Investors rush to Party poker float
25 June 2005
Shares in PartyGaming, the online poker business
on the brink of a multibillion pound float, were last night
said to have been more than three times oversubscribed. The
company is due to float 21% of its shares on the stock market
on Monday.
A source close to the process said there were blue chip institutional
investors placing orders for about 10% of the offer. "The
majority of investors who have seen the roadshow have subscribed," the
source said. "There is a good mix of UK and European
institutions, though mostly UK firms. The order book is an
A to Z of all the typical investors you would want to have
for a float and for a FTSE 100 company."
Party
Poker plans £5bn
flotation
4 June 2005
Partygaming, the owner of online poker giant Partypoker,
has decided to float on the London Stock Exchange. Analysts
believe Partygaming - whose site is the world's biggest
- could be valued at more than £5bn, making it
London's largest listing in four years.
Should it reach that valuation, Partygaming would be worth
more than household names such as Boots, Sainsbury's and British
Airways. The firm is the latest to try and tap into booming
demand for online gaming.
Glazer before
NFL to explain United Casino link
29 May 2005
The US National Football League (NFL) has asked Tampa
Bay Buccaneers owner Malcolm Glazer to explain Manchester
United's links to a Las Vegas casino. A planned joint
venture between Manchester United and the Las Vegas Sands
could fall foul of NFL rules.
The NFL also ruled that Mr Glazer's control of United
does not violate the League's rules on cross-ownership.
The League added it had no problem with the debt
Mr Glazer has incurred as he garnered a controlling
stake in United. The news came during a meeting of
NFL team owners, the first such meeting since Mr
Glazer took a controlling share in the club - a move
that has cost £790m, leading to fears he may use
the Buccaneers as collateral for his debts.
Leeds
to get new casino and poker room
27 May 2005
A new casino is to be built in Leeds which,
it is claimed, will be the biggest in the city when it opens
in late 2007. London Clubs International has been granted a
licence for a site at Clarence Dock near the Royal Armouries.
It intends investing £9m on the development which will be called
The Rendezvous and will employ 250 people.
As well as the gaming rooms, there will be two restaurants,
three bars and a theatre for live entertainment. Another attraction
will be an area inside the building called The Show which will
have a members' cinema, a card room for local and national
tournaments and a conference area
William Hill
buys Stanley Betting
16 May 2005
William Hill has become the UK's biggest bookmaker
after buying the betting shops of rival Stanley Leisure
for GBP504m ($931m). The purchase adds an extra 624
outlets to William Hill's existing 1,600-strong shop
portfolio. The move will see it overtake Ladbrokes,
which has 2,000 outlets.
William Hill's shares fell nearly 3%, or 14.5p, to 510.5 pence
after analysts expressed concern that it may have overpaid
for the stores. William Hill said the takeover would enable
it to expand into areas where it was unrepresented - both Northern
Ireland and the Republic of Ireland.
William Hill does not expect any problems from the Office
of Fair Trading, due to the highly competitive gambling market.
William Hill added that in light of the takeover it would
no longer be going ahead with a planned GBP453m return of capital
to shareholders that it announced back in March.
Liverpool-based Stanley Leisure's shops, which are also located
in Jersey and the Isle of Man, will be rebranded as William
Hill. William Hill also said the takeover would enable it to
increase its presence in the north- west of England, where
it is currently under-represented.
Following the purchase, William Hill will have around a quarter
of all the betting shops in the UK.
"This acquisition represents a rare opportunity for William
Hill to substantially increase its distribution reach, whilst
simultaneously realising benefits of scale," said William
Hill chief executive David Harding.
Stanley Leisure also welcomed the sale of its betting shops,
describing the GBP504m price as "very
attractive".
Its shares closed up 2.5p at 524.5 pence. Its chief executive
Bob Wiper said the firm would now renew its focus on its core
gaming business - Stanley Leisure is the largest casino operator
in the UK. It has 41 casinos across Britain; four in London
and 37 outside the capital.
Las Vegas
Casinos earn $1 Billion in 1 month for first time
16 May 2005
Las Vegas' 341 casinos earned a combined
gaming revenue of $1.031 billion in March 2005, almost $70
million higher than the previous high, in March last year.
This was despite the fact that the amount of money wagered
was lower in March 2005 than in March 2004 at $13.4 billion.
It is clear then that the Las Vegas casinos are getting better
at earning money, whilst their customers are getting worse.
Strip casinos took more than half of the money,
with $514million being earned from the Stratosphere doen the
road to Mandalay. Analysts predict that April and May will
surpass March and set further records
Manchester
United applies to build casino complex
11 May 2005
English soccer club Manchester United Plc is applying to
build a new casino complex, including a five-star hotel, restaurants
and a health club, near to its Old Trafford stadium, the group
said yesterday.
