AGMMA becomes GTA - Media Release - 24th August 2008
AGMMA today announced that its name has changed, to Gaming Technologies Association or GTA.
Speaking at the opening of the 19th annual Australasian Gaming Expo in Sydney, GTA’s Chief Executive Officer, Ross Ferrar said: “Ever since the first “Gaming Machine” appeared in the late 19th century, the technology of gaming has progressively evolved.
“Recent dramatic changes in computer technologies have turned this evolution into a revolution – delivering significant new benefits to players and venues alike.
“The convergence of these technologies means that gaming terminals are now an essential part of the Hospitality experience.
“At the same time, Gaming has grown into a global industry with the Asia Pacific region leading the charge for future growth while providing the experience and knowledge gained from decades of successful operations.
“As a representative of some of the world’s leading gaming technology suppliers in the Asia Pacific region, AGMMA recognises that it is time to change our name to one which best reflects the industry’s future direction.
“So we are changing our name to the Gaming Technologies Association or GTA.
“We continue to look forward to a strong, positive future for our industry, collectively focused on fresh ideas, high standards and mutual leadership in this global market; and we look forward to the improved flexibility that new technologies will bring, enabling us to meet all our audiences’ demands and expectations in the most timely and effective way.”
GTA hosts and operates the annual Australasian Gaming Expo and the New Zealand Gaming Expo. Further information about GTA is available at www.gamingta.com
Media Man Australia Profiles
Poker News Media
Casino News Media
Thursday, August 21, 2008
Virgin Casino adds ELVIS® - A Little More Action™ to its games portfolio - 29th July 2008
London, 29 July 2008 - Virgin Casino (www.virgincasino.com) today announced the launch of ELVIS® - A Little More Action™, offering fans the chance to experience even more online gaming action from one of Las Vegas’ biggest names. Ideal for fans of Wolf Run® and Cleopatra®, ELVIS - A Little More Action offers 50 paylines of pulse-pounding excitement, stacked wilds for amazingly big wins and a super-rich ‘Action Free Spins Bonus’ fit for The King.
On every reel there are stacks of four or more wild symbols. These stacked wild symbols can line up to trigger a huge number of simultaneous wins, with a maximum prize of £250,000! Players who get three bonus symbols anywhere on the middle reels, are taken to the ‘Action Free Spins Bonus’, for the chance to reap further rewards.
Including music from Elvis, this amped-up bonus round, offers players five free spins of enriched bonus reels, featuring more stacked wilds and extra bonus symbols than the standard reels. Again, three bonus symbols scattered anywhere on the middle three reels retriggers the ‘Action Free Spins Bonus’, awarding up to a maximum of 255 additional free spins.
As with all Virgin Casino games, players can also earn V*Points - Virgin Games’ loyalty points - every time they play. Offering players the chance to redeem their points for further Virgin rewards, including Virgin Atlantic Flying Club Miles or cold, hard cash, V*Points can be transferred across Virgin Games portfolio of products, including Virgin Poker and Virgin Bingo.
Premium releases including Cleopatra II™ and Da Vinci Diamonds® have already been added to Virgin Casino’s portfolio of games in 2008. Further big IGT names will be added to Virgin Games in the coming months, ensuring a constant stream of new and exciting games to keep players’ adrenalin pumping.
Virgin Casino launched under the Virgin Games brand in June 2004. The site was refreshed in June 2006, providing players with a greater choice of games and additional means of earning bonus points and rewards.
ELVIS - A Little More Action is available to play now on www.virgincasino.com.
Media Man Australia Profiles
Elvis
Virgin Casino
Poker and Casino News
Casino News Media
London, 29 July 2008 - Virgin Casino (www.virgincasino.com) today announced the launch of ELVIS® - A Little More Action™, offering fans the chance to experience even more online gaming action from one of Las Vegas’ biggest names. Ideal for fans of Wolf Run® and Cleopatra®, ELVIS - A Little More Action offers 50 paylines of pulse-pounding excitement, stacked wilds for amazingly big wins and a super-rich ‘Action Free Spins Bonus’ fit for The King.
On every reel there are stacks of four or more wild symbols. These stacked wild symbols can line up to trigger a huge number of simultaneous wins, with a maximum prize of £250,000! Players who get three bonus symbols anywhere on the middle reels, are taken to the ‘Action Free Spins Bonus’, for the chance to reap further rewards.
Including music from Elvis, this amped-up bonus round, offers players five free spins of enriched bonus reels, featuring more stacked wilds and extra bonus symbols than the standard reels. Again, three bonus symbols scattered anywhere on the middle three reels retriggers the ‘Action Free Spins Bonus’, awarding up to a maximum of 255 additional free spins.
As with all Virgin Casino games, players can also earn V*Points - Virgin Games’ loyalty points - every time they play. Offering players the chance to redeem their points for further Virgin rewards, including Virgin Atlantic Flying Club Miles or cold, hard cash, V*Points can be transferred across Virgin Games portfolio of products, including Virgin Poker and Virgin Bingo.
Premium releases including Cleopatra II™ and Da Vinci Diamonds® have already been added to Virgin Casino’s portfolio of games in 2008. Further big IGT names will be added to Virgin Games in the coming months, ensuring a constant stream of new and exciting games to keep players’ adrenalin pumping.
Virgin Casino launched under the Virgin Games brand in June 2004. The site was refreshed in June 2006, providing players with a greater choice of games and additional means of earning bonus points and rewards.
ELVIS - A Little More Action is available to play now on www.virgincasino.com.
Media Man Australia Profiles
Elvis
Virgin Casino
Poker and Casino News
Casino News Media
Wednesday, August 20, 2008
Souths pokie ban voted down, by Brian Robins and Dylan Welch - Fairfax - 18th August 2008
South Sydney Leagues club has delivered a humiliating defeat to Peter Homes a Court and Russell Crowe's proposal to ban poker machines - just three members supported it among more than 100 who voted yesterday.
"This was a vision that a lot of people embraced," said Souths Leagues Club president Bill Alexiou-Hucker yesterday, after the vote.
"No one - not one charity, no corporations, no community that flooded the football club with congratulations over a no-poker machine venue - ever contacted me to see how they could help us.
"We were left to do it. It was going to be a very tough ask.
"The board felt it couldn't offer the members the sorts of things that it wants to without the poker machines."
But Mr Holmes a Court said it was not a blow to his plan, which was backed by the actor, to completely ban poker machines.
He praised the board and said despite the defeat of the no-pokies resolution, the club still planned to divert revenue streams away from poker machines.
"Their plan is about good food and beverage and a gathering place and de-emphasising revenue from poker machines."
Yesterday's vote, he said, showed that "very significant progress had been made".
Souths has 60 poker machines, which generate half the club's annual income of $3.5 million when it is operating. The club is closed for redevelopment.
The idea was to sell the poker machine licences and use the proceeds to reshape the club so that it could rely on income from renting out facilities, for example, to generate the revenue shortfall.
Mr Holmes a Court had said it was not ideal for the club to rely on pensioners and others on a fixed income to put money through poker machines at the club.
Several club members yesterday said it was up to them to spend their money how they wanted, and not up to "some blow-in from the west" to tell them not to play poker machines, was how one member put it.
"It was nice in theory, but as a business practice, it was suicidal," Souths member and Katoomba publican Sean Glassford said.
"As a businessman, someone who runs a hotel, while they're an evil thing, they also provide entertainment for people and provide me, in my business, with a revenue stream that I can put back into entertainment.
"It's good in theory [to ban poker machines] but you'd have to have another business plan to generate that sort of money."
One of the three club members at yesterday's general membership meeting to vote against poker machines was Col McCann, who said there were still companies that wanted to invest in a club without poker machines, "but we've never asked the question".
