unique set of world-leading branded games that are perfectly suited to TV advertising, and various interactive TV gaming services we have planned," said Crispin Nieboer, CEO of Gaming Media Group. "As we continue to expand our European presence, we will offer our viewers and our registered players the very best in online casino games - and drive the growth of our bottom line."
Gaming Media Group will join other major online operators using CryptoLogic-developed software, including William Hill, InterCasino, and 888.
"When you put together great software and great gaming brands, the result is an unbeatable experience for players everywhere," said Antony Demetriades, WagerLogic's Managing Director.
CryptoLogic has one of the most comprehensive casino suites on the Internet today, including popular casual games such as Cubis and Bejeweled as well as an industry leading suite of video slots with interactive and immersive bonus rounds. CryptoLogic's award-winning casino lineup includes some of the industry's most popular and visually-stunning online jackpot slot games, including the Frightmare slot series, Rags to Riches and the Rapid Fire jackpot series, the slots that trigger their jackpots more frequently than any other online casino games.
The company also boasts some of the biggest jackpots in the industry, including Millionaires Club - a game that has made more instant millionaires in the last year than any other online casino game in history. The game has paid out more than $15 million in jackpot wins in the past year alone, with four players winning more than $1 million.
About CryptoLogic (www.cryptologic.com)
Focused on integrity and innovation, CryptoLogic Limited is a world-leading, blue-chip public developer and supplier of Internet gaming software. Its leadership in regulatory compliance makes it one of the very few companies with gaming software that is certified to strict standards similar to land-based gaming. WagerLogic Limited, a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of its gaming software and services to blue-chip customers who offer their games around the world to non-U.S. based players. For information on WagerLogic, visit www.wagerlogic.com
CryptoLogic's common shares trade on the Toronto Stock Exchange (CRY, CXY), the NASDAQ Global Select Market (CRYP) and the Main Market of the London Stock Exchange (CRP).
About Gaming Media Group (www.pokerchanneleurope.com, www.pokerheaven.com)
Gaming Media Group is the leading provider of TV and online media for gaming-related services in Europe. The Group 100% owns The Poker Channel and PokerHeaven.com. The Poker Channel launched in March 2005, and now broadcasts to over 15 million households across 16 different territories in Europe, with a leading presence in France, Germany, Scandinavia, the Netherlands and Spain. The Channel owns Europe's largest library of poker programming, with over 600 hours of premium poker content.
The Channel also operates www.PokerChannelEurope.com, a leading provider of on-demand programming for gaming fans worldwide. PokerHeaven.com launched over three and a half years ago and is now one of the most recognized poker brands in Europe.
CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER:
Statements in this press release, which are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, risks associated with the Company's financial condition and prospects, legal risks associated with Internet gaming and risks of governmental legislation and regulation, risks associated with market acceptance and technological changes, risks associated with dependence on licensees and key licensees, risks relating to international operations, risks associated with competition and other risks detailed in the Company's filings with securities regulatory authorities. These risks may cause results to differ materially from those projected in the forward-looking statements.
Contacts:
CryptoLogic
Stephen Taylor
Chief Financial Officer
35316641682
www.cryptologic.com
Gaming Media Group
Crispin Nieboer
CEO
+44 208 762 6150
Crispin.Nieboer@GamingMediaGroup.co.uk
Argyle Communications
Karen Passmore
(North American and gaming industry media)
(416) 968-7311 ext 228
kpassmore@argylecommunications.com
Argyle Communications
Kyla Thoms
(North American and gaming industry media)
(416) 968-7311 ext 237
kthoms@argylecommunications.com
Corfin Communications
Neil Thapar
(UK media only)
+44 207 977 0020
Corfin Communications
William Cullum
(UK media only)
+44 207 977 0020
Corfin Communications
Harry Chathli
(UK media only)
+44 207 977 0020
Media Man Australia Profiles
Casino News Media
DUBLIN, IRELAND -- (MARKET WIRE) -- 08/08/08 -- CryptoLogic Limited (TSX: CRY)(TSX: CXY)(NASDAQ: CRYP)(LSE: CRP), a leading software developer to the global Internet gaming market, announced today that it has signed a three-year contract relating to Internet casino software with the Gaming Media Group Limited, owner of The Poker Channel, Europe's largest dedicated gaming television network, and PokerHeaven.com, a major European poker room.
Under the agreement, made through CryptoLogic subsidiary WagerLogic Limited, CryptoLogic's award-winning casino games will be available to players around the world - in five languages - later this year. CryptoLogic will be the sole provider of online casino software for the duration of the contract.
"We promised swift action to take CryptoLogic to the next level of online gaming, and our new relationships with leading brands such as the Gaming Media Group show that we are executing on our plan," said Brian Hadfield, CryptoLogic's President and CEO. "Gaming Media Group's commitment to promote the games through advertising means new profile for CryptoLogic products that takes them to new people and new places."
The Poker Channel, which recently announced its launch in the Netherlands on UPC, now broadcasts to more than 15 million households across 16 different territories in Europe. The channel, which offers more than 600 hours of premium programming, attracts close to one million unique viewers per month, with 65 per cent of its viewers visiting an online gaming site every day. It also operates www.PokerChannelEurope.com, a leading provider of on-demand programming for gaming fans worldwide.
PokerHeaven.com is one of the most recognized poker brands in Europe, with a player base spread across Europe and driven through its strong online and TV presence since its launch three and a half years ago.
"Our partnership with CryptoLogic provides us with a unique set of world-leading branded games that are perfectly suited to TV advertising, and various interactive TV gaming services we have planned," said Crispin Nieboer, CEO of Gaming Media Group. "As we continue to expand our European presence, we will offer our viewers and our registered players the very best in online casino games - and drive the growth of our bottom line."
Gaming Media Group will join other major online operators using CryptoLogic-developed software, including William Hill, InterCasino, and 888.
"When you put together great software and great gaming brands, the result is an unbeatable experience for players everywhere," said Antony Demetriades, WagerLogic's Managing Director.
CryptoLogic has one of the most comprehensive casino suites on the Internet today, including popular casual games such as Cubis and Bejeweled as well as an industry leading suite of video slots with interactive and immersive bonus rounds. CryptoLogic's award-winning casino lineup includes some of the industry's most popular and visually-stunning online jackpot slot games, including the Frightmare slot series, Rags to Riches and the Rapid Fire jackpot series, the slots that trigger their jackpots more frequently than any other online casino games.
The company also boasts some of the biggest jackpots in the industry, including Millionaires Club - a game that has made more instant millionaires in the last year than any other online casino game in history. The game has paid out more than $15 million in jackpot wins in the past year alone, with four players winning more than $1 million.
About CryptoLogic (www.cryptologic.com)
Focused on integrity and innovation, CryptoLogic Limited is a world-leading, blue-chip public developer and supplier of Internet gaming software. Its leadership in regulatory compliance makes it one of the very few companies with gaming software that is certified to strict standards similar to land-based gaming. WagerLogic Limited, a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of its gaming software and services to blue-chip customers who offer their games around the world to non-U.S. based players. For information on WagerLogic, visit www.wagerlogic.com
CryptoLogic's common shares trade on the Toronto Stock Exchange (CRY, CXY), the NASDAQ Global Select Market (CRYP) and the Main Market of the London Stock Exchange (CRP).
About Gaming Media Group (www.pokerchanneleurope.com, www.pokerheaven.com)
Gaming Media Group is the leading provider of TV and online media for gaming-related services in Europe. The Group 100% owns The Poker Channel and PokerHeaven.com. The Poker Channel launched in March 2005, and now broadcasts to over 15 million households across 16 different territories in Europe, with a leading presence in France, Germany, Scandinavia, the Netherlands and Spain. The Channel owns Europe's largest library of poker programming, with over 600 hours of premium poker content.
The Channel also operates www.PokerChannelEurope.com, a leading provider of on-demand programming for gaming fans worldwide. PokerHeaven.com launched over three and a half years ago and is now one of the most recognized poker brands in Europe.
CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER:
Statements in this press release, which are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, risks associated with the Company's financial condition and prospects, legal risks associated with Internet gaming and risks of governmental legislation and regulation, risks associated with market acceptance and technological changes, risks associated with dependence on licensees and key licensees, risks relating to international operations, risks associated with competition and other risks detailed in the Company's filings with securities regulatory authorities. These risks may cause results to differ materially from those projected in the forward-looking statements.
