2007-10-19 00:06 (New York)
Commentary by Joe Saumarez Smith
Oct. 19 (Bloomberg) -- A year ago last Saturday, PresidentGeorge W. Bush signed the Unlawful Internet Gambling EnforcementAct and online gambling was banned in the U.S.
At least, that was the intention. Twelve months later,there are just as many people gambling online, if not more. Many bettors don't even know the law was changed, partly because it was tacked on as an amendment to a measure aimed at increasing port security.
The biggest difference now is that the companies offering online gambling are privately held and operate out of countries where it is impossible to know who controls them; if you had ahuge win, then the risk of not being paid is probably much higher. The major public companies that used to offer online betting to Americans, such as Party Gaming Plc, 888 Holdings Plc and Sportingbet Plc, all quit the U.S. market last October at a cost of several billion dollars to their shareholders.
America's banks and financial institutions were given 270 days from the passage of the law to block gambling transactions. The detailed rules on how to do this and how to spot a gambling transaction are still to be completed. As a result, online poker rooms, sports bookies and casinos are still able to get money from and send money to their customers, albeit not as easily as a year ago.
Meanwhile, Americans are free to place online bets on lotteries and horse racing as those forms of gambling were deemed legal. They can also visit any number of legal casinos, poker rooms, race tracks or Off Track Betting centers, and playstate lotteries.
The situation is, in short, a mess.
Unrealistic Bans
As America learned during Prohibition, some bans are unrealistic. The online gambling law shows that legislators weren't paying enough attention in history class.
At least Prohibition aimed to prevent the consumption of alcohol across the U.S. without exceptions. Banning some types of online gambling while allowing exemptions for lotteries and horse racing is protectionism of the worst kind.
The law criminalized those it described as being ``in the business of betting'' and made it illegal to handle money for the purpose of online gambling. That means individuals still aren't breaching any federal law by placing bets.
The daily number of poker players online worldwide was about 34,000 in September, down less than half a percentage point from a year earlier, according to Dennis Boyko at Poker Pulse.com in Vancouver. Poker players online in the U.S.have dropped only slightly, said Boyko, who has monitored the number of online players since January 2003.
Gambling Addiction
The law's supporters argued that banning online gambling would lower levels of gambling addiction.
``We do not see any decrease in the number of online gamblers seeking help, and anecdotally we see an increase,''said Kevin Whyte, executive director of the National Council on Problem Gambling in Washington.
``As with alcohol and drugs, prohibition of online gambling is one of the most ineffective ways of addressing a public health problem.''
The law may have made it harder for children to gamble online.
Dan Romer, research director of the Adolescent RiskCommunication Institute of the Annenberg Public Policy Center, said its annual survey shows a reduction in underage gamblers on the Internet.
``It is simply harder for children to get their bets on online because it is more difficult to deposit now,'' he said.
World Trade Organization
There is a small chance that the U.S. may be forced to repeal the law. The Antiguan government, which licensed many of the online sports bookies targeting the American market, has taken the U.S. to the World Trade Organization, arguing that anti-gambling laws restrict free trade. The WTO agreed, but the Americans have so far ignored the rulings. The U.S. may be forced to change its stance once WTO sanctions start to bite.
If legislators were brave, they would use the WTO ruling as an excuse to reverse the Unlawful Internet Gambling Enforcement Act and instead legalize and tax the online gambling industry. That would allow the U.S. government to know who was offering its citizens the chance to gamble, and to impose rules and restrictions that would prevent children and vulnerable groups from placing bets. It would also generate vast tax revenues.
Oddly, perhaps the biggest opponents of legalizing online gambling are the major sports leagues and organizations. TheNational Football League and National Collegiate Athletic Association are the most vocal of these, believing that betting may taint their sports.
Legalize It
The leagues ignore the fact that in pretty much every town across the U.S. you can place a bet at a local bar or barbershop and that the people who suffer financially when a game is fixed are the bookmakers, who have to pay out the winnings.
Almost all the point-shaving scandals of recent years have been uncovered because Las Vegas bookies noticed unusual betting patterns and pointed them out to the relevant authorities. If all betting could be done through legal channels, then these markets would be easier to police.