Mr Alexiou-Hucker said the rebuilt Souths Leagues club still hopes to be ready for business "by January-February next year". The development application for the proposed redevelopment is close to being completed and the financing is also in place, he said.
After his return home last night from the Souths victory over Manly Mr Holmes a Court, who stood down as executive chairman this year, said: "Utopia exists a long way from here and we're just trying to make progress every day."
Media Man Australia Profiles
South Sydney Rabbitohs
Poker and Casino News
South Sydney Leagues club has delivered a humiliating defeat to Peter Homes a Court and Russell Crowe's proposal to ban poker machines - just three members supported it among more than 100 who voted yesterday.
"This was a vision that a lot of people embraced," said Souths Leagues Club president Bill Alexiou-Hucker yesterday, after the vote.
"No one - not one charity, no corporations, no community that flooded the football club with congratulations over a no-poker machine venue - ever contacted me to see how they could help us.
"We were left to do it. It was going to be a very tough ask.
"The board felt it couldn't offer the members the sorts of things that it wants to without the poker machines."
But Mr Holmes a Court said it was not a blow to his plan, which was backed by the actor, to completely ban poker machines.
He praised the board and said despite the defeat of the no-pokies resolution, the club still planned to divert revenue streams away from poker machines.
"Their plan is about good food and beverage and a gathering place and de-emphasising revenue from poker machines."
Yesterday's vote, he said, showed that "very significant progress had been made".
Souths has 60 poker machines, which generate half the club's annual income of $3.5 million when it is operating. The club is closed for redevelopment.
The idea was to sell the poker machine licences and use the proceeds to reshape the club so that it could rely on income from renting out facilities, for example, to generate the revenue shortfall.
Mr Holmes a Court had said it was not ideal for the club to rely on pensioners and others on a fixed income to put money through poker machines at the club.
Several club members yesterday said it was up to them to spend their money how they wanted, and not up to "some blow-in from the west" to tell them not to play poker machines, was how one member put it.
"It was nice in theory, but as a business practice, it was suicidal," Souths member and Katoomba publican Sean Glassford said.
"As a businessman, someone who runs a hotel, while they're an evil thing, they also provide entertainment for people and provide me, in my business, with a revenue stream that I can put back into entertainment.
"It's good in theory [to ban poker machines] but you'd have to have another business plan to generate that sort of money."
One of the three club members at yesterday's general membership meeting to vote against poker machines was Col McCann, who said there were still companies that wanted to invest in a club without poker machines, "but we've never asked the question".
Mr Alexiou-Hucker said the rebuilt Souths Leagues club still hopes to be ready for business "by January-February next year". The development application for the proposed redevelopment is close to being completed and the financing is also in place, he said.
After his return home last night from the Souths victory over Manly Mr Holmes a Court, who stood down as executive chairman this year, said: "Utopia exists a long way from here and we're just trying to make progress every day."
Media Man Australia Profiles
South Sydney Rabbitohs
Poker and Casino News
Tuesday, August 19, 2008
Virgin Casino News Blog
The Virgin Casino News Blog is on the air.
Media Man Australia Profiles
Virgin Casino
Richard Branson
Poker and Casino News
Casino News Media
The Virgin Casino News Blog is on the air.
Media Man Australia Profiles
Virgin Casino
Richard Branson
Poker and Casino News
Casino News Media
Friday, August 15, 2008
Casino News Media blog launched
Blog
Casino News Media
Websites
Media Man Australia
Casino News Media
Profiles
Poker and Casino News
Casino News Media
Blog
Casino News Media
Websites
Media Man Australia
Casino News Media
Profiles
Poker and Casino News
Casino News Media
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
Saturday, August 09, 2008
MGM Mirage: CityCenter funding nearly complete - 6th August 2008
Shares in MGM Mirage surged Tuesday after the company said it secured commitments for $1.65 billion of the final $3 billion in financing for its next major casino project on the Las Vegas Strip.
The company said last week that a deal was delayed because of tight financial markets. Company officials had expected the deal to be in place in June or July, but on Tuesday said it would be done in the third quarter.
MGM Mirage shares leaped $4.85, or 15.7 percent, to close at $35.85 the same day the company reported a second-quarter profit fall of 68.6 percent. The stock has ranged from $21.65 to $100.50 over the past year.
Chief executive Terry Lanni told The Associated Press that MGM Mirage and partner Dubai World were able to hold out for better interest rates by paying for construction costs themselves – about $200 million per month since November, when Dubai World bought into the project.
"That’s an advantage that we had – we weren’t forced to accept terms that we just didn’t think were necessarily ones that were the most reasonable and advantageous," Lanni said. "And by taking more time, and seeing how the economy now – at least here in Las Vegas – has not fallen off the cliff as some people have suggested, we’ll be in far better position."
Dubai World, the investment arm of the Persian Gulf state of Dubai, spent almost $5 billion to buy half ownership in CityCenter and acquire 9.4 percent of MGM Mirage.
Lanni said CityCenter, which is scheduled to open in late 2009, would benefit from other projects being delayed or scrapped because it would let the complex open without anything on its heels.
Last week, Boyd Gaming said it would delay construction of its $4.8 billion Echelon project on the Las Vegas Strip until economic conditions improve. Before the delay, Boyd officials had planned to open the Echelon in the second half of 2010.
"I think this is better timing. I think there was too much coming down the pipeline at the same time," Lanni said. "I think it’s very advantageous for us that none of this is going to all occur at the same time."
CityCenter – which MGM Mirage officials have called the most expensive private commercial development in U.S. history – is expected to include six high-rise towers with a 4,000-room hotel-casino, condominiums, boutique hotels and a retail, dining and entertainment complex.
Media Man Australia Profiles
Casino News Media
Shares in MGM Mirage surged Tuesday after the company said it secured commitments for $1.65 billion of the final $3 billion in financing for its next major casino project on the Las Vegas Strip.
The company said last week that a deal was delayed because of tight financial markets. Company officials had expected the deal to be in place in June or July, but on Tuesday said it would be done in the third quarter.
MGM Mirage shares leaped $4.85, or 15.7 percent, to close at $35.85 the same day the company reported a second-quarter profit fall of 68.6 percent. The stock has ranged from $21.65 to $100.50 over the past year.
Chief executive Terry Lanni told The Associated Press that MGM Mirage and partner Dubai World were able to hold out for better interest rates by paying for construction costs themselves – about $200 million per month since November, when Dubai World bought into the project.
"That’s an advantage that we had – we weren’t forced to accept terms that we just didn’t think were necessarily ones that were the most reasonable and advantageous," Lanni said. "And by taking more time, and seeing how the economy now – at least here in Las Vegas – has not fallen off the cliff as some people have suggested, we’ll be in far better position."
Dubai World, the investment arm of the Persian Gulf state of Dubai, spent almost $5 billion to buy half ownership in CityCenter and acquire 9.4 percent of MGM Mirage.
Lanni said CityCenter, which is scheduled to open in late 2009, would benefit from other projects being delayed or scrapped because it would let the complex open without anything on its heels.
Last week, Boyd Gaming said it would delay construction of its $4.8 billion Echelon project on the Las Vegas Strip until economic conditions improve. Before the delay, Boyd officials had planned to open the Echelon in the second half of 2010.
"I think this is better timing. I think there was too much coming down the pipeline at the same time," Lanni said. "I think it’s very advantageous for us that none of this is going to all occur at the same time."
CityCenter – which MGM Mirage officials have called the most expensive private commercial development in U.S. history – is expected to include six high-rise towers with a 4,000-room hotel-casino, condominiums, boutique hotels and a retail, dining and entertainment complex.
Media Man Australia Profiles
Casino News Media
Despite bad news, firm's Kupper runneth over, by Matthew Stevens - The Australian - 8th August 2008
Not many get rewarded for delivering unexpected bad news in this dangerously flighty market, but Elmer Funke Kupper seems to be one exception that helps make the rule.
