James Packer has criticised "one-sided" media reporting about gambling advising his casinos make a great contribution to the community and business.
"Next time you read an unbalanced story about your casinos and their impact on the community, stop and think about the other side of the story" he advised the annual general meeting of Crown. "The one that rarely gets reported". "That is, of the contribution Crown makes to tourism, to employment, to training, to urban development, to community partnerships and to government revenues. Contributions that make us fundamentally different to many pubs and clubs."
Chief executive Rowen Craigie advised "While a few domestic customer segments continue to exhibit some signs of softness - and in particular I refer to some corporate events and corporate hotel bookings - these impacts have been offset by growth in other customer segments such as consumer and leisure bookings". "There are indications that the business environment in Macau is improving. We see long term potential for the Macau market growth given its exposure to China."
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*The Media Man Australia founder and director does hold shares in Crown Limited
Property News Media is the property, property news, property and financial news and investment arm of Media Man Australia. News, reviews, trends, profiles, interviews, multimedia and more.
Wednesday, October 28, 2009
Sunday, October 25, 2009
Platinum HD Profile
Mission Statement
To be the World's No 1 property, tourism and lifestyle online production network.
Our Aim
Platinum HD (Propvid Queensland) is a team of Cinematographers with a passion for making films that work. Anybody can shoot video. Platinum HD (Propvid Queensland) makes films people watch. Since opening in a two-car garage on the Gold Coast in 2006, PlatiumHD (Propvid Queensland) has grown to become an online TV network with offices in Broadbeach and West End, with a reach from the Sunshine Coast to Tweed Heads and a capacity to shoot anywhere, anytime. Platinum HD (Propvid Queensland) shoots seven days a week, from first light to last light. Our Crew has produced over 6,000 films on property and lifestyle in South East Queensland and have no intention of stopping anytime soon.
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To be the World's No 1 property, tourism and lifestyle online production network.
Our Aim
Platinum HD (Propvid Queensland) is a team of Cinematographers with a passion for making films that work. Anybody can shoot video. Platinum HD (Propvid Queensland) makes films people watch. Since opening in a two-car garage on the Gold Coast in 2006, PlatiumHD (Propvid Queensland) has grown to become an online TV network with offices in Broadbeach and West End, with a reach from the Sunshine Coast to Tweed Heads and a capacity to shoot anywhere, anytime. Platinum HD (Propvid Queensland) shoots seven days a week, from first light to last light. Our Crew has produced over 6,000 films on property and lifestyle in South East Queensland and have no intention of stopping anytime soon.
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Thursday, October 15, 2009
Packer's game spot on, by Terry McCrann - Herald Sun - 14th October 2009
Understanding James Packer and judging his success or failure - present and future - turns entirely on understanding that he has made two big strategic calls.
One was to exit 20th century media - free-to-air TV and magazines. To exit them, self-evidently, in Australia but, for what it's ever worth, the decision applies globally.
It was a decision that developed from the late 1990s, so that he was able, brutally but clinically, to hit the ground running on the death of his father.
The second was to go long 21st century China. At core, seeking to ride exactly the same long wave as BHP Billiton and Rio Tinto, indeed as Australia overall.
But via a very different path. It was - is - of course, his real first (business) love: gaming. And in the only available place, Macau.
Indeed, when you think it through, Packer is really aiming to sell a sophisticated consumer product into the fastest rising disposable incomes on the planet, of some 1.3 billion people. With all the pluses - and very real competitive risks - that entails.
Now, that is 'first love' in a very different way to his late father Kerry or his mentor in this space, the man who in effect built him his money-making Xanadu on the Yarra, Lloyd Williams. For James it is all about the certainty and mind-bogglingly fine detail of the mathematics.
Understand this and you begin to understand where he is going and the dynamics of that journey. And why the US gaming plays that were the focus of the ABC's 45-minute advertisement for Paul Barry's new book were an extremely costly, if instructive, diversion.
Even accounting the $1.5 billion apparently lost cold and extraordinarily rapidly in the US (and Canada and the UK), Packer's combined media and gaming corporate empire has outperformed almost all his relevant peers on his unqualified watch.
As I explained yesterday, the package of value from the old Packer PBL company had increased by $1.20 (down to 97 yesterday) since the death of Kerry on Boxing Day 2005.
This gave shareholders a positive 5.8 per cent TSR (total shareholder return). That's the total over the four years, not per year as I incorrectly wrote in haste yesterday. This compared to a 19.5 per cent negative TSR for Packer's media peer group and an even worse 26.9 per cent negative TSR for the gaming peer group.
The reason was, of course, the spectacular sale of the Nine Network for $5.5 billion - netting him $4.5 billion after the $1 billion he had to reinvest in the network and subsequently lose.
There is just no way to describe this other than as a spectacular coup, spectacularly timed - late in 2006, just as the subprime crisis was starting its slow bubble towards the surface in the US.
Even if you set off the $1.5 billion he would lose in the US against the $4.5 billion, the 'net' was still $3 billion. That's still almost as much as Kerry Stokes got for following him in selling half the Seven Network, just as it was toppling Nine from its long dominance of ratings and advertising dollars.
In short, Packer sold a rapidly depreciating asset beyond the top of the market, exploiting the global financial whiz-kiddery in its dying days! And the deal was even better than it looked.
Why? Because Packer kept the key stakes in Foxtel (25 per cent) and Fox Sports (50 per cent).
Two things are significant about that. It's at least another $1 billion of value - depending how the NBN arm-wrestle plays out, maybe even $2 billion. So his net value out of media was really more like $5.5 billion to $6.5 billion. Secondly, he very deliberately kept what he sees as the 21st century media business. He thinks Foxtel/Fox Sports is the best media business in Australia.
So why did he bend over and sue for peace with the other Kerry; indeed letting him, albeit by proxy, into his media company's boardroom? And did it signify he had a loose affiliation even with Foxtel?
Actually, no. What tended to slip under the radar with the 'mogul peace deal' is that Stokes agreed to 'stand-still' - to not buy any more shares in Packer's Consolidated Media for a year. But Packer did not.
Following the ConsMedia buyback, Stokes' stake goes to 22 per cent, while Packer's will go to a tick over 45 per cent.
Stokes can't buy any more for 12 months. But Packer can and will. He can buy 3 per cent every six months. As the time expires on Stokes' standstill, Packer will move above 50.1 per cent and unchallengable control.
There is no way he will sell out of his remaining - 21st century - media. Unless Stokes or somebody else (it would have to be from another planet) offers him a very silly price. Then the cold-blooded mathematical Packer would kick in.
2 There is no way he is going to 'share' Foxtel with Stokes. He has handcuffed Stokes and in 12 months he could resume hostilities from a position of unchallengable ascendency.
In short, he has moved to 'correct' the mistake he made when he opened the front door by 'selling out' of Nine without bolting the back door to the ConsMedia register. And he's doing, incidentally, the same thing at Crown. He's already started 'creeping' to the same 50.1 per cent.
In short also, the simple fact is that his media plays have been an unqualified success. He has created extraordinary value - in the form of very real (that is, Aussie) dollars.
He has paid for his US mistakes. And he has kept his position in 21st century media, alongside the businessman he most admires and the country's, for the moment, dominant telco.
That leaves judgment on his big 21st century play: China. It is as simplistic to judge that on the basis of what might be happening in Macau this year, as it would be to conclude that the lower prices BHP And Rio were getting this year 'proved' China was a dud for them.
Yes, there might be indigestion in Macau; yes, the Chinese government can play games with visas.
But Macau is very different to Las Vegas. It's the only game in town - until, if, the Chinese allow it in Beijing and Shanghai. And it sits next to 1.3 billion people with rising incomes; against Vegas with 300 million people with falling incomes. (Credit: Herald Sun)
Read the full article here
Media Man Australia - Greg Tingle comments
Mr Packer has investments in a range of business verticals... old media, new media and the hotel, casino and resort sector (both in Australia and abroad), thus spreading risk
Crown Casino is Australia's most profitable casino
Mr Packer and his team appear to have played "politics" correctly with both the Australian / Victorian government as well as the Chinese government
New media investments that Mr Packer's Publishing and Broadcasting Limited (PBL) made that performed impressively include Seek, Carsales, and Foxtel
Gambling is one form of entertainment. Crown Casino, Burswood Entertainment Centre and City Of Dreams have been successful in securing numerous world class entertainment acts, performing artists and the like. Crown Casino and City Of Dreams have developed into major tourist destinations and provide substantial employment
Crown Limited is still in business, while many competitors on a global scale went out of business or are currently going into bankruptcy
Media Man Australia director and founder, Greg Tingle, owns shares in Crown Limited
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Australian Casino News
Property News Media
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One was to exit 20th century media - free-to-air TV and magazines. To exit them, self-evidently, in Australia but, for what it's ever worth, the decision applies globally.