Contacts:
CryptoLogic
Stephen Taylor
Chief Financial Officer
35316641682
www.cryptologic.com
Gaming Media Group
Crispin Nieboer
CEO
+44 208 762 6150
Crispin.Nieboer@GamingMediaGroup.co.uk
Argyle Communications
Karen Passmore
(North American and gaming industry media)
(416) 968-7311 ext 228
kpassmore@argylecommunications.com
Argyle Communications
Kyla Thoms
(North American and gaming industry media)
(416) 968-7311 ext 237
kthoms@argylecommunications.com
Corfin Communications
Neil Thapar
(UK media only)
+44 207 977 0020
Corfin Communications
William Cullum
(UK media only)
+44 207 977 0020
Corfin Communications
Harry Chathli
(UK media only)
+44 207 977 0020
Media Man Australia Profiles
Casino News Media
Media Man Australia Top 5 Online Casinos and Poker Rooms Of The Month
Virgin Casino
PKR Casino
888.com
Lasseters
Virgin Games
Virgin Casino
PKR Casino
888.com
Lasseters
Virgin Games
Souths' pokie plan flawed from start, byRay Chesterton - The Daily Telegraph - 15 August 2008
There must be a special place in the heaven of the naive for Souths supporters who really believed the leagues club could survive without poker machines.
We can only hope Souths supporters never receive those imaginative emails saying that sending your banking details will trigger the release of millions of dollars to you.
It would create embarrassing dislocation.
The "no pokies" policy at Souths Leagues Club will be rejected by members today at a meeting at the Redfern Town Hall.
The meeting cannot be held at the leagues club. It's closed with no obvious date for re-opening.
The formal defeat of such a illogical, pompously high-minded and morally judgmental - yet fatally flawed - concept was inevitable.
Geez, Souths supporters, haven't you been burned enough by the languid web-spinning of fractured fairy tales?
I don't have any time for poker machines but they are not necessarily the mechanical manifestations of the devil that some people claim.
Poker machines have been an integral part of Sydney's rugby league infrastructure for more than half a century. In a game that was driven by money for payments to players, transfer fees and increasing administration they became increasingly vital.
It was poker machine cash from St George Leagues Club, an edifice so lavish and ahead of its time it was called the Taj Mahal, that bought the players who won 11 titles in a row.
Poker machines also enabled club boards to sponsor cheaper meals and drinks, donate to charities and underwrite community sport and social projects - until the Carr Government allowing them in pubs and profits dropped.
Poker machines have been a river of gold in rugby league. Suddenly cutting off the financial drip - at any club - was at best unrealistic and at worst financially suicidal.
Yet Russell Crowe and Peter Holmes a Court did just that, ignoring reality as they verbally spun straw into gold and filled the air with more dreams of heaven on earth than a TV evangelist.
No mention of what would replace the million dollars a year the leagues club provided to the football club.
Except it would not be coming out of their pockets. All they offered was haze and an obscure future.
One plan was to entice a restaurateur to open a fish cafe in the leagues club that would appeal to families.
"A place where families can gather for good food and conversation (without) the distracting din of pokies," Russell wrote to members.
Does Russell know the price of a good fillet of snapper, let alone barramundi?
Take your family to a feed of fish and you'd have to win a jackpot on the pokies to play the bill.
There was talk of a "club with no pokies" page on Facebook - an internet site perhaps not known to all of Souths' often economically challenged supporters.
Surely, Souths, you've had enough of this nonsense.
Holmes a Court and Crowe swept across Souths like a hot dry wind, searing every aspect of the club's culture into scorched earth.
Redfern Oval is gone. Souths' home ground is now the cavernous ANZ Stadium, which it shares with other clubs - ending a century of individuality.
The leagues club and the team, after an appalling start, are out of semi-final negotiations despite a praiseworthy recovery.
You need new heroes Souths. It won't be George Piggins. He's unavailable.
But you better find someone quick. Last year Souths lost $4 million despite making the final eight.
This year's losses will be worse.
And all is silence from Crowe and Holmes a Court.
Media Man Australia Profiles
South Sydney Rabbitohs
Poker and Casino News
Casino News Media
There must be a special place in the heaven of the naive for Souths supporters who really believed the leagues club could survive without poker machines.
We can only hope Souths supporters never receive those imaginative emails saying that sending your banking details will trigger the release of millions of dollars to you.
It would create embarrassing dislocation.
The "no pokies" policy at Souths Leagues Club will be rejected by members today at a meeting at the Redfern Town Hall.
The meeting cannot be held at the leagues club. It's closed with no obvious date for re-opening.
The formal defeat of such a illogical, pompously high-minded and morally judgmental - yet fatally flawed - concept was inevitable.
Geez, Souths supporters, haven't you been burned enough by the languid web-spinning of fractured fairy tales?
I don't have any time for poker machines but they are not necessarily the mechanical manifestations of the devil that some people claim.
Poker machines have been an integral part of Sydney's rugby league infrastructure for more than half a century. In a game that was driven by money for payments to players, transfer fees and increasing administration they became increasingly vital.
It was poker machine cash from St George Leagues Club, an edifice so lavish and ahead of its time it was called the Taj Mahal, that bought the players who won 11 titles in a row.
Poker machines also enabled club boards to sponsor cheaper meals and drinks, donate to charities and underwrite community sport and social projects - until the Carr Government allowing them in pubs and profits dropped.
Poker machines have been a river of gold in rugby league. Suddenly cutting off the financial drip - at any club - was at best unrealistic and at worst financially suicidal.
Yet Russell Crowe and Peter Holmes a Court did just that, ignoring reality as they verbally spun straw into gold and filled the air with more dreams of heaven on earth than a TV evangelist.
No mention of what would replace the million dollars a year the leagues club provided to the football club.
Except it would not be coming out of their pockets. All they offered was haze and an obscure future.
One plan was to entice a restaurateur to open a fish cafe in the leagues club that would appeal to families.
"A place where families can gather for good food and conversation (without) the distracting din of pokies," Russell wrote to members.
Does Russell know the price of a good fillet of snapper, let alone barramundi?
Take your family to a feed of fish and you'd have to win a jackpot on the pokies to play the bill.
There was talk of a "club with no pokies" page on Facebook - an internet site perhaps not known to all of Souths' often economically challenged supporters.
Surely, Souths, you've had enough of this nonsense.
Holmes a Court and Crowe swept across Souths like a hot dry wind, searing every aspect of the club's culture into scorched earth.
Redfern Oval is gone. Souths' home ground is now the cavernous ANZ Stadium, which it shares with other clubs - ending a century of individuality.
The leagues club and the team, after an appalling start, are out of semi-final negotiations despite a praiseworthy recovery.
You need new heroes Souths. It won't be George Piggins. He's unavailable.
But you better find someone quick. Last year Souths lost $4 million despite making the final eight.
This year's losses will be worse.
And all is silence from Crowe and Holmes a Court.
Media Man Australia Profiles
South Sydney Rabbitohs
Poker and Casino News
Casino News Media
Thursday, August 14, 2008
Crown Casino in $1 billion refinancing, by Katherine Jimenez - The Australian - 14th August 2008
James Packer's Crown Ltd yesterday announced that it had completed a $1.01 billion refinancing agreement in a move to extend the maturity profile of its debt finance portfolio.
In a brief statement to the Australian Securities Exchange, Crown said: "Proceeds of the new debt facilities will be used to pay down Crown's existing $2.15 billion syndicated loan facility."
The facility matures in 2010.
It said the refinancing was undertaken "to extend the maturity profile of Crown's debt finance portfolio".
The new debt facility was structured in three tranches, with the bulk -- $600 million - syndicated among 11 Australian and international banks on a five-year term at an interest rate of 5.5 per cent.
A $200 million bilateral loan facility was struck with the National Australia Bank on a five-year term at interest of 5.13 per cent.
The third arrangement was a $US200 million private placement with the Bank of America and Bank of Scotland acting as co-lead arrangers and Westpac and the Commonwealth Bank co-agents.
The maturity profile ranges from seven to 12 years at interest of 7.57 per cent.
Shares in Crown closed 25c weaker yesterday at $8.15.
Media Man Australia Profiles
Casino News Media
James Packer's Crown Ltd yesterday announced that it had completed a $1.01 billion refinancing agreement in a move to extend the maturity profile of its debt finance portfolio.
In a brief statement to the Australian Securities Exchange, Crown said: "Proceeds of the new debt facilities will be used to pay down Crown's existing $2.15 billion syndicated loan facility."
The facility matures in 2010.
It said the refinancing was undertaken "to extend the maturity profile of Crown's debt finance portfolio".
The new debt facility was structured in three tranches, with the bulk -- $600 million - syndicated among 11 Australian and international banks on a five-year term at an interest rate of 5.5 per cent.
A $200 million bilateral loan facility was struck with the National Australia Bank on a five-year term at interest of 5.13 per cent.
The third arrangement was a $US200 million private placement with the Bank of America and Bank of Scotland acting as co-lead arrangers and Westpac and the Commonwealth Bank co-agents.
The maturity profile ranges from seven to 12 years at interest of 7.57 per cent.
Shares in Crown closed 25c weaker yesterday at $8.15.
Media Man Australia Profiles
Casino News Media
Packer and Ho in Macau makeover - The Sydney Morning Herald - 14th August 2008
James Packer and Lawrence Ho, two sons of billionaires, opened a $US524 million casino in Macau in May 2007. It was a flop.