Yesterday's positive and chunky 6.6 per cent re-rating of Tabcorp in the face of a collection of comparatively vast and, in part, unexpected provisioning reflects well on operational and marketing strengths of its fledgling chief executive.
While the rest of the market struggled yesterday, Tabcorp was written up by 6 per cent after announcing a post-provisions loss of $164 million.
Tabcorp had efficiently flagged its generally steady annual result and that it would be blighted by non-cash provisioning in the wake of the Victorian Government's decision to change the structure of its gaming licensing from 2012.
So, the $487.7 million charge against the future loss of licences was no surprise. Neither was confirmation that a further $110 million or so of the licence valuation would be amortised over the next four years. The same cannot be said of the $194 million write-down of goodwill acquired in the highball, $2.25 billion acquisition of NSW totalisator, TAB Limited, back in 2004.
Funke Kupper yesterday all but admitted Tabcorp paid too much for TAB and that it did so on the back of overly aggressive financial modelling. The time had come, he said, to account for the continuing gap between expectation and reality.
That observation, to a degree, defines Funke Kupper's seriously rugged first 13 months at the helm of Australia's biggest gambling company.
Funke Kupper, you may recall, was called off Tabcorp's executive bench after its board turned on banker turned gambling man, Matthew Slatter, in April last year.
Slatter had been terminated by then chairman Michael Robinson after an unacceptable explosion in Tabcorp's costs of business and a failure to deliver on the promise of the high-ball but strategically necessary TAB acquisition.
The man with the coolest name in business was installed immediately as a caretaker CEO and formally confirmed in the job three months later.
Back then Funke Kupper said he wanted to rebuild Tabcorp's operational integrity while dealing with a daunting collection of legacy and structural issues.
The quality of the 2007-08 result suggests that, despite some serious setbacks -- the biggest being the Victorian licensing decision -- Funke Kupper is hitting enough of his core performance targets.
And the surprising dimension of the write-downs says the Tabcorp board is prepared to pay the price to deliver some clear financial air to the new bloke.
Mind you, there are some real and present operational challenges ahead for Tabcorp.
Its new-horizon business, casinos, has again underperformed, particularly in Queensland. Funke Kupper plans to spend $475 million on revitalising Sydney's Star Casino in a bet he can produce an equivalent step-change in earnings.
To help fund casino expansion, Funke Kupper has foreshadowed a change in Tabcorp's approach to dividend reinvestment.
Tabcorp will likely suspend any further share buybacks for maybe three years as it delivers the new Star. Given that about 20 per cent of the total dividend is usually paid through the DRP, that means Tabcorp's issued capital will expand until at least 2010.
But rest easy, Tabcorp shareholders: Funke Kupper has all but committed to maintaining his payout at circa 94c a share in 2009 and probably beyond.
In the end, about half of the funding for the casino rebuild will come from the DRP.
Over in the core wagering business, Tabcorp's growth has been constrained by a combination of issues past and future. While the company is working hard to rebuild its reputation with the racing clubs, it has also embraced the challenge of changing times, technologies and customer preference. And Tabcorp has to wait another 12 months before there is any certainty over the renewal of its exclusive tote licence in Victoria.
While wagering in Victoria delivers only 8.5 per cent of group EBIT, it is Tabcorp's heritage business and it needs to keep it that way.
Then there is the gaming business, which for Tabcorp has been turned on its head by Victoria's decision to move to a venue-based model for licensing after 2012.
The impact of Victoria's reform cannot be underestimated. The state's gaming sector generates 24.5 per cent of Tabcorp's EBIT and things are going to change big-time after 2012. Funke Kupper says there are three paths Tabcorp could follow to mitigate the damage, two operational and one legal.
The operational choices are to leverage the company's gaming expertise into a venue-based model or to generate income by providing backroom services directly to the venues. The current preference would seem to be the second path.
The legal path is more certain. Tabcorp will pursue the Victorian Government for compensation of at least $686.8 million for the loss of the licences.
The company maintains that the legislation that delivered the licences contained firm mechanics for compensation should government policy change. The Government says Tabcorp is wrong.
The obvious problem for Funke Kupper is that the people who will take his gaming business away are the same ones who will make the final decision on Victoria's wagering business. Clearly the expectation is that the legal dispute will not impact on government thinking. Tabcorp shareholders better hope he is right.
The race for the Victorian wagering licence is more layered than simply winning the bid-off against Tatts Group & Ors for the 12-15 year extension on offer.
As Funke Kupper made clear yesterday, he is not even sure yet that the Victorians will offer to maintain the exclusive licence that currently underpins Tabcorp's Victorian wagering business.
A loss of exclusivity would, obviously, fundamentally change the price anyone would want to pay for a licence.
At the same time, Tabcorp has other beefs with the regulatory environment in wagering.
Fukne Kupper has two main major issues with the way racing betting is moving.
First, he reckons that the ability of bookmakers to offer tote odds delivers them a free ride on his proprietary technology and is an infringement of the exclusivity of his licences.
And second, he believes that bookmakers and a suite of new internet players have been delivered race fields and yet do not make the same financial investment in the racing that is required of the licensed totes.
Tabcorp pays 1.5 per cent of wagering turnover back to the racing industry. Last year it contributed $300 million to Victorian Racing and $214 million to the equine influenza affected NSW industry.
It is frustration with this situation that has, in part, driven Tabcorp into the unregulated area that is the Northern Territory's less regulated bookmaking space.
Tabcorp reckons that overall wagering volumes in the NT will increase by nearly 70 per cent to $5 billion by the end of calendar 2008. Not only does Fukne Kupper want a slice of that action but he wants to "prove to the world that bookmakers should and can contribute to the racing industry based on turnover.
"Totes around the country contribute 90 per cent of all industry funding. They will be the source of funding into the future."
Media Man Australia Profiles
Gaming
Casino News Media
Not many get rewarded for delivering unexpected bad news in this dangerously flighty market, but Elmer Funke Kupper seems to be one exception that helps make the rule.
Yesterday's positive and chunky 6.6 per cent re-rating of Tabcorp in the face of a collection of comparatively vast and, in part, unexpected provisioning reflects well on operational and marketing strengths of its fledgling chief executive.
While the rest of the market struggled yesterday, Tabcorp was written up by 6 per cent after announcing a post-provisions loss of $164 million.
Tabcorp had efficiently flagged its generally steady annual result and that it would be blighted by non-cash provisioning in the wake of the Victorian Government's decision to change the structure of its gaming licensing from 2012.
So, the $487.7 million charge against the future loss of licences was no surprise. Neither was confirmation that a further $110 million or so of the licence valuation would be amortised over the next four years. The same cannot be said of the $194 million write-down of goodwill acquired in the highball, $2.25 billion acquisition of NSW totalisator, TAB Limited, back in 2004.
Funke Kupper yesterday all but admitted Tabcorp paid too much for TAB and that it did so on the back of overly aggressive financial modelling. The time had come, he said, to account for the continuing gap between expectation and reality.
That observation, to a degree, defines Funke Kupper's seriously rugged first 13 months at the helm of Australia's biggest gambling company.
Funke Kupper, you may recall, was called off Tabcorp's executive bench after its board turned on banker turned gambling man, Matthew Slatter, in April last year.
Slatter had been terminated by then chairman Michael Robinson after an unacceptable explosion in Tabcorp's costs of business and a failure to deliver on the promise of the high-ball but strategically necessary TAB acquisition.
The man with the coolest name in business was installed immediately as a caretaker CEO and formally confirmed in the job three months later.
Back then Funke Kupper said he wanted to rebuild Tabcorp's operational integrity while dealing with a daunting collection of legacy and structural issues.
The quality of the 2007-08 result suggests that, despite some serious setbacks -- the biggest being the Victorian licensing decision -- Funke Kupper is hitting enough of his core performance targets.