Laws that are either widely disobeyed or unworkable are bad laws. A year after its passing, the Unlawful Internet Gambling Enforcement Act is both disobeyed and unworkable.
The sooner it's scrapped, the better.
(Joe Saumarez-Smith is chief executive officer of SportsGaming, a U.K. management consulting firm to the gamingindustry. He also owns European online bingo companies and oddscomparison Web sites. The opinions expressed are his own.)
--Editors: Z. Smith (rjw/cus/smw).
To contact the writer of this column:Joe Saumarez-Smith at jssmith15@bloomberg.net
To contact the editor responsible for this column:Zimri Smith at +44-20-7330-7114 or zsmith@bloomberg.net
Tuesday, October 23, 2007
Melco, Partners Will Inject Lottery Assets Into Wafer Systems
2007-10-22 00:51 (New York)
By Kelvin Wong
Oct. 22 (Bloomberg) -- Melco International Development Ltd., the investor in Macau casinos and gaming technology, and two partners will inject HK$668 million ($86 million) of lottery assets into Hong Kong's Wafer Systems Ltd.
The group, comprised of Melco, Taiwan-listed Firich Enterprises Co. and Singapore-listed Lott Vision Ltd., will inject its Asian lottery business into Wafer Systems, a Hong Kong-listed company, Melco said in a statement to the city's stock exchange yesterday. Wafer will pay for the assets with new shares and convertible bonds.
After the transaction, the three companies will collectively hold 19.5 percent of Wafer Systems, the statement said. Melco will own 55 percent of that stake, Firich 27 percent and Lott Vision 18 percent, it said.
Wafer Systems, suspended since Oct. 8, soared as much as 39 percent on resuming trade today after announcing the deal, which will give it control of companies that make and sell lottery machines in China, South Korea and India. The stock traded atHK$2, up 21 percent, at the 12:30 p.m. lunch break in Hong Kong.
Melco, controlled by Macau gaming magnate Stanley Ho's son Lawrence Ho, had its biggest drop in more than seven months inHong Kong trading today. The shares fell 7.9 percent to HK$14.26, after falling as much as 9.4 percent earlier.
--Editor: Fellman (frl)
To contact the reporter for this story:Kelvin Wong in Hong Kong at +852-2977-6441 or kwong40@bloomberg.net
To contact the editor responsible for this story:Tom Kohn at +852-2977-6610 or tkohn@bloomberg.net
By Kelvin Wong
Oct. 22 (Bloomberg) -- Melco International Development Ltd., the investor in Macau casinos and gaming technology, and two partners will inject HK$668 million ($86 million) of lottery assets into Hong Kong's Wafer Systems Ltd.
The group, comprised of Melco, Taiwan-listed Firich Enterprises Co. and Singapore-listed Lott Vision Ltd., will inject its Asian lottery business into Wafer Systems, a Hong Kong-listed company, Melco said in a statement to the city's stock exchange yesterday. Wafer will pay for the assets with new shares and convertible bonds.
After the transaction, the three companies will collectively hold 19.5 percent of Wafer Systems, the statement said. Melco will own 55 percent of that stake, Firich 27 percent and Lott Vision 18 percent, it said.
Wafer Systems, suspended since Oct. 8, soared as much as 39 percent on resuming trade today after announcing the deal, which will give it control of companies that make and sell lottery machines in China, South Korea and India. The stock traded atHK$2, up 21 percent, at the 12:30 p.m. lunch break in Hong Kong.
Melco, controlled by Macau gaming magnate Stanley Ho's son Lawrence Ho, had its biggest drop in more than seven months inHong Kong trading today. The shares fell 7.9 percent to HK$14.26, after falling as much as 9.4 percent earlier.
--Editor: Fellman (frl)
To contact the reporter for this story:Kelvin Wong in Hong Kong at +852-2977-6441 or kwong40@bloomberg.net
To contact the editor responsible for this story:Tom Kohn at +852-2977-6610 or tkohn@bloomberg.net
Friday, October 19, 2007
Maruhan buys into Macau Success
Neil Gough
Updated on Oct 19, 2007
VIP gaming hall operator Sonny Yeung Hoi-sing's Macau Success
yesterday said major Japanese pachinko parlour operator Maruhan
Corp would pay HK$796.14 million for a minority stake in the company
and its increasingly expensive Ponte 16 casino hotel project.