It was a decision that developed from the late 1990s, so that he was able, brutally but clinically, to hit the ground running on the death of his father.
The second was to go long 21st century China. At core, seeking to ride exactly the same long wave as BHP Billiton and Rio Tinto, indeed as Australia overall.
But via a very different path. It was - is - of course, his real first (business) love: gaming. And in the only available place, Macau.
Indeed, when you think it through, Packer is really aiming to sell a sophisticated consumer product into the fastest rising disposable incomes on the planet, of some 1.3 billion people. With all the pluses - and very real competitive risks - that entails.
Now, that is 'first love' in a very different way to his late father Kerry or his mentor in this space, the man who in effect built him his money-making Xanadu on the Yarra, Lloyd Williams. For James it is all about the certainty and mind-bogglingly fine detail of the mathematics.
Understand this and you begin to understand where he is going and the dynamics of that journey. And why the US gaming plays that were the focus of the ABC's 45-minute advertisement for Paul Barry's new book were an extremely costly, if instructive, diversion.
Even accounting the $1.5 billion apparently lost cold and extraordinarily rapidly in the US (and Canada and the UK), Packer's combined media and gaming corporate empire has outperformed almost all his relevant peers on his unqualified watch.
As I explained yesterday, the package of value from the old Packer PBL company had increased by $1.20 (down to 97 yesterday) since the death of Kerry on Boxing Day 2005.
This gave shareholders a positive 5.8 per cent TSR (total shareholder return). That's the total over the four years, not per year as I incorrectly wrote in haste yesterday. This compared to a 19.5 per cent negative TSR for Packer's media peer group and an even worse 26.9 per cent negative TSR for the gaming peer group.
The reason was, of course, the spectacular sale of the Nine Network for $5.5 billion - netting him $4.5 billion after the $1 billion he had to reinvest in the network and subsequently lose.
There is just no way to describe this other than as a spectacular coup, spectacularly timed - late in 2006, just as the subprime crisis was starting its slow bubble towards the surface in the US.
Even if you set off the $1.5 billion he would lose in the US against the $4.5 billion, the 'net' was still $3 billion. That's still almost as much as Kerry Stokes got for following him in selling half the Seven Network, just as it was toppling Nine from its long dominance of ratings and advertising dollars.
In short, Packer sold a rapidly depreciating asset beyond the top of the market, exploiting the global financial whiz-kiddery in its dying days! And the deal was even better than it looked.
Why? Because Packer kept the key stakes in Foxtel (25 per cent) and Fox Sports (50 per cent).
Two things are significant about that. It's at least another $1 billion of value - depending how the NBN arm-wrestle plays out, maybe even $2 billion. So his net value out of media was really more like $5.5 billion to $6.5 billion. Secondly, he very deliberately kept what he sees as the 21st century media business. He thinks Foxtel/Fox Sports is the best media business in Australia.
So why did he bend over and sue for peace with the other Kerry; indeed letting him, albeit by proxy, into his media company's boardroom? And did it signify he had a loose affiliation even with Foxtel?
Actually, no. What tended to slip under the radar with the 'mogul peace deal' is that Stokes agreed to 'stand-still' - to not buy any more shares in Packer's Consolidated Media for a year. But Packer did not.
Following the ConsMedia buyback, Stokes' stake goes to 22 per cent, while Packer's will go to a tick over 45 per cent.
Stokes can't buy any more for 12 months. But Packer can and will. He can buy 3 per cent every six months. As the time expires on Stokes' standstill, Packer will move above 50.1 per cent and unchallengable control.
There is no way he will sell out of his remaining - 21st century - media. Unless Stokes or somebody else (it would have to be from another planet) offers him a very silly price. Then the cold-blooded mathematical Packer would kick in.
2 There is no way he is going to 'share' Foxtel with Stokes. He has handcuffed Stokes and in 12 months he could resume hostilities from a position of unchallengable ascendency.
In short, he has moved to 'correct' the mistake he made when he opened the front door by 'selling out' of Nine without bolting the back door to the ConsMedia register. And he's doing, incidentally, the same thing at Crown. He's already started 'creeping' to the same 50.1 per cent.
In short also, the simple fact is that his media plays have been an unqualified success. He has created extraordinary value - in the form of very real (that is, Aussie) dollars.
He has paid for his US mistakes. And he has kept his position in 21st century media, alongside the businessman he most admires and the country's, for the moment, dominant telco.
That leaves judgment on his big 21st century play: China. It is as simplistic to judge that on the basis of what might be happening in Macau this year, as it would be to conclude that the lower prices BHP And Rio were getting this year 'proved' China was a dud for them.
Yes, there might be indigestion in Macau; yes, the Chinese government can play games with visas.
But Macau is very different to Las Vegas. It's the only game in town - until, if, the Chinese allow it in Beijing and Shanghai. And it sits next to 1.3 billion people with rising incomes; against Vegas with 300 million people with falling incomes. (Credit: Herald Sun)
Read the full article here
Media Man Australia - Greg Tingle comments
Mr Packer has investments in a range of business verticals... old media, new media and the hotel, casino and resort sector (both in Australia and abroad), thus spreading risk
Crown Casino is Australia's most profitable casino
Mr Packer and his team appear to have played "politics" correctly with both the Australian / Victorian government as well as the Chinese government
New media investments that Mr Packer's Publishing and Broadcasting Limited (PBL) made that performed impressively include Seek, Carsales, and Foxtel
Gambling is one form of entertainment. Crown Casino, Burswood Entertainment Centre and City Of Dreams have been successful in securing numerous world class entertainment acts, performing artists and the like. Crown Casino and City Of Dreams have developed into major tourist destinations and provide substantial employment
Crown Limited is still in business, while many competitors on a global scale went out of business or are currently going into bankruptcy
Media Man Australia director and founder, Greg Tingle, owns shares in Crown Limited
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Wednesday, October 14, 2009
Why James is still on a roll, by Terry McCrann - 14th October 2009
There is one simple all-encompassing measure of James Packer's performance since he assumed absolute responsibility for - he already had control of - the family fortune, when 'Big Kerry' died on Boxing Day just under four years ago.
It is also the single most important measure: How have he and his fellow shareholders done?
When the market closed for Christmas back then, the share price of the Packers' then PBL company was $16.61.
Somewhat over-excited observers suggested it would reopen post-Christmas and post-Kerry as much as 10 per cent lower. In the event it dropped 20.
Well those shareholders now have a package of value adding to around $17.80 per old PBL share. They are $1.20 a share better off under James Packer's sole stewardship.
It's simple, it's clear, it's undeniable. It captures all the pluses and minuses and finishes with a significant net plus.
First up James split PBL into two companies - Crown, to hold the gaming interests and Consolidated Media for the 'old' Packer business. Investors were given one share in each of the new companies for each PBL share plus a special $3 dividend.
So today's value package comprises the $9.19 market price for a Crown share, $3.08 for a ConsMedia share, $3 for the demerger dividend, $2.13 in accumulated normal dividends since then and 38 for theoretical interest earned on those dividends.
Now in isolation an extra $1.20 over four years mightn't sound much. But it came through a little event called the Global Financial Crisis.
In that context, what's called the 'Total Shareholder Return' or TSR delivered to investors in the Packer empire of plus 5.8 per cent per year over the four years is very impressive. Just about everybody else outside the resources sector would be negative.
Compared to its peers, the performance of the - to stress, James - Packer empire is spectacular. And it is very important to note, that it has two sets of peers - the gaming sector and the media sector.
Why important? Because it is the combination and the type of media which is key to understanding James' success to date and the plays he is making into the 21st century. In both spaces.
It is also fundamentally his corporate empire. It reflects his choices and his strategic and tactical decisions. The biggest of course, the exactly perfectly timed sale of the Nine Network just 10 months after Kerry's death.
Investment bank UBS has done the numbers. They show a media average (of Seven, Ten, Fairfax, WAN and NewsCorp) TSR of minus 19.5 per cent a year since Kerry's death.
While the gaming average (using Tabcorp and a clutch of US-based groups), produces minus 26.9 per cent a year TSR.
Just to emphasise the difference: the Packer package grew by 5.8 per cent a year over the four years; the media and gaming peers went not just backwards, but significantly backwards.
Full article here (Credit: News.com.au)
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Media Man Australia
It is also the single most important measure: How have he and his fellow shareholders done?
When the market closed for Christmas back then, the share price of the Packers' then PBL company was $16.61.
Somewhat over-excited observers suggested it would reopen post-Christmas and post-Kerry as much as 10 per cent lower. In the event it dropped 20.
Well those shareholders now have a package of value adding to around $17.80 per old PBL share. They are $1.20 a share better off under James Packer's sole stewardship.
It's simple, it's clear, it's undeniable. It captures all the pluses and minuses and finishes with a significant net plus.