And the surprising dimension of the write-downs says the Tabcorp board is prepared to pay the price to deliver some clear financial air to the new bloke.
Mind you, there are some real and present operational challenges ahead for Tabcorp.
Its new-horizon business, casinos, has again underperformed, particularly in Queensland. Funke Kupper plans to spend $475 million on revitalising Sydney's Star Casino in a bet he can produce an equivalent step-change in earnings.
To help fund casino expansion, Funke Kupper has foreshadowed a change in Tabcorp's approach to dividend reinvestment.
Tabcorp will likely suspend any further share buybacks for maybe three years as it delivers the new Star. Given that about 20 per cent of the total dividend is usually paid through the DRP, that means Tabcorp's issued capital will expand until at least 2010.
But rest easy, Tabcorp shareholders: Funke Kupper has all but committed to maintaining his payout at circa 94c a share in 2009 and probably beyond.
In the end, about half of the funding for the casino rebuild will come from the DRP.
Over in the core wagering business, Tabcorp's growth has been constrained by a combination of issues past and future. While the company is working hard to rebuild its reputation with the racing clubs, it has also embraced the challenge of changing times, technologies and customer preference. And Tabcorp has to wait another 12 months before there is any certainty over the renewal of its exclusive tote licence in Victoria.
While wagering in Victoria delivers only 8.5 per cent of group EBIT, it is Tabcorp's heritage business and it needs to keep it that way.
Then there is the gaming business, which for Tabcorp has been turned on its head by Victoria's decision to move to a venue-based model for licensing after 2012.
The impact of Victoria's reform cannot be underestimated. The state's gaming sector generates 24.5 per cent of Tabcorp's EBIT and things are going to change big-time after 2012. Funke Kupper says there are three paths Tabcorp could follow to mitigate the damage, two operational and one legal.
The operational choices are to leverage the company's gaming expertise into a venue-based model or to generate income by providing backroom services directly to the venues. The current preference would seem to be the second path.
The legal path is more certain. Tabcorp will pursue the Victorian Government for compensation of at least $686.8 million for the loss of the licences.
The company maintains that the legislation that delivered the licences contained firm mechanics for compensation should government policy change. The Government says Tabcorp is wrong.
The obvious problem for Funke Kupper is that the people who will take his gaming business away are the same ones who will make the final decision on Victoria's wagering business. Clearly the expectation is that the legal dispute will not impact on government thinking. Tabcorp shareholders better hope he is right.
The race for the Victorian wagering licence is more layered than simply winning the bid-off against Tatts Group & Ors for the 12-15 year extension on offer.
As Funke Kupper made clear yesterday, he is not even sure yet that the Victorians will offer to maintain the exclusive licence that currently underpins Tabcorp's Victorian wagering business.
A loss of exclusivity would, obviously, fundamentally change the price anyone would want to pay for a licence.
At the same time, Tabcorp has other beefs with the regulatory environment in wagering.
Fukne Kupper has two main major issues with the way racing betting is moving.
First, he reckons that the ability of bookmakers to offer tote odds delivers them a free ride on his proprietary technology and is an infringement of the exclusivity of his licences.
And second, he believes that bookmakers and a suite of new internet players have been delivered race fields and yet do not make the same financial investment in the racing that is required of the licensed totes.
Tabcorp pays 1.5 per cent of wagering turnover back to the racing industry. Last year it contributed $300 million to Victorian Racing and $214 million to the equine influenza affected NSW industry.
It is frustration with this situation that has, in part, driven Tabcorp into the unregulated area that is the Northern Territory's less regulated bookmaking space.
Tabcorp reckons that overall wagering volumes in the NT will increase by nearly 70 per cent to $5 billion by the end of calendar 2008. Not only does Fukne Kupper want a slice of that action but he wants to "prove to the world that bookmakers should and can contribute to the racing industry based on turnover.
"Totes around the country contribute 90 per cent of all industry funding. They will be the source of funding into the future."
Media Man Australia Profiles
Gaming
Casino News Media
Friday, August 08, 2008
Poker challenge attracts players - The Ridge News - 7th August 2008
The countdown has begun for hundreds of ordinary Australians trying to beat the cost of living doom and gloom.
Across the country, people from all walks of life are playing free poker to qualify for the last remaining seats available in the APL Tournament of Champions (TOC) - a three-day poker extravaganza set to take place in Sydney from August 8 to 10.
NSW man Rodney Davidson walked away with a $300,000 first prize last year, after qualifying at a free poker event in Bega.
Before the tournament Rodney had only $20 in the bank and had to borrow the money for his train fare to get to the event.
Hopefuls who have already qualified for this year’s APL TOC range in age from a 78-year-old grandmother to an 18-year-old student.
Some of the 1000 players participating also include company directors, pilots, handymen and single parents.
Lightning Ridge qualifier Brian Adams won his ticket at our regional finals which are held every three months.
You will find Brian playing at Walgett and Lightning Ridge each week. He has been playing poker with the APL during the past 12 months.
Whilst APL players create new and lasting friendships, there are big prizes to play for at the APL TOC, despite none of the entrants paying a cent to enter.
Players who are skillful enough to make it to the final table will battle it out for a share of $600,000.
While most eyes will be on the money up for grabs, APL together with Wild Turkey Bourbon will also be putting on a show for spectators during the four nights.
Visitors to the event at the all new “Cube” in Campbelltown, Sydney will experience a Shannon Noll concert, a celebrity poker tournament (featuring Jeff Fenech, JP from Australia’s next top model and Greg Bird), the Wild Turkey experience area with live bands each night, a learn to play poker area and sit and go tables.
The final evening will also feature an ethnic drum beats and fire show, Zoo girls, a free holiday to be given away and motorbike competition.
Anybody wanting to learn to play poker or test out their skills, can be part of the action with poker games happening at two local venues.
There is the Walgett Sports Club on Monday nights. Registration is 6.30pm for a 7.30pm start. Then there is the Lightning Ridge Bowling Club on Tuesday nights. Registration is 6pm for a 7pm start.
All our events are free and once a month there is a cash game.
For further information call Jane Smith on 0410 040 859.
Media Man Australia Profiles
Poker and Casino News
Casino News Media
The countdown has begun for hundreds of ordinary Australians trying to beat the cost of living doom and gloom.
Across the country, people from all walks of life are playing free poker to qualify for the last remaining seats available in the APL Tournament of Champions (TOC) - a three-day poker extravaganza set to take place in Sydney from August 8 to 10.
NSW man Rodney Davidson walked away with a $300,000 first prize last year, after qualifying at a free poker event in Bega.
Before the tournament Rodney had only $20 in the bank and had to borrow the money for his train fare to get to the event.
Hopefuls who have already qualified for this year’s APL TOC range in age from a 78-year-old grandmother to an 18-year-old student.
Some of the 1000 players participating also include company directors, pilots, handymen and single parents.
Lightning Ridge qualifier Brian Adams won his ticket at our regional finals which are held every three months.
You will find Brian playing at Walgett and Lightning Ridge each week. He has been playing poker with the APL during the past 12 months.
Whilst APL players create new and lasting friendships, there are big prizes to play for at the APL TOC, despite none of the entrants paying a cent to enter.
Players who are skillful enough to make it to the final table will battle it out for a share of $600,000.
While most eyes will be on the money up for grabs, APL together with Wild Turkey Bourbon will also be putting on a show for spectators during the four nights.
Visitors to the event at the all new “Cube” in Campbelltown, Sydney will experience a Shannon Noll concert, a celebrity poker tournament (featuring Jeff Fenech, JP from Australia’s next top model and Greg Bird), the Wild Turkey experience area with live bands each night, a learn to play poker area and sit and go tables.