The empty building was ``eerie,'' the 31-year-old son of casino magnate Stanley Ho said in an interview. Three months after Crown Macau's grand opening, the two co-chairmen of Melco Crown Entertainment, its Hong Kong-based owner, decided it was time to ``throw in a nuclear bomb,'' Ho said.
Packer and Ho ripped out two-thirds of their low-limit gambling tables and four-fifths of the slot machines to make space for high rollers. The casino shifted its focus from middle- class gamblers to VIP players who spend at least 1 million patacas ($130,000) per visit.
The strategy handed Melco Crown 15% of Macau's casino business in less than a year as it seeks to take VIP share from larger establishments run by Las Vegas Sands and Wynn Resorts.
``Before, Crown Macau couldn't even break even,'' said Billy Ng, a Hong Kong-based analyst at JPMorgan Chase. ``Now it looks like it's making a profit.''
Melco Crown's shares, which dropped 42% this year, will climb 67% over the next 12 months, according to analysts' estimates compiled by Bloomberg. That compares with predictions of a decline for Wynn and a 1.4% gain for Sands, based on Aug. 12 stock prices.
The shares were unchanged at $US6.75 in Nasdaq Stock Market trading on Aug. 12.
`Undervalued stock'
``The stock is undervalued,'' Michael Perna, an analyst with AAD Capital Management LP in California, said in an interview. The fund manager bought 1.55 million Melco Crown shares, according to a second-quarter regulatory filing. He's since continued buying, he said.
Melco Crown, which had a loss of $US178.2 million ($205,00) in 2007, posted a profit of $US43.2 million in the first quarter of this year. It will report a second-quarter profit when it releases earnings today, according to the average estimate of four analysts surveyed by Bloomberg.
The company's new focus on big spenders is also being applied to its $US2.1 billion resort development called City of Dreams being built in Macau's Cotai district. Among the VIP- oriented changes planned for the casino, scheduled to open next year, is a reduction in slot machines to 1,500 from 3,500, Ho said, which appeal primarily to middle-class gamblers.
``We want to be a higher-value proposition than'' Las Vegas Sands' Venetian Macao across the street, he said.
A City of Dreams
With City of Dreams, Packer and Ho have positioned Melco Crown to benefit from the anticipated increase in gambling revenue in Macau, Lawrence Klatzkin, an analyst at Jefferies & Co. in New York, said in an interview.
``City of Dreams will enable them to expand'' the VIP business further, said Klatzkin, who recommends buying the shares and expects them to rise to $US19. ``The Crown is pretty close to being capped out, it's not a big facility.''
Ho and his partner, who is the son of Kerry Packer, the richest man in Australia before he died in December 2005, will face competition from brand names in gambling -- even some from family. MGM Grand Macau, a venture between Las Vegas-based
MGM Mirage and Ho's older sister Pansy Ho, will almost double its VIP tables to 150 and convert the 34th and 35th floors of its development to exclusive gambling rooms, Chief Executive Officer Terrence Lanni said on an Aug. 5 conference call.
The Ho legacy
Patriarch Ho, who held a 40-year casino monopoly in the former Portuguese colony, never saw Macau as more than a gambling destination. Then, in 2002, Macau offered new licenses and the US billionaires and their well-known Las Vegas brands -- Sheldon Adelson's Las Vegas Sands, Stephen Wynn's Wynn Resorts, and Kirk Kerkorian's MGM Mirage -- moved in.
Macau's casino gambling revenue rose 55% to 58.7 billion patacas in the first six months of the year, accelerating from 47% growth in 2007. Local government data shows VIPs contributed about 70% of Macau revenue so far this year.
One tactic to lock up the VIP gambling market that ``ruffled some feathers,'' according to Ho, was a deal struck with Amax Entertainment Holdings Ltd.'s 80%-owned junket operator AMA International Ltd. AMA brings in about one-fifth of Macau's high rollers, according to Karen Tang, a Hong Kong-based analyst at Deutsche Bank AG.
Melco Crown agreed to help Amax raise $HK2 billion ($295 million) on the Hong Kong stock exchange in December 2007 and pay AMA commission on high-roller junkets. In return Amax guaranteed a steady flow of wealthy gamblers from China to Crown Macau.
Tourists from Japan
When Melco Crown and rivals began to build a Las Vegas-style destination with five-star restaurants and top-draw entertainers, they aimed to entice middle-class Chinese and tourists to fill the thousands of hotel rooms they were building.
``We need to be able to draw a lot more visitors from places like Japan or South Korea,'' said Andy Wu, the president of the Travel Industry Council of Macau, an industry body representing local travel agencies. ``These are the ones more likely to spend on things other than gaming.''
Packer and Ho and other casino owners soon realized middle- class gamblers weren't necessarily staying away by choice. The city's transportation infrastructure is underdeveloped, with older ferry terminals and proposed sky-rails that have never been built, making a Macau getaway less accessible.
To overcome the problem, some casinos such as the Sands have bought their own ferries. With infrastructure improvements and more rooms to accommodate bigger numbers, Ho said that ``next year will be a banner year.''
Bloomberg New
Media Man Australia Profiles
Casino News Media
James Packer and Lawrence Ho, two sons of billionaires, opened a $US524 million casino in Macau in May 2007. It was a flop.
The empty building was ``eerie,'' the 31-year-old son of casino magnate Stanley Ho said in an interview. Three months after Crown Macau's grand opening, the two co-chairmen of Melco Crown Entertainment, its Hong Kong-based owner, decided it was time to ``throw in a nuclear bomb,'' Ho said.
Packer and Ho ripped out two-thirds of their low-limit gambling tables and four-fifths of the slot machines to make space for high rollers. The casino shifted its focus from middle- class gamblers to VIP players who spend at least 1 million patacas ($130,000) per visit.
The strategy handed Melco Crown 15% of Macau's casino business in less than a year as it seeks to take VIP share from larger establishments run by Las Vegas Sands and Wynn Resorts.
``Before, Crown Macau couldn't even break even,'' said Billy Ng, a Hong Kong-based analyst at JPMorgan Chase. ``Now it looks like it's making a profit.''
Melco Crown's shares, which dropped 42% this year, will climb 67% over the next 12 months, according to analysts' estimates compiled by Bloomberg. That compares with predictions of a decline for Wynn and a 1.4% gain for Sands, based on Aug. 12 stock prices.
The shares were unchanged at $US6.75 in Nasdaq Stock Market trading on Aug. 12.
`Undervalued stock'
``The stock is undervalued,'' Michael Perna, an analyst with AAD Capital Management LP in California, said in an interview. The fund manager bought 1.55 million Melco Crown shares, according to a second-quarter regulatory filing. He's since continued buying, he said.
Melco Crown, which had a loss of $US178.2 million ($205,00) in 2007, posted a profit of $US43.2 million in the first quarter of this year. It will report a second-quarter profit when it releases earnings today, according to the average estimate of four analysts surveyed by Bloomberg.
The company's new focus on big spenders is also being applied to its $US2.1 billion resort development called City of Dreams being built in Macau's Cotai district. Among the VIP- oriented changes planned for the casino, scheduled to open next year, is a reduction in slot machines to 1,500 from 3,500, Ho said, which appeal primarily to middle-class gamblers.
``We want to be a higher-value proposition than'' Las Vegas Sands' Venetian Macao across the street, he said.
A City of Dreams
With City of Dreams, Packer and Ho have positioned Melco Crown to benefit from the anticipated increase in gambling revenue in Macau, Lawrence Klatzkin, an analyst at Jefferies & Co. in New York, said in an interview.
``City of Dreams will enable them to expand'' the VIP business further, said Klatzkin, who recommends buying the shares and expects them to rise to $US19. ``The Crown is pretty close to being capped out, it's not a big facility.''
Ho and his partner, who is the son of Kerry Packer, the richest man in Australia before he died in December 2005, will face competition from brand names in gambling -- even some from family. MGM Grand Macau, a venture between Las Vegas-based
MGM Mirage and Ho's older sister Pansy Ho, will almost double its VIP tables to 150 and convert the 34th and 35th floors of its development to exclusive gambling rooms, Chief Executive Officer Terrence Lanni said on an Aug. 5 conference call.
The Ho legacy
Patriarch Ho, who held a 40-year casino monopoly in the former Portuguese colony, never saw Macau as more than a gambling destination. Then, in 2002, Macau offered new licenses and the US billionaires and their well-known Las Vegas brands -- Sheldon Adelson's Las Vegas Sands, Stephen Wynn's Wynn Resorts, and Kirk Kerkorian's MGM Mirage -- moved in.
Macau's casino gambling revenue rose 55% to 58.7 billion patacas in the first six months of the year, accelerating from 47% growth in 2007. Local government data shows VIPs contributed about 70% of Macau revenue so far this year.
One tactic to lock up the VIP gambling market that ``ruffled some feathers,'' according to Ho, was a deal struck with Amax Entertainment Holdings Ltd.'s 80%-owned junket operator AMA International Ltd. AMA brings in about one-fifth of Macau's high rollers, according to Karen Tang, a Hong Kong-based analyst at Deutsche Bank AG.