First up James split PBL into two companies - Crown, to hold the gaming interests and Consolidated Media for the 'old' Packer business. Investors were given one share in each of the new companies for each PBL share plus a special $3 dividend.
So today's value package comprises the $9.19 market price for a Crown share, $3.08 for a ConsMedia share, $3 for the demerger dividend, $2.13 in accumulated normal dividends since then and 38 for theoretical interest earned on those dividends.
Now in isolation an extra $1.20 over four years mightn't sound much. But it came through a little event called the Global Financial Crisis.
In that context, what's called the 'Total Shareholder Return' or TSR delivered to investors in the Packer empire of plus 5.8 per cent per year over the four years is very impressive. Just about everybody else outside the resources sector would be negative.
Compared to its peers, the performance of the - to stress, James - Packer empire is spectacular. And it is very important to note, that it has two sets of peers - the gaming sector and the media sector.
Why important? Because it is the combination and the type of media which is key to understanding James' success to date and the plays he is making into the 21st century. In both spaces.
It is also fundamentally his corporate empire. It reflects his choices and his strategic and tactical decisions. The biggest of course, the exactly perfectly timed sale of the Nine Network just 10 months after Kerry's death.
Investment bank UBS has done the numbers. They show a media average (of Seven, Ten, Fairfax, WAN and NewsCorp) TSR of minus 19.5 per cent a year since Kerry's death.
While the gaming average (using Tabcorp and a clutch of US-based groups), produces minus 26.9 per cent a year TSR.
Just to emphasise the difference: the Packer package grew by 5.8 per cent a year over the four years; the media and gaming peers went not just backwards, but significantly backwards.
Full article here (Credit: News.com.au)
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Media Man Australia
Saturday, October 10, 2009
Play on the Biggest Monopoly Board Ever
Monopoly City Streets will incorporate Google Maps in an online version of the famed board game.
US, September 8, 2009 - EAST LONGMEADOW, Mass. - Have you ever wanted to own the entire street where you live? Starting tomorrow (September 9), aspiring MONOPOLY moguls can take over the globe with MONOPOLY CITY STREETS, a limited-time online free version of the world's most popular board game that allows players to "buy" streets based on Google Maps, competing against participants all over the world.
The MONOPOLY CITY STREETS instant-play online platform brings MONOPOLY to life by letting competitors play with the actual streets that are special to them. including their very own neighborhood, town or city. Or, players can choose to set up their property empire in a city where they would like to own property. It's easy to get started -- players create a profile on www.monopolycitystreets.com and begin to acquire properties each day through purchases and trades. Each player starts the game with $3 million MONOPOLY dollars and earns rent based on streets and properties owned at the time competitors log into the game.
Each street in the world is available for purchase by only one player, increasing the opportunity for trading and interaction among players. Players can instantly set up houses, hotels, skyscrapers and other buildings quickly after acquiring streets to increase property values.
The online game is launching in celebration of the release of MONOPOLY CITY, a new board game where players build a 3-D city in the center of the game board. For the first time since MONOPOLY was invented in 1935, game play has changed, removing the need to collect an entire property group before players can build structures on their properties, so a city can be built from the ground up from the first roll of the dice. Additionally, just like in real life, the value of property and players' incomes can rise and fall. Players can build structures to increase property values, such as schools or eco-friendly wind farms, or they can sabotage opponents by building sewage plants or prisons on the competition's property.
"The online experience for MONOPOLY CITY STREETS emphasizes the exciting dealing and negotiating elements of MONOPOLY," said Sarah Hoskin, Senior Marketing Manager for U.S. Marketing at Hasbro Games. "Both MONOPOLY CITY STREETS and MONOPOLY CITY bring new creativity to MONOPOLY that goes beyond the traditional property streets, green houses and red hotels."
MONOPOLY CITY STREETS will launch online in English, French, Spanish, Dutch and German on September 9, 2009. MONOPOLY CITY will be available at mass retail stores nationwide in Fall for the approximate retail price of $34.99. The board game includes more than 80 3-D buildings, district property cards, MONOPOLY money, "Chance" and "Dodge Rent" cards, and a Trading unit that requires two AAA batteries.
ABOUT MONOPOLY
Since 1935, more than 250 million copies of MONOPOLY have been sold in 106 countries and 40 languages. More than 200 different editions of the game have been published, but the most popular continues to be the classic "Number Nine." Affectionately known by its original product number, "Number Nine" is based on the streets of Atlantic City and is nearly identical to Charles Darrow's original submission to Parker Brothers. The MONOPOLY name and logo, the distinctive design of the game board, the four corner squares, the MR. MONOPOLY name and the character, as well as each of the distinctive elements of the board and playing pieces are trademarks of Hasbro for its property trading game and game equipment. (C) 2009 Hasbro, All Rights Reserved.
About Hasbro
Hasbro, Inc. is a worldwide leader in children's and family leisure time products and services with a rich portfolio of brands and entertainment properties that provides some of the highest quality and most recognizable play and recreational experiences in the world. As a brand-driven, consumer-focused global company, Hasbro brings to market a range of toys, games and licensed products, from traditional to high-tech and digital, under such powerful brand names as TRANSFORMERS, PLAYSKOOL, TONKA, MILTON BRADLEY, PARKER BROTHERS, TIGER, CRANIUM and WIZARDS OF THE COAST. Come see how we inspire play through our brands at http://www.hasbro.com. (C) 2009 Hasbro, Inc. All Rights Reserved.
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US, September 8, 2009 - EAST LONGMEADOW, Mass. - Have you ever wanted to own the entire street where you live? Starting tomorrow (September 9), aspiring MONOPOLY moguls can take over the globe with MONOPOLY CITY STREETS, a limited-time online free version of the world's most popular board game that allows players to "buy" streets based on Google Maps, competing against participants all over the world.
The MONOPOLY CITY STREETS instant-play online platform brings MONOPOLY to life by letting competitors play with the actual streets that are special to them. including their very own neighborhood, town or city. Or, players can choose to set up their property empire in a city where they would like to own property. It's easy to get started -- players create a profile on www.monopolycitystreets.com and begin to acquire properties each day through purchases and trades. Each player starts the game with $3 million MONOPOLY dollars and earns rent based on streets and properties owned at the time competitors log into the game.
Each street in the world is available for purchase by only one player, increasing the opportunity for trading and interaction among players. Players can instantly set up houses, hotels, skyscrapers and other buildings quickly after acquiring streets to increase property values.
The online game is launching in celebration of the release of MONOPOLY CITY, a new board game where players build a 3-D city in the center of the game board. For the first time since MONOPOLY was invented in 1935, game play has changed, removing the need to collect an entire property group before players can build structures on their properties, so a city can be built from the ground up from the first roll of the dice. Additionally, just like in real life, the value of property and players' incomes can rise and fall. Players can build structures to increase property values, such as schools or eco-friendly wind farms, or they can sabotage opponents by building sewage plants or prisons on the competition's property.
"The online experience for MONOPOLY CITY STREETS emphasizes the exciting dealing and negotiating elements of MONOPOLY," said Sarah Hoskin, Senior Marketing Manager for U.S. Marketing at Hasbro Games. "Both MONOPOLY CITY STREETS and MONOPOLY CITY bring new creativity to MONOPOLY that goes beyond the traditional property streets, green houses and red hotels."
MONOPOLY CITY STREETS will launch online in English, French, Spanish, Dutch and German on September 9, 2009. MONOPOLY CITY will be available at mass retail stores nationwide in Fall for the approximate retail price of $34.99. The board game includes more than 80 3-D buildings, district property cards, MONOPOLY money, "Chance" and "Dodge Rent" cards, and a Trading unit that requires two AAA batteries.
ABOUT MONOPOLY
Since 1935, more than 250 million copies of MONOPOLY have been sold in 106 countries and 40 languages. More than 200 different editions of the game have been published, but the most popular continues to be the classic "Number Nine." Affectionately known by its original product number, "Number Nine" is based on the streets of Atlantic City and is nearly identical to Charles Darrow's original submission to Parker Brothers. The MONOPOLY name and logo, the distinctive design of the game board, the four corner squares, the MR. MONOPOLY name and the character, as well as each of the distinctive elements of the board and playing pieces are trademarks of Hasbro for its property trading game and game equipment. (C) 2009 Hasbro, All Rights Reserved.
About Hasbro
Hasbro, Inc. is a worldwide leader in children's and family leisure time products and services with a rich portfolio of brands and entertainment properties that provides some of the highest quality and most recognizable play and recreational experiences in the world. As a brand-driven, consumer-focused global company, Hasbro brings to market a range of toys, games and licensed products, from traditional to high-tech and digital, under such powerful brand names as TRANSFORMERS, PLAYSKOOL, TONKA, MILTON BRADLEY, PARKER BROTHERS, TIGER, CRANIUM and WIZARDS OF THE COAST. Come see how we inspire play through our brands at http://www.hasbro.com. (C) 2009 Hasbro, Inc. All Rights Reserved.