Maruhan becomes the first Japanese gaming firm to buy into a Macau
casino and will acquire 18.2 per cent of Macau Success and a direct 5
per cent stake in Ponte 16 which is being developed in partnership with
gaming magnate Stanley Ho Hung-sun's Sociedade de Jogos de Macau
(SJM).
The deal is the second time in the past week that a foreign investor has
bought a stake in a Macau gaming firm. Last week, British private equity
giant Permira Advisers agreed to pay HK$6.5 billion for a 20 per cent
interest in property and construction tycoon Lui Che-woo's Galaxy
Entertainment Group.
Macau Success yesterday announced that the total investment for
Ponte 16, which opens in phases from next month and includes a 404-
room Sofitel hotel, was HK$3.1 billion, a 29 per cent increase over the
previously announced building cost of HK$2.4 billion.
Management said the increase was not the result of construction cost
overruns but due to revised budgeting to include the cost of gaming
equipment, start-up capital and related expenses.
Maruhan is one of Japan's largest pachinko operators, with sales of
HK$120 billion and an operating profit of HK$2 billion in the year to
March. The Kyoto-based firm employs 9,000 people and operates 209
retail outlets across the country with a total of 118,451 pachinko and slot
machines.
Macau Success earlier this month agreed to sell 220 million new shares
or 9.1 per cent of enlarged share capital to the Japanese company at
HK$1.062 per share for a total of HK$233.64 million. Maruhan
subsequently purchased an additional 220 million existing shares or 9.2
per cent of the Macau firm on the open market for HK$1.08 per share, a
total HK$237.6 million.
In addition to buying shares in Macau Success, privately held Maruhan
will pay HK$324.9 million in cash and loans for a direct 5 per cent stake
in the Ponte 16 project. Following the deals, Ponte 16 will be 51 per
cent owned by SJM, with Macau Success' stake reduced to 44 per cent
and Maruhan's at 5 per cent. The Japanese firm's attributable interest in
the project rises to 13 per cent when its 18.2 stake in Macau Success is
factored in.
Mr Yeung's private Success Universe Group retains a 40.8 per cent
stake in Macau Success, with the remaining 41 per cent held by public
and institutional investors.
Macau Success management said the first phase of Ponte 16 would
open next month with 120 mass market gaming tables, 10 high-limit
tables and 340 slot machines in its main casino hall. More than 100 of
the 404 hotel rooms will be ready upon opening, with the rest coming on
stream by the end of the year as fitting-out work is completed.
___________________________________________________________________
Copyright © 2007 South China Morning Post Publishers Ltd. All right reserved
Updated on Oct 19, 2007
VIP gaming hall operator Sonny Yeung Hoi-sing's Macau Success
yesterday said major Japanese pachinko parlour operator Maruhan
Corp would pay HK$796.14 million for a minority stake in the company
and its increasingly expensive Ponte 16 casino hotel project.
Maruhan becomes the first Japanese gaming firm to buy into a Macau
casino and will acquire 18.2 per cent of Macau Success and a direct 5
per cent stake in Ponte 16 which is being developed in partnership with
gaming magnate Stanley Ho Hung-sun's Sociedade de Jogos de Macau
(SJM).
The deal is the second time in the past week that a foreign investor has
bought a stake in a Macau gaming firm. Last week, British private equity
giant Permira Advisers agreed to pay HK$6.5 billion for a 20 per cent
interest in property and construction tycoon Lui Che-woo's Galaxy
Entertainment Group.
Macau Success yesterday announced that the total investment for
Ponte 16, which opens in phases from next month and includes a 404-
room Sofitel hotel, was HK$3.1 billion, a 29 per cent increase over the
previously announced building cost of HK$2.4 billion.
Management said the increase was not the result of construction cost
overruns but due to revised budgeting to include the cost of gaming
equipment, start-up capital and related expenses.
Maruhan is one of Japan's largest pachinko operators, with sales of
HK$120 billion and an operating profit of HK$2 billion in the year to
March. The Kyoto-based firm employs 9,000 people and operates 209
retail outlets across the country with a total of 118,451 pachinko and slot
machines.