The world's richest soccer club, awaiting a formal bid approach from
US tycoon Malcolm Glazer, said it is making its bid in partnership
with hotel and gaming company Las Vegas Sands Corp but its plans depend
on receiving a casino licence.
The club has the support of its local Trafford Council
and together with its US partner has made an initial bid
for a licence for a regional-scale casino in the Trafford
area."The project has the potential to create up to
2000 new jobs," said Rodney Brody, UK representative
for Las Vegas Sands.
Under Britain's new Gambling Act of 2005, a British government-appointed
advisory panel will look at applications under which the
first regional casino and any subsequent projects are awarded.
Manchester United's US partner is headquartered in Las
Vegas, Nevada, and owns The Venetian Resort Hotel Casino
and the Sands Expo and Convention Centre, and it is also
developing casino hotel resort properties in Macau.
Wynn Ferrari
Showroom has a great opening fortnight
May 10, 2005
Las Vegas casinos are renowned for being host to some of the
most exclusive designer clothes and jwelery stores, Wynn Las
Vegas has taken things one step further. Some of the richest
merchandise in Las Vegas has changed hands in recent days at
the Ferrari and Maserati showroom at Wynn Las Vegas, which
beckons passers-by with luxury cars displayed like fine art.
Believed to be the first dealership in a casino, the Ferrari-Maserati
showroom -- which opened at the resort April 28 -- has already
sold 21 of the Italian-made cars. That's the kind of business
exotic car stores typically generate over a few months, dealership
General Manager George Chapes said.
"Those numbers in themselves are absolutely staggering," Chapes
said. "We own two other Ferrari stores and in the last
five days we've sold what those dealerships do in three to
four months."
Glasgow to get
new Poker Room
11 May 2005
Our Scottish spies tell us that
TonyT's Poker Room (name to be confirmed) is due to open any
day now in the Riverside area of Glasgow. Rumoured to be home
to between 14 and 20 tables, this welcome addition to the scottish
poker scene is already lining up some impressive events.
More news as we get it.
Gambling Bill Receives Royal
Assent
1 May 2005
The Gambling Bill received Royal Assent yesterday and
became an Act of Parliament.
The Bill creates a new regulator, the Gambling Commission,
which will come out of the existing Gaming Board. It
modernises gambling laws that have not been substantially
updated since 1968, bringing many new forms of gambling
under proper regulation for the first time.
Secretary of State for Culture Media and Sport, Tessa
Jowell said:
"I am delighted we can now set up the Gambling
Commission and ensure that Britain has the most robust
framework of gambling regulation in the world."
Press Enquiries: 020 7211 6931
Out of hours telephone pager no: 07699 751153
Public Enquiries: 020 7211 6200
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Harrah's Entertainment
To Acquire Caesars Entertainment, Create World's Largest
Distributor of Casino Entertainment
LAS VEGAS, July 15, 2004 - Harrah's Entertainment,
Inc. (NYSE:HET) has signed a definitive agreement to
acquire Caesars Entertainment, Inc. (NYSE:CZR) in a cash
and stock transaction that would be the largest in gaming-industry
history.
The boards of directors of both companies
have unanimously approved the transaction, which remains
subject to approvals by Harrah's and Caesars shareholders
and regulatory agencies.
Under terms of the agreement, Caesars
shareholders will receive an aggregate of $1.8 billion
in cash and 66.3 million shares of Harrah's Entertainment
common stock. Caesars shareholders will be able to elect
to receive solely shares of Harrah's common stock or
cash, to the extent available.
Based on the closing price of Harrah's
Entertainment stock on July 14, 2004, the transaction
would value each share of Caesars common stock at $16.96.
The total transaction value, including assumption of
Caesars debt, would be approximately $9.44 billion.
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MGM MIRAGE Completes
$7.9 Billion Acquisition of Mandalay Resort Group
LAS VEGAS, April 25 /PRNewswire-FirstCall/
-- MGM MIRAGE (NYSE: MGG) today announced that it has
completed its $7.9 billion acquisition of Mandalay Resort
Group (NYSE: MBG).
"This is an historic moment not just for our company,
but for the industry," said Terry Lanni, Chairman
and CEO of MGM MIRAGE. "The combination of MGM MIRAGE
and Mandalay Resort Group creates the world's leading
gaming, entertainment and leisure company.
"There will be unrivaled opportunities in our dynamic
new organization. Our dream combination of people and
assets creates the best opportunity to serve an ever
more diversified customer base. In representing all segments
of the resort and gaming industry, we are better able
to meet those needs and strategically realize revenue
growth. As we do so, we will reach new milestones in
our industry-leading diversity initiatives while at the
same time continue to make a positive impact in the communities
we serve," Mr. Lanni said.
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