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Friday, October 09, 2009
Monday, September 07, 2009
Platinum HD Propvid Queensland Website Updated
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* Media Man Australia and Property News Media assist Platinum HD Propvid Queensland in a new media and internet exposure capacity
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Tuesday, August 25, 2009
James Packer's Consolidated Media Holdings Head Office Sells For $50m
Mr Packer's CMH has sold its Sydney head office for $50 million.
ConsMedia issues a statement to the ASX earlier today that it had entered into a contract to sell its Park Street property for $50 million.
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ConsMedia issues a statement to the ASX earlier today that it had entered into a contract to sell its Park Street property for $50 million.
References:
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AAP
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Property News
Thursday, August 20, 2009
Tuesday, August 18, 2009
Click Your Way To A New Home
Play an online game, win a house. It sure may sound too good to be true, but it is indeed a legitimate offer being made by a new website called Play4Property.com.
How Does Play4Property Work? - www.Play4Property.com
Participants wanting to try to win the available house for that period simply register at the site, pay a $35 entry fee, and play a game of skill called “Spot the Ball”. In the game, players are presented with a picture of people playing a sport, like soccer. In the picture the ball has been digitally removed. The people in the photo are looking at where the ball used to be - and players have to determine the precise spot where the ball is and place a virtual pin as close to the exact middle of the invisible ball as possible to win. When the competition ends on the announced date, the Play4Property’s legal team and sports experts analyze the submissions to determine which participant’s pin is placed closest to the precise center of the ball.
The value of the available house depends on the amount collected in entry fees and is based upon the number of players who have competed in the game for that property. Properties can range in value up to $5 million.
There are actually two types of competitions people can enter at the site. The main competition, describe above, or players can try the Instant Win competition for just $7.50 per play. In Instant Win, if a player picks the exact co-ordinates of the ball, he/she instantly wins a prize, like a laptop.
Anthony Davis, Play4Property.com’s Managing Director, says that the odds of winning at his site are around 1 in 15,000. That’s much better than the chances of winning the lottery-about 1 in 120 million. And unlike the lottery, this Play4Property.com game actually requires the player to think. “It’s not all about luck”, Davis says, “which makes it much more fun to play.”
But the game isn’t just for those hoping to win a new house. Sellers can also use the site to market their home. Instead of wondering about buyers’ financing or dealing with annoying open houses, sellers can contact Play4Property, simply upload a description of the house and some photos, and their property can begin being viewed worldwide.
For more information go to: www.Play4Property.com or call (954) 821-3293
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How Does Play4Property Work? - www.Play4Property.com
Participants wanting to try to win the available house for that period simply register at the site, pay a $35 entry fee, and play a game of skill called “Spot the Ball”. In the game, players are presented with a picture of people playing a sport, like soccer. In the picture the ball has been digitally removed. The people in the photo are looking at where the ball used to be - and players have to determine the precise spot where the ball is and place a virtual pin as close to the exact middle of the invisible ball as possible to win. When the competition ends on the announced date, the Play4Property’s legal team and sports experts analyze the submissions to determine which participant’s pin is placed closest to the precise center of the ball.
The value of the available house depends on the amount collected in entry fees and is based upon the number of players who have competed in the game for that property. Properties can range in value up to $5 million.
There are actually two types of competitions people can enter at the site. The main competition, describe above, or players can try the Instant Win competition for just $7.50 per play. In Instant Win, if a player picks the exact co-ordinates of the ball, he/she instantly wins a prize, like a laptop.
Anthony Davis, Play4Property.com’s Managing Director, says that the odds of winning at his site are around 1 in 15,000. That’s much better than the chances of winning the lottery-about 1 in 120 million. And unlike the lottery, this Play4Property.com game actually requires the player to think. “It’s not all about luck”, Davis says, “which makes it much more fun to play.”
But the game isn’t just for those hoping to win a new house. Sellers can also use the site to market their home. Instead of wondering about buyers’ financing or dealing with annoying open houses, sellers can contact Play4Property, simply upload a description of the house and some photos, and their property can begin being viewed worldwide.
For more information go to: www.Play4Property.com or call (954) 821-3293
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Monday, August 17, 2009
Saturday, August 15, 2009
Crown's Macau joint venture raises $237m - 14th August 2009
Casinos operator Crown said that its joint-venture business in Macau, Melco Crown Entertainment, had successfully conducted a $US200 million ($237 million) equity placement.
The size of the placement will increase to $US220 million if an over-allotment option is exercised.
Crown said that following the Melco Crown placement, Crown's ownership interest in Melco Crown would be diluted from 36.4 per cent to 33.5 per cent, assuming full exercise of the over-allotment option.
Melco Crown is jointly owned by Hong Kong-listed Melco International Development Ltd and Crown.
Melco International is substantially owned and led by Lawrence Ho.
Melco Crown operates the Altira Macau (formerly Crown Macau) and the City of Dreams casino resort. The company's operations also includes the Mocha Clubs, which have about 1,500 gaming machines across eight locations.
Mr Ho said in a statement that year-on-year growth in gaming revenues for the whole of the Macau market had re-emerged in July 2009, following soon after the successful opening of City of Dreams at the start of June.
"We are confident that a period of growth at sustainable levels is ahead of us, and we continue to remain absolutely focused on the opportunities that this will present to our company,'' Mr Ho said.
"The placement funds raised will better position us to be able to pursue future development opportunities while at the same time maintaining our rigorous approach to balance sheet prudence.''
Crown shares were down 19 cents at $7.33 at 3.31pm (AEST).
The size of the placement will increase to $US220 million if an over-allotment option is exercised.
Crown said that following the Melco Crown placement, Crown's ownership interest in Melco Crown would be diluted from 36.4 per cent to 33.5 per cent, assuming full exercise of the over-allotment option.
Melco Crown is jointly owned by Hong Kong-listed Melco International Development Ltd and Crown.
Melco International is substantially owned and led by Lawrence Ho.
Melco Crown operates the Altira Macau (formerly Crown Macau) and the City of Dreams casino resort. The company's operations also includes the Mocha Clubs, which have about 1,500 gaming machines across eight locations.
Mr Ho said in a statement that year-on-year growth in gaming revenues for the whole of the Macau market had re-emerged in July 2009, following soon after the successful opening of City of Dreams at the start of June.
"We are confident that a period of growth at sustainable levels is ahead of us, and we continue to remain absolutely focused on the opportunities that this will present to our company,'' Mr Ho said.
"The placement funds raised will better position us to be able to pursue future development opportunities while at the same time maintaining our rigorous approach to balance sheet prudence.''
Crown shares were down 19 cents at $7.33 at 3.31pm (AEST).
Crown rolls a winner - 15th August 2009
Casino operator Crown's joint venture in Macau, Melco Crown Entertainment, has successfully conducted a $US200 million ($A238 million) equity placement.
The placement will increase to $US220 million if an over-allotment option is exercised.
Crown said yesterday that following the Melco Crown placement, its interest in Melco Crown would be diluted from 36.4 per cent to 33.5 per cent, assuming full exercise of the over-allotment option.
Melco Crown is jointly owned by Crown and Hong Kong-listed Melco International Development. Melco International is substantially owned and led by Lawrence Ho.
Melco Crown operates the Altira Macau (formerly Crown Macau) and the City of Dreams casino resort.
Mr Ho said that year-on-year growth in gaming revenues for the whole of the Macau market had revived in July 2009.
Crown shares closed down 19¢ at $7.33.
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The placement will increase to $US220 million if an over-allotment option is exercised.
Crown said yesterday that following the Melco Crown placement, its interest in Melco Crown would be diluted from 36.4 per cent to 33.5 per cent, assuming full exercise of the over-allotment option.
Melco Crown is jointly owned by Crown and Hong Kong-listed Melco International Development. Melco International is substantially owned and led by Lawrence Ho.
Melco Crown operates the Altira Macau (formerly Crown Macau) and the City of Dreams casino resort.
Mr Ho said that year-on-year growth in gaming revenues for the whole of the Macau market had revived in July 2009.
Crown shares closed down 19¢ at $7.33.
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Friday, August 14, 2009
$240m raising on cards for Packer casino - (AFR Abstract) - 13th August 2009
Melco Crown is trying to lower its debt from the City of Dreams complex in Macau through a $A240 million capital raising. The complex has started slowly since its 1 June 2009 opening. The company's casinos are suffering lower-than-expected patronage and a lower house-win rate. Crown shares closed slightly down on 12 August 2009 at $A7.24 (Credit: Australian Financial Review)
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Packer shocks with surprise resignation, by Carolyn Cummins - Fairfax - 14th August 2009
James Packer has surprised the market with his resignation yesterday from the Gold Coast-based property developer, Sunland Group, which is currently embroiled in court action regarding a former employee in Dubai.