Macau Success earlier this month agreed to sell 220 million new shares
or 9.1 per cent of enlarged share capital to the Japanese company at
HK$1.062 per share for a total of HK$233.64 million. Maruhan
subsequently purchased an additional 220 million existing shares or 9.2
per cent of the Macau firm on the open market for HK$1.08 per share, a
total HK$237.6 million.
In addition to buying shares in Macau Success, privately held Maruhan
will pay HK$324.9 million in cash and loans for a direct 5 per cent stake
in the Ponte 16 project. Following the deals, Ponte 16 will be 51 per
cent owned by SJM, with Macau Success' stake reduced to 44 per cent
and Maruhan's at 5 per cent. The Japanese firm's attributable interest in
the project rises to 13 per cent when its 18.2 stake in Macau Success is
factored in.
Mr Yeung's private Success Universe Group retains a 40.8 per cent
stake in Macau Success, with the remaining 41 per cent held by public
and institutional investors.
Macau Success management said the first phase of Ponte 16 would
open next month with 120 mass market gaming tables, 10 high-limit
tables and 340 slot machines in its main casino hall. More than 100 of
the 404 hotel rooms will be ready upon opening, with the rest coming on
stream by the end of the year as fitting-out work is completed.
___________________________________________________________________
Copyright © 2007 South China Morning Post Publishers Ltd. All right reserved
Festival-Macau
2007-10-18 10:15 (New York)
Festival-Macau
MACAU AIMS TO ATTRACT 400,000 MALAYSIAN TOURISTS THIS YEAR
KUALA LUMPUR, Oct 18 (Bernama) -- Relatively unknown to most
Malaysians, Macau aims to double the arrival of Malaysian tourists to the
state to 400,000 this year through aggressive marketing and promotion.
The Macau Government Tourist Office (MGTO) Representative in Malaysia,
Tunku Iskandar Tunku Abdullah, who is also Pacific Travel's group
president, said they aimed to attract more Malaysian Muslims to the state
too.
He said at present Macau was visited mostly by Malaysian Chinese due to
the belief that most tourism products offered by the state were not
attractive enough for non-Chinese.
To change the perception, a four-day festival was held by MGTO at The
Curve Piazza, Mutiara Damansara, here to provide Malaysians a glimpse of
the unique blend of Western and Oriental cultures of Macau, he said.
"As we all know, Chinese are the main visitors of Macau, but through
this festivals, we hope we can create greater awareness to the general
public, including to the non-Chinese that there are more places that you
can visit and enjoy yourselves, including the theme park and shopping
complexes," he told reporters after launching the festival, here today.
He pointed out that contrary to some beliefs, it was not difficult to
get halal food in Macau as there were Muslim restaurants as well as
mosques.
"The number of halal restaurants is expected to increase as the state
is currently promoting its products in the Middle East," he said.
He added that last year, Macau had received 202,821 tourists from
Malaysia while for the first nine months of this year, a total of 256,264
Malaysians had visited the state.
The festival which began today offers, among others, various cultural
performances such as Portuguese Dances, Chinese Acrobatics and Chinese
Opera performances, which are part of the Macau culture.
Apart from experiencing the uniqueness of the Macau culture, visitors
to the festival also have the opportunity to find the best deal to visit
Macau as six travel agents have set up booths offering attractive holiday
and travel packages.
-- BERNAMA
Festival-Macau
MACAU AIMS TO ATTRACT 400,000 MALAYSIAN TOURISTS THIS YEAR
KUALA LUMPUR, Oct 18 (Bernama) -- Relatively unknown to most
Malaysians, Macau aims to double the arrival of Malaysian tourists to the
state to 400,000 this year through aggressive marketing and promotion.
The Macau Government Tourist Office (MGTO) Representative in Malaysia,
Tunku Iskandar Tunku Abdullah, who is also Pacific Travel's group
president, said they aimed to attract more Malaysian Muslims to the state
too.
He said at present Macau was visited mostly by Malaysian Chinese due to
the belief that most tourism products offered by the state were not
attractive enough for non-Chinese.
