Tonight's the night!
Australian casino king, James Packer, friends, associates and even a few Hollywooders will gather at the Sydney Overseas Passenger Terminal in Sydney in aid of indigenous Australians - GenerationOne!
Mr Packer and mate, Andrew Forrest, having been working the phones and rumor has it even Russell Crowe and Cate Blanchett will be there. Billionaires and celebs a plenty.
They will all get together to project their hands via a colourful laser display on the Opera House to launch GenerationOne - an ambitious project to secure appropriate training and employment for indigenous Australians.
A positive and determine billionaires' swag - one that Packer, Forrest, Kerry Stokes, Lowy clan and Lindsay Fox make the running on a cause they have taken into their own hands.
Media Man is hopeful of getting up close to the action tonight, and rest assured follow up stores will follow, many of which positive outcomes are forecast.
Prime Minster Kevin Rudd has publicly said Sorry to indigenous Australians, but saying sorry is not enough... actions speak louder than words, and who better to action than influential whales and dolphins in the casino, media and entertainment industry.
Numerous Australian government agencies and charity groups have previously given money and attention towards Aboriginal Australians, but sustainable solutions - jobs and the like are what's needed. Just throwing money at problems doesn't work, and the Packer - Forrest clan has runs on the board and has experienced indigenous Australia close up... both the good and the bad.
These leaders of business have their work cut out for themselves, but they are used to beating the odds... and winning. Look at Packer's recent "comeback of the decade". Big business, backed by positive (and cashed up) folks, coupled with people power, has a good chance to win this struggle.
Corporate social responsibility has become a focus for many companies over the past years. Sustainable employment seems to have overshadowed the environmental - greeny barrow. A Media Man insider was overheard, "All this talk about the environment... well and good, but if someone is sleeping in a cardboard box and hungry, that's their environment. Millionaires, billionaires and the right mix of social and community entrepreneurs can sort out many of Australia's problems".
Billionaire Inc is willing to use some of its its money and clout garner community interest and balanced news media attention to push a unified cause. Egos will be pushed to the side, results being paramount.
Forrest is the individual who has driven this to date. He's got jobs for the right folks, so has Packer. All members of the brains trust understand that correct training, willingness to learn, adapt, hard work and positive mental attitude is key.
The initial jobs target is 50,000 indigenous placings. Packer's Crown and Forrest's mining operation can't fill all of the positions, so they are looking to other suitable Australian companies to assist. It's seen as a win - win - win.
Part of the task for Team Forrest - Packer is about convincing big business that indigenous employees, properly trained and equally valued, are economically valuable and inspirational to the other employees and can become mentors. This isn't about fulfilling a charitable quota.
For Forrest and Packer this quest is most personal.
Forrest was raised in a remote West Australian station where until the age of nine all his friends were Aborigines. He says that the Aboriginal elders mentored him and taught him many life skills, including how to track and how to fight.
"I grew up believing the more you know Aboriginal people the more you love them", he told Fairfax Media.
At the age of nine Forrest was sent to a boarding hostel where Aborigines lived.
The majority of the billionaires he has mustered have either experienced their own struggle or have learnt hardship from their parents.
The Packer and Forrest collective empires are in a strong position at present, and perhaps this has been instrumental in the timing of this bold project.
Media Man and Gambling911 applaud this champion effort. It's mate helping mate, breaking down the divide between the haves and the have nots. Media Man and Gambling911 hope your gaming experience is a positive and enjoyable one, and if you get lucky, please consider assisting a worthy cause or two. In the coming days and weeks more details will be provided on GenerationOne. Crew, let's hear it... Aussie Aussie Aussie Oi Oi Oi Aussie Aussie Aussie Oi Oi Oi.
*Greg Tingle is a special contributor for Gambling911
*The writer owns shares in Crown Limited
*Media Man http://www.mediamanint.com is primarily a media, publicity and internet portal development company.
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Friday, March 19, 2010
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Thursday, March 18, 2010
Perfect casino does exist - Press Holdings - 17th March 2010
S'pore's earliest casino advocate now cautions about their odds for survival
For the longest time, he agitated for a casino.
Now that the Republic's first casino is upon us, Singapore's earliest and staunchest casino advocate has apprehensions over how it is taking shape.
For almost three decades, Mr Ronald Tan lobbied the Government to set up a casino here. In 1981, he wrote his first letter to the then Singapore Tourist Promotion Board, proposing a restricted- access casino at Sentosa.
Now 65, the gaming and hospitality consultant, who recently addressed an Institute of Policy Studies roundtable on casinos, recounts ruefully: 'I received a phone call from an officer saying that Singapore was not ready for it.'
Leisure and gaming are his life's work
Over the last 35 years, Mr Ronald Tan has worked as a retail, leisure, hospitality and gaming industry consultant. Now 65, he has dabbled in many businesses, from military defence equipment to casinos, F&B consultancy to convenience stores.
In 1970, his link with casinos began when he represented the Genting Group in Singapore and sold travel packages from a 1,000 sq ft Golden Mile office.
He went on to advise gaming companies such as Australia's Federal Pacific Group and Britain's Mecca Leisure Group. He was involved in setting up many casinos, including the Wrest Point Hotel Casino in Tasmania, Star City in Sydney, Diamond Beach in Darwin, and the Christmas Island Casino.
Until recently, he was consultant to InterContinental Hotels, helping to rebrand hotels in the region. He presently consults for several hotel owners and is a regular speaker at regional casino conferences.
In 1981, he tried to save flailing standalone provision stores by overhauling them into self-service Econ Minimarts, designing everything from the chain's logo, jingle and house brands to centralised operations.
The alumnus of Kuala Lumpur's Royal Military College is now working on two books, on the future of hotels and sustainable gaming.
He is married to Serene, a housewife. They have three children - a lawyer, an engineer and an economist - and three grandchildren.
Q&A with gaming consultant Ronald Tan
Q: Do you think the current safeguards - like restrictions on ATMs and the $100 local admission - are sufficient? What else needs to be done?
A: Most of these measures are merely an appeasement to show steps are being taken to prevent wage earners here from losing their whole salary.
From my observation, if you really want to get serious, what has really worked is the UK Gaming Act, which is now widely followed in most casinos in Britain, New Zealand and Australia.
Admission to these casino clubs is by membership. To qualify, one must have a proposer and a seconder. Members must also undergo a stringent character and means test.
The main safeguard is that you have to first register as a club member and submit an application for betting, before you can even to start to play 24 hours later.
All members' data gets captured on the computer at the entrance and if they are found to have a criminal record or are blacklisted by other casinos, membership is immediately revoked.
With the latest technology, further state-of-the-art controls can be introduced here. The same way credit card companies appraise prospective card applicants can apply to granting membership. Using the help of a credit bureau and linkages to other casinos, most of the member's credit standing can be established. This rating is not for credit purposes but for the casino to monitor whether the member is over-gambling, or playing beyond his means.
Such pre-vetting also weeds out undesirable characters, such as those who are likely to wager money they cannot afford to lose, or loan sharks and underworld figures who are really there for money laundering purposes.
Q: Do you think our self-exclusion orders will work?
A: The exclusion order on its own is not watertight. You also need a character test that I mentioned earlier.
If a patron has just been dismissed from his job, or a man is having an affair and having to spend a lot of money on mistresses, it could be the beginning of a whole series of problems.
Generally, about 99 per cent of casino patrons are not affected by gambling, they go in for a good time and a laugh. But those with company or personal problems go in with an unstable state of mind and get burnt.
When you go into a casino with "fear money", which is either borrow or embezzled and which you know you've to replace, that's when you likely lose. People almost always are weakened by their senses of fear, stubbornness, disbelief or greed.
Taking it a step further, in Australian casinos, a team of trained psychologists walk around casinos to spot problem gamblers playing beyond their means. Once spotted, they are given counselling and if necessary, they can choose to ban themselves from the casino for a period of time.
Q: However, you've also warned against overdoing the legislation bit...
A: Yes, don't use a sledgehammer to kill an ant.
There tends to be a one-upmanship of councils here, where everyone wants to pile on his own agenda.
The gaming industry should be left alone to grow by itself. Gaming is about fun, not rigidity. We tend to overdo things.
Q: The Christian lobby here was vociferously against casinos. So how do you personally reconcile being a Christian and a casino consultant ?
A: The difference between me and rest of world is I gamble - smartly. I understand what goes on in a gambler's mind.
Two of my friends suffered heart attacks and died in casinos. One went to a Jakarta casino one Friday afternoon, played non-stop for three days till Sunday evening, and died on the Baccarat table in 1981. Another died in London playing roulette in the mid 70s. He had been losing so much that he suffered a reverse shock when the number he bet came up, he had a heart attack.
I also know of others who have committed suicide over the years. Because of such intimate knowledge, I developed this curiosity about the psychology of gambling and how it works. I also got to know many owners and operators of casinos and got to understand what motivates them to run casinos.
I feel with the knowledge I've gained over the years, I should broaden the understanding of the gaming industry here. It's wrong to bury my head in the sand like an ostrich.
If something is bad, the last thing I want to do is walk away from it. I should face it, confront it and make the best of it. Casinos and drugs are all around us. But I believe God has also chosen means and ways to contain it. (Credit: Singapore Press Holdings)
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For the longest time, he agitated for a casino.
Now that the Republic's first casino is upon us, Singapore's earliest and staunchest casino advocate has apprehensions over how it is taking shape.
For almost three decades, Mr Ronald Tan lobbied the Government to set up a casino here. In 1981, he wrote his first letter to the then Singapore Tourist Promotion Board, proposing a restricted- access casino at Sentosa.
Now 65, the gaming and hospitality consultant, who recently addressed an Institute of Policy Studies roundtable on casinos, recounts ruefully: 'I received a phone call from an officer saying that Singapore was not ready for it.'
Leisure and gaming are his life's work
Over the last 35 years, Mr Ronald Tan has worked as a retail, leisure, hospitality and gaming industry consultant. Now 65, he has dabbled in many businesses, from military defence equipment to casinos, F&B consultancy to convenience stores.
In 1970, his link with casinos began when he represented the Genting Group in Singapore and sold travel packages from a 1,000 sq ft Golden Mile office.
He went on to advise gaming companies such as Australia's Federal Pacific Group and Britain's Mecca Leisure Group. He was involved in setting up many casinos, including the Wrest Point Hotel Casino in Tasmania, Star City in Sydney, Diamond Beach in Darwin, and the Christmas Island Casino.
Until recently, he was consultant to InterContinental Hotels, helping to rebrand hotels in the region. He presently consults for several hotel owners and is a regular speaker at regional casino conferences.
In 1981, he tried to save flailing standalone provision stores by overhauling them into self-service Econ Minimarts, designing everything from the chain's logo, jingle and house brands to centralised operations.
The alumnus of Kuala Lumpur's Royal Military College is now working on two books, on the future of hotels and sustainable gaming.
He is married to Serene, a housewife. They have three children - a lawyer, an engineer and an economist - and three grandchildren.
Q&A with gaming consultant Ronald Tan
Q: Do you think the current safeguards - like restrictions on ATMs and the $100 local admission - are sufficient? What else needs to be done?
A: Most of these measures are merely an appeasement to show steps are being taken to prevent wage earners here from losing their whole salary.
From my observation, if you really want to get serious, what has really worked is the UK Gaming Act, which is now widely followed in most casinos in Britain, New Zealand and Australia.
Admission to these casino clubs is by membership. To qualify, one must have a proposer and a seconder. Members must also undergo a stringent character and means test.
The main safeguard is that you have to first register as a club member and submit an application for betting, before you can even to start to play 24 hours later.
All members' data gets captured on the computer at the entrance and if they are found to have a criminal record or are blacklisted by other casinos, membership is immediately revoked.
With the latest technology, further state-of-the-art controls can be introduced here. The same way credit card companies appraise prospective card applicants can apply to granting membership. Using the help of a credit bureau and linkages to other casinos, most of the member's credit standing can be established. This rating is not for credit purposes but for the casino to monitor whether the member is over-gambling, or playing beyond his means.
Such pre-vetting also weeds out undesirable characters, such as those who are likely to wager money they cannot afford to lose, or loan sharks and underworld figures who are really there for money laundering purposes.
Q: Do you think our self-exclusion orders will work?
A: The exclusion order on its own is not watertight. You also need a character test that I mentioned earlier.
If a patron has just been dismissed from his job, or a man is having an affair and having to spend a lot of money on mistresses, it could be the beginning of a whole series of problems.
Generally, about 99 per cent of casino patrons are not affected by gambling, they go in for a good time and a laugh. But those with company or personal problems go in with an unstable state of mind and get burnt.
When you go into a casino with "fear money", which is either borrow or embezzled and which you know you've to replace, that's when you likely lose. People almost always are weakened by their senses of fear, stubbornness, disbelief or greed.
Taking it a step further, in Australian casinos, a team of trained psychologists walk around casinos to spot problem gamblers playing beyond their means. Once spotted, they are given counselling and if necessary, they can choose to ban themselves from the casino for a period of time.
Q: However, you've also warned against overdoing the legislation bit...
A: Yes, don't use a sledgehammer to kill an ant.
There tends to be a one-upmanship of councils here, where everyone wants to pile on his own agenda.
The gaming industry should be left alone to grow by itself. Gaming is about fun, not rigidity. We tend to overdo things.
Q: The Christian lobby here was vociferously against casinos. So how do you personally reconcile being a Christian and a casino consultant ?
A: The difference between me and rest of world is I gamble - smartly. I understand what goes on in a gambler's mind.
Two of my friends suffered heart attacks and died in casinos. One went to a Jakarta casino one Friday afternoon, played non-stop for three days till Sunday evening, and died on the Baccarat table in 1981. Another died in London playing roulette in the mid 70s. He had been losing so much that he suffered a reverse shock when the number he bet came up, he had a heart attack.
I also know of others who have committed suicide over the years. Because of such intimate knowledge, I developed this curiosity about the psychology of gambling and how it works. I also got to know many owners and operators of casinos and got to understand what motivates them to run casinos.
I feel with the knowledge I've gained over the years, I should broaden the understanding of the gaming industry here. It's wrong to bury my head in the sand like an ostrich.
If something is bad, the last thing I want to do is walk away from it. I should face it, confront it and make the best of it. Casinos and drugs are all around us. But I believe God has also chosen means and ways to contain it. (Credit: Singapore Press Holdings)
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Casino Stock Alert for Melco Crown Entertainment Ltd. Issued by Beacon Equity
DALLAS, March 11, 2010 - Beacon Equity announces an investment report featuring casino and resort company Melco Crown Entertainment Ltd. (Nasdaq:MPEL - News). The report includes financial, comparative and investment analyses, and industry information you need to know to make an educated investment decision.
Melco Crown Entertainment Ltd. (MPEL) develops and operates casino gaming and entertainment resorts within Macau. The Company operates through its subsidiary Melco Crown Gaming (Macau) Limited. The Company is one of six companies granted license to operate casinos within Macau.