Having paid about $70 million for an 11 per cent stake in the group in March 2006, Mr Packer is currently sitting on a paper loss of $43.5 million. Sunland closed 8c to 71c yesterday, but there was no sign of any large scale selling.
The Herald asked Mr Packer's office if his resignation was related to the Dubai controversy.
A spokesman said: "It is not Mr Packer's policy to comment on matters relating to his investments."
In a short statement to the ASX yesterday Sunland said "Mr Packer has resigned from the board effective immediately".
In response to the Herald's call Sahba Abedian, Sunland's managing director said: "It is business as usual at the Sunland Group and yesterday's resignation by Mr Packer will not cause any disruption to the business".
"Sunland has a very strong board with a depth of talent and experience that has successfully guided the company for 25 years, and will continue to do so," Mr Abedian said.
Mr Packer joined the board as a non-executive director in March 2006, at the time when Sunland, like all property developers, were riding high on the market boom.
He bought 37.5 million securities through his private Cavalane Holdings, a wholly owned subsidiary of Consolidated Press Holdings, in July 2006, at an average entry price of $1.87. On June 3 this year, Sunland hit a low of 29c as the full impact of the global financial crisis hit.
Since that time, the market has staged a turnaround with the price moving back towards its early 2000 level.
At the time of his appointment, Mr Packer said he had "enthusiastically watched its (Sunland) growth over recent times".
"CPH wishes to take a strategic position in the group recognising Sunland's domestic achievements and international potential in the property, tourism and leisure sector," Mr Packer said in 2006.
It was widely assumed that Mr Packer would look to open a casino in one of Sunland's proposed Dubai projects. (Credit: Fairfax)
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Having paid about $70 million for an 11 per cent stake in the group in March 2006, Mr Packer is currently sitting on a paper loss of $43.5 million. Sunland closed 8c to 71c yesterday, but there was no sign of any large scale selling.
The Herald asked Mr Packer's office if his resignation was related to the Dubai controversy.
A spokesman said: "It is not Mr Packer's policy to comment on matters relating to his investments."
In a short statement to the ASX yesterday Sunland said "Mr Packer has resigned from the board effective immediately".
In response to the Herald's call Sahba Abedian, Sunland's managing director said: "It is business as usual at the Sunland Group and yesterday's resignation by Mr Packer will not cause any disruption to the business".
"Sunland has a very strong board with a depth of talent and experience that has successfully guided the company for 25 years, and will continue to do so," Mr Abedian said.
Mr Packer joined the board as a non-executive director in March 2006, at the time when Sunland, like all property developers, were riding high on the market boom.
He bought 37.5 million securities through his private Cavalane Holdings, a wholly owned subsidiary of Consolidated Press Holdings, in July 2006, at an average entry price of $1.87. On June 3 this year, Sunland hit a low of 29c as the full impact of the global financial crisis hit.
Since that time, the market has staged a turnaround with the price moving back towards its early 2000 level.
At the time of his appointment, Mr Packer said he had "enthusiastically watched its (Sunland) growth over recent times".
"CPH wishes to take a strategic position in the group recognising Sunland's domestic achievements and international potential in the property, tourism and leisure sector," Mr Packer said in 2006.
It was widely assumed that Mr Packer would look to open a casino in one of Sunland's proposed Dubai projects. (Credit: Fairfax)
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Saturday, August 08, 2009
Packer casinos bet on beds to get them out of the red, by Vanda Carson - The Sydney Morning Herald - 8th August 2009
James Packer's Macau casino joint venture hopes to turn around the ailing fortunes of its two casinos by encouraging more of its visitors to stay and gamble until the early hours of the morning, when profitability is at its peak.
In announcing Melco Crown Entertainment's second-quarter earnings yesterday, the chief financial officer, Simon Dewhurst, told analysts the company planned to entice gamblers to spend more at the tables to reverse the slide of the past year.
The Nasdaq-listed company posted a loss of $US24 million ($29 million) in the three months to the end of June - compared with a profit of $US36 million in the period last year - due to a slump in visitors to Macau, a lower house win rate and fewer VIPs at its baccarat tables.
The company owns the Altira casino, which opened in May 2007, and the larger City of Dreams, which opened in June.
Over the past three months, the average amount of money won by the house on table games at the Altira casino was half what it was a year ago. The average house win each day was $US10,800 a table in the three months to June, compared with $US22,600 in the three months to June last year.
The overall result was below analysts' expectations, but Mr Dewhurst said he was hopeful that earnings would improve as the new City of Dreams casino became established and the economy picked up.
He said the opening next month of the 800-room Grant Hyatt Macau as part of the City of Dreams complex would likely boost gambling turnover, and that he expected a 20 per cent rise in the ''efficiency'' of gamblers.
Casinos give gamblers hotel rooms free because it directly boosts gambling revenue by allowing them to play through the night. The new rooms would ''ensure the gambling floor stays busy from midnight until 3 or 4 o'clock in the morning'', he said.
Casinos try to encourage gamblers to play at baccarat tables for long periods of time because it increases the house win rate. ''If someone buys in and sits for three hours, rather than one hour, it generates a higher hold percentage,'' Mr Dewhurst said.
The "hold" percentage - or casino win rate - on mass-market table games at City of Dreams would rise as loyalty to the casino, and the number of hotel rooms, increased, he said, adding that the house win rate could rise from its current 16 per cent to 21 per cent.
The City of Dreams has 600 hotel rooms, half of which are used to entice high rollers to visit and a further 150 of which are used as incentives for players on the lower-end, mass-market casino floor.
The company declared a bad-debt provision of $US4 million after a pair of high rollers did not repay money they had been lent by Altira to bet at the casino.
Mr Dewhurst said doubtful debts were "a function of our business - we have to manage them as best we can". (Credit: Fairfax)
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In announcing Melco Crown Entertainment's second-quarter earnings yesterday, the chief financial officer, Simon Dewhurst, told analysts the company planned to entice gamblers to spend more at the tables to reverse the slide of the past year.
The Nasdaq-listed company posted a loss of $US24 million ($29 million) in the three months to the end of June - compared with a profit of $US36 million in the period last year - due to a slump in visitors to Macau, a lower house win rate and fewer VIPs at its baccarat tables.
The company owns the Altira casino, which opened in May 2007, and the larger City of Dreams, which opened in June.
Over the past three months, the average amount of money won by the house on table games at the Altira casino was half what it was a year ago. The average house win each day was $US10,800 a table in the three months to June, compared with $US22,600 in the three months to June last year.
The overall result was below analysts' expectations, but Mr Dewhurst said he was hopeful that earnings would improve as the new City of Dreams casino became established and the economy picked up.
He said the opening next month of the 800-room Grant Hyatt Macau as part of the City of Dreams complex would likely boost gambling turnover, and that he expected a 20 per cent rise in the ''efficiency'' of gamblers.
Casinos give gamblers hotel rooms free because it directly boosts gambling revenue by allowing them to play through the night. The new rooms would ''ensure the gambling floor stays busy from midnight until 3 or 4 o'clock in the morning'', he said.
Casinos try to encourage gamblers to play at baccarat tables for long periods of time because it increases the house win rate. ''If someone buys in and sits for three hours, rather than one hour, it generates a higher hold percentage,'' Mr Dewhurst said.
The "hold" percentage - or casino win rate - on mass-market table games at City of Dreams would rise as loyalty to the casino, and the number of hotel rooms, increased, he said, adding that the house win rate could rise from its current 16 per cent to 21 per cent.
The City of Dreams has 600 hotel rooms, half of which are used to entice high rollers to visit and a further 150 of which are used as incentives for players on the lower-end, mass-market casino floor.
The company declared a bad-debt provision of $US4 million after a pair of high rollers did not repay money they had been lent by Altira to bet at the casino.