To change the perception, a four-day festival was held by MGTO at The
Curve Piazza, Mutiara Damansara, here to provide Malaysians a glimpse of
the unique blend of Western and Oriental cultures of Macau, he said.
"As we all know, Chinese are the main visitors of Macau, but through
this festivals, we hope we can create greater awareness to the general
public, including to the non-Chinese that there are more places that you
can visit and enjoy yourselves, including the theme park and shopping
complexes," he told reporters after launching the festival, here today.
He pointed out that contrary to some beliefs, it was not difficult to
get halal food in Macau as there were Muslim restaurants as well as
mosques.
"The number of halal restaurants is expected to increase as the state
is currently promoting its products in the Middle East," he said.
He added that last year, Macau had received 202,821 tourists from
Malaysia while for the first nine months of this year, a total of 256,264
Malaysians had visited the state.
The festival which began today offers, among others, various cultural
performances such as Portuguese Dances, Chinese Acrobatics and Chinese
Opera performances, which are part of the Macau culture.
Apart from experiencing the uniqueness of the Macau culture, visitors
to the festival also have the opportunity to find the best deal to visit
Macau as six travel agents have set up booths offering attractive holiday
and travel packages.
-- BERNAMA
Melco PBL Entertainment Plans to Offer Shares in U.S. (Update 1)
2007-10-18 14:27 (New York)
By Charles W. Stevens
Oct. 18 (Bloomberg) -- Melco PBL Entertainment (Macau)
Ltd., a casino venture between Lawrence Ho and Australian
billionaire James Packer, plans to raise as much as $800 million
in an offering of American depositary shares.
Proceeds from the sale will be used for its Macau Peninsula
project, the Hong Kong-based company said today in a Securities
and Exchange Commission filing.
Each share will represent three ordinary shares and trade
on the Nasdaq Global Market, Melco said.
Melco operates the Crown Macau Hotel Casino.
--Editor: Stevens (cmm)
To contact the reporter on this story:
Charles W. Stevens in New York +1-212-617-2652 or
cstevens@bloomberg.net.
To contact the editor responsible for this story:
Michael Nol at +1-212-617-2384 or mnol@bloomberg.net.
By Charles W. Stevens
Oct. 18 (Bloomberg) -- Melco PBL Entertainment (Macau)
Ltd., a casino venture between Lawrence Ho and Australian
billionaire James Packer, plans to raise as much as $800 million
in an offering of American depositary shares.
Proceeds from the sale will be used for its Macau Peninsula
project, the Hong Kong-based company said today in a Securities
and Exchange Commission filing.
Each share will represent three ordinary shares and trade
on the Nasdaq Global Market, Melco said.
Melco operates the Crown Macau Hotel Casino.
--Editor: Stevens (cmm)
To contact the reporter on this story:
Charles W. Stevens in New York +1-212-617-2652 or
cstevens@bloomberg.net.
To contact the editor responsible for this story:
Michael Nol at +1-212-617-2384 or mnol@bloomberg.net.
Publishing & Broadcasting to Proceed With Asset Split (Update 1)
2007-10-17 04:30 (New York)
By Robert Fenner
Oct. 17 (Bloomberg) -- Publishing & Broadcasting Ltd., Australia's largest casino owner, will proceed with plans to split its media and gaming assets into separate companies after gaining court approval for a shareholder vote.
The board has unanimously recommended the split with shareholders to vote on the plan on Nov. 23, Sydney-based Publishing & Broadcasting said in a statement today. KPMG Corporate Finance, an adviser to the company, said the separation is in the best interests of shareholders.
Publishing & Broadcasting, controlled by Australia's richest man James Packer, is going ahead with the split after gaining clarification from the government on how its plan to return
A$2 billion ($1.8 billion) to shareholders will be taxed.
The proposal ``will provide shareholders with a unique opportunity to participate in a world class gaming company and a strong and growing pure-play media company,'' Packer said in the statement.
Publishing & Broadcasting shares fell 11 cents to A$20.14 at the 4:10 p.m. close of trading in Sydney, extending this year's loss to 5.7 percent. The announcement was made after the market closed.
The company had deferred the vote two days ago after theMinister for Revenue said there may be changes to the way such splits are treated.