Melco Crown agreed to help Amax raise $HK2 billion ($295 million) on the Hong Kong stock exchange in December 2007 and pay AMA commission on high-roller junkets. In return Amax guaranteed a steady flow of wealthy gamblers from China to Crown Macau.
Tourists from Japan
When Melco Crown and rivals began to build a Las Vegas-style destination with five-star restaurants and top-draw entertainers, they aimed to entice middle-class Chinese and tourists to fill the thousands of hotel rooms they were building.
``We need to be able to draw a lot more visitors from places like Japan or South Korea,'' said Andy Wu, the president of the Travel Industry Council of Macau, an industry body representing local travel agencies. ``These are the ones more likely to spend on things other than gaming.''
Packer and Ho and other casino owners soon realized middle- class gamblers weren't necessarily staying away by choice. The city's transportation infrastructure is underdeveloped, with older ferry terminals and proposed sky-rails that have never been built, making a Macau getaway less accessible.
To overcome the problem, some casinos such as the Sands have bought their own ferries. With infrastructure improvements and more rooms to accommodate bigger numbers, Ho said that ``next year will be a banner year.''
Bloomberg New
Media Man Australia Profiles
Casino News Media
Wednesday, August 13, 2008
How South Sydney's no-pokies leagues club plan died, by Josh Massoud - The Daily Telegraph - 13th August 2008
On Sunday morning fewer than 100 people will gather in Redfern Town Hall to end South Sydney's proposal for a no-pokies leagues club.
What was once a heart-warming campaign has sunk with so little trace that it now settles alongside Harold Holt as Australia's most perplexing vanishing act.
It was only in September when Rabbitohs co-owners Peter Holmes a Court and Russell Crowe declared they wanted South Sydney Leagues Club to make history and re-open without poker machines.
Their rhetoric was woven in a feel-good thread of "corporate responsibility" that fitted oh-so-snugly with prevailing social moods.
In a co-signed letter e-mailed to the club's 6500 members in December, they wrote: "We are not moralising here, we just believe that low-income areas like Redfern need less poker machines rather than more."
Who could argue? If Satan walks among us, it is surely in the guise of a one-armed bandit. They take food from the table, rob children of their textbooks and pollute the audiosphere with a bleeping so demented it makes the Crazy Frog ringtone seem bearable by comparison.
Little wonder, then, that Holmes a Court and Crowe were feted as saviours when they announced the plan.
Problem is, it takes more than a cape and external underpants to save the day in clubland.
Despite boasting a Facebook page and several hundred "No Pokies" T-shirts, the campaign has since withered in a silence almost as deafening as the angels' trumpets and that heralded its arrival.
That fanfare is the only reason why leagues club directors are persevering with a members' vote on the proposal during Sunday's AGM at Redfern. To a man, they fully expect it to be defeated.
After being swept along in an overwhelming tide of benevolence, the general public is now entitled to feel confused. Community-minded organisations like the Salvation Army which applauded the idea are entitled to feel duped.
They deserve to know why their faith in Holmes a Court and Crowe's vision was not returned with a sustained endeavour to bring it to life.
Just days after the pair penned their heartfelt on-line entreaty, directors voted to endorse the idea.
But the final count - 4-3 in favour of no-pokies - was not emphatic enough to implement the plan without consulting the membership.
In the meantime, Holmes a Court vowed to devise a business plan to convince members their club could survive without the $1 million its 60 machines would otherwise provide.
To this end, he created a consortium between the Rabbitohs football club, restaurant guru Con Dedes and developer Trivest - which purchased the leagues club building earlier that year for $10 million.
The consortium offered to pay Souths Leagues Club $300,000 for the right to manage the licensed premises, and in doing so, accept full liability for any losses.
It also planned to operate the venue "like a pub" and wanted the State Government to waive the long-standing duty for club members and guests to sign-in before entering.
On this contentious point, club chairman Bill Alexiou-Hucker and Holmes a Court held a positive meeting with Premier Morris Iemma in January.
Recalling the events, Alexiou-Hucker said this week: "It was a great proposal because they took on all the risk and we got money to put back into the community."
There was one catch. Of the three directors who wanted pokies, Frank Zappia was the most strident opponent. A brother of Sharks CEO Tony Zappia, the Liverpool real estate agent insisted on a cut-off date for Holmes a Court to gain legislative approval to abolish the sign-in desk.
Holmes a Court wanted an April deadline, but Zappia pushed for March 31. If the Government did not agree by that date, then both parties would be able to walk away.
But why March 31? "Because I did my homework," Zappia replied. "I knew the Parliament only sat on three or four days in March and there would be a minimum chance for them to get the legislation through.
"I was looking at the calendar, counting the days until March 31."
The fateful day arrived and no progress had been made.
Redfern became very quiet, a calm before the storm that would see Crowe oust Holmes a Court as Rabbitohs executive chairman six weeks later.
With the football club in turmoil, its owners suddenly had little time to prevent the poker machine plague from infecting their sickly neighbours.
The offer was withdrawn, the consortium disbanded and the leagues club left without a safety net to cover for the $1 million black hole.
That is why boardroom enemies Alexiou-Hucker and Zappia can agree their members have little choice but to vote in favour of poker machines.
In fact, both believe the issue is now so clear-cut they can't envisage more than 100 people bothering to show up.
(Credit: The Daily Telegraph)
Comment by Greg Tingle
There's no doubt that Russell Crowe's heart is in the right place and that he means well. There's a number of commercial realities at stake here. Don't forget, and corporate and public will, South's lost Firepower. No doubt Branson's Virgin Blue was relieved. Australian's and much of the world loves a punt, be it pokies, horse racing, a wager on the boxing, and there days, firms like Virgin, PKR, 888 and others are offering online casinos. Even Warnie's got in on the act. Abroad online casino business has been keeping Calvin Ayre on his toes, but Ayre was in online business, not like James Packer, who recently lost a bundle on a casino deal gone wrong abroad. The Gaming Expo is coming up at Darling Harbour on the 24th August. Don't suppose we will see Russell Crowe or Peter Holmes a Court there, but maybe a few online casino tycoons will show up, and perhaps some Rabbitoh board members also. Wonder if any TAB Corp and Aristocrat brass will show. Rabbitohs, you have South Cares, so ensure the money goes back to the community, and you should be fine. I think the community has faith in The Bunnies to do the right and ethical thing with the profits.
Media Man Australia Profiles
South Sydney Rabbitohs
Poker and Casino News
Casino News Media
On Sunday morning fewer than 100 people will gather in Redfern Town Hall to end South Sydney's proposal for a no-pokies leagues club.
What was once a heart-warming campaign has sunk with so little trace that it now settles alongside Harold Holt as Australia's most perplexing vanishing act.
It was only in September when Rabbitohs co-owners Peter Holmes a Court and Russell Crowe declared they wanted South Sydney Leagues Club to make history and re-open without poker machines.
Their rhetoric was woven in a feel-good thread of "corporate responsibility" that fitted oh-so-snugly with prevailing social moods.
In a co-signed letter e-mailed to the club's 6500 members in December, they wrote: "We are not moralising here, we just believe that low-income areas like Redfern need less poker machines rather than more."
Who could argue? If Satan walks among us, it is surely in the guise of a one-armed bandit. They take food from the table, rob children of their textbooks and pollute the audiosphere with a bleeping so demented it makes the Crazy Frog ringtone seem bearable by comparison.
Little wonder, then, that Holmes a Court and Crowe were feted as saviours when they announced the plan.
Problem is, it takes more than a cape and external underpants to save the day in clubland.
Despite boasting a Facebook page and several hundred "No Pokies" T-shirts, the campaign has since withered in a silence almost as deafening as the angels' trumpets and that heralded its arrival.
That fanfare is the only reason why leagues club directors are persevering with a members' vote on the proposal during Sunday's AGM at Redfern. To a man, they fully expect it to be defeated.
After being swept along in an overwhelming tide of benevolence, the general public is now entitled to feel confused. Community-minded organisations like the Salvation Army which applauded the idea are entitled to feel duped.
They deserve to know why their faith in Holmes a Court and Crowe's vision was not returned with a sustained endeavour to bring it to life.
Just days after the pair penned their heartfelt on-line entreaty, directors voted to endorse the idea.
But the final count - 4-3 in favour of no-pokies - was not emphatic enough to implement the plan without consulting the membership.
In the meantime, Holmes a Court vowed to devise a business plan to convince members their club could survive without the $1 million its 60 machines would otherwise provide.
To this end, he created a consortium between the Rabbitohs football club, restaurant guru Con Dedes and developer Trivest - which purchased the leagues club building earlier that year for $10 million.
The consortium offered to pay Souths Leagues Club $300,000 for the right to manage the licensed premises, and in doing so, accept full liability for any losses.
It also planned to operate the venue "like a pub" and wanted the State Government to waive the long-standing duty for club members and guests to sign-in before entering.
On this contentious point, club chairman Bill Alexiou-Hucker and Holmes a Court held a positive meeting with Premier Morris Iemma in January.