Mr Dewhurst said doubtful debts were "a function of our business - we have to manage them as best we can". (Credit: Fairfax)
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Aussie gambling gossip from the Media Man - 8th August 2009
What a week its been. Australian self confessed pathological gambler, Harry Kakavas "unlucky" streak continues. If anyone could vouch its a casino economy, it would be him. Thus far unsuccessful in his bit to sue Melbourne's Crown Casino. Kakavas company based on the Gold Coast has been giving the corporate doctor. Challenger Managed Investments have appointed John Park and Mark Korda of KordaMentha as receiver managers. Incidental, Part is also looking after the matters for former gaming and IT whiz kid cum tsar, Daniel Tzvetkoff. Yes folks, the higher they climb, the further they fall, especially in the casino circles if these latest turn of events are anything to judge by. In the meantime north of Australia's Gold Coast, up Las Vegas and Atlantic City way Donald Trump is looking to rescue, and no doubt, resurrect, his Trump Casino empire. Trump's peers such as Steve Wynn are said to not want a bar of igaming involvement (bit of a threat to the bricks and mortar Stevo?), while Harrah's Entertainment boss (formally PartyGaming chief), Mitch Garber, is very confident and excited about rolling out at least some of what he knows works for his Harrah's hotel-casino-resort chain. We here at Media Man like this Mitch fella. Sound like he might be open to some b2b and World Casino Directory and multi currency casino listing proposals. Rumours are circulating that some of the Vegas top brass has been observing one Aussie companies b2b dealings with James Packer's long time UK connection - Aspers, including Aspers online ventures. Aspers Damian Aspinall, is finding it impossible to live down his series of high profile dates with Australia's "Body" Elle MacPherson. Speaking of rumoured power couples, or at least, "power pairings" (not to implicate the potentially innocent.. doubt it), Bodog founder Calvin Ayre has been spotted with igaming pr and communications queen, Rebecca Liggero. Ms Liggero is said to have some positive and spicy history with Ayre, and last week our miss was officially placed in a role to help along the Bodog empire rebuild, or global expansion, depending of the sources you care to believe. PartyGaming remains in the party hard - happy days mode at the moment with their CEO Jim Ryan reporting that their PartyCasino.com and PartyPoker.com brands are performing well, and that their recent purchase of Cashcade (including the famed Foxy Bingo) are on track. Party keep teasing rising poker and casino babe, Paris Hilton with public press releases, however our precious Paris is yet to sign the bottom line. Maybe she's waiting on Sexy Poker (banned in Australia) to call. Not to be outdone, Nicki Hilton has been hanging out considerable with our main man, WSOP legend, Doyle Brunson. Hilton's said to have injected some new life into "the father of poker". The Bondi Beach igaming crew are wondering when Holly Branson, daughter of business tycoon, Sir Richard Branson, will one again grace their shows. Sir Richard who also heads up Virgin Games might take a liking to Berg's Gaming on location at the Bondi Icebergs, said to be previous visited by the power pairing, and Paris Hilton of course! Whatever the case, its sure been a hot and eventful few weeks in the casino sector, from court cases, to buyouts, casino babes, not to mention the new poker bill happenings in Washington. CAP, PAP and PPA took no time to publish their spin on things and subsequent press releases, and these developments are strongly rumoured to be on the radar of Australia's Parliament House, including the office of gaming and racing (who have plenty of their own in house problems to contend with). Stay tuned to Gambling911.com for the latest and hottest news from the gambling world, as we scour the universe for the news you need to know.
Gambling man in more strife, by Shannon Willoughby - The Gold Coast Bullentin - 8th August 2009
The man who is suing Melbourne's Crown Casino for $30 million is facing his own financial setback on the Gold Coast.
A company directed by self-confessed pathological gambler Harry Kakavas has moved into the hands of the corporate doctor after it failed to meet its financial commitments.
Elite Property Investments Group Pty Ltd, which owns and runs a commercial property in Broadbeach, is understood to owe its mortgagee millions.
The appointment comes as Mr Kakavas awaits a judge's decision over a legal stoush involving him and Melbourne's Crown Casino.
Mr Kakavas is suing Crown for $30 million plus damages over claims it lured him to the tables, despite knowing he was a banned gambler.
Elite Property Investment's mortgagee, Challenger Managed Investments, appointed John Park and Mark Korda of KordaMentha as receiver managers.
Mr Park said the debt remained confidential but The Bulletin understands it is in the millions.
Mr Kakavas's company paid $9.35 million for the mid-rise on Queensland Avenue in 2005.
Mr Park, who is also the liquidator for a company controlled by embattled IT tycoon Daniel Tzvetkoff, said there was a possibility they could sell the property.
"We are assessing the tenancy mix at the moment and looking at the best strategy for realisation of the property," he said. "We are assessing the quality of the product (before we decide if its going to go to the market)."
The former king of Hedges Avenue -- a name Mr Kakavas was crowned after his prolific buying and selling along 'millionaires row' -- declined to comment.
The judgment over his court case is expected to be handed down within months, with final submissions being heard on August 17.
Mr Kakavas alleges the casino giant seduced him on to the tables knowing he was a self-confessed problem gambler. He is alleging negligence, unconscionable conduct and breaches of the Casino Control Act by Crown Casino.
He claims he banned himself from the casino but said he was lured back with VIP treatment.
The former property developer claims to have turned over more than $1.4 billion during a 14-month gambling binge across Australia from June 2005.
He is also suing the casino's chief operating officer John Williams. Mr Kakavas claims Mr Williams lured him back with VIP treatment.
Mr Kakavas also alleges he was flown about 30 times on Crown's VIP jet in 2007, was regularly handed bags and boxes of cash and given a promise of a 20 per cent rebate on all losses.
Crown Casino boss Rowen Craigie, who also owns property in Hedges Avenue, is also being sued.
Mr Craigie had his Hedges Avenue mansion on the market but it has since been withdrawn. (Credit: News Limited)
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Gambling man in more strife, by Shannon Willoughby - The Gold Coast Bullentin - 8th August 2009
The man who is suing Melbourne's Crown Casino for $30 million is facing his own financial setback on the Gold Coast.
A company directed by self-confessed pathological gambler Harry Kakavas has moved into the hands of the corporate doctor after it failed to meet its financial commitments.
Elite Property Investments Group Pty Ltd, which owns and runs a commercial property in Broadbeach, is understood to owe its mortgagee millions.
The appointment comes as Mr Kakavas awaits a judge's decision over a legal stoush involving him and Melbourne's Crown Casino.
Mr Kakavas is suing Crown for $30 million plus damages over claims it lured him to the tables, despite knowing he was a banned gambler.
Elite Property Investment's mortgagee, Challenger Managed Investments, appointed John Park and Mark Korda of KordaMentha as receiver managers.
Mr Park said the debt remained confidential but The Bulletin understands it is in the millions.
Mr Kakavas's company paid $9.35 million for the mid-rise on Queensland Avenue in 2005.
Mr Park, who is also the liquidator for a company controlled by embattled IT tycoon Daniel Tzvetkoff, said there was a possibility they could sell the property.
"We are assessing the tenancy mix at the moment and looking at the best strategy for realisation of the property," he said. "We are assessing the quality of the product (before we decide if its going to go to the market)."
The former king of Hedges Avenue -- a name Mr Kakavas was crowned after his prolific buying and selling along 'millionaires row' -- declined to comment.
The judgment over his court case is expected to be handed down within months, with final submissions being heard on August 17.
Mr Kakavas alleges the casino giant seduced him on to the tables knowing he was a self-confessed problem gambler. He is alleging negligence, unconscionable conduct and breaches of the Casino Control Act by Crown Casino.
He claims he banned himself from the casino but said he was lured back with VIP treatment.
The former property developer claims to have turned over more than $1.4 billion during a 14-month gambling binge across Australia from June 2005.
He is also suing the casino's chief operating officer John Williams. Mr Kakavas claims Mr Williams lured him back with VIP treatment.
Mr Kakavas also alleges he was flown about 30 times on Crown's VIP jet in 2007, was regularly handed bags and boxes of cash and given a promise of a 20 per cent rebate on all losses.
Crown Casino boss Rowen Craigie, who also owns property in Hedges Avenue, is also being sued.
Mr Craigie had his Hedges Avenue mansion on the market but it has since been withdrawn. (Credit: News Limited)
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Wednesday, August 05, 2009
Trumped by Trump? - Bloomberg News - 5th August 2009
Trump Entertainment Resorts bondholders are preparing to challenge Donald Trump's plan to buy the bankrupt casino company and leave them with nothing.
Trump and an affiliate of Beal Bank Nevada agreed yesterday to invest $US100 million ($119 million) in the company, while Beal would postpone the maturity date of a $US486 million loan until December 2020 from 2012. Bondholders, who are owed $US1.25 billion, may argue in bankruptcy court that the deal undervalues the company, whose assets consist mainly of three casinos in Atlantic City, New Jersey, according to a person familiar with the situation.
``The stories of Mr. Trump's regaining control of the debtors are simply inaccurate,'' said Kristopher Hansen, co-head of the financial restructuring practice at Stroock & Stroock & Lavan LLP in New York, who is representing bondholders. ``The plan proposed by Beal Bank and Donald Trump is not capable of confirmation for many reasons,'' Hansen said in an e-mailed statement.
Trump is attempting to recover control of the company he founded after the properties it owns ended up in bankruptcy protection a third time. Any value above the Beal loan, which ranks first for repayment, should go to bondholders, according to the person, who declined to be identified because the creditors are still discussing how to respond. Shareholders would also get nothing under Trump's offer, which requires court approval.