The minister has since clarified his remarks and the mooted changes won't apply to deals announced to the Australian Stock Exchange before Oct. 13. The company revealed its plans on May 8.
Split Plan
Under its proposal, investors will receive one share in each of the new companies, to be known as Consolidated Media Holdings and Crown, as well as A$3 cash for every Publishing & Broadcasting share they own.
Packer's family company, Consolidated Press Holdings Ltd., which owns 37 percent of Publishing & Broadcasting, will keep the same level of interest in the two new companies.
The proposed split is the second major restructure since Packer inherited the company after the death of his father, Kerry, in December 2005.
Last year he sold half the company's media assets, which include Australia's biggest magazine publisher and second-ranked television network, into PBL Media, a joint venture with buyout firm CVC Asia Pacific Ltd. to raise A$4.5 billion for acquisitions. In June he sold a further 25 percent stake to CVC.
The company's gambling assets include Crown casino inMelbourne, Australia's biggest, Burswood in Perth and 50 percent of U.K. operator Aspinall's.
Gaming Interests
The company opened the Crown Macau in May, its first casino in the former Portuguese colony near Hong Kong, through a 41.4 percent owned joint venture with Melco International Development Ltd.
The venture, known as Melco PBL Entertainment (Macau) Ltd., raised $1.14 billion in an initial share sale in December.
In April, Packer teamed up with Macquarie Bank Ltd. to offer C$1.37 billion ($1.4 billion) for Canada's Gateway Casinos Income Fund. Later the same month, he bought a 19.6percent stake in Fontainebleau Resorts LLC, which is building a casino in Las Vegas.
The media company will own the remaining 25 percent stake in PBL Media, as well as Publishing & Broadcasting's interests in pay TV networks Foxtel Management Pty. and Fox Sports and Internet assets.
--Editor: Maguire (gan)
To contact the reporter on this story:Robert Fenner in Sydney +61-2-9777-1235 or rfenner@bloomberg.net
To contact the editor responsible for this story:Fergus Maguire at +81-3-3201-2423, or fmaguire@bloomberg.net
By Robert Fenner
Oct. 17 (Bloomberg) -- Publishing & Broadcasting Ltd., Australia's largest casino owner, will proceed with plans to split its media and gaming assets into separate companies after gaining court approval for a shareholder vote.
The board has unanimously recommended the split with shareholders to vote on the plan on Nov. 23, Sydney-based Publishing & Broadcasting said in a statement today. KPMG Corporate Finance, an adviser to the company, said the separation is in the best interests of shareholders.
Publishing & Broadcasting, controlled by Australia's richest man James Packer, is going ahead with the split after gaining clarification from the government on how its plan to return
A$2 billion ($1.8 billion) to shareholders will be taxed.
The proposal ``will provide shareholders with a unique opportunity to participate in a world class gaming company and a strong and growing pure-play media company,'' Packer said in the statement.
Publishing & Broadcasting shares fell 11 cents to A$20.14 at the 4:10 p.m. close of trading in Sydney, extending this year's loss to 5.7 percent. The announcement was made after the market closed.
The company had deferred the vote two days ago after theMinister for Revenue said there may be changes to the way such splits are treated.
The minister has since clarified his remarks and the mooted changes won't apply to deals announced to the Australian Stock Exchange before Oct. 13. The company revealed its plans on May 8.
Split Plan
Under its proposal, investors will receive one share in each of the new companies, to be known as Consolidated Media Holdings and Crown, as well as A$3 cash for every Publishing & Broadcasting share they own.
Packer's family company, Consolidated Press Holdings Ltd., which owns 37 percent of Publishing & Broadcasting, will keep the same level of interest in the two new companies.
The proposed split is the second major restructure since Packer inherited the company after the death of his father, Kerry, in December 2005.
Last year he sold half the company's media assets, which include Australia's biggest magazine publisher and second-ranked television network, into PBL Media, a joint venture with buyout firm CVC Asia Pacific Ltd. to raise A$4.5 billion for acquisitions. In June he sold a further 25 percent stake to CVC.
The company's gambling assets include Crown casino inMelbourne, Australia's biggest, Burswood in Perth and 50 percent of U.K. operator Aspinall's.
