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.
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Wednesday, March 03, 2010
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)
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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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Sunday, November 01, 2009
Platinum HD: Blockbuster 2010 film
Blockbuster 2010 film by Platinum HD
Click here for the film
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Click here for the film
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