In the report, the analyst notes:
"For the foreseeable future, the industry is expected to stabilize in revenue, with consolidations, rightsizing, mergers and acquisitions, as well as industry deleveraging anticipated to continue well into the future.
"Operators outside of the United States and Europe are expected to attract investor capital, as fiscal and trade imbalances between the West and East play out. Macau remains as a wild card location for the industry, a location more likely to run counter trend to the soft demand of the West.
"On the bullish side, Macau operators may benefit from the anticipated upward adjustments in the value of the Renminbi, which has been under pressure for several years to appreciate against the Euro and U.S. dollar as a mechanism of rebalancing trade between the West and China. Revenue generated in Renminbi offers investors an additional incentive associated with a rising trend in the value of the Renminbi."
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Melco Crown Entertainment Ltd. (MPEL) develops and operates casino gaming and entertainment resorts within Macau. The Company operates through its subsidiary Melco Crown Gaming (Macau) Limited. The Company is one of six companies granted license to operate casinos within Macau.
In the report, the analyst notes:
"For the foreseeable future, the industry is expected to stabilize in revenue, with consolidations, rightsizing, mergers and acquisitions, as well as industry deleveraging anticipated to continue well into the future.
"Operators outside of the United States and Europe are expected to attract investor capital, as fiscal and trade imbalances between the West and East play out. Macau remains as a wild card location for the industry, a location more likely to run counter trend to the soft demand of the West.
"On the bullish side, Macau operators may benefit from the anticipated upward adjustments in the value of the Renminbi, which has been under pressure for several years to appreciate against the Euro and U.S. dollar as a mechanism of rebalancing trade between the West and China. Revenue generated in Renminbi offers investors an additional incentive associated with a rising trend in the value of the Renminbi."
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Tuesday, March 16, 2010
MGM picks Ho, will quit Atlantic City - 15th March 2010
HONG KONG: MGM Mirage has confirmed it will sell its stake in a US casino resort to settle a fight with US gambling regulators over its Macau business partner.
MGM said it would sell its half stake in the Borgata hotel-casino in Atlantic City within the next 30 months so that it could keep a joint venture in the glitzy Asian gambling hub, which has now leapfrogged Las Vegas in terms of gambling revenue.
New Jersey's gambling regulator told MGM in May to cut its ties with Pansy Ho, daughter of the gambling tycoon Stanley Ho, after deeming her unsuitable because of the elder Ho's alleged links to Macau's underworld.
One of his other children, Lawrence Ho, is James Packer's partner in Macau. They were forced to distance their venture Melco International from Stanley Ho in 2006 to obtain regulatory approval from Australian authorities.
Lawrence Ho, who controlled Macau's gambling sector until it was opened to foreign competition in 2002, has denied any ties to organised crime.
MGM Mirage's chairman and chief executive, Jim Murren, said in a statement posted on MGM's website on Friday that he disagreed with the regulator's assessment of Mr Ho.
But he added that the "best course of action for our company and its shareholders is to settle this matter and move forward with the compelling growth opportunities we have in Macau".
MGM operates casinos in several US states, including Nevada, Mississippi and Michigan.
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MGM said it would sell its half stake in the Borgata hotel-casino in Atlantic City within the next 30 months so that it could keep a joint venture in the glitzy Asian gambling hub, which has now leapfrogged Las Vegas in terms of gambling revenue.
New Jersey's gambling regulator told MGM in May to cut its ties with Pansy Ho, daughter of the gambling tycoon Stanley Ho, after deeming her unsuitable because of the elder Ho's alleged links to Macau's underworld.
One of his other children, Lawrence Ho, is James Packer's partner in Macau. They were forced to distance their venture Melco International from Stanley Ho in 2006 to obtain regulatory approval from Australian authorities.
Lawrence Ho, who controlled Macau's gambling sector until it was opened to foreign competition in 2002, has denied any ties to organised crime.
MGM Mirage's chairman and chief executive, Jim Murren, said in a statement posted on MGM's website on Friday that he disagreed with the regulator's assessment of Mr Ho.
But he added that the "best course of action for our company and its shareholders is to settle this matter and move forward with the compelling growth opportunities we have in Macau".
MGM operates casinos in several US states, including Nevada, Mississippi and Michigan.
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Asia Pacific News: SkyCity Half-Year Up 30%, by Greg Tingle - 15th March 2010
We continue our global coverage of the land based and online casino sector with more healthy reports from the Asia Pacific region. Seems Australia's casino king of Crown Limited fame isn't the only one laughing all the way to the bank. The Kiwi's are giving the Yanks and Aussies a run for their money. Skycity's Australian business helps balance the books. Media Man and Gambling911 report.
Casino and hotel operator Skycity Entertainment Group has posted a solid after-tax profit, almost 30% up on last year's half-year to December result, and appears set to deliver double-digit profit growth of up to 15% for the full year. Of course, critics will argue that they are attracting more "problem gamblers".
The positive result was assisted by a combination of factors...lower net interest expenses, which included a $1.9 million gain from the buy-back of an American private placement debt, and better international business growth in Adelaide and Darwin casinos.
SkyCity shares jumped 11c to $3.24, after the announcement.
Total revenue was up 5.9% from $422.1 million to $446.9 million, earnings before interest and tax were up 9.5% at $122.3 million while its after-tax profit was up 29.6% from $54.7 million to $71 million.
Craigs Investment Partners broker Chris Timms advised the figures suggested a "solid result" when overall market conditions for the half were reported to have been challenging.
"Trading was reported to have weakened at the end of the first half.
"In Australia, that was due to the tailing-off of the (Government) fiscal stimulus package," he said. Readers will recall the stimulus that went to homes often ended up in pokie slots and on the table greens, both in Australian and Macau instances.
Forsyth Barr broker Peter Young said the result was in line with the expectations of both Forsyth Barr and market expectations.
"Aussie casinos had 7% growth in ebitda [earnings before interest, tax, depreciation and amortisation] and remain the standout, while the key Auckland casino continues to struggle to record growth," Mr Young said.
Mr Timms advised the contribution from the Australian casinos was about 33%.
Adelaide, which was expected to be a "star performer" came in below expectation, while Auckland's contribution was "flat as expected".
The decline in gaming revenue was offset by higher earnings from non-gaming activities.
Skycity reiterated expectations of posting a full-year normalised after-tax profit in the range of 10%-15% higher than the the previous year's result, and excluding the gain from cinema sales, would translate to a profit range of $126.8 million to $132.6 million, Mr Timms said.
"We believe this is a credible target, given the second-half trading will not be getting the support of the cinema business.
"We are currently forecasting at the low end at $127 million, while (analysts') consensus is at $131 million," Mr Timms said.
Mr Young advised in excluding cinema sales and international business growth, revenue was close to expectations, but Auckland's gaming decline disappointed slightly.
"Earnings before interest, tax, depreciation and amortisation was $160.1 million, up 7.8% on the same period last year, which is a solid result in the operating climate.
"But like recent periods, that was largely driven by Australian operations," Mr Young said.
Last January, Skycity completed the sale of its cinema interests in New Zealand and Fiji, including interests in the Rialto group, for $61 million, to cinema and exhibition operator ASX-listed Amalgamated Holdings Ltd.
The sale included Skycity's core cinema businesses in New Zealand and its joint-venture interests in both Rialto and Fijian interests.
New Zealand may known as the land of sheep, outnumbering humans 12 to 1, but the solid results from our Kiwi friends show that they are anything but sheepish, nor are they following the Las Vegas Strip financial train wreck like results of many. Good punting.
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Casino and hotel operator Skycity Entertainment Group has posted a solid after-tax profit, almost 30% up on last year's half-year to December result, and appears set to deliver double-digit profit growth of up to 15% for the full year. Of course, critics will argue that they are attracting more "problem gamblers".
The positive result was assisted by a combination of factors...lower net interest expenses, which included a $1.9 million gain from the buy-back of an American private placement debt, and better international business growth in Adelaide and Darwin casinos.
SkyCity shares jumped 11c to $3.24, after the announcement.
Total revenue was up 5.9% from $422.1 million to $446.9 million, earnings before interest and tax were up 9.5% at $122.3 million while its after-tax profit was up 29.6% from $54.7 million to $71 million.
Craigs Investment Partners broker Chris Timms advised the figures suggested a "solid result" when overall market conditions for the half were reported to have been challenging.
"Trading was reported to have weakened at the end of the first half.
"In Australia, that was due to the tailing-off of the (Government) fiscal stimulus package," he said. Readers will recall the stimulus that went to homes often ended up in pokie slots and on the table greens, both in Australian and Macau instances.
Forsyth Barr broker Peter Young said the result was in line with the expectations of both Forsyth Barr and market expectations.
"Aussie casinos had 7% growth in ebitda [earnings before interest, tax, depreciation and amortisation] and remain the standout, while the key Auckland casino continues to struggle to record growth," Mr Young said.
Mr Timms advised the contribution from the Australian casinos was about 33%.
Adelaide, which was expected to be a "star performer" came in below expectation, while Auckland's contribution was "flat as expected".
The decline in gaming revenue was offset by higher earnings from non-gaming activities.
Skycity reiterated expectations of posting a full-year normalised after-tax profit in the range of 10%-15% higher than the the previous year's result, and excluding the gain from cinema sales, would translate to a profit range of $126.8 million to $132.6 million, Mr Timms said.
"We believe this is a credible target, given the second-half trading will not be getting the support of the cinema business.
"We are currently forecasting at the low end at $127 million, while (analysts') consensus is at $131 million," Mr Timms said.
Mr Young advised in excluding cinema sales and international business growth, revenue was close to expectations, but Auckland's gaming decline disappointed slightly.
"Earnings before interest, tax, depreciation and amortisation was $160.1 million, up 7.8% on the same period last year, which is a solid result in the operating climate.
"But like recent periods, that was largely driven by Australian operations," Mr Young said.
Last January, Skycity completed the sale of its cinema interests in New Zealand and Fiji, including interests in the Rialto group, for $61 million, to cinema and exhibition operator ASX-listed Amalgamated Holdings Ltd.
The sale included Skycity's core cinema businesses in New Zealand and its joint-venture interests in both Rialto and Fijian interests.
New Zealand may known as the land of sheep, outnumbering humans 12 to 1, but the solid results from our Kiwi friends show that they are anything but sheepish, nor are they following the Las Vegas Strip financial train wreck like results of many. Good punting.
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Monday, March 15, 2010
Australia's Jupiters Casino On The Gold Coast Opens World Class Poker Room, by Greg Tingle - 15th March 2010
Not one to be bias, despite owning shares in Packer's Crown Limited (and none in Tabcorp), we have a look at what's news with our "friends" up Surfers Paradise way at Conrad Jupiters (soon to be dropping the "Conrad" tag)... maybe something to do with Conrad Black...
The poker room at Jupiters Hotel and Casino on the Gold Coast opened for business this past Wednesday night. We hear it was quite the cocktail party, apparently with a few cocks and tails doing the rounds ala Las Vegas Strip, or Macau for that matter.
The VIP's - A, B and C listers were invited to try lady luck on the greens and bet heavy thanks to the advent of "pretend" money, which is even better than "Lucky Money" for those following the Harry K Owes Owes Crown Casino 1 Million Bucks story.
Back to positive PR, Robbie Vail, GM of tables that the rooms was part of Jupiters multi-million dollar make over where the likes of Kerry Packer, Mel Gibson, Goldie Hawn, Kurt Russell, Greg Norman and many more whales and dolphins tried their luck. No mention of Harry K or James Packer however.
We wish em good luck in the true spirit of competition. If they go well enough Bondi's James' might even have another go at scooping up Tabcorp, if The Price Is Right.
*Greg Tingle is a special contributor for Gambling911
*The writer owns shares in Crown Limited
*Media Man is primarily a media, publicity and internet portal development company
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The poker room at Jupiters Hotel and Casino on the Gold Coast opened for business this past Wednesday night. We hear it was quite the cocktail party, apparently with a few cocks and tails doing the rounds ala Las Vegas Strip, or Macau for that matter.
The VIP's - A, B and C listers were invited to try lady luck on the greens and bet heavy thanks to the advent of "pretend" money, which is even better than "Lucky Money" for those following the Harry K Owes Owes Crown Casino 1 Million Bucks story.
Back to positive PR, Robbie Vail, GM of tables that the rooms was part of Jupiters multi-million dollar make over where the likes of Kerry Packer, Mel Gibson, Goldie Hawn, Kurt Russell, Greg Norman and many more whales and dolphins tried their luck. No mention of Harry K or James Packer however.
We wish em good luck in the true spirit of competition. If they go well enough Bondi's James' might even have another go at scooping up Tabcorp, if The Price Is Right.
*Greg Tingle is a special contributor for Gambling911
*The writer owns shares in Crown Limited
*Media Man is primarily a media, publicity and internet portal development company
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Sunday, March 14, 2010
Australian Casino Attacks: Perth's Burswood Bouncer In Hospital Following Headbutt, by Greg Tingle - 14th March 2010
A man has been questioned by police after a bouncer was allegedly head-butted at Burswood Casino in the early hours of yesterday morning.
Police said a 26-year-old man from Southern Cross would be summonsed to appear
in court on an assault charge after he allegedly head-butted the male security officer (aka "Bouncer") about 3.30am.
The victim was taken to hospital with a suspected broken nose.
The alleged offender was apprehended at the scene by security officers before police arrived to take him away for questioning. Ya bloody mongrel.
Media Man and Gambling911 have been following the history of violent attacks at Australian hotels, pubs and casinos for a number of years. Mugs like the above mentioned have been tarnishing the good name of Australian casinos for too long now.
Burswood Entertainment Complex, owned by James Packer's Crown Limited group, is one of numerous Crown venues that will be implementing a plastic handcuff policy, expected to be rolled out later this year.
Negatives Into Positives...
As reported last month, Mr Packer has vouched to help find employment for masses of Indigenous Australian youth, and by the sound of it there's still room to boost the numbers of security offers at the Crown group of facilities. Insiders tip Crown to initially open up close to 100 vacancies for suitably qualified staff, but the overall plan from the Packer - Andrew Forrest - Kerry Stokes - Rupert Murdoch connection is looking to cater to 50,000! Readers, you will be hearing lots more about The Covenant and Generation One.
Burswood and Crown Casino remain iconic Australian tourism landmarks, despite detractors staying otherwise. Last year golfing great Tiger Woods brought in $10 million to Crown coffers alone, largely due in part to a large contingent of casino and golfing whales and dolphins who followed him down under. Tiger's Aussie tour brought more excitement and headlines than expected and witnesses say a certain Miss was seen in Crown Towers... you know, the one who grasped international headlines et Rachel Uchitel. What a bingle that was, of the Aussie Lara Bingle magnitude.