Recalling the events, Alexiou-Hucker said this week: "It was a great proposal because they took on all the risk and we got money to put back into the community."
There was one catch. Of the three directors who wanted pokies, Frank Zappia was the most strident opponent. A brother of Sharks CEO Tony Zappia, the Liverpool real estate agent insisted on a cut-off date for Holmes a Court to gain legislative approval to abolish the sign-in desk.
Holmes a Court wanted an April deadline, but Zappia pushed for March 31. If the Government did not agree by that date, then both parties would be able to walk away.
But why March 31? "Because I did my homework," Zappia replied. "I knew the Parliament only sat on three or four days in March and there would be a minimum chance for them to get the legislation through.
"I was looking at the calendar, counting the days until March 31."
The fateful day arrived and no progress had been made.
Redfern became very quiet, a calm before the storm that would see Crowe oust Holmes a Court as Rabbitohs executive chairman six weeks later.
With the football club in turmoil, its owners suddenly had little time to prevent the poker machine plague from infecting their sickly neighbours.
The offer was withdrawn, the consortium disbanded and the leagues club left without a safety net to cover for the $1 million black hole.
That is why boardroom enemies Alexiou-Hucker and Zappia can agree their members have little choice but to vote in favour of poker machines.
In fact, both believe the issue is now so clear-cut they can't envisage more than 100 people bothering to show up.
(Credit: The Daily Telegraph)
Comment by Greg Tingle
There's no doubt that Russell Crowe's heart is in the right place and that he means well. There's a number of commercial realities at stake here. Don't forget, and corporate and public will, South's lost Firepower. No doubt Branson's Virgin Blue was relieved. Australian's and much of the world loves a punt, be it pokies, horse racing, a wager on the boxing, and there days, firms like Virgin, PKR, 888 and others are offering online casinos. Even Warnie's got in on the act. Abroad online casino business has been keeping Calvin Ayre on his toes, but Ayre was in online business, not like James Packer, who recently lost a bundle on a casino deal gone wrong abroad. The Gaming Expo is coming up at Darling Harbour on the 24th August. Don't suppose we will see Russell Crowe or Peter Holmes a Court there, but maybe a few online casino tycoons will show up, and perhaps some Rabbitoh board members also. Wonder if any TAB Corp and Aristocrat brass will show. Rabbitohs, you have South Cares, so ensure the money goes back to the community, and you should be fine. I think the community has faith in The Bunnies to do the right and ethical thing with the profits.
Media Man Australia Profiles
South Sydney Rabbitohs
Poker and Casino News
Casino News Media
Russell Crowe's distress over pokies - The Daily Telegraph - 13th August 2008
Rabbitohs owner Russell Crowe is distressed at the likely prospect of South Sydney Leagues Club re-opening with poker machines.
In tandem with business partner Peter Holmes a Court, the Hollywood actor launched an impassioned campaign for the licensed club to ban poker machines last September.
The radical proposal will be decided on Sunday, when members gather for Souths Leagues Club's AGM at Redfern Town Hall.
But in a demonstration of how the once-popular idea has lost momentum, officials expect that less than 100 people will turn out to vote.
The leagues club was relying on the Rabbitohs to manage the venue without machines and absorb any collateral damage from $1 million in lost pokies revenue.
But the football club withdrew its support after it was unable to secure parliamentary support to abolish the statutory sign-in desk.
Without a safety net, leagues club chairman Bill Alexiou-Hucker now expects members to vote in favour of pokies.
"We will go with whatever the members decide, but it would be harder without a guaranteed (poker machine) revenue stream," Mr Alexiou-Hucker said.
Crowe is understood to be upset that the proposal is set to be defeated and recently asked for reasons why it had fallen from favour.
Greg Tingle comment
There's no doubt that Russell Crowe's heart is in the right place and that he means well. There's a number of commercial realities at stake here. Don't forget, and corporate and public will, South's lost Firepower. No doubt Branson's Virgin Blue was relieved. Australian's and much of the world loves a punt, be it pokies, horse racing, a wager on the boxing, and there days, firms like Virgin, PKR, 888 and others are offering online casinos. Even Warnie's got in on the act. Abroad online casino business has been keeping Calvin Ayre on his toes, but Ayre was in online business, not like James Packer, who recently lost a bundle on a casino deal gone wrong abroad. The Gaming Expo is coming up at Darling Harbour on the 24th August. Don't suppose we will see Russell Crowe or Peter Holmes a Court there, but maybe a few online casino tycoons will show up, and perhaps some Rabbitoh board members also. Wonder if any TAB Corp and Aristocrat brass will show. Rabbitohs, you have South Cares, so ensure the money goes back to the community, and you should be fine. I think the community has faith in The Bunnies to do the right and ethical thing with the profits.
(Credit: Daily Telegraph)
Media Man Australia Profiles
Poker and Casino News
Casino News Media
Rabbitohs owner Russell Crowe is distressed at the likely prospect of South Sydney Leagues Club re-opening with poker machines.
In tandem with business partner Peter Holmes a Court, the Hollywood actor launched an impassioned campaign for the licensed club to ban poker machines last September.
The radical proposal will be decided on Sunday, when members gather for Souths Leagues Club's AGM at Redfern Town Hall.
But in a demonstration of how the once-popular idea has lost momentum, officials expect that less than 100 people will turn out to vote.
The leagues club was relying on the Rabbitohs to manage the venue without machines and absorb any collateral damage from $1 million in lost pokies revenue.
But the football club withdrew its support after it was unable to secure parliamentary support to abolish the statutory sign-in desk.
Without a safety net, leagues club chairman Bill Alexiou-Hucker now expects members to vote in favour of pokies.
"We will go with whatever the members decide, but it would be harder without a guaranteed (poker machine) revenue stream," Mr Alexiou-Hucker said.
Crowe is understood to be upset that the proposal is set to be defeated and recently asked for reasons why it had fallen from favour.
Greg Tingle comment
There's no doubt that Russell Crowe's heart is in the right place and that he means well. There's a number of commercial realities at stake here. Don't forget, and corporate and public will, South's lost Firepower. No doubt Branson's Virgin Blue was relieved. Australian's and much of the world loves a punt, be it pokies, horse racing, a wager on the boxing, and there days, firms like Virgin, PKR, 888 and others are offering online casinos. Even Warnie's got in on the act. Abroad online casino business has been keeping Calvin Ayre on his toes, but Ayre was in online business, not like James Packer, who recently lost a bundle on a casino deal gone wrong abroad. The Gaming Expo is coming up at Darling Harbour on the 24th August. Don't suppose we will see Russell Crowe or Peter Holmes a Court there, but maybe a few online casino tycoons will show up, and perhaps some Rabbitoh board members also. Wonder if any TAB Corp and Aristocrat brass will show. Rabbitohs, you have South Cares, so ensure the money goes back to the community, and you should be fine. I think the community has faith in The Bunnies to do the right and ethical thing with the profits.
(Credit: Daily Telegraph)
Media Man Australia Profiles
Poker and Casino News
Casino News Media
Monday, August 11, 2008
MGM to double tables for high rollers - The Standard - 7th August 2008
MGM Mirage, the world's second-largest casino company, plans to almost double gaming tables for high rollers at its Macau casino by year-end to tap the growing number of gamblers who spend more than US$124,000 (HK$967,200) a visit.
MGM Grand Macau, a venture between the Las Vegas-based company and billionaire Stanley Ho Hung-sun's daughter Pansy Ho Chiu- king, will increase its VIP tables by 70 to 150, chief executive officer Terrence Lanni said on a conference call yesterday.
Macau earned almost 70 percent of gaming revenue from VIP gamblers, defined as those who spend more than 1 million Macau patacas (about HK$970,000) every trip. That's higher than the 67 percent share in 2006, even as the city's government sought to slow growth in the number of high rollers coming to the only place in China where casinos are legal.
"We have determined it would be important to add more VIP tables," Lanni said. "On balance, we're not pleased with the past performance of our property in Macau, but we believe that we are taking the necessary steps."
The casino has 366 gaming tables, and Lanni said it will add about 22 VIP tables this month.
MGM Macau, which opened in December 2007, had a quarterly operating loss of US$5 million on earnings before interest, tax, depreciation and amortization of US$23 million.
The move to bring in more VIP gamblers, partly through junket operators, helped raise MGM Macau's market share to 9.5 percent in July from 8 percent the previous month, Lanni said.
"Since we have incorporated MGM Mirage marketing in June this year, we have doubled our VIP in-house business and we think that can continue to grow," he said. BLOOMBERG
Media Man Australia Profiles
Macau
Casino News Media
MGM Mirage, the world's second-largest casino company, plans to almost double gaming tables for high rollers at its Macau casino by year-end to tap the growing number of gamblers who spend more than US$124,000 (HK$967,200) a visit.