The final evening will also feature an ethnic drum beats and fire show, Zoo girls, a free holiday to be given away and motorbike competition.
Anybody wanting to learn to play poker or test out their skills, can be part of the action with poker games happening at two local venues.
There is the Walgett Sports Club on Monday nights. Registration is 6.30pm for a 7.30pm start. Then there is the Lightning Ridge Bowling Club on Tuesday nights. Registration is 6pm for a 7pm start.
All our events are free and once a month there is a cash game.
For further information call Jane Smith on 0410 040 859.
Media Man Australia Profiles
Poker and Casino News
Casino News Media
TMZ EXCLUSIVE: Joe: Casino Lures Whales With Booze and Sex! - 7th August 2008
"Girls Gone Wild" pimpresario Joe Francis has filed a doozy of a counterclaim to the Wynn's lawsuit alleging he owes $2 mil in gambling debts. He alleges, among other things, that as a practice the Wynn Hotel lures high rollers to gamble in the casino using "alcohol, prostitutes and illegal drugs." Isn't that what Vegas is all about ?!?
In his counterclaim, filed late yesterday in Clark County Superior Court, Francis says the Wynn casino and VIP host Larry Altschul made promises to Joe -- a high roller -- to "induce [him] to stay and gamble at the Wynn Casino." He claims that the Wynn used diversions and created phony markers to obtain money by "false pretenses." Francis also alleges the Wynn "intentionally miscalculates markers and forges the high rollers' signatures in order to change a high rollers' win to a loss."
Francis' powerhouse lawyer David Houston tells us this is only the beginning. He says they're going to seek out all of the Wynn's high rollers to see if they were treated as badly as he says Francis was.
Stay tuned ... (Credit: TMZ)
Media Man Australia Profiles
Poker and Casino News
Casino News Media
"Girls Gone Wild" pimpresario Joe Francis has filed a doozy of a counterclaim to the Wynn's lawsuit alleging he owes $2 mil in gambling debts. He alleges, among other things, that as a practice the Wynn Hotel lures high rollers to gamble in the casino using "alcohol, prostitutes and illegal drugs." Isn't that what Vegas is all about ?!?
In his counterclaim, filed late yesterday in Clark County Superior Court, Francis says the Wynn casino and VIP host Larry Altschul made promises to Joe -- a high roller -- to "induce [him] to stay and gamble at the Wynn Casino." He claims that the Wynn used diversions and created phony markers to obtain money by "false pretenses." Francis also alleges the Wynn "intentionally miscalculates markers and forges the high rollers' signatures in order to change a high rollers' win to a loss."
Francis' powerhouse lawyer David Houston tells us this is only the beginning. He says they're going to seek out all of the Wynn's high rollers to see if they were treated as badly as he says Francis was.
Stay tuned ... (Credit: TMZ)
Media Man Australia Profiles
Poker and Casino News
Casino News Media
Cowboys All In For Charity Poker Tournament - 20th May 2008
Jupiters Townsville will proudly host the world's first Cowboys vs Cowboys clash this Thursday night, all in the name of charity.
Cowboys from the Professional Bull Riders (PBR) will be putting on their poker face when they compete against the National Rugby League (NRL) North Queensland Cowboys in the charity Texas Hold 'Em Poker tournament.
The unique, testosterone-fuelled charity poker event will kick off at 7:30pm in the Casino at JupitersTowns ville, following the official welcome ceremony for the PBR Troy Dunn International ahead of the Friday and Saturday's events at the Townsville Entertainment Centre.
Jupiters Townsville will donate $5,000 towards the event, where the poker table will compete for the prize pool, split $4,000 for the winners and $1,000 for second place. All prize money won at the event will benefit local charities nominated by both teams.
General Manager of Jupiters Townsville, Sean Knights, said that the event was a fantastic opportunity to welcome the Australian and international riders of the PBR to Townsville as they go head to head against the home favourites, the NQ Cowboys.
"As a major sponsor of both the NQ Cowboys and the PBR Troy Dunn International, it gives me great pleasure to be able to host the first Cowboys vs Cowboys Charity Poker Challenge. This charity match not only gives us the opportunity to support the high-end events that are being hosted in Townsville, such as the PBR, but also to provide much needed funds to support organisations in our local region," Mr Knights said.
Poker players for PBR Australia include legendary bull rider, and Australia's only World Champion and event patron, Troy Dunn, his protégé returning from the U.S. for the PBR Troy Dunn International, Brendon Clark, the world's number 11-ranker, Luke Snyder from the USA and his compatriot Pistol Robinson.
Trading their jerseys for Jacks and Aces, lining up for the NQ Cowboys are 5/8 and poker fan, Travis Burns, vice-captain Aaron Payne, David Faiumu and the big man on campus and a deft hand at the table, Ray Cashmere.
Securing the home side advantage, the NQ Toyota Cowboys will try and give the PBR cowboys the run- around by taking the 2008 charity poker premiership and donating their winnings to the Cowboys Community Fund, a project dedicated to providing support and financial assistance towards improving the quality of youthful lives in North Queensland.
North Queensland Cowboys Chief Executive Officer, Peter Parr, was excited about the charity event, saying, "The Cowboys have always taken great pride in our work with the community and various charities. This event is no different and we look forward to contributing to the charities involved."
Similar to rugby league, bull riding - described as the toughest sport on dirt - has a serious, high risk of injury and due to the regional nature of the sport riders rely on local medical support.
As a gesture of thanks, the PBR bull riders have nominated the Townsville Hospital Foundation to receive their poker charity donation.
Whether the take will be $4,000 or $1,000 the Townsville Hospital Foundation has nominated a Spot Vital Signs Monitor and Portable Stand to purchase with the winnings.
The Townsville Hospital Foundation has been supporting the Townsville Health District since 1989 by providing the best possible treatment, facilities and assistance to patients, medical staff, family members and visitors.
Calling all cowboys fans – whether bull riding or NRL - come early to make sure you don’t miss the inaugural clash of sport’s true hard men.
JUPITERS TOWNSVILLE PRESENTS:
COWBOYS VS. COWBOYS CHARITY POKER CHALLENGE
Jupiters Townsville
Thursday 22nd
May, 7:30pm
PBR TROY DUNN INTERNATIONAL
Townsville Entertainment Centre
Friday 23rd & Saturday 24th May
Tickets from Townsville Entertainment Centre Box Office
Media Man Australia Profiles
Poker and Casino News
Casino News Media
Jupiters Townsville will proudly host the world's first Cowboys vs Cowboys clash this Thursday night, all in the name of charity.
Cowboys from the Professional Bull Riders (PBR) will be putting on their poker face when they compete against the National Rugby League (NRL) North Queensland Cowboys in the charity Texas Hold 'Em Poker tournament.
The unique, testosterone-fuelled charity poker event will kick off at 7:30pm in the Casino at JupitersTowns ville, following the official welcome ceremony for the PBR Troy Dunn International ahead of the Friday and Saturday's events at the Townsville Entertainment Centre.
Jupiters Townsville will donate $5,000 towards the event, where the poker table will compete for the prize pool, split $4,000 for the winners and $1,000 for second place. All prize money won at the event will benefit local charities nominated by both teams.
General Manager of Jupiters Townsville, Sean Knights, said that the event was a fantastic opportunity to welcome the Australian and international riders of the PBR to Townsville as they go head to head against the home favourites, the NQ Cowboys.
"As a major sponsor of both the NQ Cowboys and the PBR Troy Dunn International, it gives me great pleasure to be able to host the first Cowboys vs Cowboys Charity Poker Challenge. This charity match not only gives us the opportunity to support the high-end events that are being hosted in Townsville, such as the PBR, but also to provide much needed funds to support organisations in our local region," Mr Knights said.