We're hoping things settle down for Tiger and Australian casinos, and the next wave of news will be more positive in nature. We applaud media giants News Limited and Fairfax, both of which have been filing numerous balanced and positive reports on Australian casino king, James Packer, and his substantial empire. Insiders are calling Packer's return to the uppers of the BRW Rich List "the comeback of the decade", likely the only thing he shares in common with Hollywood toughman Mickey Rourke.
No plastic handcuffs required for online casinos, online poker or sports betting, but always bet with your head, not over it.
Big Business Opportunities...
Last call... Media Man thinks Crown might do well to get a b2b deal in place for online casino games with the likes of PartyGaming. Party's PartyPoker secured a large number of online poker players for Crown's Aussie Millions Poker Championship via satellites last January. Party subsequently signed Crown winner Tyron Krost to a lucrative contact. Krost claims he learned to play online poker via PartyPoker.com Party's themed and branded slots such as The Godfather, Mission: Impossible and Top Gun (both featuring Packer's mate Tom Cruise).
Let's face it, some of the attacks at Australian land based casinos are likely going to keep some punters away, but most will have access to an internet connection, thus the online casino. History shows us via the Las Vegas experience that casinos who embrace the internet appropriately are likely to stay ahead of competitors. Packer said himself, "Internet is like electricity".
U.S casino and gaming Giant, Harrah's Entertainment, is the latest U.S casino to make a big splash in online b2b, and we think Packer's Crown should be Australia's first. We understand that Crown competitors TAB and Centrebet are currently making moves to be able to offer Australian's a wide range of online casino games and we think that the Packer People's Army would do well to beat the comp to the punch, pardon the pun, and offer some games featuring some unique Aussie culture. How about a Kerry Packer, Andrew "Twiggy" Forrest, Underbelly, The Man From Snowy River and Ned Kelly slot? Now I'd be prepared to pay for that, as one would expect from masses of passionate Aussies. Crown shares on 8.170 (share price, not blood alcohol reading). Aussie Aussie Aussie, Oi Oi, Oi.
*Greg Tingle is a special contributor to Gambling911
*The writer owns shares in Crown Limited
*Media Man http://www.mediamanint.com is primarily a media, publicity and internet portal development company, gaming being just one of a bakers dozen of sectors covered
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Police said a 26-year-old man from Southern Cross would be summonsed to appear
in court on an assault charge after he allegedly head-butted the male security officer (aka "Bouncer") about 3.30am.
The victim was taken to hospital with a suspected broken nose.
The alleged offender was apprehended at the scene by security officers before police arrived to take him away for questioning. Ya bloody mongrel.
Media Man and Gambling911 have been following the history of violent attacks at Australian hotels, pubs and casinos for a number of years. Mugs like the above mentioned have been tarnishing the good name of Australian casinos for too long now.
Burswood Entertainment Complex, owned by James Packer's Crown Limited group, is one of numerous Crown venues that will be implementing a plastic handcuff policy, expected to be rolled out later this year.
Negatives Into Positives...
As reported last month, Mr Packer has vouched to help find employment for masses of Indigenous Australian youth, and by the sound of it there's still room to boost the numbers of security offers at the Crown group of facilities. Insiders tip Crown to initially open up close to 100 vacancies for suitably qualified staff, but the overall plan from the Packer - Andrew Forrest - Kerry Stokes - Rupert Murdoch connection is looking to cater to 50,000! Readers, you will be hearing lots more about The Covenant and Generation One.
Burswood and Crown Casino remain iconic Australian tourism landmarks, despite detractors staying otherwise. Last year golfing great Tiger Woods brought in $10 million to Crown coffers alone, largely due in part to a large contingent of casino and golfing whales and dolphins who followed him down under. Tiger's Aussie tour brought more excitement and headlines than expected and witnesses say a certain Miss was seen in Crown Towers... you know, the one who grasped international headlines et Rachel Uchitel. What a bingle that was, of the Aussie Lara Bingle magnitude.
We're hoping things settle down for Tiger and Australian casinos, and the next wave of news will be more positive in nature. We applaud media giants News Limited and Fairfax, both of which have been filing numerous balanced and positive reports on Australian casino king, James Packer, and his substantial empire. Insiders are calling Packer's return to the uppers of the BRW Rich List "the comeback of the decade", likely the only thing he shares in common with Hollywood toughman Mickey Rourke.
No plastic handcuffs required for online casinos, online poker or sports betting, but always bet with your head, not over it.
Big Business Opportunities...
Last call... Media Man thinks Crown might do well to get a b2b deal in place for online casino games with the likes of PartyGaming. Party's PartyPoker secured a large number of online poker players for Crown's Aussie Millions Poker Championship via satellites last January. Party subsequently signed Crown winner Tyron Krost to a lucrative contact. Krost claims he learned to play online poker via PartyPoker.com Party's themed and branded slots such as The Godfather, Mission: Impossible and Top Gun (both featuring Packer's mate Tom Cruise).
Let's face it, some of the attacks at Australian land based casinos are likely going to keep some punters away, but most will have access to an internet connection, thus the online casino. History shows us via the Las Vegas experience that casinos who embrace the internet appropriately are likely to stay ahead of competitors. Packer said himself, "Internet is like electricity".
U.S casino and gaming Giant, Harrah's Entertainment, is the latest U.S casino to make a big splash in online b2b, and we think Packer's Crown should be Australia's first. We understand that Crown competitors TAB and Centrebet are currently making moves to be able to offer Australian's a wide range of online casino games and we think that the Packer People's Army would do well to beat the comp to the punch, pardon the pun, and offer some games featuring some unique Aussie culture. How about a Kerry Packer, Andrew "Twiggy" Forrest, Underbelly, The Man From Snowy River and Ned Kelly slot? Now I'd be prepared to pay for that, as one would expect from masses of passionate Aussies. Crown shares on 8.170 (share price, not blood alcohol reading). Aussie Aussie Aussie, Oi Oi, Oi.
*Greg Tingle is a special contributor to Gambling911
*The writer owns shares in Crown Limited
*Media Man http://www.mediamanint.com is primarily a media, publicity and internet portal development company, gaming being just one of a bakers dozen of sectors covered
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Saturday, March 13, 2010
Australia: Internet In Peril as Big Brother Is Still Watching, by Greg Tingle - 13th March 2010
Gaming, news media, entertainment and freedom of expression fans, your Internet is in danger, at least if you're one of our Australian readers.
The folks down under in Australia have spoken loud and clear...for almost a year now... they don't want their internet (or coffee as a general rule), filtered by the powers that be in the Australian government.
This most important of news stories has been covered in considerable detail by Media Man, Gambling911, and many of the world's leading news outlets.
What's at stake? Human rights and censorship, and that's just the tip of the iceberg folks.
Media rights watchdog Reporters Without Borders has now listed Australia along with Iran and North Korea in a report on countries that pose a threat regarding internet censorship.
Paris-based RWB (Reporters Without Borders) put Australia and South Korea on its list of countries "under surveillance" in its "Internet Enemies" report delivered last Thursday.
Australia was listed for the government's plan to block access to websites featuring material such as rape, drug use, bestiality and child sex abuse. Gambling911 and Media Man do not support those vices, however we do believe that if people want to enjoy online poker, casino games and even a bit of regular porn, they should be able to! You're beloved Maxim, FHM, Penthouse and Playboy Poker Babes could even be in danger of becoming "illegal"!
Detractors are saying that the plan is a seriously misguided measure that will harm civil liberties by blocking a broader range of content than just "net nasty" content.
Communications Minister Stephen Conroy has advised he plans to introduce legislation by the end of next week that would require ISPs to block a blacklist of "refused classification" websites for all Australians.
It is not currently certain if the government will meet this deadline; a spokeswoman for Senator Conroy said the legislation would be introduced "after it has been considered by caucus and cabinet".
The inclusion on "Internet Enemies" follows the naming of Senator Conroy as the "Internet Villain Of The Year" last July at the Internet Service Providers' Association annual awards in London, a honour that Sen. Conroy shrugged off.
The latest report was of particular interest to Aussie campaigner Peter Coroneos, the MD of the IIA (Internet Industry Association), who told the press that it showed the international reception to the proposed internet filter.
"This regrettably puts Australia on notice that, despite the Rudd Government's best intentions, any mandatory filtering policy is likely to be perceived internationally in ways that will not benefit our reputation as a free and open society," he said.
"It will likely be used by less open societies as a vindication of their internet censorship regimes, despite any domestic attempts to draw distinctions. Mandatory filtering is mandatory filtering by whatever colour it is painted."
Senator Conroy's spokeswoman defended the internet filtering, advising RC content is already prohibited in physical media distributed offline.
"Under Australia's existing Classification regulations this material is not available in newsagencies, it is not on library shelves, you cannot watch it on a DVD or at the cinema and it is not shown on television," she said.
There's hope yet however...Whether the internet filtering scheme gets up will likely depend on the position of the Liberal party, as the Greens have already pledged to oppose the legislation.
The opposition has yet to come to a final position on the matter but in a speech to the Grattan Institute earlier this week shadow treasurer Joe Hockey said the policy was "likely to be unworkable in practice". He expressed concerns that the scope of blocked websites could be expanded in the future and said it was up to parents, not governments, to regulate their childrens' internet use.
A spokeswoman for Hockey said today that the shadow treasurer's comments should not be interpreted as confirmation that the opposition would oppose the filtering legislation, as a decision had not yet been made at this this time.
In South Korea, the RSF report added, "draconian laws are creating too many specific restrictions on web users by challenging their anonymity and promoting self-censorship".
"These countries are worrying us because they have measures that could have repercussions for freedom of expression on the internet," RSF secretary general Jean-Francois Julliard said at an internet rights award ceremony on Thursday.
Russia and Turkey were also added to the watchlist, which is a stage below RSF's top "Enemies of the internet", the countries it considers the 12 worst web freedom violators.
These include Saudi Arabia, Burma, China, North Korea, Iran and Vietnam.
"The world's largest netizen prison is in China, which is far out ahead of other countries with 72 detainees, followed by Vietnam and then by Iran, which have all launched waves of brutal attacks on websites in recent months," RSF's report said.
A senior manager of Google, David Drummond, said there was an "alarming trend" of government interference in online freedom, not only in countries that are judged to have poor human rights records.
He pointed to Australia's plans as a classic example, saying that there "the wide scope of content prohibited could include socially and politically controversial material".
The Australian case "is an example of where these benign intentions can result in the spectre of true censorship".
"Here in Europe, even in France, at this very moment, some are tempted by this slippery path of network filtering."
As recently as last month, after Senator Conroy called on YouTube to censor videos in accordance with his filtering scheme, the search giant's head of policy in Australia, Iarla Flynn, said: "The scope of RC is simply too broad and can raise genuine questions about restrictions on access to information. RC includes the grey realms of material instructing in any crime from [painting] graffiti to politically controversial crimes such as euthanasia, and exposing these topics to public debate is vital for democracy."
Gambling911 and Media Man International are advising Aussie punters to enjoy online poker and casino games while they can at websites such as PartyPoker, PartyCasino, PKR, PokerStars and Betfair.
Management at Gambling911 is hopeful that their own website (which reports on poker, gaming, gambling, sports betting and politics) doesn't end up being banned by the Aussie government.
A little birdie has told us that the Australian government should expect more attacks on their own websites in retribution, and rumours are circulating of more protests being arranged on Australian soil, and one disturbing report of a public riot being organised. Stay tuned for more on this developing situation.
*The writer is a special contributor for Gambling911
*The writer is a member of Media, Entertainment and Arts Alliance and the National Press Club
*Media Man is primarily a media, publicity and internet portal development company
http://www.mediamanint.com
Greg Tingle, Gambling911.com
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The folks down under in Australia have spoken loud and clear...for almost a year now... they don't want their internet (or coffee as a general rule), filtered by the powers that be in the Australian government.
This most important of news stories has been covered in considerable detail by Media Man, Gambling911, and many of the world's leading news outlets.
What's at stake? Human rights and censorship, and that's just the tip of the iceberg folks.
Media rights watchdog Reporters Without Borders has now listed Australia along with Iran and North Korea in a report on countries that pose a threat regarding internet censorship.
Paris-based RWB (Reporters Without Borders) put Australia and South Korea on its list of countries "under surveillance" in its "Internet Enemies" report delivered last Thursday.
Australia was listed for the government's plan to block access to websites featuring material such as rape, drug use, bestiality and child sex abuse. Gambling911 and Media Man do not support those vices, however we do believe that if people want to enjoy online poker, casino games and even a bit of regular porn, they should be able to! You're beloved Maxim, FHM, Penthouse and Playboy Poker Babes could even be in danger of becoming "illegal"!
Detractors are saying that the plan is a seriously misguided measure that will harm civil liberties by blocking a broader range of content than just "net nasty" content.
Communications Minister Stephen Conroy has advised he plans to introduce legislation by the end of next week that would require ISPs to block a blacklist of "refused classification" websites for all Australians.
It is not currently certain if the government will meet this deadline; a spokeswoman for Senator Conroy said the legislation would be introduced "after it has been considered by caucus and cabinet".
The inclusion on "Internet Enemies" follows the naming of Senator Conroy as the "Internet Villain Of The Year" last July at the Internet Service Providers' Association annual awards in London, a honour that Sen. Conroy shrugged off.
The latest report was of particular interest to Aussie campaigner Peter Coroneos, the MD of the IIA (Internet Industry Association), who told the press that it showed the international reception to the proposed internet filter.
"This regrettably puts Australia on notice that, despite the Rudd Government's best intentions, any mandatory filtering policy is likely to be perceived internationally in ways that will not benefit our reputation as a free and open society," he said.
"It will likely be used by less open societies as a vindication of their internet censorship regimes, despite any domestic attempts to draw distinctions. Mandatory filtering is mandatory filtering by whatever colour it is painted."
Senator Conroy's spokeswoman defended the internet filtering, advising RC content is already prohibited in physical media distributed offline.
"Under Australia's existing Classification regulations this material is not available in newsagencies, it is not on library shelves, you cannot watch it on a DVD or at the cinema and it is not shown on television," she said.
There's hope yet however...Whether the internet filtering scheme gets up will likely depend on the position of the Liberal party, as the Greens have already pledged to oppose the legislation.
The opposition has yet to come to a final position on the matter but in a speech to the Grattan Institute earlier this week shadow treasurer Joe Hockey said the policy was "likely to be unworkable in practice". He expressed concerns that the scope of blocked websites could be expanded in the future and said it was up to parents, not governments, to regulate their childrens' internet use.
A spokeswoman for Hockey said today that the shadow treasurer's comments should not be interpreted as confirmation that the opposition would oppose the filtering legislation, as a decision had not yet been made at this this time.
In South Korea, the RSF report added, "draconian laws are creating too many specific restrictions on web users by challenging their anonymity and promoting self-censorship".
"These countries are worrying us because they have measures that could have repercussions for freedom of expression on the internet," RSF secretary general Jean-Francois Julliard said at an internet rights award ceremony on Thursday.