MGM Grand Macau, a venture between the Las Vegas-based company and billionaire Stanley Ho Hung-sun's daughter Pansy Ho Chiu- king, will increase its VIP tables by 70 to 150, chief executive officer Terrence Lanni said on a conference call yesterday.
Macau earned almost 70 percent of gaming revenue from VIP gamblers, defined as those who spend more than 1 million Macau patacas (about HK$970,000) every trip. That's higher than the 67 percent share in 2006, even as the city's government sought to slow growth in the number of high rollers coming to the only place in China where casinos are legal.
"We have determined it would be important to add more VIP tables," Lanni said. "On balance, we're not pleased with the past performance of our property in Macau, but we believe that we are taking the necessary steps."
The casino has 366 gaming tables, and Lanni said it will add about 22 VIP tables this month.
MGM Macau, which opened in December 2007, had a quarterly operating loss of US$5 million on earnings before interest, tax, depreciation and amortization of US$23 million.
The move to bring in more VIP gamblers, partly through junket operators, helped raise MGM Macau's market share to 9.5 percent in July from 8 percent the previous month, Lanni said.
"Since we have incorporated MGM Mirage marketing in June this year, we have doubled our VIP in-house business and we think that can continue to grow," he said. BLOOMBERG
Media Man Australia Profiles
Macau
Casino News Media
Tabcorp will not merge with Tatts, by Lema Samandar - The Daily Telegraph - 10th August 2008
Gaming giant Tabcorp Holdings says a merger with Tatts Group wouldn't be beneficial to the company.
Tabcorp chief executive Elmer Funke Kupper said today a merger was not high on his agenda, despite remarks by Tatts chief executive Dick McIlwain a month ago supporting such a deal.
"I don't think that's a very good idea for us right now,'' Mr Kupper told ABC's Inside Business program.
"If you look at the benefits of doing that, it would really be in a relatively small part of our company, the synergies between our two companies are not particularly large right now.''
Mr Kupper said Tabcorp had an "enormous agenda'' over the next three years to make sure its business was in the best possible shape for whatever transactions were available to it.
The company also plans to expand Star City Casino and its Keno gaming business in New South Wales hotels and clubs.
Tabcorp last week reported an annual loss after booking writedowns of $707.5 million.
The result was mostly due to the Victorian Government's decision to the end the duopoly held by Tabcorp and Tatts Group over the state's gaming machines after 2012.
Tabcorp said it had a right to compensation of about $687 million but has not specified when legal action to pursue the matter will start.
Media Man Australia Profiles
Casino News Media
Gaming giant Tabcorp Holdings says a merger with Tatts Group wouldn't be beneficial to the company.
Tabcorp chief executive Elmer Funke Kupper said today a merger was not high on his agenda, despite remarks by Tatts chief executive Dick McIlwain a month ago supporting such a deal.
"I don't think that's a very good idea for us right now,'' Mr Kupper told ABC's Inside Business program.
"If you look at the benefits of doing that, it would really be in a relatively small part of our company, the synergies between our two companies are not particularly large right now.''
Mr Kupper said Tabcorp had an "enormous agenda'' over the next three years to make sure its business was in the best possible shape for whatever transactions were available to it.
The company also plans to expand Star City Casino and its Keno gaming business in New South Wales hotels and clubs.
Tabcorp last week reported an annual loss after booking writedowns of $707.5 million.
The result was mostly due to the Victorian Government's decision to the end the duopoly held by Tabcorp and Tatts Group over the state's gaming machines after 2012.
Tabcorp said it had a right to compensation of about $687 million but has not specified when legal action to pursue the matter will start.
Media Man Australia Profiles
Casino News Media
Tabcorp not sold on alliance with Tatts Group, Vesna Poljak - Australian Financial Review - 11th August 2008
Gaming and wagering group Tabcorp Holdings has dismissed the possibility of a merger with rival Tatts Group. 'The synergies between our two companies are not particularly large right now,' Tabcorp chief executive Elmer Funke Kupper said last week after a $708 million write-down by his company. Both Tabcorp and Tatts are set to lose their lucrative poker machine licences in Victoria after the state government refused to renew them beyond mid-2012.
Media Man Australia Profiles
Casino News Media
Gaming and wagering group Tabcorp Holdings has dismissed the possibility of a merger with rival Tatts Group. 'The synergies between our two companies are not particularly large right now,' Tabcorp chief executive Elmer Funke Kupper said last week after a $708 million write-down by his company. Both Tabcorp and Tatts are set to lose their lucrative poker machine licences in Victoria after the state government refused to renew them beyond mid-2012.
Media Man Australia Profiles
Casino News Media
A new bet - The Sydney Morning Herald - 11th August 2008
We'd hate to read too much into it.
But with Paul Oneile cashing in his chips at pokie maker Aristocrat, a few names have already been thrown around as his possible replacement. Among them is a chap named Gavin Isaacs, who runs operations at Aristocrat's competitor, Bally Technologies, in Las Vegas.
Isaacs is a fellow Australian who headed up the US operations of Aristocrat until the harmony between him and Oneile is said to have become too great to bear.
Isaacs headed to rival Bally, which has enjoyed a few jackpots of late and where he is whispered to be in the running to become the new chief one-armed bandit when his boss's contract runs out at the end of the year.
But we hear Isaacs has sold the fancy four-bedroom home in downtown Henderson, Las Vegas, that he bought in 2004.
We're not sure if it's a sign of anything in particular about a possible job movement back home to Aristocrat.
But, given he bought the house for $US1.1 million and sold it for $US850,000 we recognise the kind of value creation to which Aristocrat shareholders have become accustomed.
Punches pulled
Sadly, the much-anticipated heavyweight bout between the James Packer-backed Challenger Infrastructure Fund and the British property gazillionaire unit holder Vincent Tchenguiz has been cancelled.
When Tchenguiz's Arkmile weighed in for the bout, it was as the heavyweight second-largest shareholder seeking to "unlock the value" in the fund, demanding it be wound up.
Things got tetchy when Arkmile disclosed a holding of 18 per cent.
Challenger thought he weighed a touch more, asking the Takeovers Panel to force Tchenguiz to admit to a sizeable derivatives stake that would put it over 20 per cent and force it to launch a takeover.
Vince launched court action in response. And the boys suddenly had a stalemate.
On Friday, everyone decided they no longer needed to slug it out in court.
Vince's mob confirmed it didn't control voting rights to the derivatives and wouldn't seek to influence their votes. Arkmile dropped the court action and Challenger dropped the application to the panel.
More significantly, Arkmile dropped its call for the fund to be wound up.
Apparently, Vince's boys were said to be punching after the decision. If you can't quite lay a glove on Packer, the air will have to do.
Media Man Australia Profiles
Financial News
Poker and Casino News
Casino News Media
We'd hate to read too much into it.
But with Paul Oneile cashing in his chips at pokie maker Aristocrat, a few names have already been thrown around as his possible replacement. Among them is a chap named Gavin Isaacs, who runs operations at Aristocrat's competitor, Bally Technologies, in Las Vegas.
Isaacs is a fellow Australian who headed up the US operations of Aristocrat until the harmony between him and Oneile is said to have become too great to bear.
Isaacs headed to rival Bally, which has enjoyed a few jackpots of late and where he is whispered to be in the running to become the new chief one-armed bandit when his boss's contract runs out at the end of the year.
But we hear Isaacs has sold the fancy four-bedroom home in downtown Henderson, Las Vegas, that he bought in 2004.
We're not sure if it's a sign of anything in particular about a possible job movement back home to Aristocrat.
But, given he bought the house for $US1.1 million and sold it for $US850,000 we recognise the kind of value creation to which Aristocrat shareholders have become accustomed.
Punches pulled
Sadly, the much-anticipated heavyweight bout between the James Packer-backed Challenger Infrastructure Fund and the British property gazillionaire unit holder Vincent Tchenguiz has been cancelled.
When Tchenguiz's Arkmile weighed in for the bout, it was as the heavyweight second-largest shareholder seeking to "unlock the value" in the fund, demanding it be wound up.
Things got tetchy when Arkmile disclosed a holding of 18 per cent.
Challenger thought he weighed a touch more, asking the Takeovers Panel to force Tchenguiz to admit to a sizeable derivatives stake that would put it over 20 per cent and force it to launch a takeover.
Vince launched court action in response. And the boys suddenly had a stalemate.
On Friday, everyone decided they no longer needed to slug it out in court.
Vince's mob confirmed it didn't control voting rights to the derivatives and wouldn't seek to influence their votes. Arkmile dropped the court action and Challenger dropped the application to the panel.
More significantly, Arkmile dropped its call for the fund to be wound up.
Apparently, Vince's boys were said to be punching after the decision. If you can't quite lay a glove on Packer, the air will have to do.
Media Man Australia Profiles
Financial News
Poker and Casino News
Casino News Media
Sunday, August 10, 2008
Ladbrokes profit falls on fewer big bets, by Matthew Scuffham
LONDON, Aug 7 (Reuters) - Britain's biggest bookmaker Ladbrokes reported lower first half profits on Thursday with fewer high-stake gamblers and unfavourable results at major sporting events.