Gaming Interests
The company opened the Crown Macau in May, its first casino in the former Portuguese colony near Hong Kong, through a 41.4 percent owned joint venture with Melco International Development Ltd.
The venture, known as Melco PBL Entertainment (Macau) Ltd., raised $1.14 billion in an initial share sale in December.
In April, Packer teamed up with Macquarie Bank Ltd. to offer C$1.37 billion ($1.4 billion) for Canada's Gateway Casinos Income Fund. Later the same month, he bought a 19.6percent stake in Fontainebleau Resorts LLC, which is building a casino in Las Vegas.
The media company will own the remaining 25 percent stake in PBL Media, as well as Publishing & Broadcasting's interests in pay TV networks Foxtel Management Pty. and Fox Sports and Internet assets.
--Editor: Maguire (gan)
To contact the reporter on this story:Robert Fenner in Sydney +61-2-9777-1235 or rfenner@bloomberg.net
To contact the editor responsible for this story:Fergus Maguire at +81-3-3201-2423, or fmaguire@bloomberg.net
Thursday, October 18, 2007
Mount Airy Casino Resort to Host Media Tour Prior to Casino
2007-10-17 17:15 (New York)
Test Night
Press Tour Set for Friday, October 19th, from 2:30 to 4:00 p.m.;
Tentative Grand Opening on Monday, October 22nd
The press gets its first official tour of the soon-to-open Mount Airy Casino Resort this Friday, just prior to the staging of Mount Airy's first Test Night. The tour will take place on Friday, October 19th from 2:30 p.m.to 4:00 p.m. The Test Night will begin at 6 p.m., and by order of the Pennsylvania Gaming Control Board, no reporters are permitted on the casino floor during either of the two scheduled Test Nights (October 19th and 20th). The two charity nights are by invitation only and are not open to the general public.
Mount Airy is tentatively scheduled to open the casino, complete with 2,500 slot machines, at noon on Monday, October 22, 2007, subject to final Pennsylvania Gaming Control Board approvals following the Test Nights. Located in the Pocono Mountains, the $412 million Mount Airy Casino Resort will be the first stand-alone casino to open its doors in Pennsylvania.
All net gaming proceeds from the events, which will be held on Friday and Saturday evenings, will benefit local charities, including St. Joseph's Center; Villa of Our Lady Retreat House; the United Way of Monroe County; and Little Sisters of the Poor.
Mount Airy Casino Resort is being constructed on the site of the former Mount Airy Lodge, perhaps the most popular site in the Pocono Mountains. The casino opening also includes the opening of Mount Airy Casino Resort's four outstanding restaurants, including two fine dining restaurants, an upscale diner and a 24-hour buffet. The casino's 188-room hotel is projected to open in November and the spa salon and night club are projected to debut by the end of the year. Online reservations for the hotel began earlier this month. Work on the 891-acre site will continue after the opening, with an additional 212 hotel rooms, pool, and a casino with up to 3,000 total slot machines completed by the end of 2008.
WHAT: Mount Airy Casino Resort Media Tour
WHEN: Friday, October 19, 2007
2:30 - 4:00 pm (immediately preceding first official Casino Test Night)
WHERE: Mount Airy Casino Resort
44 Woodland Road
Mount Pocono, PA 18344
Assemble at the main casino/bus entrance to the resort
Contact:
Pete Peterson
Bellevue Communications Group
215-893-4297(o),
215-990-8928 (cell)
ppeterson@bellevuepr.com
Kevin A. Feeley
Bellevue Communications Group
215 893-4285 (o),
215-870-7478 (cell)
kfeeley@bellevuepr.com
SOURCE Mount Airy Casino Resort
Oct/17/2007 21:15 GMT
Test Night
Press Tour Set for Friday, October 19th, from 2:30 to 4:00 p.m.;
Tentative Grand Opening on Monday, October 22nd
The press gets its first official tour of the soon-to-open Mount Airy Casino Resort this Friday, just prior to the staging of Mount Airy's first Test Night. The tour will take place on Friday, October 19th from 2:30 p.m.to 4:00 p.m. The Test Night will begin at 6 p.m., and by order of the Pennsylvania Gaming Control Board, no reporters are permitted on the casino floor during either of the two scheduled Test Nights (October 19th and 20th). The two charity nights are by invitation only and are not open to the general public.