`Too low'
Trump's plan puts ``too low'' a valuation on the company and we ``suspect bond holders, who are second lien but are being offered nothing in this plan, will object,'' Barbara Cappaert, an analyst at high-yield research firm KDP Investment Advisors Inc. in Montpelier, Vermont, wrote in a report today. ``This will likely delay an eventual reorganization for several more months.''
Atlantic City-based Trump Entertainment filed for Chapter 11 bankruptcy in Camden, New Jersey, on Feb. 17, days after Trump quit as chairman and said he was severing ties. At the time of the filing, the company listed assets of $US2.06 billion and debt of $US1.74 billion as of Dec. 31.
``The filing of a bankruptcy plan is standard in the restructuring process and signifies the start of a many months long process that guarantees no certain outcome,'' Hansen said.
Tom Hickey, a Trump Entertainment spokesman, declined to comment beyond yesterday's company statement.
Bondholders will ``have a very hard time proving'' the casino company is worth more than $US500 million in court, Trump, 63, said in a telephone interview today.
`Needs leadership'
``They appointed most of the board of directors and this was already sent to the board,'' Trump said. Bondholders have failed to reach their own agreement with the board, he said.
Additional capital from bondholders would be too expensive and under any plan other than his own, Beal Bank may not let Trump Entertainment extend the maturity on the loan, Trump said.
Bondholders ``want to invest money with a large amount of interest on that money, and that doesn't work,'' Trump said. ``These people have been running the company for the last three years. They put the board on, they hired everybody and look what happened. I haven't been involved in management in a long time. This is a company that needs equity investment and needs leadership.''
Trump Entertainment's $US1.25 billion of 8.5 per cent notes maturing in 2015 last traded at 12.25 cents on the dollar on July 23, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. The securities traded as high as 103.375 cents as recently as June 2007.
Cappaert recommends investors ``hold'' the securities because ``bondholders deserve and will earn a level of return consistent with current bond prices,'' she said in the report. (Credit: Bloomberg News)
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Trump and an affiliate of Beal Bank Nevada agreed yesterday to invest $US100 million ($119 million) in the company, while Beal would postpone the maturity date of a $US486 million loan until December 2020 from 2012. Bondholders, who are owed $US1.25 billion, may argue in bankruptcy court that the deal undervalues the company, whose assets consist mainly of three casinos in Atlantic City, New Jersey, according to a person familiar with the situation.
``The stories of Mr. Trump's regaining control of the debtors are simply inaccurate,'' said Kristopher Hansen, co-head of the financial restructuring practice at Stroock & Stroock & Lavan LLP in New York, who is representing bondholders. ``The plan proposed by Beal Bank and Donald Trump is not capable of confirmation for many reasons,'' Hansen said in an e-mailed statement.
Trump is attempting to recover control of the company he founded after the properties it owns ended up in bankruptcy protection a third time. Any value above the Beal loan, which ranks first for repayment, should go to bondholders, according to the person, who declined to be identified because the creditors are still discussing how to respond. Shareholders would also get nothing under Trump's offer, which requires court approval.
`Too low'
Trump's plan puts ``too low'' a valuation on the company and we ``suspect bond holders, who are second lien but are being offered nothing in this plan, will object,'' Barbara Cappaert, an analyst at high-yield research firm KDP Investment Advisors Inc. in Montpelier, Vermont, wrote in a report today. ``This will likely delay an eventual reorganization for several more months.''
Atlantic City-based Trump Entertainment filed for Chapter 11 bankruptcy in Camden, New Jersey, on Feb. 17, days after Trump quit as chairman and said he was severing ties. At the time of the filing, the company listed assets of $US2.06 billion and debt of $US1.74 billion as of Dec. 31.
``The filing of a bankruptcy plan is standard in the restructuring process and signifies the start of a many months long process that guarantees no certain outcome,'' Hansen said.
Tom Hickey, a Trump Entertainment spokesman, declined to comment beyond yesterday's company statement.
Bondholders will ``have a very hard time proving'' the casino company is worth more than $US500 million in court, Trump, 63, said in a telephone interview today.
`Needs leadership'
``They appointed most of the board of directors and this was already sent to the board,'' Trump said. Bondholders have failed to reach their own agreement with the board, he said.
Additional capital from bondholders would be too expensive and under any plan other than his own, Beal Bank may not let Trump Entertainment extend the maturity on the loan, Trump said.
Bondholders ``want to invest money with a large amount of interest on that money, and that doesn't work,'' Trump said. ``These people have been running the company for the last three years. They put the board on, they hired everybody and look what happened. I haven't been involved in management in a long time. This is a company that needs equity investment and needs leadership.''
Trump Entertainment's $US1.25 billion of 8.5 per cent notes maturing in 2015 last traded at 12.25 cents on the dollar on July 23, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. The securities traded as high as 103.375 cents as recently as June 2007.
Cappaert recommends investors ``hold'' the securities because ``bondholders deserve and will earn a level of return consistent with current bond prices,'' she said in the report. (Credit: Bloomberg News)
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Trump Entertainment Resorts Enters Into Agreement to Sell Company; Files Plan of Reorganization
* Donald J. Trump and BNAC, Inc. to Invest $100 million Cash for Full Equity Ownership of Private Company
* Company and Senior Lender Agree to Amended Credit Agreement With Favorable Terms
ATLANTIC CITY, N.J., Aug. 3, 2009 - Trump Entertainment Resorts, Inc. (the "Company") announced today that it entered into a Purchase Agreement (the "Purchase Agreement") with Donald J. Trump ("Trump") and BNAC, Inc., an affiliate of Beal Bank Nevada, under the terms of which Trump and BNAC will invest $100 million cash in the newly private company and become its owners.
In connection with the Purchase Agreement, on August 3, 2009, the Company and its partnership subsidiary also entered into a commitment letter with Beal Bank and Beal Bank Nevada to amend and restate the Beal Credit Agreement with the Partnership in order to restructure approximately $486 million in debt. Under the amended Credit Agreement, the maturity period for the repayment is extended until December 2020 from the existing maturity of 2012.
In connection with the execution of the Purchase Agreement and the Commitment Letter to amend and reinstate the Credit Agreement, the Company filed with the Court a Disclosure Statement including a joint Plan of Reorganization (the "Plan"). The Plan is both backed by Company's management and received the approval of the Company's Board of Directors. The Plan provides for the completion of the Purchase Agreement and the restructuring of the Company's debt under the terms of the Commitment Letter. Pursuant to the Plan, no distributions will be made to the holders of the Company's outstanding equity or debt securities. The Plan is subject to confirmation by the Bankruptcy Court, customary closing conditions including regulatory approval and the consummation of the transactions contemplated by the Purchase Agreement and commitment letter relating to the amended credit agreement.
The Company's chief executive, Mark Juliano, said, "The Plan of reorganization that we filed today is a significant event for our company because it includes an adjustment to our debt and the commitment of Mr. Trump and BNAC to invest new capital. As a private enterprise under the ownership of the Trump family and BNAC, the company will be well capitalized and positioned for success, and we are hopeful for the Court's expeditious approval so that the new capital can start being invested. I am confident that this is the best proposal to provide the company with a platform for growth. I am truly excited about the future."
Commenting on a return to Atlantic City, Donald J. Trump said, "My previous investment in the company was destroyed by excessive and restrictive debt. This reorganization changes all that. I am pleased that the reorganization affords me an opportunity to make a new investment and help revive a company that has borne my name, but not performed to my standards or been under my management. My daughter Ivanka and I will work tirelessly to make this company great again. As I have done in the past, we will make Atlantic City hot once more."
Andy Beal, Beal Bank President and CEO, said, "We have a longstanding relationship with Donald Trump through previous transactions, and we are pleased to continue that relationship as he works to return Trump Entertainment Resorts to profitability and long-term success."
On February 17, 2009, the Company filed its Chapter 11 petitions for relief in the United States Bankruptcy Court for the District of New Jersey in order to restructure the company's indebtedness and strengthen its balance sheet. The Company strongly believes that its Plan satisfies necessary requirements and is hopeful that it will be confirmed by the Court. Information regarding the Chapter 11 proceedings, including the Plan, is available at www.TERrecap.com.
Trump Entertainment Resorts, Inc. owns, through its interest in Trump Entertainment Resorts Holdings, LP, and operates three casino resort properties: Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, located on the Boardwalk in Atlantic City, New Jersey, and Trump Marina Hotel Casino, located in Atlantic City's Marina District. Mr. Trump is not involved in the Company's daily operations or management. The Company is separate and distinct from Mr. Trump's privately held real estate and other holdings.