Poker players for PBR Australia include legendary bull rider, and Australia's only World Champion and event patron, Troy Dunn, his protégé returning from the U.S. for the PBR Troy Dunn International, Brendon Clark, the world's number 11-ranker, Luke Snyder from the USA and his compatriot Pistol Robinson.
Trading their jerseys for Jacks and Aces, lining up for the NQ Cowboys are 5/8 and poker fan, Travis Burns, vice-captain Aaron Payne, David Faiumu and the big man on campus and a deft hand at the table, Ray Cashmere.
Securing the home side advantage, the NQ Toyota Cowboys will try and give the PBR cowboys the run- around by taking the 2008 charity poker premiership and donating their winnings to the Cowboys Community Fund, a project dedicated to providing support and financial assistance towards improving the quality of youthful lives in North Queensland.
North Queensland Cowboys Chief Executive Officer, Peter Parr, was excited about the charity event, saying, "The Cowboys have always taken great pride in our work with the community and various charities. This event is no different and we look forward to contributing to the charities involved."
Similar to rugby league, bull riding - described as the toughest sport on dirt - has a serious, high risk of injury and due to the regional nature of the sport riders rely on local medical support.
As a gesture of thanks, the PBR bull riders have nominated the Townsville Hospital Foundation to receive their poker charity donation.
Whether the take will be $4,000 or $1,000 the Townsville Hospital Foundation has nominated a Spot Vital Signs Monitor and Portable Stand to purchase with the winnings.
The Townsville Hospital Foundation has been supporting the Townsville Health District since 1989 by providing the best possible treatment, facilities and assistance to patients, medical staff, family members and visitors.
Calling all cowboys fans – whether bull riding or NRL - come early to make sure you don’t miss the inaugural clash of sport’s true hard men.
JUPITERS TOWNSVILLE PRESENTS:
COWBOYS VS. COWBOYS CHARITY POKER CHALLENGE
Jupiters Townsville
Thursday 22nd
May, 7:30pm
PBR TROY DUNN INTERNATIONAL
Townsville Entertainment Centre
Friday 23rd & Saturday 24th May
Tickets from Townsville Entertainment Centre Box Office
Media Man Australia Profiles
Poker and Casino News
Casino News Media
Thursday, August 07, 2008
WORLD POKER TOUR® JOINS FORCES WITH FSN ON ONLINE, TELEVISION DEAL, KICKING OFF SERIES OF STRATEGIC ALLIANCES
(LOS ANGELES) July 31, 2008 – WPT Enterprises, Inc. (Nasdaq: WPTE) has aligned with Fox Sports Net (a division of News Corporation) in a deal involving WPT’s online assets. WPTE and FSN will kick off their collaboration in September with the creation of a television series based on WPTE’s subscription and sweepstakes game offering, CLUBWPT.com.
Each week, players will have multiple chances to win a seat in the TV series by playing in poker and blackjack tournaments on CLUBWPT.com. Weekly episodes telecast nationally on FSN will feature a new final table with CLUBWPT.com members battling it out on the felt for cash prizes.
Conducted under United States sweepstakes rules, CLUBWPT.com is a subscription-based online club offering daily poker and blackjack events targeting the estimated 60 million poker players in the United States. Players receive points to play in over 4000 live poker and blackjack tournaments, sit-n-go’s and ring games for a chance to win over $100,000 in cash and prizes each month, including $10,000 seats into World Poker Tour main events. For a $19.95 monthly subscription, CLUBWPT.com members receive additional benefits including magazine subscriptions, travel and entertainment discounts in Las Vegas and other VIP content. To get details on how to join CLUBWPT.com, for information on alternative means of entry or to get a two-week free trial, visit www.CLUBWPT.com.
“FSN takes pride in its progressive approach to programming and is pleased to be the new home for the World Poker Tour. The WPT is synonymous with big event poker and is a firmly established household brand,” said George Greenberg, FSN Executive Vice President of Programming and Production. “The marriage is perfect.”
“FSN is a reigning media giant whose unparalleled energy and resources will benefit CLUBWPT.com on a whole new level. We look forward to building our relationship with them and establishing additional deals to help reach the huge market potential that CLUBWPT.com holds,” said Steve Lipscomb, WPT Founder, President and CEO.
FSN’s 16 owned-and-operated regional networks and its affiliated networks reach more than 80 million homes across the U.S. In addition to the CLUBWPT.com television series, FSN will exclusively broadcast 26 all-new episodes from World Poker Tour Season VII.
No purchase is necessary for the Club sweepstakes and the service is void in states where prohibited. For full details go to www.CLUBWPT.com.
###
ABOUT WPTE
WPT Enterprises, Inc. (Nasdaq: WPTE) is a company engaged in the creation of internationally branded entertainment and consumer products driven by the development, production, and marketing of televised programming based on gaming themes. WPTE is the creator of the World Poker Tour®, a television show based on a series of high-stakes poker tournaments that has been licensed for broadcast globally. WPT Season VI airs Monday nights at 9pm ET/PT on GSN in the United States, and WPT Season VII will air on FSN. WPTE also offers real-money online gaming on its website, www.worldpokertour.com, which prohibits wagers from players in the U.S. and certain other restricted territories. WPTE also has operations in mainland China, pursuant to an agreement with the China Leisure Sports Administrative Center where WPTE is developing and marketing the WPT China National Traktor Poker Tour. In January 2008, the company launched CLUBWPT.com, an innovative subscription-based online poker club targeted to the estimated 60 million poker players in the United States and is currently offered in 38 States. WPTE currently licenses its brand to companies in the business of poker equipment and instruction, apparel, publishing, electronic and wireless entertainment, DVD/home entertainment, casino games, and giftware. The company is also engaged in the sale of corporate sponsorships. For show information, tools for improving poker play, and other WPT news, fans may log on to www.worldpokertour.com. WPTE is a majority owned subsidiary of Lakes Entertainment, Inc. (Nasdaq: LACO).
WPTEG
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by WPT Enterprises, Inc.) contains statements that are forward-looking, such as statements relating to the expansion of WPTE's brand licensing, the development of new television and film projects, the development of WPTE corporate sponsors and other business development activities, as well as statements regarding other capital spending, financing sources and the effects of competition. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of WPTE. These risks and uncertainties include, but are not limited to, the risk that WPTE may not obtain sufficient sponsorship revenues for Season VII programming of the WPT; difficulty of predicting the growth of our online gaming business, which is a relatively new industry with an increasing number of market entrants; reliance on the efforts of CryptoLogic to develop and maintain the online gaming website in compliance with WPTE’s business model and applicable gaming laws; the potential that our television programming will fail to maintain a sufficient audience; the risk that competitors with greater financial resources or marketplace presence might develop television programming that would directly compete with WPTE's television programming; the risk that WPTE may not be able to protect its entertainment concepts, current and future brands and other intellectual property rights; risks associated with future expansion into new or complementary businesses; the termination or impairment of WPTE's relationships with key licensing and strategic partners; and WPTE's dependence on its senior management team. For more information, review WPTE's filings with the Securities and Exchange Commission.
FSN is the nation’s leading provider of local sports. FSN’s 16 owned-and-operated regional networks and its affiliated networks reach more than 80 million homes across the U.S. FSN serves as the TV home to nearly two-thirds of all MLB, NHL and NBA teams based in the United States. FSN also produces close to 5,000 live local events each year, including more than 1,600 in high definition. In addition to its thousands of home team games and a wide variety of locally produced sports programs, FSN televises national sports events and programs, including Pac-10 and ACC basketball and Pac-10 and Big 12 football.
Contact:
Lyndsay LaGree
WPT Enterprises
323 599 9145
llagree@worldpokertour.com
Media Man Australia Profiles
World Poker Tour
News Corp
Poker and Casino News
Casino News Media
(LOS ANGELES) July 31, 2008 – WPT Enterprises, Inc. (Nasdaq: WPTE) has aligned with Fox Sports Net (a division of News Corporation) in a deal involving WPT’s online assets. WPTE and FSN will kick off their collaboration in September with the creation of a television series based on WPTE’s subscription and sweepstakes game offering, CLUBWPT.com.