Russia and Turkey were also added to the watchlist, which is a stage below RSF's top "Enemies of the internet", the countries it considers the 12 worst web freedom violators.
These include Saudi Arabia, Burma, China, North Korea, Iran and Vietnam.
"The world's largest netizen prison is in China, which is far out ahead of other countries with 72 detainees, followed by Vietnam and then by Iran, which have all launched waves of brutal attacks on websites in recent months," RSF's report said.
A senior manager of Google, David Drummond, said there was an "alarming trend" of government interference in online freedom, not only in countries that are judged to have poor human rights records.
He pointed to Australia's plans as a classic example, saying that there "the wide scope of content prohibited could include socially and politically controversial material".
The Australian case "is an example of where these benign intentions can result in the spectre of true censorship".
"Here in Europe, even in France, at this very moment, some are tempted by this slippery path of network filtering."
As recently as last month, after Senator Conroy called on YouTube to censor videos in accordance with his filtering scheme, the search giant's head of policy in Australia, Iarla Flynn, said: "The scope of RC is simply too broad and can raise genuine questions about restrictions on access to information. RC includes the grey realms of material instructing in any crime from [painting] graffiti to politically controversial crimes such as euthanasia, and exposing these topics to public debate is vital for democracy."
Gambling911 and Media Man International are advising Aussie punters to enjoy online poker and casino games while they can at websites such as PartyPoker, PartyCasino, PKR, PokerStars and Betfair.
Management at Gambling911 is hopeful that their own website (which reports on poker, gaming, gambling, sports betting and politics) doesn't end up being banned by the Aussie government.
A little birdie has told us that the Australian government should expect more attacks on their own websites in retribution, and rumours are circulating of more protests being arranged on Australian soil, and one disturbing report of a public riot being organised. Stay tuned for more on this developing situation.
*The writer is a special contributor for Gambling911
*The writer is a member of Media, Entertainment and Arts Alliance and the National Press Club
*Media Man is primarily a media, publicity and internet portal development company
http://www.mediamanint.com
Greg Tingle, Gambling911.com
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Thursday, March 11, 2010
Wednesday, March 10, 2010
Tiger Airways (Not Woods) Offers Private Flights To Singapore New Casino, by Greg Tingle - 10th March 2010
Singapore budget air carrier Tiger Airways will provide a chartered aircraft that will exclusively fly foreign guests visiting the city's first casino resort. Perfect to fly casino whales and would be's... dolphins, into gambling heaven... or hell.
The airline advised it signed an agreement with Resorts World Sentosa under which the casino operator will take over the lease of the aircraft.
The plane will be staffed by pilots and cabin crew from Tiger Airways, and we understand no gambling (or sex in the washroom ala Australia's "Mile High Hostie") will be permitted mid flight.
"Yet to be named, the private flight service, operated by Tiger Airways, will have an aircraft operating as a dedicated charter service for Resorts World Sentosa, transporting guests between Singapore and other cities around the region," it says.
The service is scheduled to start late this year.
Resorts World Sentosa has opened Singapore's first casino, which is part of a $US4.4 billion ($A4.9 billion) complex that also includes a Universal Studios movie theme park, premium hotels, restaurants and convention facilities.
Media Man and Gambling911 understands that by law the casino has to provide a range of services, thus becomes a "hotel - resort - theme park" scenario, but the lions share of the income comes straight from the casinos, and the whales and dolphins that visit. Aw well, we all have to make a dollar, and we wish punters good luck at Resorts World Sentosa.
*The writer is a special contributor for Gambling911
*Media Man is primarily a media, publicity and internet portal development company. The Media Man group includes Media Man, Media Man Australia and Media Man Asia
http://www.mediamanint.com http://www.mediamanaustralia.com http://www.mediaman.asia
The airline advised it signed an agreement with Resorts World Sentosa under which the casino operator will take over the lease of the aircraft.
The plane will be staffed by pilots and cabin crew from Tiger Airways, and we understand no gambling (or sex in the washroom ala Australia's "Mile High Hostie") will be permitted mid flight.
"Yet to be named, the private flight service, operated by Tiger Airways, will have an aircraft operating as a dedicated charter service for Resorts World Sentosa, transporting guests between Singapore and other cities around the region," it says.
The service is scheduled to start late this year.
Resorts World Sentosa has opened Singapore's first casino, which is part of a $US4.4 billion ($A4.9 billion) complex that also includes a Universal Studios movie theme park, premium hotels, restaurants and convention facilities.
Media Man and Gambling911 understands that by law the casino has to provide a range of services, thus becomes a "hotel - resort - theme park" scenario, but the lions share of the income comes straight from the casinos, and the whales and dolphins that visit. Aw well, we all have to make a dollar, and we wish punters good luck at Resorts World Sentosa.
*The writer is a special contributor for Gambling911
*Media Man is primarily a media, publicity and internet portal development company. The Media Man group includes Media Man, Media Man Australia and Media Man Asia
http://www.mediamanint.com http://www.mediamanaustralia.com http://www.mediaman.asia
Tuesday, March 09, 2010
Australia's Crown Management Tight Lipped On Macau Dreams, by Greg Tingle - 9th March 2010
Crown management has remains tight-lipped regarding a potential disposal of the casino group's interest in Melco Crown Entertainment, a 32 per cent owned Macau joint venture.
Thus far Media Man and Gambling911 are getting a "nonsense" reply back from the powers that be at Crown.
The matter was again raised at the company's half-year results briefing and was shrugged off. We reckon Mr Packer may be bluffing, perhaps something he crafted up on from former Media Man client, Keith "Bendigo" Sloan (poker trainer and events organiser).
Melco Crown's earnings have been in a slump, falling 90 per cent to $US2.7 million ($A3 million) in the December quarter, however earlier indicators are they are bouncing back, following the Melbourne based Crown Casino and Perth's Burswood Entertainment Complex.
Plans for a number 3 Macau casino have been scrapped and speculation builds that a significant capital injection will be required to keep the bankers at bay.
With all things considered, Crown Melco remains in a better position that most land based casino operators. Land based casino operator licences in Macau are as rare as hen's teeth, and U.S casino and gaming monster Harrah's is on the prowl for a physical presence in the region. Harrah's MD Gary Loveman acknowledged that Macau is a "big omission in our portfolio, and we would like to solve it."
Harrah's Entertainment interest in Crown's Macau interests shot up numerous months ago when an analyst report noted that legal eagle's hacking for Macau's chief executive, Fernando Chui Sai On, had been requested to examine "a potential transfer of ownership" of shares from Crown to Harrah's Entertainment!
Mr Loveman refused to be drawn on the status of discussions with Melco or Crown as of time of publication, noting only that "We are well acquainted with the principals of that company and have been for quite some time."
The late mail... Macau gambling and property billionaire king, Mr Stanley Ho, long time friend and associate to Australia's Packer family, has been released from hospital after 7 months in hospital for unspecified surgery.
Mr Ho is understood to be doing well. Daughter Pansy Ho told the press gathering "He just woke up from a nap. I don't want him to be too stimulated". The news on Mr Ho's release is expected to see gains for Macau in the property, investor and shares sector. The good news dice just keeps flowing for Macau, where many a journalist last year was referring to the Macau region as a City Of Nightmares, not Dreams!
*The writer is a special contributor for Gambling 911
*Media Man is primarily a media, publicity and internet portal development company
*The writer owns shares in Crown Casino
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Thus far Media Man and Gambling911 are getting a "nonsense" reply back from the powers that be at Crown.
The matter was again raised at the company's half-year results briefing and was shrugged off. We reckon Mr Packer may be bluffing, perhaps something he crafted up on from former Media Man client, Keith "Bendigo" Sloan (poker trainer and events organiser).
Melco Crown's earnings have been in a slump, falling 90 per cent to $US2.7 million ($A3 million) in the December quarter, however earlier indicators are they are bouncing back, following the Melbourne based Crown Casino and Perth's Burswood Entertainment Complex.
Plans for a number 3 Macau casino have been scrapped and speculation builds that a significant capital injection will be required to keep the bankers at bay.
With all things considered, Crown Melco remains in a better position that most land based casino operators. Land based casino operator licences in Macau are as rare as hen's teeth, and U.S casino and gaming monster Harrah's is on the prowl for a physical presence in the region. Harrah's MD Gary Loveman acknowledged that Macau is a "big omission in our portfolio, and we would like to solve it."
Harrah's Entertainment interest in Crown's Macau interests shot up numerous months ago when an analyst report noted that legal eagle's hacking for Macau's chief executive, Fernando Chui Sai On, had been requested to examine "a potential transfer of ownership" of shares from Crown to Harrah's Entertainment!
Mr Loveman refused to be drawn on the status of discussions with Melco or Crown as of time of publication, noting only that "We are well acquainted with the principals of that company and have been for quite some time."
The late mail... Macau gambling and property billionaire king, Mr Stanley Ho, long time friend and associate to Australia's Packer family, has been released from hospital after 7 months in hospital for unspecified surgery.
Mr Ho is understood to be doing well. Daughter Pansy Ho told the press gathering "He just woke up from a nap. I don't want him to be too stimulated". The news on Mr Ho's release is expected to see gains for Macau in the property, investor and shares sector. The good news dice just keeps flowing for Macau, where many a journalist last year was referring to the Macau region as a City Of Nightmares, not Dreams!
*The writer is a special contributor for Gambling 911
*Media Man is primarily a media, publicity and internet portal development company
*The writer owns shares in Crown Casino
Website Network
Media Man International
Media Man
Media Man Australia
Media Man Asia
Global Gaming Directory
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Boyfriend of Victorian Premier daughter ejected from Australia's Crown Casino, by Greg Tingle - 9th March 2010
We can now confirm that state police have questioned the boyfriend of Elizabeth Brumby, the daughter of Victorian Premier John Brumby, over an incident at Crown Casino in Melbourne.
The 23-year-old man was ejected from a private function on Friday night after security guards accused him of being drunk. The guards had no need to use plastic handcuffs on this occasion, a unique initiative getting mixed reactions from the Australian hotel, club and casino sector.
No charges have been laid at the time of publishing.
In a brief media statement, Mr Brumby said his daughter tried to defuse the situation and described it as a "private matter".
Crown Limited shares remain strong at 8.270 (share price, not blood alcohol reading)
Media Man and Gambling911 will continue to report from the sometimes battlefield that is the Australian land based casino sector. PS: no plastic handcuffs required in online casinos.
*The writer is a special contributor for Gambling911
*The writer is the founder and director of Media Man http://www.mediamanint.com , primarily a media, publicity and internet portal development company
*The writer owns shares in Crown Casino
The 23-year-old man was ejected from a private function on Friday night after security guards accused him of being drunk. The guards had no need to use plastic handcuffs on this occasion, a unique initiative getting mixed reactions from the Australian hotel, club and casino sector.
No charges have been laid at the time of publishing.
In a brief media statement, Mr Brumby said his daughter tried to defuse the situation and described it as a "private matter".
Crown Limited shares remain strong at 8.270 (share price, not blood alcohol reading)
Media Man and Gambling911 will continue to report from the sometimes battlefield that is the Australian land based casino sector. PS: no plastic handcuffs required in online casinos.
*The writer is a special contributor for Gambling911
*The writer is the founder and director of Media Man http://www.mediamanint.com , primarily a media, publicity and internet portal development company
*The writer owns shares in Crown Casino
PartyGaming News: PDMR Shareholding
PDMR Shareholding - 5th March 2010
Websites
PartyCasino.com PartyPoker.com PartyBingo.com PartyBets.com PartyGammon.com
World Poker Tour WTP Casino Gamebookers.com
Notification of Transactions of Directors, Persons Discharging Managerial Responsibility or Connected Persons
In accordance with PartyGaming’s long-term incentive plans for Executive Directors, the following awards over the Company’s ordinary shares of 0.015 pence each (“Shares”) have today been granted under the PartyGaming Plc Executive Share Option Plan (“ESOP”) to the Company’s Chief Executive Officer and Group Finance Director.
Jim Ryan, Chief Executive Officer, has been awarded an option over 250,000 Shares and Martin Weigold, Group Finance Director, has been awarded an option over 200,000 Shares. These options vest subject to the growth in the Company’s Clean Earnings per Share over the three-year period 1 January 2010 to 31 December 2012. The threshold for vesting, at which 25% will vest, will be 5% Clean EPS annual growth over the three-year period, rising on a straight-line basis to 100% vesting if annual Clean EPS growth equals or exceeds 15% over the period.
Each option is exercisable at 310.10 pence per Share and has been awarded at nil-cost. Unless exercised following the satisfaction of the aforementioned performance condition, these options will lapse on 5 March 2020.
This is the third award to be granted under the ESOP to Mr Ryan. The first grant was made in October 2008 over 645,100 Shares and the second award was made in April 2009 over 125,000 Shares. This is the fourth award granted under the ESOP to Mr Weigold. The first award was made in May 2007 over 88,360 Shares, the second award was made in March 2008 over 171,402 Shares and the third award was made in April 2009 over 337,500 Shares.
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Websites
PartyCasino.com PartyPoker.com PartyBingo.com PartyBets.com PartyGammon.com
World Poker Tour WTP Casino Gamebookers.com
Notification of Transactions of Directors, Persons Discharging Managerial Responsibility or Connected Persons
In accordance with PartyGaming’s long-term incentive plans for Executive Directors, the following awards over the Company’s ordinary shares of 0.015 pence each (“Shares”) have today been granted under the PartyGaming Plc Executive Share Option Plan (“ESOP”) to the Company’s Chief Executive Officer and Group Finance Director.
Jim Ryan, Chief Executive Officer, has been awarded an option over 250,000 Shares and Martin Weigold, Group Finance Director, has been awarded an option over 200,000 Shares. These options vest subject to the growth in the Company’s Clean Earnings per Share over the three-year period 1 January 2010 to 31 December 2012. The threshold for vesting, at which 25% will vest, will be 5% Clean EPS annual growth over the three-year period, rising on a straight-line basis to 100% vesting if annual Clean EPS growth equals or exceeds 15% over the period.
Each option is exercisable at 310.10 pence per Share and has been awarded at nil-cost. Unless exercised following the satisfaction of the aforementioned performance condition, these options will lapse on 5 March 2020.
This is the third award to be granted under the ESOP to Mr Ryan. The first grant was made in October 2008 over 645,100 Shares and the second award was made in April 2009 over 125,000 Shares. This is the fourth award granted under the ESOP to Mr Weigold. The first award was made in May 2007 over 88,360 Shares, the second award was made in March 2008 over 171,402 Shares and the third award was made in April 2009 over 337,500 Shares.
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Monday, March 08, 2010
Crown returns to profit in first half - 26th February 2010
Casinos operator Crown Ltd is cautiously optimistic about the second half of the financial year, after moving back into first half profit with "satisfactory" growth at Australian casinos.
Crown on Friday reported a net profit from continuing operations of $115.3 million for the six months to December 31, 2009 compared to a $409.7 million loss in the prior comparable period.