PSLRA Safe Harbor for Forward-Looking Statements and Additional Available Information
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements so long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in such statements. All statements and information concerning plans, expectations, estimates and beliefs, as well as other statements including words such as "intend," "anticipate," "believe," "plan," "estimate," "expect," will," "could," "optimistic," "can," "strategy" and other similar expressions, constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. In connection with certain forward-looking statements contained in this release and those that may be made in the future by or on behalf of the Company or the Issuers, the Company and the Issuers note that there are various factors that could cause actual results to differ materially from those set forth in any such forward-looking statements. The forward-looking statements contained in this release reflect the opinion of management as of the date of this release and are qualified by, and subject to, significant business, economic, competitive, regulatory and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of the Company and the Issuers. Accordingly, there can be no assurance that the forward-looking statements contained in this release will be realized. Readers are hereby advised that developments subsequent to this release are likely to cause these statements to become outdated with the passage of time or other factors beyond the control of the Company and the Issuers. The Company and the Issuers do not intend, however, to update the guidance provided herein prior to its next release or unless otherwise required to do so. Readers of this release should consider these facts in evaluating the information contained herein. In light of the foregoing, readers of this release are cautioned not to place undue reliance on the forward-looking statements contained herein. Important factors that could cause actual results to differ from those contemplated by forward-looking statements include, but are not limited to, the Debtors' ability to obtain Bankruptcy Court approval with respect to motions in the chapter 11 cases prosecuted by it from time to time; the ability of the Debtors to confirm and consummate the Plan or any other plan of reorganization with respect to the chapter 11 cases, the terms of the restructuring or reorganization plan ultimately implemented, the timing thereof, the related costs and expenses, and the ability of the Registrants to maintain normal relationships with its vendors, service providers and customers. The Registrants disclaim any intention or obligation to update or revise an forward-looking statements, whether as a result of new information, future events and/or otherwise. Similarly, these and other factors, including the terms of any reorganization plan ultimately confirmed, can affect the value of the Debtors' various pre-petition liabilities, common stock and/or other equity securities. Additional information concerning the potential risk factors that could affect future performance are described from time to time in the Company's periodic reports filed with the SEC, including, but not limited to, the Company's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. These reports may be viewed free of charge on the SEC's website, www.sec.gov, or on the Company's website, www.trumpcasinos.com.
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*Media Man Australia does not represent Donald Trump or Trump Casinos
* Company and Senior Lender Agree to Amended Credit Agreement With Favorable Terms
ATLANTIC CITY, N.J., Aug. 3, 2009 - Trump Entertainment Resorts, Inc. (the "Company") announced today that it entered into a Purchase Agreement (the "Purchase Agreement") with Donald J. Trump ("Trump") and BNAC, Inc., an affiliate of Beal Bank Nevada, under the terms of which Trump and BNAC will invest $100 million cash in the newly private company and become its owners.
In connection with the Purchase Agreement, on August 3, 2009, the Company and its partnership subsidiary also entered into a commitment letter with Beal Bank and Beal Bank Nevada to amend and restate the Beal Credit Agreement with the Partnership in order to restructure approximately $486 million in debt. Under the amended Credit Agreement, the maturity period for the repayment is extended until December 2020 from the existing maturity of 2012.
In connection with the execution of the Purchase Agreement and the Commitment Letter to amend and reinstate the Credit Agreement, the Company filed with the Court a Disclosure Statement including a joint Plan of Reorganization (the "Plan"). The Plan is both backed by Company's management and received the approval of the Company's Board of Directors. The Plan provides for the completion of the Purchase Agreement and the restructuring of the Company's debt under the terms of the Commitment Letter. Pursuant to the Plan, no distributions will be made to the holders of the Company's outstanding equity or debt securities. The Plan is subject to confirmation by the Bankruptcy Court, customary closing conditions including regulatory approval and the consummation of the transactions contemplated by the Purchase Agreement and commitment letter relating to the amended credit agreement.
The Company's chief executive, Mark Juliano, said, "The Plan of reorganization that we filed today is a significant event for our company because it includes an adjustment to our debt and the commitment of Mr. Trump and BNAC to invest new capital. As a private enterprise under the ownership of the Trump family and BNAC, the company will be well capitalized and positioned for success, and we are hopeful for the Court's expeditious approval so that the new capital can start being invested. I am confident that this is the best proposal to provide the company with a platform for growth. I am truly excited about the future."
Commenting on a return to Atlantic City, Donald J. Trump said, "My previous investment in the company was destroyed by excessive and restrictive debt. This reorganization changes all that. I am pleased that the reorganization affords me an opportunity to make a new investment and help revive a company that has borne my name, but not performed to my standards or been under my management. My daughter Ivanka and I will work tirelessly to make this company great again. As I have done in the past, we will make Atlantic City hot once more."
Andy Beal, Beal Bank President and CEO, said, "We have a longstanding relationship with Donald Trump through previous transactions, and we are pleased to continue that relationship as he works to return Trump Entertainment Resorts to profitability and long-term success."
On February 17, 2009, the Company filed its Chapter 11 petitions for relief in the United States Bankruptcy Court for the District of New Jersey in order to restructure the company's indebtedness and strengthen its balance sheet. The Company strongly believes that its Plan satisfies necessary requirements and is hopeful that it will be confirmed by the Court. Information regarding the Chapter 11 proceedings, including the Plan, is available at www.TERrecap.com.
Trump Entertainment Resorts, Inc. owns, through its interest in Trump Entertainment Resorts Holdings, LP, and operates three casino resort properties: Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, located on the Boardwalk in Atlantic City, New Jersey, and Trump Marina Hotel Casino, located in Atlantic City's Marina District. Mr. Trump is not involved in the Company's daily operations or management. The Company is separate and distinct from Mr. Trump's privately held real estate and other holdings.
PSLRA Safe Harbor for Forward-Looking Statements and Additional Available Information
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements so long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in such statements. All statements and information concerning plans, expectations, estimates and beliefs, as well as other statements including words such as "intend," "anticipate," "believe," "plan," "estimate," "expect," will," "could," "optimistic," "can," "strategy" and other similar expressions, constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. In connection with certain forward-looking statements contained in this release and those that may be made in the future by or on behalf of the Company or the Issuers, the Company and the Issuers note that there are various factors that could cause actual results to differ materially from those set forth in any such forward-looking statements. The forward-looking statements contained in this release reflect the opinion of management as of the date of this release and are qualified by, and subject to, significant business, economic, competitive, regulatory and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of the Company and the Issuers. Accordingly, there can be no assurance that the forward-looking statements contained in this release will be realized. Readers are hereby advised that developments subsequent to this release are likely to cause these statements to become outdated with the passage of time or other factors beyond the control of the Company and the Issuers. The Company and the Issuers do not intend, however, to update the guidance provided herein prior to its next release or unless otherwise required to do so. Readers of this release should consider these facts in evaluating the information contained herein. In light of the foregoing, readers of this release are cautioned not to place undue reliance on the forward-looking statements contained herein. Important factors that could cause actual results to differ from those contemplated by forward-looking statements include, but are not limited to, the Debtors' ability to obtain Bankruptcy Court approval with respect to motions in the chapter 11 cases prosecuted by it from time to time; the ability of the Debtors to confirm and consummate the Plan or any other plan of reorganization with respect to the chapter 11 cases, the terms of the restructuring or reorganization plan ultimately implemented, the timing thereof, the related costs and expenses, and the ability of the Registrants to maintain normal relationships with its vendors, service providers and customers. The Registrants disclaim any intention or obligation to update or revise an forward-looking statements, whether as a result of new information, future events and/or otherwise. Similarly, these and other factors, including the terms of any reorganization plan ultimately confirmed, can affect the value of the Debtors' various pre-petition liabilities, common stock and/or other equity securities. Additional information concerning the potential risk factors that could affect future performance are described from time to time in the Company's periodic reports filed with the SEC, including, but not limited to, the Company's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. These reports may be viewed free of charge on the SEC's website, www.sec.gov, or on the Company's website, www.trumpcasinos.com.
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*Media Man Australia does not represent Donald Trump or Trump Casinos
Thursday, July 30, 2009
Hot Property Foxtel profile
Hot Property follows the fortunes of buyers, sellers, and renovators negotiating the challenges of the real estate game. From first home buyers to empty nesters, young singles looking to rent or DIY renovators, each week we join households around the country experiencing the joys and disappointments of creating their own domestic dreams. Presented by iconic Australian actor Michael Caton, Hot Property is as much about the people as it is about the real estate.
The series follows the trial and tribulations of going to auction; the race against the clock for a dad trying to add on a second storey before his wife gives birth to baby number three; three inspiring women share their secrets to real estate success; and there are helpful tips throughout. Join Michael as he shares in the excitement of sales as well as the disappointment.
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The series follows the trial and tribulations of going to auction; the race against the clock for a dad trying to add on a second storey before his wife gives birth to baby number three; three inspiring women share their secrets to real estate success; and there are helpful tips throughout. Join Michael as he shares in the excitement of sales as well as the disappointment.
Media Man Australia Profiles
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