Each week, players will have multiple chances to win a seat in the TV series by playing in poker and blackjack tournaments on CLUBWPT.com. Weekly episodes telecast nationally on FSN will feature a new final table with CLUBWPT.com members battling it out on the felt for cash prizes.
Conducted under United States sweepstakes rules, CLUBWPT.com is a subscription-based online club offering daily poker and blackjack events targeting the estimated 60 million poker players in the United States. Players receive points to play in over 4000 live poker and blackjack tournaments, sit-n-go’s and ring games for a chance to win over $100,000 in cash and prizes each month, including $10,000 seats into World Poker Tour main events. For a $19.95 monthly subscription, CLUBWPT.com members receive additional benefits including magazine subscriptions, travel and entertainment discounts in Las Vegas and other VIP content. To get details on how to join CLUBWPT.com, for information on alternative means of entry or to get a two-week free trial, visit www.CLUBWPT.com.
“FSN takes pride in its progressive approach to programming and is pleased to be the new home for the World Poker Tour. The WPT is synonymous with big event poker and is a firmly established household brand,” said George Greenberg, FSN Executive Vice President of Programming and Production. “The marriage is perfect.”
“FSN is a reigning media giant whose unparalleled energy and resources will benefit CLUBWPT.com on a whole new level. We look forward to building our relationship with them and establishing additional deals to help reach the huge market potential that CLUBWPT.com holds,” said Steve Lipscomb, WPT Founder, President and CEO.
FSN’s 16 owned-and-operated regional networks and its affiliated networks reach more than 80 million homes across the U.S. In addition to the CLUBWPT.com television series, FSN will exclusively broadcast 26 all-new episodes from World Poker Tour Season VII.
No purchase is necessary for the Club sweepstakes and the service is void in states where prohibited. For full details go to www.CLUBWPT.com.
###
ABOUT WPTE
WPT Enterprises, Inc. (Nasdaq: WPTE) is a company engaged in the creation of internationally branded entertainment and consumer products driven by the development, production, and marketing of televised programming based on gaming themes. WPTE is the creator of the World Poker Tour®, a television show based on a series of high-stakes poker tournaments that has been licensed for broadcast globally. WPT Season VI airs Monday nights at 9pm ET/PT on GSN in the United States, and WPT Season VII will air on FSN. WPTE also offers real-money online gaming on its website, www.worldpokertour.com, which prohibits wagers from players in the U.S. and certain other restricted territories. WPTE also has operations in mainland China, pursuant to an agreement with the China Leisure Sports Administrative Center where WPTE is developing and marketing the WPT China National Traktor Poker Tour. In January 2008, the company launched CLUBWPT.com, an innovative subscription-based online poker club targeted to the estimated 60 million poker players in the United States and is currently offered in 38 States. WPTE currently licenses its brand to companies in the business of poker equipment and instruction, apparel, publishing, electronic and wireless entertainment, DVD/home entertainment, casino games, and giftware. The company is also engaged in the sale of corporate sponsorships. For show information, tools for improving poker play, and other WPT news, fans may log on to www.worldpokertour.com. WPTE is a majority owned subsidiary of Lakes Entertainment, Inc. (Nasdaq: LACO).
WPTEG
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by WPT Enterprises, Inc.) contains statements that are forward-looking, such as statements relating to the expansion of WPTE's brand licensing, the development of new television and film projects, the development of WPTE corporate sponsors and other business development activities, as well as statements regarding other capital spending, financing sources and the effects of competition. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of WPTE. These risks and uncertainties include, but are not limited to, the risk that WPTE may not obtain sufficient sponsorship revenues for Season VII programming of the WPT; difficulty of predicting the growth of our online gaming business, which is a relatively new industry with an increasing number of market entrants; reliance on the efforts of CryptoLogic to develop and maintain the online gaming website in compliance with WPTE’s business model and applicable gaming laws; the potential that our television programming will fail to maintain a sufficient audience; the risk that competitors with greater financial resources or marketplace presence might develop television programming that would directly compete with WPTE's television programming; the risk that WPTE may not be able to protect its entertainment concepts, current and future brands and other intellectual property rights; risks associated with future expansion into new or complementary businesses; the termination or impairment of WPTE's relationships with key licensing and strategic partners; and WPTE's dependence on its senior management team. For more information, review WPTE's filings with the Securities and Exchange Commission.
FSN is the nation’s leading provider of local sports. FSN’s 16 owned-and-operated regional networks and its affiliated networks reach more than 80 million homes across the U.S. FSN serves as the TV home to nearly two-thirds of all MLB, NHL and NBA teams based in the United States. FSN also produces close to 5,000 live local events each year, including more than 1,600 in high definition. In addition to its thousands of home team games and a wide variety of locally produced sports programs, FSN televises national sports events and programs, including Pac-10 and ACC basketball and Pac-10 and Big 12 football.
Contact:
Lyndsay LaGree
WPT Enterprises
323 599 9145
llagree@worldpokertour.com
Media Man Australia Profiles
World Poker Tour
News Corp
Poker and Casino News
Casino News Media
Fox TV Deal for Club WPT - 6th August 2008
ClubWPT, the ingenious UIGEA workaround for America's estimated 60 million poker fans, is to be featured in a Fox Sports Net television series following an agreement with World Poker Tour Enterprises.
ClubWPT was launched at the beginning of 2008 as a membership-by-subscription organisation operating under US sweepstakes rules, and offers daily poker and blackjack events. In return for a monthly subscription of $19.95, players receive points to play in over 4,000 live tournaments, sit-n-go's and ring games carrying opportunities to win north of $100,000 in cash and prizes each month.
The Club also sponsors WPT tournament packages for successful players, and provides players with magazine subscriptions and travel and entertainment discounts redeemable in Las Vegas.
The new deal follows an agreement between Fox and WPT for the former to broadcast Season VII of the World Poker Tour.
"Fox Sports Network takes pride in its progressive approach to programming and is pleased to be the new home for the World Poker Tour," said George Greenberg, Executive Vice-President of Programming and Production for Fox Sports Net. "The WPT is synonymous with big event poker and is a firmly established household brand. The marriage is perfect."
Media Man Australia Profiles
World Poker Tour
Poker and Casino News
Casino News Media
ClubWPT, the ingenious UIGEA workaround for America's estimated 60 million poker fans, is to be featured in a Fox Sports Net television series following an agreement with World Poker Tour Enterprises.
ClubWPT was launched at the beginning of 2008 as a membership-by-subscription organisation operating under US sweepstakes rules, and offers daily poker and blackjack events. In return for a monthly subscription of $19.95, players receive points to play in over 4,000 live tournaments, sit-n-go's and ring games carrying opportunities to win north of $100,000 in cash and prizes each month.
The Club also sponsors WPT tournament packages for successful players, and provides players with magazine subscriptions and travel and entertainment discounts redeemable in Las Vegas.
The new deal follows an agreement between Fox and WPT for the former to broadcast Season VII of the World Poker Tour.
"Fox Sports Network takes pride in its progressive approach to programming and is pleased to be the new home for the World Poker Tour," said George Greenberg, Executive Vice-President of Programming and Production for Fox Sports Net. "The WPT is synonymous with big event poker and is a firmly established household brand. The marriage is perfect."
Media Man Australia Profiles
World Poker Tour
Poker and Casino News
Casino News Media
Poker Legend Doyle Brunson To Attend APT Macau - 6th August 2008
(MACAU, CHINA) – The Asian Poker Tour (APT) is proud to announce that the Godfather of Poker, Doyle Brunson, will be attending the APT’s Macau tournament.