The previous corresponding period's result included a $547.5 million writedown on stakes in casinos in Canada, the United States and the United Kingdom, which were affected by the economic downturn in those countries.
After stripping out the impact of non-recurring items and the variance in the theoretical win rate against high-rolling gamblers, Crown's normalised net profit for first half of 2009/10 was $145.6 million, up three per cent on the normalised figure of $141.4 million in the prior corresponding half.
Crown chief executive Rowen Craigie said the overall results for Crown's casinos in Melbourne and Perth - which have been the focus since last year's writedowns on the overseas assets - were "satisfactory".
The first half had been strong but had tailed away later in the half due to a softening in consumer sentiment and a greater-than-expected impact of refurbishment and expansion programs at the Crown casino in Melbourne and the Burswood casino in Perth.
Mr Craigie declined to provide specific outlook for the second half, but said consumer sentiment had picked up in January and February, the replacement of the raised floor in the main casino at Burswood would be completed by April, and Crown was set to open its third hotel, the Metropol, at the Crown complex in Melbourne in March.
However, disruption due to refurbishment of the Teak Room at Crown casino in Melbourne would continue until August.
"And what the economy is going to look like over the next four months is obviously going to be a factor as well," Mr Craigie said.
"We've started the second half with the main gaming floor growing at close to twice the rate where we finished the first half and non-gaming is up as well.
"There are some things to look forward to, but obviously like others we are cautious about where the economy is going."
Mr Craigie said main-floor gaming revenue at Burswood and Crown grew by about three per cent in January and February 2010 compared to the prior corresponding period, and non-gaming revenue lifted about seven per cent.
Mr Craigie also said Crown was not intending to sell its gaming interests in Macau.
Crown holds a 35 per cent stake in Melco Crown Entertainment (MCE). Crown's share of MCE's result for the first half was a loss of $48.1 million.
Crown saw long-term potential for growth in the Macau market given its exposure to China, and MCE had announced that overall performance in January had been pleasing.
Mr Craigie said the US gaming market was still in difficulty and Crown had not considered any activity there in the last six months.
"The US market is still very depressed, Las Vegas continues to suffer declines in revenue and the other states which have allowed gaming are experiencing similar sorts of difficulty," he said.
Mr Craigie said that in the first half, renovations at Crown Melbourne and Burswood had affected main floor table revenue.
But the casinos achieved record turnover in high-roller gambling, which rose 22.9 per cent to $23.4 billion.
Non-gaming revenue had recovered and grew 4.5 per cent in the half.
In August last year, Crown said its principal efforts in the 12 months following would be to focus on enhancing Crown's Australian operations and to work with its joint-venture partners to optimise the value of our Macau and other overseas investments.
"We have made progress on those fronts during the past six months, and this will continue to be our focus," Mr Craigie said.
Crown declared an interim dividend of 18 cents per share, in line with the prior corresponding period.
Crown shares were 17 cents higher at $8.00 at on Friday.
Crown on Friday reported a net profit from continuing operations of $115.3 million for the six months to December 31, 2009 compared to a $409.7 million loss in the prior comparable period.
The previous corresponding period's result included a $547.5 million writedown on stakes in casinos in Canada, the United States and the United Kingdom, which were affected by the economic downturn in those countries.
After stripping out the impact of non-recurring items and the variance in the theoretical win rate against high-rolling gamblers, Crown's normalised net profit for first half of 2009/10 was $145.6 million, up three per cent on the normalised figure of $141.4 million in the prior corresponding half.
Crown chief executive Rowen Craigie said the overall results for Crown's casinos in Melbourne and Perth - which have been the focus since last year's writedowns on the overseas assets - were "satisfactory".
The first half had been strong but had tailed away later in the half due to a softening in consumer sentiment and a greater-than-expected impact of refurbishment and expansion programs at the Crown casino in Melbourne and the Burswood casino in Perth.
Mr Craigie declined to provide specific outlook for the second half, but said consumer sentiment had picked up in January and February, the replacement of the raised floor in the main casino at Burswood would be completed by April, and Crown was set to open its third hotel, the Metropol, at the Crown complex in Melbourne in March.
However, disruption due to refurbishment of the Teak Room at Crown casino in Melbourne would continue until August.
"And what the economy is going to look like over the next four months is obviously going to be a factor as well," Mr Craigie said.
"We've started the second half with the main gaming floor growing at close to twice the rate where we finished the first half and non-gaming is up as well.
"There are some things to look forward to, but obviously like others we are cautious about where the economy is going."
Mr Craigie said main-floor gaming revenue at Burswood and Crown grew by about three per cent in January and February 2010 compared to the prior corresponding period, and non-gaming revenue lifted about seven per cent.
Mr Craigie also said Crown was not intending to sell its gaming interests in Macau.
Crown holds a 35 per cent stake in Melco Crown Entertainment (MCE). Crown's share of MCE's result for the first half was a loss of $48.1 million.
Crown saw long-term potential for growth in the Macau market given its exposure to China, and MCE had announced that overall performance in January had been pleasing.
Mr Craigie said the US gaming market was still in difficulty and Crown had not considered any activity there in the last six months.
"The US market is still very depressed, Las Vegas continues to suffer declines in revenue and the other states which have allowed gaming are experiencing similar sorts of difficulty," he said.
Mr Craigie said that in the first half, renovations at Crown Melbourne and Burswood had affected main floor table revenue.
But the casinos achieved record turnover in high-roller gambling, which rose 22.9 per cent to $23.4 billion.
Non-gaming revenue had recovered and grew 4.5 per cent in the half.
In August last year, Crown said its principal efforts in the 12 months following would be to focus on enhancing Crown's Australian operations and to work with its joint-venture partners to optimise the value of our Macau and other overseas investments.
"We have made progress on those fronts during the past six months, and this will continue to be our focus," Mr Craigie said.
Crown declared an interim dividend of 18 cents per share, in line with the prior corresponding period.
Crown shares were 17 cents higher at $8.00 at on Friday.
Friday, March 05, 2010
Australia's 10 richest people - 4th March 2010
The top 10 on Forbes's Australia rich list were:
1. Andrew Forrest $US4.1 billion
2. Frank Lowy $US3.6 billion
3. James Packer $US3.5 billion
4. Harry Triguboff $US3 billion
5. John Gandel $US2.4 billion
6. Kerr Neilson $US2.2 billion
7. Gina Rinehart $US2 billion
8. Anthony Pratt $US1.95 billion
9. Leslie Alan Wilson $US1.55 billion
10. Lindsay Fox $US1.5 billion
1. Andrew Forrest $US4.1 billion
2. Frank Lowy $US3.6 billion
3. James Packer $US3.5 billion
4. Harry Triguboff $US3 billion
5. John Gandel $US2.4 billion
6. Kerr Neilson $US2.2 billion
7. Gina Rinehart $US2 billion
8. Anthony Pratt $US1.95 billion
9. Leslie Alan Wilson $US1.55 billion
10. Lindsay Fox $US1.5 billion
Thursday, March 04, 2010
PartyGaming Plc 2009 Full Year Results
PartyGaming News
Websites
PartyCasino.com PartyPoker.com PartyBingo.com PartyBets.com World Poker Tour WPT Casino
4th March 2010
PartyGaming Plc
Audited results for the year ended 31 December 2009
Total revenue of $446.2m (2008: $472.9m) with a softer performance in poker mitigated by growth in all other verticals
Continuing Clean EBITDA* of $135.0m (2008: $144.2m); slightly ahead of market expectations
Continuing Clean EPS* of 21.5 cents (2008: 24.9 cents); total Clean EPS of 21.3 cents (2008: 22.2 cents)
Non-Prosecution Agreement reached with the US authorities with associated costs of $105.0m of which $15.0m was paid in 2009, resulting in a loss after tax of $26.5m
Acquisition of Cashcade and World Poker Tour completed
Net cashflow from Continuing operations of $120.5m (2008: $125.2m) with net cash at the year end of $164.7m (2008: $201.4m)
Commenting on today’s results announcement, Jim Ryan, Chief Executive Officer, said:
“We delivered a solid performance during 2009 which demonstrated the resilience of our business model that continues to generate strong cashflow, even in the most challenging of circumstances. Leading brands and market position, supported by a strong balance sheet underpin our business strategy. With some acquisitions and major B2B deals already under our belt, we plan to do more in 2010 and I believe we are on course to meet our objective of becoming the world’s most valuable online gaming company.”
Regarding current trading he added:
“The Group has continued to perform in-line with the Board’s expectations. In the two month period ended 28 February 2010, average gross daily revenue was $2,074,000 (Q409: $2,090,800) reflecting a 1% reduction from the fourth quarter of 2009 that included an exceptionally strong performance in casino. All other verticals increased average gross daily revenue from the previous quarter. In poker, new player sign-ups increased to an average of 1,700 per day (Q409: 1,400), and there were on average 55,900 active players per day (Q409: 51,700) generating average gross daily poker revenue of $709,000 (Q409: $690,000). In casino, average gross daily revenue was $775,600 (Q409: $854,800). In bingo, average gross daily revenue was $493,800 (Q409: $452,600) and in sports betting, average gross daily revenue was $95,600 (Q409: $93,400).
“Whilst the macroeconomic environment remains uncertain, we remain focused on executing our stated strategy and are confident about the Group’s prospects.”
About PartyGaming Plc
PartyGaming Plc is the world’s leading listed online gaming company. It is a constituent of the FTSE 250 share index with its shares listed on The London Stock Exchange under the ticker: PRTY. In the year to 31 December 2009, PartyGaming’s Continuing operations generated revenues of $446.2m and Clean EBITDA of $135.0m. PartyGaming’s principal brands are PartyPoker.com, one of the world’s largest online poker rooms, EmpirePoker.com, PartyCasino.com, PartyBingo.com, PartyGammon.com, PartyBets.com, Intertrader.com, FoxyBingo.com, ThinkBingo.com, BingoScotland.com, CheekyBingo.com, GetMinted.com, WorldPokerTour.com and Gamebookers.com. None of the Group’s sites accept real money customers located in the US.
PartyGaming Group companies are regulated and licensed by the Governments of Gibraltar and Italy and by the Alderney Gambling Control Commission. The Group is also certified as a responsible gaming operator by GamCare, the leading UK authority on the provision of advice, practical help, support and counseling in addressing the social impact of gambling. PartyGaming’s shares are also a constituent member of the FTSE4Good Index Series, which enables investors to identify companies that meet globally recognised corporate responsibility standards.
Websites
PartyCasino.com PartyPoker.com PartyBingo.com PartyBets.com World Poker Tour WPT Casino
4th March 2010
PartyGaming Plc
Audited results for the year ended 31 December 2009
Total revenue of $446.2m (2008: $472.9m) with a softer performance in poker mitigated by growth in all other verticals
Continuing Clean EBITDA* of $135.0m (2008: $144.2m); slightly ahead of market expectations
Continuing Clean EPS* of 21.5 cents (2008: 24.9 cents); total Clean EPS of 21.3 cents (2008: 22.2 cents)
Non-Prosecution Agreement reached with the US authorities with associated costs of $105.0m of which $15.0m was paid in 2009, resulting in a loss after tax of $26.5m
Acquisition of Cashcade and World Poker Tour completed
Net cashflow from Continuing operations of $120.5m (2008: $125.2m) with net cash at the year end of $164.7m (2008: $201.4m)
Commenting on today’s results announcement, Jim Ryan, Chief Executive Officer, said:
“We delivered a solid performance during 2009 which demonstrated the resilience of our business model that continues to generate strong cashflow, even in the most challenging of circumstances. Leading brands and market position, supported by a strong balance sheet underpin our business strategy. With some acquisitions and major B2B deals already under our belt, we plan to do more in 2010 and I believe we are on course to meet our objective of becoming the world’s most valuable online gaming company.”
Regarding current trading he added:
“The Group has continued to perform in-line with the Board’s expectations. In the two month period ended 28 February 2010, average gross daily revenue was $2,074,000 (Q409: $2,090,800) reflecting a 1% reduction from the fourth quarter of 2009 that included an exceptionally strong performance in casino. All other verticals increased average gross daily revenue from the previous quarter. In poker, new player sign-ups increased to an average of 1,700 per day (Q409: 1,400), and there were on average 55,900 active players per day (Q409: 51,700) generating average gross daily poker revenue of $709,000 (Q409: $690,000). In casino, average gross daily revenue was $775,600 (Q409: $854,800). In bingo, average gross daily revenue was $493,800 (Q409: $452,600) and in sports betting, average gross daily revenue was $95,600 (Q409: $93,400).
“Whilst the macroeconomic environment remains uncertain, we remain focused on executing our stated strategy and are confident about the Group’s prospects.”
About PartyGaming Plc
PartyGaming Plc is the world’s leading listed online gaming company. It is a constituent of the FTSE 250 share index with its shares listed on The London Stock Exchange under the ticker: PRTY. In the year to 31 December 2009, PartyGaming’s Continuing operations generated revenues of $446.2m and Clean EBITDA of $135.0m. PartyGaming’s principal brands are PartyPoker.com, one of the world’s largest online poker rooms, EmpirePoker.com, PartyCasino.com, PartyBingo.com, PartyGammon.com, PartyBets.com, Intertrader.com, FoxyBingo.com, ThinkBingo.com, BingoScotland.com, CheekyBingo.com, GetMinted.com, WorldPokerTour.com and Gamebookers.com. None of the Group’s sites accept real money customers located in the US.
PartyGaming Group companies are regulated and licensed by the Governments of Gibraltar and Italy and by the Alderney Gambling Control Commission. The Group is also certified as a responsible gaming operator by GamCare, the leading UK authority on the provision of advice, practical help, support and counseling in addressing the social impact of gambling. PartyGaming’s shares are also a constituent member of the FTSE4Good Index Series, which enables investors to identify companies that meet globally recognised corporate responsibility standards.
Wednesday, March 03, 2010
Stocks to watch - 1st March 2010
ANZ - ANZ BANKING GROUP LTD - $23.14
ANZ Banking Group has increased its underlying profit after tax by 16 per cent to $1.6 billion for the four months to January on higher earnings, wider margins and lower bad debts.
ALL - ARISTOCRAT LEISURE LTD - $4.23
Aristocrat Leisure says 2010 is going to be another tough year, after difficult conditions across all markets contributed to the gaming machine maker's annual net loss of $157.84 million for calendar 2009.
WPL - WOODSIDE PETROLEUM LTD - $43.37
Woodside Petroleum has posted a rise in annual net profit and says sales revenue was down on lower commodity despite a positive boost from foreign exchange movements.
LLC - LEND LEASE GROUP - $9.67
Lend Lease has forecast a similar full year operating profit to the previous financial year and launched a $806 million capital raising to fund growth opportunities.
HVN - HARVEY NORMAN HOLDINGS LTD - $3.83
Retail giant Harvey Norman Holdings is optimistic about the rest of the financial year after lifting first half profit by 59.9 per cent and increasing its interim dividend.