Pretax profit before non-trading items fell to 134 million pounds ($262.1 million) in the six months to June 30 from 159 million the year before, matching the consensus forecast in a poll of nine analysts.
Profit from high rollers fell 33 percent while Ladbrokes also suffered in June from favourites winning at Royal Ascot and Euro 2008.
However, the company reported strong current trading. Gross win -- total bets minus payouts -- in the period from July 1 to Aug 5 was up 11 percent, including 6 percent growth in UK retail.
Chief Executive Chris Bell said the business had shown "resilience against a challenging economic backdrop".
"We see no sign of any downturn so you could argue the business certainly remains as resilient as it has been in the past as a minimum," Bell said.
Bookmakers are widely regarded as being less vulnerable than other retailers to a recession given the habitual nature of gamblers and because it is a "low ticket" industry, with an average bet of less than 10 pounds.
Ladbrokes said it remains on track to meet its full year expectations. Forecasts for underlying pretax profit range between 185 and 225 million pounds, with the consensus standing at 206 million.
Shares in Ladbrokes, which have outperformed the FTSE All Share Travel and Leisure index .FTASX5750 by 2 percent since the start of the year, were up 1.1 percent at 253-1/4 pence at 0940 GMT.
Dresdner Kleinwort reiterated its 'buy' recommendation and 380 pence price target, saying current trading was ahead of its expectations.
Numis analyst Richard Carter, who has an 'add' recommendation and 292 pence target price on the stock, raised his 2008 pretax profit forecast by 14 percent to 214.7 million.
However, he cut his 2009 forecast by 11 percent to 185.6 million to reflect the weakening economic outlook.
Ladbrokes is paying an interim dividend of 5.1 pence, up 5.2 percent.
Excluding high rollers -- gamblers who place five-figure sums on individual bets -- gross win increased by 13 percent to 583.3 million. UK retail gross win rose by 6.5 percent to 394.3 million.
Operating profit from high rollers declined to 40 million pounds over the period, from 60 million the previous year.
Bell said high roller activity -- notoriously volatile and hard to predict -- is currently "very low". He did not think the drop in activity was reflective of the declining economic environment.
"These are high net worth individuals. I don't think the recession will be affecting them at all," he said. (Reporting by Matthew Scuffham; Editing by Elaine Hardcastle)
Media Man Australian Profiles
Casino News Media
LONDON, Aug 7 (Reuters) - Britain's biggest bookmaker Ladbrokes reported lower first half profits on Thursday with fewer high-stake gamblers and unfavourable results at major sporting events.
Pretax profit before non-trading items fell to 134 million pounds ($262.1 million) in the six months to June 30 from 159 million the year before, matching the consensus forecast in a poll of nine analysts.
Profit from high rollers fell 33 percent while Ladbrokes also suffered in June from favourites winning at Royal Ascot and Euro 2008.
However, the company reported strong current trading. Gross win -- total bets minus payouts -- in the period from July 1 to Aug 5 was up 11 percent, including 6 percent growth in UK retail.
Chief Executive Chris Bell said the business had shown "resilience against a challenging economic backdrop".
"We see no sign of any downturn so you could argue the business certainly remains as resilient as it has been in the past as a minimum," Bell said.
Bookmakers are widely regarded as being less vulnerable than other retailers to a recession given the habitual nature of gamblers and because it is a "low ticket" industry, with an average bet of less than 10 pounds.
Ladbrokes said it remains on track to meet its full year expectations. Forecasts for underlying pretax profit range between 185 and 225 million pounds, with the consensus standing at 206 million.
Shares in Ladbrokes, which have outperformed the FTSE All Share Travel and Leisure index .FTASX5750 by 2 percent since the start of the year, were up 1.1 percent at 253-1/4 pence at 0940 GMT.
Dresdner Kleinwort reiterated its 'buy' recommendation and 380 pence price target, saying current trading was ahead of its expectations.
Numis analyst Richard Carter, who has an 'add' recommendation and 292 pence target price on the stock, raised his 2008 pretax profit forecast by 14 percent to 214.7 million.
However, he cut his 2009 forecast by 11 percent to 185.6 million to reflect the weakening economic outlook.
Ladbrokes is paying an interim dividend of 5.1 pence, up 5.2 percent.
Excluding high rollers -- gamblers who place five-figure sums on individual bets -- gross win increased by 13 percent to 583.3 million. UK retail gross win rose by 6.5 percent to 394.3 million.
Operating profit from high rollers declined to 40 million pounds over the period, from 60 million the previous year.
Bell said high roller activity -- notoriously volatile and hard to predict -- is currently "very low". He did not think the drop in activity was reflective of the declining economic environment.
"These are high net worth individuals. I don't think the recession will be affecting them at all," he said. (Reporting by Matthew Scuffham; Editing by Elaine Hardcastle)
Media Man Australian Profiles
Casino News Media
Australia's Tabcorp sees few benefits in Tatts deal - 9th August 2008
MELBOURNE (Reuters) - Tabcorp Holdings Ltd), Australia's top gaming company, said it sees little merit in merging parts of its business with rival Tatts Group Ltd, despite tougher state controls on their operations.
Tabcorp Chief Executive Elmer Funke Kupper was responding to recent comments by his counterpart at Tatts that there would be "great benefits" from combining parts of the two companies.
"I don't think that is a very good idea for us right now. The synergies between our two companies are not particularly large," Funke Kupper told ABC Television on Sunday.
"This would not be very high on my agenda," he said, adding Tabcorp was focused on expanding its Keno gaming business in hotels this year and renovating and expanding its Star City casino in Sydney.
"That is where our capital and our energy will go," Funke Kupper said, adding the company was also looking to overseas expansion perhaps in a couple of years' time.
Last month, Tatts Group Chief Executive Dick McIlwain told ABC Television merging parts of his firm's business with Tabcorp might make sense.
Tabcorp reported an annual net loss last week reflecting the loss of its Victorian slot machine duopoly and a surprise write down on the value of its wagering business.
In April, the state of Victoria shocked Tabcorp and Tatts by stripping them of their duopoly over the state's 13,750 slot machines from 2012 and said it would not refund the companies for the loss of their licenses. The decision hammered both groups' share prices.
The companies plan to fight the government for compensation and have taken writedowns as a result of the license decision.
Shares in Tabcorp ended Friday at A$8.90, down from over A$15 in February, while Tatts shares closed at A$2.47, down from over A$4 in February.
($1=A$1.12)
(Reporting by Victoria Thieberger; Editing by Anshuman Daga)
Media Man Australia Profiles
Casino News Media
MELBOURNE (Reuters) - Tabcorp Holdings Ltd), Australia's top gaming company, said it sees little merit in merging parts of its business with rival Tatts Group Ltd, despite tougher state controls on their operations.
Tabcorp Chief Executive Elmer Funke Kupper was responding to recent comments by his counterpart at Tatts that there would be "great benefits" from combining parts of the two companies.
"I don't think that is a very good idea for us right now. The synergies between our two companies are not particularly large," Funke Kupper told ABC Television on Sunday.
"This would not be very high on my agenda," he said, adding Tabcorp was focused on expanding its Keno gaming business in hotels this year and renovating and expanding its Star City casino in Sydney.
"That is where our capital and our energy will go," Funke Kupper said, adding the company was also looking to overseas expansion perhaps in a couple of years' time.
Last month, Tatts Group Chief Executive Dick McIlwain told ABC Television merging parts of his firm's business with Tabcorp might make sense.
Tabcorp reported an annual net loss last week reflecting the loss of its Victorian slot machine duopoly and a surprise write down on the value of its wagering business.
In April, the state of Victoria shocked Tabcorp and Tatts by stripping them of their duopoly over the state's 13,750 slot machines from 2012 and said it would not refund the companies for the loss of their licenses. The decision hammered both groups' share prices.
The companies plan to fight the government for compensation and have taken writedowns as a result of the license decision.
Shares in Tabcorp ended Friday at A$8.90, down from over A$15 in February, while Tatts shares closed at A$2.47, down from over A$4 in February.
($1=A$1.12)
(Reporting by Victoria Thieberger; Editing by Anshuman Daga)
Media Man Australia Profiles
Casino News Media
Tabcorp merger with Tatts off the agenda - AAP - 10th August 2008
Gaming giant Tabcorp Holdings Ltd says a merger with Tatts Group Ltd wouldn't be beneficial to the company.
Tabcorp chief executive Elmer Funke Kupper said a merger was not high on his agenda, despite remarks by Tatts chief executive Dick McIlwain a month ago supporting such a deal.
"I don't think that's a very good idea for us right now," Mr Kupper told ABC's Inside Business program.
"If you look at the benefits of doing that, it would really be in a relatively small part of our company, the synergies between our two companies are not particularly large right now."
Mr Kupper said Tabcorp had an "enormous agenda" over the next three years to make sure its business was in the best possible shape for whatever transactions were available to it.