Brunson, the biggest name in the history of poker, has confirmed he will be playing at the APT Macau Main Event at the Galaxy StarWorld Hotel and Casino starting on the 27th of August. He will be joined by his son, Todd Brunson, who is also a big-name player in the poker world.
The participation of the Brunsons further raises the standing of the Asian Poker Tour which also features other top professionals such as J.C. Tran, Nam Le, Quinn Do, APT Philippines champion David Saab and hundreds of other poker players from around the world.
Aside from playing in the main event at APT Macau, Doyle will also be on hand for a special event of his own – a book signing which is anticipated to attract huge interest. His books, especially Super System and Super System II, are considered the most authoritative sources on playing and winning at poker. Fans and players will be able to meet him and get their copies personally signed at APT Macau.
Doyle Brunson is a legendary American poker player who has played professionally for over fifty years. Nicknamed “Texas Dolly”, he has seen it all – from the early beginnings of poker in the United States to the sudden surge of the game’s popularity during the last decade. He is currently in a tie for second place on the all-time winners list with ten World Series of Poker (WSOP) bracelets – just one behind first-placer Phil Hellmuth. His live tournament winnings at present exceed USD $5,300,000.
Like Doyle, his son Todd is also a professional poker player. Todd, who did not learn the game until he was in law school, has been playing in both cash games and tournaments for the last two decades. Nicknamed “Darkhorse”, he also has a WSOP bracelet of his own, making the Brunsons the only father-son combination in history to have won WSOP bracelets. His live tournament winnings presently exceed USD $3,200,000.
APT Macau, the second leg of the 2008 Asian Poker Tour, will be held at the Galaxy StarWorld Hotel and Casino in Asia’s gambling mecca from August 27 to 31, 2008. The APT is home to Asia’s largest guaranteed prize pool with USD $1,500,000 in cash. The winner of APT Macau is guaranteed at least USD $500,000, which is sure to attract the top poker players from all over the world.
The buy-in for the Macau leg of this year’s APT is set at USD $5300 ($5000+$300). Players can also win seats to the event by qualifying through various online satellites being held all over the world on top poker rooms such as DafaPoker, Titan Poker, PartyPoker, and PKR.
ENDS
For more information, please contact:
Melissa Ross
Lyceum Media
+44 (0) 207 953 4026
Melissa@lyceummedia.com
ABOUT ASIAN POKER TOUR (APT)
The Asian Poker Tour (APT) is Asia’s biggest and original poker tour. The Tour was recently acquired by AsianLogic (AIM:ALOG). As part of the new organisation of the APT, four events will be held across Asia in 2008. Next year, the Tour plans to increase this to a total of six events. Each tournament is set to attract live players as well as internet players who will qualify via online satellites. Each main event will offer a minimum guaranteed USD $1 million prize pool. The official web site of the APT is www.asianpt.com.
ABOUT ASIANLOGIC (ALL)
AsianLogic is a leading online and land-based gaming company focusing on the Asia-Pacific markets. The Company is listed on the AIM market of the London Stock Exchange (AIM: ALOG). AsianLogic owns and operates eight online casino brands and two online poker rooms as well as land-based sportsbook operations through its MegaSportsWorld brand. It is a specialist in Asia-specific games such as Mahjong, Cho-Da-Di, Do-Di-Zhu and 13 Card Poker. The Company owns and operates the Asian Poker Tour.
The Company also maintains a corporate advisory team specialising in the gaming sector which is an active investor in gaming-related businesses as well as providing consultancy and analytical services. AsianLogic enjoys strong commercial relationships with leading gaming providers including Playtech, ID Games and LVS. Founded as ESL in 2002, AsianLogic employs over 300 employees, the majority of whom are based in the Philippines.
Media Man Australia Profiles
Doyle Brunson
Doyle's Room
Poker and Casino News
Casino News Media
(MACAU, CHINA) – The Asian Poker Tour (APT) is proud to announce that the Godfather of Poker, Doyle Brunson, will be attending the APT’s Macau tournament.
Brunson, the biggest name in the history of poker, has confirmed he will be playing at the APT Macau Main Event at the Galaxy StarWorld Hotel and Casino starting on the 27th of August. He will be joined by his son, Todd Brunson, who is also a big-name player in the poker world.
The participation of the Brunsons further raises the standing of the Asian Poker Tour which also features other top professionals such as J.C. Tran, Nam Le, Quinn Do, APT Philippines champion David Saab and hundreds of other poker players from around the world.
Aside from playing in the main event at APT Macau, Doyle will also be on hand for a special event of his own – a book signing which is anticipated to attract huge interest. His books, especially Super System and Super System II, are considered the most authoritative sources on playing and winning at poker. Fans and players will be able to meet him and get their copies personally signed at APT Macau.
Doyle Brunson is a legendary American poker player who has played professionally for over fifty years. Nicknamed “Texas Dolly”, he has seen it all – from the early beginnings of poker in the United States to the sudden surge of the game’s popularity during the last decade. He is currently in a tie for second place on the all-time winners list with ten World Series of Poker (WSOP) bracelets – just one behind first-placer Phil Hellmuth. His live tournament winnings at present exceed USD $5,300,000.
Like Doyle, his son Todd is also a professional poker player. Todd, who did not learn the game until he was in law school, has been playing in both cash games and tournaments for the last two decades. Nicknamed “Darkhorse”, he also has a WSOP bracelet of his own, making the Brunsons the only father-son combination in history to have won WSOP bracelets. His live tournament winnings presently exceed USD $3,200,000.
APT Macau, the second leg of the 2008 Asian Poker Tour, will be held at the Galaxy StarWorld Hotel and Casino in Asia’s gambling mecca from August 27 to 31, 2008. The APT is home to Asia’s largest guaranteed prize pool with USD $1,500,000 in cash. The winner of APT Macau is guaranteed at least USD $500,000, which is sure to attract the top poker players from all over the world.
The buy-in for the Macau leg of this year’s APT is set at USD $5300 ($5000+$300). Players can also win seats to the event by qualifying through various online satellites being held all over the world on top poker rooms such as DafaPoker, Titan Poker, PartyPoker, and PKR.
ENDS
For more information, please contact:
Melissa Ross
Lyceum Media
+44 (0) 207 953 4026
Melissa@lyceummedia.com
ABOUT ASIAN POKER TOUR (APT)
The Asian Poker Tour (APT) is Asia’s biggest and original poker tour. The Tour was recently acquired by AsianLogic (AIM:ALOG). As part of the new organisation of the APT, four events will be held across Asia in 2008. Next year, the Tour plans to increase this to a total of six events. Each tournament is set to attract live players as well as internet players who will qualify via online satellites. Each main event will offer a minimum guaranteed USD $1 million prize pool. The official web site of the APT is www.asianpt.com.
ABOUT ASIANLOGIC (ALL)
AsianLogic is a leading online and land-based gaming company focusing on the Asia-Pacific markets. The Company is listed on the AIM market of the London Stock Exchange (AIM: ALOG). AsianLogic owns and operates eight online casino brands and two online poker rooms as well as land-based sportsbook operations through its MegaSportsWorld brand. It is a specialist in Asia-specific games such as Mahjong, Cho-Da-Di, Do-Di-Zhu and 13 Card Poker. The Company owns and operates the Asian Poker Tour.
The Company also maintains a corporate advisory team specialising in the gaming sector which is an active investor in gaming-related businesses as well as providing consultancy and analytical services. AsianLogic enjoys strong commercial relationships with leading gaming providers including Playtech, ID Games and LVS. Founded as ESL in 2002, AsianLogic employs over 300 employees, the majority of whom are based in the Philippines.
Media Man Australia Profiles
Doyle Brunson
Doyle's Room
Poker and Casino News
Casino News Media
Subscribe to:
Posts (Atom)