WOW - WOOLWORTHS LTD - $26.84
Woolworths increased first-half profit 11.4 per cent as Australia's biggest supermarket increased sales and removed costs by streamlining internal processes.
CWN - CROWN LTD - $8.00
Crown has moved back into the black with a net profit for the first half after solid growth in its Australian casinos.
AIO - ASCIANO GROUP - $1.80
Transport and logistics company Asciano Group made a net profit in the first half of its financial year and expects to report annual earnings around the top of its guidance.
ANZ Banking Group has increased its underlying profit after tax by 16 per cent to $1.6 billion for the four months to January on higher earnings, wider margins and lower bad debts.
ALL - ARISTOCRAT LEISURE LTD - $4.23
Aristocrat Leisure says 2010 is going to be another tough year, after difficult conditions across all markets contributed to the gaming machine maker's annual net loss of $157.84 million for calendar 2009.
WPL - WOODSIDE PETROLEUM LTD - $43.37
Woodside Petroleum has posted a rise in annual net profit and says sales revenue was down on lower commodity despite a positive boost from foreign exchange movements.
LLC - LEND LEASE GROUP - $9.67
Lend Lease has forecast a similar full year operating profit to the previous financial year and launched a $806 million capital raising to fund growth opportunities.
HVN - HARVEY NORMAN HOLDINGS LTD - $3.83
Retail giant Harvey Norman Holdings is optimistic about the rest of the financial year after lifting first half profit by 59.9 per cent and increasing its interim dividend.
WOW - WOOLWORTHS LTD - $26.84
Woolworths increased first-half profit 11.4 per cent as Australia's biggest supermarket increased sales and removed costs by streamlining internal processes.
CWN - CROWN LTD - $8.00
Crown has moved back into the black with a net profit for the first half after solid growth in its Australian casinos.
AIO - ASCIANO GROUP - $1.80
Transport and logistics company Asciano Group made a net profit in the first half of its financial year and expects to report annual earnings around the top of its guidance.
Boyd Still ‘Actively Pursuing’ Station Casinos - 2nd March 2010
Boyd Gaming Corp. said Tuesday it’s still interested in buying the assets of Las Vegas rival Station Casinos Inc. out of bankruptcy protection.
In a conference call Tuesday, Boyd Chief Executive Keith Smith said the company stood by its $2.45 billion bid for Station’s assets.
“This offer stands and we are still actively pursuing these assets,” Smith said of his company’s December offer for Station’s assets.
Station Casinos said last week it had struck a tentative deal with a key group of mortgage lenders to restructure its casino business while allowing the founding Fertitta family to continue running the Las Vegas company.
Smith acknowledged that Station “asserted” it “may” have a deal with some lenders but pointed out that it only involved four of Station’s 18 properties. That would leave “a considerable number of assets in play,” he said, adding “we’ll continue to work diligently” to complete a deal “when permitted.”
Station, which filed for bankruptcy protection in July is operating under the Bankruptcy Code’s “exclusive period,” which bars creditors from interfering in a company’s restructuring efforts.
Smith said “Station’s assets would be a great fit” for Boyd’s business as well as the company’s growth strategy for the market catering to local residents.
A Station Casinos spokeswoman wasn’t immediately available for comment.
Boyd has been pursing Station for more than a year. The December bid followed an earlier $950 million offer for some of Station’s gaming assets, an offer the company rejected before opting to reorganize under bankruptcy protection. Station Casinos’ lawyers have accused Boyd of trying to turn its Chapter 11 reorganization into a “shopping spree.”
In a conference call Tuesday, Boyd Chief Executive Keith Smith said the company stood by its $2.45 billion bid for Station’s assets.
“This offer stands and we are still actively pursuing these assets,” Smith said of his company’s December offer for Station’s assets.
Station Casinos said last week it had struck a tentative deal with a key group of mortgage lenders to restructure its casino business while allowing the founding Fertitta family to continue running the Las Vegas company.
Smith acknowledged that Station “asserted” it “may” have a deal with some lenders but pointed out that it only involved four of Station’s 18 properties. That would leave “a considerable number of assets in play,” he said, adding “we’ll continue to work diligently” to complete a deal “when permitted.”
Station, which filed for bankruptcy protection in July is operating under the Bankruptcy Code’s “exclusive period,” which bars creditors from interfering in a company’s restructuring efforts.
Smith said “Station’s assets would be a great fit” for Boyd’s business as well as the company’s growth strategy for the market catering to local residents.
A Station Casinos spokeswoman wasn’t immediately available for comment.
Boyd has been pursing Station for more than a year. The December bid followed an earlier $950 million offer for some of Station’s gaming assets, an offer the company rejected before opting to reorganize under bankruptcy protection. Station Casinos’ lawyers have accused Boyd of trying to turn its Chapter 11 reorganization into a “shopping spree.”
Wednesday, February 24, 2010
Harrah's CEO: Las Vegas still weak - 22nd February 2010
Harrah's Entertainment Inc sees few signs that Las Vegas is recovering from the slump that began with the financial crash of 2008, the company's chief executive said on Monday at the Reuters Travel and Leisure Summit in New York.
Citywide gambling revenue in Las Vegas has begun to stabilize, but room rates are still heavily discounted as casino operators compete to attract visitors.
"We are the cheapest date in the world ... That generates lots and lots of visitors," said Gary Loveman, CEO of Harrah's, the world's largest gambling company. "Las Vegas remains weak and will remain weak for the foreseeable future."
He also said Las Vegas group business bookings for 2011 are "encouraging," but 2010 remains soft.
Loveman attributed the prolonged downturn to customers' lack of cash amid the economic downturn and increased competition from new Las Vegas Strip resorts like MGM Mirage's $8.5 billion 6,000-room CityCenter.
Harrah's last week acquired the Strip's troubled Planet Hollywood resort by spending about $70 million to buy its discounted debt and agreeing to take over a $554 million mortgage.
"We got a building for a fraction of replacement cost," Loveman said.
Planet Hollywood gives the company seven contiguous resorts on the east side of the Las Vegas Strip -- it also owns Caesars Palace on the west side of the Strip.
NO ACTIVE MACAU TALKS
Harrah's, which was acquired by private equity firms Apollo Management APOLO.UL and TPG Capital TPG.UL in 2008, relies on Las Vegas and Atlantic City, New Jersey, for about 40 percent of its earnings.
The company, which has more than 50 casinos in six countries, also operates in regional U.S. gambling markets like Tunica, Mississippi, New Orleans and southern Indiana.
Loveman said Harrah's remains interested in a presence in China's Macau -- the world's largest gambling center -- but is not actively discussing such a deal.
"We do have an interest in Macau. We think Caesars is the best brand for that market," Loveman said.
The Chinese government has issued six gambling licenses in Macau, and U.S. companies MGM, Las Vegas Sands Corp and Wynn Resorts Ltd have casinos there.
The Harrah's CEO declined to comment on whether the company would consider a deal involving Australia's Crown Ltd, which owns a stake in Macau operator Melco Crown Entertainment.
During the recession, Harrah's has managed to avoid defaulting on its debt by renegotiating with its banks and buying bonds back at discounted prices.
The company, which now has a total debt load of about $19 billion, faces no major maturities before 2013, when nearly $6 billion comes due.
"It is possible that may be extended," Loveman said.
Meanwhile, Harrah's will focus on its massive customer database to continue driving business at its casinos.
Loveman said the company is in the process of rolling out the next iteration of its loyalty program -- called Total Rewards -- to include much more individualized, real-time targeting of customers.
"We think it enhances margins ... but mainly it makes for a much more satisfied customer," he said.
The CEO expects the new system to be up and running in about a year in Las Vegas, pending regulatory approvals.
Loveman said it will allow Harrah's to offer frequent gamblers things like a free hotel night if occupancy is low or a special cocktail before they even think of it.
It's like "Medicare comes to casino beverages," he said.
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Citywide gambling revenue in Las Vegas has begun to stabilize, but room rates are still heavily discounted as casino operators compete to attract visitors.
"We are the cheapest date in the world ... That generates lots and lots of visitors," said Gary Loveman, CEO of Harrah's, the world's largest gambling company. "Las Vegas remains weak and will remain weak for the foreseeable future."
He also said Las Vegas group business bookings for 2011 are "encouraging," but 2010 remains soft.
Loveman attributed the prolonged downturn to customers' lack of cash amid the economic downturn and increased competition from new Las Vegas Strip resorts like MGM Mirage's $8.5 billion 6,000-room CityCenter.
Harrah's last week acquired the Strip's troubled Planet Hollywood resort by spending about $70 million to buy its discounted debt and agreeing to take over a $554 million mortgage.
"We got a building for a fraction of replacement cost," Loveman said.
Planet Hollywood gives the company seven contiguous resorts on the east side of the Las Vegas Strip -- it also owns Caesars Palace on the west side of the Strip.
NO ACTIVE MACAU TALKS
Harrah's, which was acquired by private equity firms Apollo Management APOLO.UL and TPG Capital TPG.UL in 2008, relies on Las Vegas and Atlantic City, New Jersey, for about 40 percent of its earnings.
The company, which has more than 50 casinos in six countries, also operates in regional U.S. gambling markets like Tunica, Mississippi, New Orleans and southern Indiana.
Loveman said Harrah's remains interested in a presence in China's Macau -- the world's largest gambling center -- but is not actively discussing such a deal.
"We do have an interest in Macau. We think Caesars is the best brand for that market," Loveman said.
The Chinese government has issued six gambling licenses in Macau, and U.S. companies MGM, Las Vegas Sands Corp and Wynn Resorts Ltd have casinos there.
The Harrah's CEO declined to comment on whether the company would consider a deal involving Australia's Crown Ltd, which owns a stake in Macau operator Melco Crown Entertainment.
During the recession, Harrah's has managed to avoid defaulting on its debt by renegotiating with its banks and buying bonds back at discounted prices.
The company, which now has a total debt load of about $19 billion, faces no major maturities before 2013, when nearly $6 billion comes due.
"It is possible that may be extended," Loveman said.
Meanwhile, Harrah's will focus on its massive customer database to continue driving business at its casinos.
Loveman said the company is in the process of rolling out the next iteration of its loyalty program -- called Total Rewards -- to include much more individualized, real-time targeting of customers.
"We think it enhances margins ... but mainly it makes for a much more satisfied customer," he said.
The CEO expects the new system to be up and running in about a year in Las Vegas, pending regulatory approvals.
Loveman said it will allow Harrah's to offer frequent gamblers things like a free hotel night if occupancy is low or a special cocktail before they even think of it.
It's like "Medicare comes to casino beverages," he said.
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Friday, February 19, 2010
PartyGaming rise, broker ups to "buy" - 18th February 2010
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Shares in online gambling group PartyGaming add 2.1 percent after Oriel Securities raises its recommendation on the firm to "buy" from "hold", saying it looks undervalued, citing its growth potential.
The broker says based on its forecasts of $158 million of EBITDA in 2010, the shares are trading on an adjusted price earnings ratio of 13.2 times and 8.7 times EBITDA.
"This is an undemanding rating for a growth stock which is active in entering new regions," it says.
"The group is also well positioned to participate in the consolidation of the online gaming sector with clearance from the U.S. Department of Justice and around $120 million of cash resources to pursue M&A opportunities."
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Shares in online gambling group PartyGaming add 2.1 percent after Oriel Securities raises its recommendation on the firm to "buy" from "hold", saying it looks undervalued, citing its growth potential.
The broker says based on its forecasts of $158 million of EBITDA in 2010, the shares are trading on an adjusted price earnings ratio of 13.2 times and 8.7 times EBITDA.
"This is an undemanding rating for a growth stock which is active in entering new regions," it says.
"The group is also well positioned to participate in the consolidation of the online gaming sector with clearance from the U.S. Department of Justice and around $120 million of cash resources to pursue M&A opportunities."
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Monday, February 15, 2010
James Packer gets his polo complex - 11th February 2010
James Packer has been granted planning permission to build a sprawling new British polo complex reported to be costing about $36 million.
The private facility, on 132.5 hectare Manor Farm, near the tiny West Sussex village of Selham, is not far from Great House Farm, the 38 hectare polo complex at Stedham, owned by his father Kerry during the 1980s.
Polo pitches on the nearby Cowdray Estate were once frequented by polo-loving Prince Charles and Princess Diana and are still a favourite haunt of royals, celebrities and the very wealthy.
Pop star Robbie Williams and billionaire Roman Abramovich both recently owned sprawling estates in the area.
Planning documents outline Mr Packer's intention to make Manor Farm the UK base of his Ellerston polo club.
There had been some local opposition to the plan, partly over increased road and helicopter traffic.
But Chichester District councillors gave the go-ahead during a planning meeting at 11am local time on Wednesday (10pm AEDT).
Ten out of 12 councillors voted in favour of the plan.
It caps a good start to 2010 for Mr Packer.
His wife Erica gave birth to their first son, Jackson, heir to the family's fortune, in early February.
And profits at Mr Packer's troubled Macau casino ventures were reported to be up in January.
His new polo complex will create four full-time jobs and four seasonal posts, the Chichester District Council told AAP.
Three related planning applications, submitted by Conpress (Hong Kong), were also considered by the council.
They outlined Mr Packer's plans to take a lease on Manor Farm, a dairy pasture, and convert it into a polo playing area with associated exercise tracks, stables and yards.
Existing agricultural barns will be converted to stables and seasonal accommodation for grooms.
Locals questioned whether the area was big enough to sustain such a complex.
Others outlined their support for the plan, saying it would bring much-needed investment to the area.
"The proposed new tenant at Manor Farm has a proven track record of making significant improvements at the private facility his family previously established at Stedham," one resident wrote.
Roger Comber, son of the retiring farmer that currently leases Manor Farm, said Mr Packer has proven popular with locals.
"The applicant has proved to be a popular figure and has a proven track record of operation," he wrote.
Kerry Packer faced opposition from local residents, mainly over noise and disruption, when his complex was built in the 1980s.
Selham has a population of just a few hundred, a handful of shops and a single pub - the Three Moles Inn.
The private facility, on 132.5 hectare Manor Farm, near the tiny West Sussex village of Selham, is not far from Great House Farm, the 38 hectare polo complex at Stedham, owned by his father Kerry during the 1980s.
Polo pitches on the nearby Cowdray Estate were once frequented by polo-loving Prince Charles and Princess Diana and are still a favourite haunt of royals, celebrities and the very wealthy.
Pop star Robbie Williams and billionaire Roman Abramovich both recently owned sprawling estates in the area.
Planning documents outline Mr Packer's intention to make Manor Farm the UK base of his Ellerston polo club.
There had been some local opposition to the plan, partly over increased road and helicopter traffic.
But Chichester District councillors gave the go-ahead during a planning meeting at 11am local time on Wednesday (10pm AEDT).
Ten out of 12 councillors voted in favour of the plan.
It caps a good start to 2010 for Mr Packer.