The company also plans to expand Star City Casino and its Keno gaming business in NSW hotels and clubs.
Tabcorp last week reported an annual loss after booking writedowns of $707.5 million.
The result was mostly due to the Victorian Government's decision to the end the duopoly held by Tabcorp and Tatts Group Ltd over the state's gaming machines after 2012.
Tabcorp said it had a right to compensation of about $687 million but has not specified when legal action to pursue the matter will start.
Media Man Australia Profiles
Financial News
Poker and Casino News
Casino News Media
Gaming giant Tabcorp Holdings Ltd says a merger with Tatts Group Ltd wouldn't be beneficial to the company.
Tabcorp chief executive Elmer Funke Kupper said a merger was not high on his agenda, despite remarks by Tatts chief executive Dick McIlwain a month ago supporting such a deal.
"I don't think that's a very good idea for us right now," Mr Kupper told ABC's Inside Business program.
"If you look at the benefits of doing that, it would really be in a relatively small part of our company, the synergies between our two companies are not particularly large right now."
Mr Kupper said Tabcorp had an "enormous agenda" over the next three years to make sure its business was in the best possible shape for whatever transactions were available to it.
The company also plans to expand Star City Casino and its Keno gaming business in NSW hotels and clubs.
Tabcorp last week reported an annual loss after booking writedowns of $707.5 million.
The result was mostly due to the Victorian Government's decision to the end the duopoly held by Tabcorp and Tatts Group Ltd over the state's gaming machines after 2012.
Tabcorp said it had a right to compensation of about $687 million but has not specified when legal action to pursue the matter will start.
Media Man Australia Profiles
Financial News
Poker and Casino News
Casino News Media
Gaming machine maker Aristocrat dives as analysts fear worse to come, by Cath Hart - The Australian - 31st July 2008
Investors punished gaming giant Aristocrat Leisure for earnings downgrades and the news that its chief executive was leaving, wiping 20 per cent off the company's share price to drive it to a five-year low yesterday.
Analysts have warned that the company could post further downgrades ahead of its August 28 results announcement, as conditions in the US continue to deteriorate.
The gloomy economic climate in North America and Australia saw the poker-machine maker announce cuts to its earnings forecasts on Tuesday, downgrading first-half earnings 44 per cent to $70 million, and full-year earnings down 19-23 per cent to between $190 million and $200 million.
The day before the downgrade, Aristocrat's chief executive Paul Oneile, a former international film distribution executive, announced he would not be renewing his contract with Aristocrat, which expires in December.
Mr Oneile told The Australian the severity of the credit crunch -- which was partly to blame for Aristocrat's downgrades -- had "taken a lot of people by surprise".
"Australia has been a little shielded, but it's started to come home more recently with the various downgrades in the banking sector recently," he said.
The company had seen casino projects in North America deferred or cancelled, as lines of credit dried up or as investors wait for more certainty.
In Australia, the rising cost of living and smoking bans in NSW had emerged as the key challenges, he said.
"Everybody has to prioritise their household expenditure, and a lot of leisure activities are going to go" as households tightened their spending, he said.
However, he ruled out any further downgrades ahead of the company's results on August 28.
"We don't expect anything now and between the end of August, not that I can foresee," he said.
Analysts said that while the earnings downgrades themselves were not surprising, their size was.
Yesterday's market drubbing follows the bruising Aristocrat's share price took after the Aussie dollar soared to post-float highs and as tough economic conditions in the US, which delivers more than half of the company's profits, put the pinch on demand for gambling. The signs of trouble prompted Citigroup to lower its rating for Aristocrat from buy to hold.
Citi analyst Jenny Owen said the chance of further downgrades remained because of management changes and macro conditions. "We understand conditions in the US are deteriorating sharply, with forecast new units as a result of new casinos or property expansions down about 25 per cent in the past month," she said. "The transition to new leadership will likely see an increasingly conservative approach by the company through the period until a new MD/CEO is appointed.
"Should an external candidate be appointed, a lengthy delay may result ... delaying strategic responses to the very weak market conditions Aristocrat Leisure faces in the US and Australia."
Merrill Lynch analyst Daniel Renshaw warned that Aristocrat's hunt for a new CEO could take up to 12 months and that he could not recommend the stock.
Aristocrat Leisure shares fell $1.23 to close at $4.85 yesterday.
Media Man Australia Profiles
Financial News
Poker and Casino News
Casino News Media
Investors punished gaming giant Aristocrat Leisure for earnings downgrades and the news that its chief executive was leaving, wiping 20 per cent off the company's share price to drive it to a five-year low yesterday.
Analysts have warned that the company could post further downgrades ahead of its August 28 results announcement, as conditions in the US continue to deteriorate.
The gloomy economic climate in North America and Australia saw the poker-machine maker announce cuts to its earnings forecasts on Tuesday, downgrading first-half earnings 44 per cent to $70 million, and full-year earnings down 19-23 per cent to between $190 million and $200 million.
The day before the downgrade, Aristocrat's chief executive Paul Oneile, a former international film distribution executive, announced he would not be renewing his contract with Aristocrat, which expires in December.
Mr Oneile told The Australian the severity of the credit crunch -- which was partly to blame for Aristocrat's downgrades -- had "taken a lot of people by surprise".
"Australia has been a little shielded, but it's started to come home more recently with the various downgrades in the banking sector recently," he said.
The company had seen casino projects in North America deferred or cancelled, as lines of credit dried up or as investors wait for more certainty.
In Australia, the rising cost of living and smoking bans in NSW had emerged as the key challenges, he said.
"Everybody has to prioritise their household expenditure, and a lot of leisure activities are going to go" as households tightened their spending, he said.
However, he ruled out any further downgrades ahead of the company's results on August 28.
"We don't expect anything now and between the end of August, not that I can foresee," he said.
Analysts said that while the earnings downgrades themselves were not surprising, their size was.
Yesterday's market drubbing follows the bruising Aristocrat's share price took after the Aussie dollar soared to post-float highs and as tough economic conditions in the US, which delivers more than half of the company's profits, put the pinch on demand for gambling. The signs of trouble prompted Citigroup to lower its rating for Aristocrat from buy to hold.
Citi analyst Jenny Owen said the chance of further downgrades remained because of management changes and macro conditions. "We understand conditions in the US are deteriorating sharply, with forecast new units as a result of new casinos or property expansions down about 25 per cent in the past month," she said. "The transition to new leadership will likely see an increasingly conservative approach by the company through the period until a new MD/CEO is appointed.
"Should an external candidate be appointed, a lengthy delay may result ... delaying strategic responses to the very weak market conditions Aristocrat Leisure faces in the US and Australia."
Merrill Lynch analyst Daniel Renshaw warned that Aristocrat's hunt for a new CEO could take up to 12 months and that he could not recommend the stock.
Aristocrat Leisure shares fell $1.23 to close at $4.85 yesterday.
Media Man Australia Profiles
Financial News
Poker and Casino News
Casino News Media
Wynn opens hotel-casino in Macau, By Patrick Frater - Variety Business - 5th September 2008
HONG KONG -- Wynn Resorts, Steve Wynn's casino group, on Tuesday opened its first luxury hotel-casino in Macau.
Facility significantly ups the stakes in the already booming gaming industry in Macau, which is a Chinese Special Administrative Area, and Southeast Asia as a whole.
Launch was marked by a huge fireworks display and dispensing of free gaming chips.
The Wynn Macau complex adds 200 gaming tables, 380 slot machines and 600 hotel rooms.
In recent days a war of words has broken out between Stanley Ho, the incumbent mogul, and the Sands group, which already operates one casino in Macau. But several more casinos are expected to come on stream in the next years, including a Macau version of the Venetian.
These are expected to intensify competition, drive the sector upmarket and create a need for entertainment, convention and other ancillary activities that will deliver other revenue streams.
According to analysts at investment bank Merrill Lynch, Macau's gambling business already is bigger than that of Las Vegas, but its overall revenues currently fall well short.
Media Man Australia Profiles
Macau
Casino News Media
HONG KONG -- Wynn Resorts, Steve Wynn's casino group, on Tuesday opened its first luxury hotel-casino in Macau.
Facility significantly ups the stakes in the already booming gaming industry in Macau, which is a Chinese Special Administrative Area, and Southeast Asia as a whole.
Launch was marked by a huge fireworks display and dispensing of free gaming chips.
The Wynn Macau complex adds 200 gaming tables, 380 slot machines and 600 hotel rooms.
In recent days a war of words has broken out between Stanley Ho, the incumbent mogul, and the Sands group, which already operates one casino in Macau. But several more casinos are expected to come on stream in the next years, including a Macau version of the Venetian.
These are expected to intensify competition, drive the sector upmarket and create a need for entertainment, convention and other ancillary activities that will deliver other revenue streams.
According to analysts at investment bank Merrill Lynch, Macau's gambling business already is bigger than that of Las Vegas, but its overall revenues currently fall well short.
Media Man Australia Profiles
Macau
Casino News Media
Subscribe to:
Posts (Atom)