His wife Erica gave birth to their first son, Jackson, heir to the family's fortune, in early February.
And profits at Mr Packer's troubled Macau casino ventures were reported to be up in January.
His new polo complex will create four full-time jobs and four seasonal posts, the Chichester District Council told AAP.
Three related planning applications, submitted by Conpress (Hong Kong), were also considered by the council.
They outlined Mr Packer's plans to take a lease on Manor Farm, a dairy pasture, and convert it into a polo playing area with associated exercise tracks, stables and yards.
Existing agricultural barns will be converted to stables and seasonal accommodation for grooms.
Locals questioned whether the area was big enough to sustain such a complex.
Others outlined their support for the plan, saying it would bring much-needed investment to the area.
"The proposed new tenant at Manor Farm has a proven track record of making significant improvements at the private facility his family previously established at Stedham," one resident wrote.
Roger Comber, son of the retiring farmer that currently leases Manor Farm, said Mr Packer has proven popular with locals.
"The applicant has proved to be a popular figure and has a proven track record of operation," he wrote.
Kerry Packer faced opposition from local residents, mainly over noise and disruption, when his complex was built in the 1980s.
Selham has a population of just a few hundred, a handful of shops and a single pub - the Three Moles Inn.
Sunday, February 14, 2010
Alan Jones rescues cash-strapped Thorpe - 13th February 2010
Olympic swimming legend Ian Thorpe has vowed to bounce back after his personal finances took a hit in the global financial crisis.
He reluctantly confirmed he recently suffered serious cashflow problems after shedding lucrative sponsorship deals to focus on his university studies, News Ltd newspapers say.
When broadcaster Alan Jones became aware of his friend's situation, he rang Westpac boss Gail Kelly to seek her help to restructure Thorpe's financial affairs, News Ltd says.
Thorpe has now streamlined his interests, declaring he wants to lead "a happy and simple life".
"Like my sporting career, one of my strengths is my resilience to bounce back from any setback," he said.
"It was pretty obvious that he wasn't all that well sorted," Jones said this week. "There were a lot of loose ends and he didn't know where all his money and investments were.
"Ian's had no training in this area because he's spent so much of his life in a swimming pool. So I rang Gail Kelly for him. Simple as that.
"Gail got someone from her personal banking unit - who coincidentally lived just two streets away from Ian - and they set up an appointment. He's now got all his finances sorted out in the one area."
Thorpe, 27, recently completed his first year of a double degree in linguistics and psychology, which he found "enjoyable but very challenging".
He reluctantly confirmed he recently suffered serious cashflow problems after shedding lucrative sponsorship deals to focus on his university studies, News Ltd newspapers say.
When broadcaster Alan Jones became aware of his friend's situation, he rang Westpac boss Gail Kelly to seek her help to restructure Thorpe's financial affairs, News Ltd says.
Thorpe has now streamlined his interests, declaring he wants to lead "a happy and simple life".
"Like my sporting career, one of my strengths is my resilience to bounce back from any setback," he said.
"It was pretty obvious that he wasn't all that well sorted," Jones said this week. "There were a lot of loose ends and he didn't know where all his money and investments were.
"Ian's had no training in this area because he's spent so much of his life in a swimming pool. So I rang Gail Kelly for him. Simple as that.
"Gail got someone from her personal banking unit - who coincidentally lived just two streets away from Ian - and they set up an appointment. He's now got all his finances sorted out in the one area."
Thorpe, 27, recently completed his first year of a double degree in linguistics and psychology, which he found "enjoyable but very challenging".
Friday, February 12, 2010
Luxury revamp at casino - The Age - 12th February 2010
It is Australia's most expensive hotel at more than $27,500-a-night. Now Melbourne's Crown Towers Presidential Villas is to be overhauled and its private gaming salons expanded.
A spokesman said the refurbishment of Crown Towers is focused on the invitation-only sanctum between levels 29 and 36 that is frequented by the world's wealthiest gamblers. It is where golfer Tiger Woods stayed during the Australian Masters.
Spokesman Gary O'Neill would not confirm whether the renovation would add more extreme-stake tables in its VIP salons.
But industry sources said several of the hotel's penthouse villas were being removed to make room for a larger ''super high-roller'' gaming area. (Credit: The Age)
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A spokesman said the refurbishment of Crown Towers is focused on the invitation-only sanctum between levels 29 and 36 that is frequented by the world's wealthiest gamblers. It is where golfer Tiger Woods stayed during the Australian Masters.
Spokesman Gary O'Neill would not confirm whether the renovation would add more extreme-stake tables in its VIP salons.
But industry sources said several of the hotel's penthouse villas were being removed to make room for a larger ''super high-roller'' gaming area. (Credit: The Age)
*Read the full article here
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Wednesday, January 20, 2010
Harrah's Plans to Buy Planet Hollywood Casino
Harrah's Entertainment Inc. has filed an application to purchase the struggling Planet Hollywood Resort & Casino in Las Vegas, the Nevada Gaming Control Board said Monday.
The casino giant has formed a new subsidiary, PHW Las Vegas LLC, with the intent of taking over the Planet Hollywood in Las Vegas. PHW filed the application to casino regulators last week, a person at the Control Board said. The Las Vegas Planet Hollywood is a separate entity from the restaurant chain, which has locations around the world.
Harrah's began pursuing Planet Hollywood in September when it purchased a $140 million piece of Planet Hollywood's $870 million debt for an undisclosed amount from Goldman Sachs Group.
Planet Hollywood defaulted on its commercial mortgage around the same time. That gave lenders the right to foreclose on the property, Planet Hollywood said in a filing. However, the company is still in discussions with its lenders, Planet Hollywood spokeswoman Amy Sadowsky said Monday.
A person close to the situation said that it appears the slice of debt Harrah's purchased in September could give the casino giant enough influence over the other lenders to control the property. It's unclear whether or not Harrah's has purchased additional debt since then.
Harrah's controls six contiguous Las Vegas casinos just north of Planet Hollywood. Those properties are across the street from City Center, the $8.5 billion MGM Mirage resort which is set to open in December.
In an email to employees last week, Harrah's Chief Executive Gary Loveman said the location made the distressed Planet Hollywood an attractive acquisition. Harrah's is working on a plan to own and manage the property, Mr. Loveman wrote.
"This is an attractive proposition because of Planet Hollywood's proximity to our other resorts on the Strip, its high-quality product offering and its strong brand name," Mr. Loveman wrote in the email.
Starwood Hotels & Resorts Worldwide Inc. currently manages the project's hotel and also has a minority stake in Planet Hollywood.
Restaurateur Robert Earl, who developed the movie-themed Planet Hollywood restaurant chain, and investment manager Bay Harbour Management acquired the Las Vegas property in 2007.
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The casino giant has formed a new subsidiary, PHW Las Vegas LLC, with the intent of taking over the Planet Hollywood in Las Vegas. PHW filed the application to casino regulators last week, a person at the Control Board said. The Las Vegas Planet Hollywood is a separate entity from the restaurant chain, which has locations around the world.
Harrah's began pursuing Planet Hollywood in September when it purchased a $140 million piece of Planet Hollywood's $870 million debt for an undisclosed amount from Goldman Sachs Group.
Planet Hollywood defaulted on its commercial mortgage around the same time. That gave lenders the right to foreclose on the property, Planet Hollywood said in a filing. However, the company is still in discussions with its lenders, Planet Hollywood spokeswoman Amy Sadowsky said Monday.
A person close to the situation said that it appears the slice of debt Harrah's purchased in September could give the casino giant enough influence over the other lenders to control the property. It's unclear whether or not Harrah's has purchased additional debt since then.
Harrah's controls six contiguous Las Vegas casinos just north of Planet Hollywood. Those properties are across the street from City Center, the $8.5 billion MGM Mirage resort which is set to open in December.
In an email to employees last week, Harrah's Chief Executive Gary Loveman said the location made the distressed Planet Hollywood an attractive acquisition. Harrah's is working on a plan to own and manage the property, Mr. Loveman wrote.
"This is an attractive proposition because of Planet Hollywood's proximity to our other resorts on the Strip, its high-quality product offering and its strong brand name," Mr. Loveman wrote in the email.
Starwood Hotels & Resorts Worldwide Inc. currently manages the project's hotel and also has a minority stake in Planet Hollywood.
Restaurateur Robert Earl, who developed the movie-themed Planet Hollywood restaurant chain, and investment manager Bay Harbour Management acquired the Las Vegas property in 2007.
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Tuesday, January 19, 2010
Casino News Media: James Packer feels squeeze in Macau - 18th January 2010
The casino sector in Macau has recovered strongly from the impact of the global financial crisis and the tightening of visa restrictions by the Chinese Government. As a result, the Melco Crown Entertainment joint venture involving Australian billionaire James Packer must do more to safeguard its market share of 12.5% . Its latest results are due out in February 2010.
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Saturday, January 16, 2010
PartyGaming joins spread betting party, by Greg Tingle - 15th January 2010
London Capital Group and PartyGaming ink deal. A new player in an ultra competitive sector.
The spread betting market in the UK sector is one of the most competitive in the world, mind you, so is the igaming sector, so one shouldn't be surprised that PartyGaming is ramping up, as its been doing with its casino, poker, bingo and media related sectors of the company.
News today is that PartyGaming has inked a three-year deal with London Capital Group to soon offer a financial spread betting platform. PartyGaming also has brand names PartyBets.com and PartyMarkets, so its probable that the deal with go into one of those brand names.
Industry analysts will of course question if London Capital Group assisting another white label partner into the UK market is a good or bad move. That's something only time will tell. PartyGaming is a large and established player thus can help to offset any costs and reduce majors risks in prime spread betting.
PartyGaming Plc is reportedly the world’s leading listed online gaming company.
The Group is a constituent of the FTSE 250 share index with its shares listed on The London Stock Exchange under the ticker: PRTY. In the year to 31 December 2008, PartyGaming’s Continuing operations generated revenues of $472.9m and Clean EBITDA of $144.2m.
Partygaming has a global reach, and that should place them in a strong position. The Asia Pacific region, and in particular, Australia, is seen to have strong growth potential in the sector.
It's expected that a number of PartyGaming punters will take to the financial spread betting offering, just as some bingo players take to casino, poker and table games. Exactly how much cross over audience for spread betting remains to be see.
*The writer is the founder of the Media Man group of companies including Global Gaming Directory and Casino News Media and has b2b dealings with a number of PartyGaming brands, as they do with dozens of brands in the igaming, gaming and financial sector.
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The spread betting market in the UK sector is one of the most competitive in the world, mind you, so is the igaming sector, so one shouldn't be surprised that PartyGaming is ramping up, as its been doing with its casino, poker, bingo and media related sectors of the company.
News today is that PartyGaming has inked a three-year deal with London Capital Group to soon offer a financial spread betting platform. PartyGaming also has brand names PartyBets.com and PartyMarkets, so its probable that the deal with go into one of those brand names.
Industry analysts will of course question if London Capital Group assisting another white label partner into the UK market is a good or bad move. That's something only time will tell. PartyGaming is a large and established player thus can help to offset any costs and reduce majors risks in prime spread betting.
PartyGaming Plc is reportedly the world’s leading listed online gaming company.
The Group is a constituent of the FTSE 250 share index with its shares listed on The London Stock Exchange under the ticker: PRTY. In the year to 31 December 2008, PartyGaming’s Continuing operations generated revenues of $472.9m and Clean EBITDA of $144.2m.
Partygaming has a global reach, and that should place them in a strong position. The Asia Pacific region, and in particular, Australia, is seen to have strong growth potential in the sector.
It's expected that a number of PartyGaming punters will take to the financial spread betting offering, just as some bingo players take to casino, poker and table games. Exactly how much cross over audience for spread betting remains to be see.
*The writer is the founder of the Media Man group of companies including Global Gaming Directory and Casino News Media and has b2b dealings with a number of PartyGaming brands, as they do with dozens of brands in the igaming, gaming and financial sector.
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Saturday, January 09, 2010
Branson's Virgin shakes up UK banking - 8th January 2010
Virgin Money, part of Richard Branson's Virgin empire, launched a shake-up of Britain's troubled retail banking market on Friday with the purchase of a private regional lender.
Virgin said it had agreed to buy Church House Trust for 12.28 million pounds ($A21.4 million) and would use the bank to offer savings and mortgage products to customers under the Virgin Money brand.
"The Church House Trust business offers us a strong platform for growth," Branson said in a statement announcing the deal.
"Virgin Money aims to bring simplicity to the UK banking market which has traditionally been a complex sector," he added.
Virgin Money said it would inject 37.3 million pounds ($A58.25 million) of new capital into Church House Trust.
Britain's retail banking sector was thrown into chaos by the credit crunch, causing the nationalisation of Northern Rock and multi-billion-pound bailouts of Royal Bank of Scotland and Lloyds Banking Group.
LBG was meanwhile created last year following a government-brokered deal to merge ailing HBOS bank with its stronger rival Lloyds TSB.
"The financial crisis has tarnished the reputation of many UK banks," Virgin Money chief executive Jayne Anne Gadhia said on Friday.
"Virgin Money will provide a better, different form of banking to its customers, increasing competition in the sector."
Gadhia added: "Our approach to banking is founded on developing a sustainable, savings-based business. We see the acquisition of Church House Trust as a strong and sensible first step in delivering Virgin Money's banking ambition."
Meanwhile, Church House Trust chairman David Batten said Virgin was set to benefit from the bank's "conservative business model".
Virgin's announcement comes as Britain's biggest retailer, supermarket giant Tesco, has made its own recent moves aimed at attracting more customers away from Britain's traditional banking sector.
Last October, Tesco relaunched its financial services division as Tesco Bank.
In Britain there has been widespread public anger over the global financial crisis and subsequent recession.
Britain begins 2010 as the only top economy officially in recession after the eurozone, France, Germany, Japan and the United States last year each emerged from the most severe downturn since the 1930s.
However official data due later this month is expected to show that Britain returned to growth in the fourth quarter of last year.
Virgin said it had agreed to buy Church House Trust for 12.28 million pounds ($A21.4 million) and would use the bank to offer savings and mortgage products to customers under the Virgin Money brand.
"The Church House Trust business offers us a strong platform for growth," Branson said in a statement announcing the deal.
"Virgin Money aims to bring simplicity to the UK banking market which has traditionally been a complex sector," he added.
Virgin Money said it would inject 37.3 million pounds ($A58.25 million) of new capital into Church House Trust.
Britain's retail banking sector was thrown into chaos by the credit crunch, causing the nationalisation of Northern Rock and multi-billion-pound bailouts of Royal Bank of Scotland and Lloyds Banking Group.
LBG was meanwhile created last year following a government-brokered deal to merge ailing HBOS bank with its stronger rival Lloyds TSB.
"The financial crisis has tarnished the reputation of many UK banks," Virgin Money chief executive Jayne Anne Gadhia said on Friday.
"Virgin Money will provide a better, different form of banking to its customers, increasing competition in the sector."
Gadhia added: "Our approach to banking is founded on developing a sustainable, savings-based business. We see the acquisition of Church House Trust as a strong and sensible first step in delivering Virgin Money's banking ambition."
Meanwhile, Church House Trust chairman David Batten said Virgin was set to benefit from the bank's "conservative business model".
Virgin's announcement comes as Britain's biggest retailer, supermarket giant Tesco, has made its own recent moves aimed at attracting more customers away from Britain's traditional banking sector.
Last October, Tesco relaunched its financial services division as Tesco Bank.
In Britain there has been widespread public anger over the global financial crisis and subsequent recession.
Britain begins 2010 as the only top economy officially in recession after the eurozone, France, Germany, Japan and the United States last year each emerged from the most severe downturn since the 1930s.
However official data due later this month is expected to show that Britain returned to growth in the fourth quarter of last year.
Wednesday, January 06, 2010
Casino stocks soar on strong Macau gambling revenues - 4th January 2010
SJM hits 2-mth high
Wynn Macau at 3-wk high
Macau revenues in H1 2010 seen very strong - CLSA
HONG KONG, Jan 5 - Shares of Macau casino operators rose on Tuesday on reports that gambling revenues in the enclave in December rose 48 percent from a year earlier, signalling sustained growth in the world's largest gambling market.
Shares of Sands China (1928.HK), the Macau unit of Las Vegas Sands (LVS.N), rose as much as 4.72 percent to a near three-week high of HK$10.42, while Wynn Macau (1128.HK), the Macau unit of Wynn Resorts (WYNN.O) advanced 3.56 percent to a three-week high of HK$9.89.
SJM Holdings (0880.HK), Macau gambling tycoon Stanley Ho's flagship firm, gained as much as 5.7 percent to its highest level in more than two months at HK$4.63.
Macau casino revenue rose 48 percent to 11 billion patacas ($1.42 billion) in December compared with a year earlier, according to a report from Susquehanna Financial that cited Portuguese news agency Lusa.
"The first half will be very strong; we should see momentum maintain," said Aaron Fischer, CLSA's head of Asian consumer and gaming.
"We believe the earnings will surprise significantly on the upside," Fischer said. "Revenue growth has been very strong for the last few months and these companies have been cutting costs a lot."
Fischer expects Macau gambling revenues to rise 17 percent in 2010. In 2009, gambling revenues rose 10 percent from a year ago.
Fischer's top picks are Wynn Macau, which is slated to open a new Macau resort on April 1, and SJM, Macau's biggest casino operator by market share, thanks to the recent opening of its latest property, "Casino Oceanus."
Shares of Galaxy Entertainment Group (0027.HK) rose as much as 3.1 percent to a two-week high of HK$3.32, while Melco International Development (0200.HK), which is owned by Macau gambling scion Lawrence Ho, rose as much as 3.91 percent to its highest level in more than two weeks at HK$3.72. (Credit: Wires, Google News, AP, Reuters, Media Man)
Wynn Macau at 3-wk high
Macau revenues in H1 2010 seen very strong - CLSA
HONG KONG, Jan 5 - Shares of Macau casino operators rose on Tuesday on reports that gambling revenues in the enclave in December rose 48 percent from a year earlier, signalling sustained growth in the world's largest gambling market.
Shares of Sands China (1928.HK), the Macau unit of Las Vegas Sands (LVS.N), rose as much as 4.72 percent to a near three-week high of HK$10.42, while Wynn Macau (1128.HK), the Macau unit of Wynn Resorts (WYNN.O) advanced 3.56 percent to a three-week high of HK$9.89.
SJM Holdings (0880.HK), Macau gambling tycoon Stanley Ho's flagship firm, gained as much as 5.7 percent to its highest level in more than two months at HK$4.63.
Macau casino revenue rose 48 percent to 11 billion patacas ($1.42 billion) in December compared with a year earlier, according to a report from Susquehanna Financial that cited Portuguese news agency Lusa.
"The first half will be very strong; we should see momentum maintain," said Aaron Fischer, CLSA's head of Asian consumer and gaming.
"We believe the earnings will surprise significantly on the upside," Fischer said. "Revenue growth has been very strong for the last few months and these companies have been cutting costs a lot."
Fischer expects Macau gambling revenues to rise 17 percent in 2010. In 2009, gambling revenues rose 10 percent from a year ago.
Fischer's top picks are Wynn Macau, which is slated to open a new Macau resort on April 1, and SJM, Macau's biggest casino operator by market share, thanks to the recent opening of its latest property, "Casino Oceanus."
Shares of Galaxy Entertainment Group (0027.HK) rose as much as 3.1 percent to a two-week high of HK$3.32, while Melco International Development (0200.HK), which is owned by Macau gambling scion Lawrence Ho, rose as much as 3.91 percent to its highest level in more than two weeks at HK$3.72. (Credit: Wires, Google News, AP, Reuters, Media Man)
Tuesday, January 05, 2010
World's tallest building opens - 5th January 2010
The world's tallest building has opened with a bang in the emirate of Dubai, measuring a whopping 828m in height.
To give you an idea of how tall that actually is, ninemsn's graphic editors have calculated what the skyscraper would look like if it was positioned in the centre of Sydney.
The engineering marvel dwarfs existing skyscrapers, with the previous tallest building in the world, the Taipei 101 in Taiwan, reaching a comparatively modest 508m.
The building was named in honour of United Arab Emirates President Sheikh Khalifa bin Zayed al-Nahayan. (Credit: NineMSN)
To give you an idea of how tall that actually is, ninemsn's graphic editors have calculated what the skyscraper would look like if it was positioned in the centre of Sydney.
The engineering marvel dwarfs existing skyscrapers, with the previous tallest building in the world, the Taipei 101 in Taiwan, reaching a comparatively modest 508m.
The building was named in honour of United Arab Emirates President Sheikh Khalifa bin Zayed al-Nahayan. (Credit: NineMSN)
Sunday, December 27, 2009
Wednesday, December 23, 2009
Sydney Star City Casino workers vote to strike - 22nd December 2009
Staff at Sydney's Star City casino have voted to take industrial action over pay, frustrated over a two per cent rise offered by management.
The LHMU hospitality union says staff in the next few days are likely to decide exactly what action to take and when.
"Star City staff have decided on strike action because they are frustrated by the casino's unfair wage offer and management's refusal to listen to them," LHMU NSW branch secretary Mark Boyd said in a statement on Tuesday night.
"The casino put its offer to a vote of all staff in September and earlier this month. Star City staff voted overwhelmingly `no' twice to the casino's unfair pay offer.
"Star City is refusing to listen to its staff who just want a decent pay rise and don't want to lose any of their conditions.
"The decision to consider action is not taken lightly but staff feel it is their last resort."
Mr Boyd said $575 million was being spent renovating the venue, its top executives were paid $2.6 million and the casino's last quarter revenue was up 11.6 per cent.
No one was available for comment at Star City on Tuesday night. (Credit: Wires, Google News, AP)
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The LHMU hospitality union says staff in the next few days are likely to decide exactly what action to take and when.
"Star City staff have decided on strike action because they are frustrated by the casino's unfair wage offer and management's refusal to listen to them," LHMU NSW branch secretary Mark Boyd said in a statement on Tuesday night.
"The casino put its offer to a vote of all staff in September and earlier this month. Star City staff voted overwhelmingly `no' twice to the casino's unfair pay offer.
"Star City is refusing to listen to its staff who just want a decent pay rise and don't want to lose any of their conditions.
"The decision to consider action is not taken lightly but staff feel it is their last resort."
Mr Boyd said $575 million was being spent renovating the venue, its top executives were paid $2.6 million and the casino's last quarter revenue was up 11.6 per cent.
No one was available for comment at Star City on Tuesday night. (Credit: Wires, Google News, AP)
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Monday, December 21, 2009
Gatto asked to fix $6.25m dispute after mates fall out, by Vanda Carson - The Sydney Morning Herald - 22nd December 2009
Underworld figure Mick Gatto was called in to help settle a $6.25 million dispute between the colourful developer and high-roller gambler Harry Kakavas and the millionaire Gold Coast property developer Jarrod McCracken.
Details of the meeting in 2007 between Mr McCracken, the former rugby league player-turned-developer and the Carlton Crew boss Mr Gatto emerged as part of a sensational NSW Supreme Court lawsuit triggered by the bitter falling out between the two Gold Coast property tycoons, who were once best mates.
Mr McCracken travelled to Melbourne and met Mr Gatto, who he believed was ''very friendly'' with Mr Kakavas, in an attempt to encourage Mr Kakavas to repay the money, lent in a handshake deal.
But even Mr Gatto was not convincing enough to coerce Mr Kakavas to repay the money, which he had lost in gambling sprees at the Bellagio Casino in Las Vegas and at Crown in Melbourne.
About $500,000 of the money was lost when Mr Kakavas bet on the AFL and NRL grand finals.
*Read full article.
(Credit: The Sydney Morning Herald)
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Details of the meeting in 2007 between Mr McCracken, the former rugby league player-turned-developer and the Carlton Crew boss Mr Gatto emerged as part of a sensational NSW Supreme Court lawsuit triggered by the bitter falling out between the two Gold Coast property tycoons, who were once best mates.
Mr McCracken travelled to Melbourne and met Mr Gatto, who he believed was ''very friendly'' with Mr Kakavas, in an attempt to encourage Mr Kakavas to repay the money, lent in a handshake deal.
But even Mr Gatto was not convincing enough to coerce Mr Kakavas to repay the money, which he had lost in gambling sprees at the Bellagio Casino in Las Vegas and at Crown in Melbourne.
About $500,000 of the money was lost when Mr Kakavas bet on the AFL and NRL grand finals.
*Read full article.
(Credit: The Sydney Morning Herald)
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Monday, December 14, 2009
Carl Icahn Moves to Control Trump Resorts - 11th December 2009
Carl C. Icahn, the investor, agreed to buy most of Trump Entertainment Resorts’ bank debt, pitting Mr. Icahn against a bondholders’ reorganization plan for the casino operator. Mr. Icahn leads a group that will buy a secured loan from the Beal Bank, which is first in line among creditors, and agreed to back the lender’s reorganization plan for Trump Entertainment, according to a statement Friday. Trump Entertainment’s three casinos filed for bankruptcy protection for the third time in February, blaming a high debt load and falling revenue. The founder, Donald Trump, and his daughter, Ivanka, dropped Beal as a partner last month and backed a bondholder plan that would give him up to 10 percent of the reorganized company.
“Despite the current problems in Atlantic City I continue to have great faith in the city’s future,” Mr. Icahn said in the statement. The competing plan “is a roll of the dice to releverage these operations, which may well turn into a round-trip ticket to bankruptcy court,” he said. Beal Bank is based in Plano, Tex. Trump Entertainment, based in Atlantic City, owns the Trump Taj Mahal Resort, the Trump Plaza Hotel & Casino and the Trump Marina Hotel Casino.
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“Despite the current problems in Atlantic City I continue to have great faith in the city’s future,” Mr. Icahn said in the statement. The competing plan “is a roll of the dice to releverage these operations, which may well turn into a round-trip ticket to bankruptcy court,” he said. Beal Bank is based in Plano, Tex. Trump Entertainment, based in Atlantic City, owns the Trump Taj Mahal Resort, the Trump Plaza Hotel & Casino and the Trump Marina Hotel Casino.
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Thursday, December 10, 2009
Melco Crown says no plans to raise equity - 9th December 2009
HONG KONG - Macau casino operator Melco Crown Entertainment does not plan to raise capital through the equity market, but will refinance its debt through bonds and bank loans by the middle of 2010, its chief financial officer said on Wednesday.
Melco Crown, a joint venture between Hong Kong-listed Melco International Development Ltd. and Australia's Crown Ltd , would be able to "carry comfortably" $US1.5 to 2 billion ($A1.65 to 2.2 billion) of debt on its balance sheet, CFO Simon Dewhurst told Reuters in an interview.
Melco Crown's stock has nearly halved since it hit its highest level in more than a year on September 23 on concerns about potential fund-raising. In contrast shares of Galaxy Entertainment Group slipped 8.2 per cent in the period.
Macau casino revenues could rise 20 to 25 per cent by the end of 2010 from 2009 levels, on the back of strong economic growth in neighbouring China, Dewhurst said.
"If we assume that China is growing at 10 per cent year-on-year, the gaming industry in Macau will grow for the next 20 years at 20 per cent," Dewhurst said. "I have never found a better proxy for consumer behaviour in China than the Macau gambling story."
Crown shares closed 1.76 lower to $7.79, against a 0.70 per cent decline in the benchmark index. (Credit: Wires, Google News, Reuters, Fairfax)
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Melco Crown, a joint venture between Hong Kong-listed Melco International Development Ltd. and Australia's Crown Ltd , would be able to "carry comfortably" $US1.5 to 2 billion ($A1.65 to 2.2 billion) of debt on its balance sheet, CFO Simon Dewhurst told Reuters in an interview.
Melco Crown's stock has nearly halved since it hit its highest level in more than a year on September 23 on concerns about potential fund-raising. In contrast shares of Galaxy Entertainment Group slipped 8.2 per cent in the period.
Macau casino revenues could rise 20 to 25 per cent by the end of 2010 from 2009 levels, on the back of strong economic growth in neighbouring China, Dewhurst said.
"If we assume that China is growing at 10 per cent year-on-year, the gaming industry in Macau will grow for the next 20 years at 20 per cent," Dewhurst said. "I have never found a better proxy for consumer behaviour in China than the Macau gambling story."
Crown shares closed 1.76 lower to $7.79, against a 0.70 per cent decline in the benchmark index. (Credit: Wires, Google News, Reuters, Fairfax)
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Wednesday, December 09, 2009
Tatweer to Create world's First Marvel Super Heroes Theme Park - 21st April 2008
Tatweer to Create world's First Marvel Super Heroes Theme Park
4.5 Million Sq Ft Development to be Built in Dubailand.
Tatweer, a member of Dubai Holding, today announced a landmark deal with US-based Marvel Entertainment, Inc. (NYSE: MVL), the creators of such globally renowned Super Heroes as Spider-Man, The X- Men, Iron Man, the Fantastic Four and The Incredible Hulk, to develop the region's first Super Heroes theme park at the world's largest leisure, tourism and entertainment destination.
Allocated within DUBAILAND(R), the Marvel Super Heroes theme park will be one of its key anchor..
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4.5 Million Sq Ft Development to be Built in Dubailand.
Tatweer, a member of Dubai Holding, today announced a landmark deal with US-based Marvel Entertainment, Inc. (NYSE: MVL), the creators of such globally renowned Super Heroes as Spider-Man, The X- Men, Iron Man, the Fantastic Four and The Incredible Hulk, to develop the region's first Super Heroes theme park at the world's largest leisure, tourism and entertainment destination.
Allocated within DUBAILAND(R), the Marvel Super Heroes theme park will be one of its key anchor..
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