Mount Airy is tentatively scheduled to open the casino, complete with 2,500 slot machines, at noon on Monday, October 22, 2007, subject to final Pennsylvania Gaming Control Board approvals following the Test Nights. Located in the Pocono Mountains, the $412 million Mount Airy Casino Resort will be the first stand-alone casino to open its doors in Pennsylvania.
All net gaming proceeds from the events, which will be held on Friday and Saturday evenings, will benefit local charities, including St. Joseph's Center; Villa of Our Lady Retreat House; the United Way of Monroe County; and Little Sisters of the Poor.
Mount Airy Casino Resort is being constructed on the site of the former Mount Airy Lodge, perhaps the most popular site in the Pocono Mountains. The casino opening also includes the opening of Mount Airy Casino Resort's four outstanding restaurants, including two fine dining restaurants, an upscale diner and a 24-hour buffet. The casino's 188-room hotel is projected to open in November and the spa salon and night club are projected to debut by the end of the year. Online reservations for the hotel began earlier this month. Work on the 891-acre site will continue after the opening, with an additional 212 hotel rooms, pool, and a casino with up to 3,000 total slot machines completed by the end of 2008.
WHAT: Mount Airy Casino Resort Media Tour
WHEN: Friday, October 19, 2007
2:30 - 4:00 pm (immediately preceding first official Casino Test Night)
WHERE: Mount Airy Casino Resort
44 Woodland Road
Mount Pocono, PA 18344
Assemble at the main casino/bus entrance to the resort
Contact:
Pete Peterson
Bellevue Communications Group
215-893-4297(o),
215-990-8928 (cell)
ppeterson@bellevuepr.com
Kevin A. Feeley
Bellevue Communications Group
215 893-4285 (o),
215-870-7478 (cell)
kfeeley@bellevuepr.com
SOURCE Mount Airy Casino Resort
Oct/17/2007 21:15 GMT
Harrah's Receives Approval From NJ Commission for Takeover
2007-10-17 16:35 (New York)
By Stefanie Batcho-Lino
Oct. 17 (Bloomberg) -- Harrah's Entertainment Inc., the casino company that last year agreed to sell itself for $17.1billion, said it received approval from the New Jersey casino commission for its takeover by Apollo Management LP and TPG Inc.
The transaction still needs to be approved by casino regulators in other areas, the Las Vegas-based company said today in a statement distributed by PR Newswire.
--Editor: Batcho-Lino (cmm).
To contact the reporter on this story:Stefanie Batcho-Lino in Toronto at +1-416-203-5723 or mailto:orsbatcholino1@bloomberg.net.
To contact the editor responsible for this story:David Scanlan at +1-416-203-5722 or dscanlan@bloomberg.net; Michael Nol at +1-212-617-2384 or mnol@bloomberg.net.
By Stefanie Batcho-Lino
Oct. 17 (Bloomberg) -- Harrah's Entertainment Inc., the casino company that last year agreed to sell itself for $17.1billion, said it received approval from the New Jersey casino commission for its takeover by Apollo Management LP and TPG Inc.
The transaction still needs to be approved by casino regulators in other areas, the Las Vegas-based company said today in a statement distributed by PR Newswire.
--Editor: Batcho-Lino (cmm).
To contact the reporter on this story:Stefanie Batcho-Lino in Toronto at +1-416-203-5723 or mailto:orsbatcholino1@bloomberg.net.
To contact the editor responsible for this story:David Scanlan at +1-416-203-5722 or dscanlan@bloomberg.net; Michael Nol at +1-212-617-2384 or mnol@bloomberg.net.
Harrah's Gets New Jersey Panel's Approval for Buyout ( Update 1 )
2007-10-17 18:09 (New York)
By Stefanie Batcho-Lino
Oct. 17 (Bloomberg) -- Harrah's Entertainment Inc., the casino company that last year agreed to sell itself for $17.1 billion, said it received approval from the New Jersey casino commission for its takeover by Apollo Management LP and TPG Inc.
The transaction still needs to be approved by casino regulators in areas where its facilities operate, the Las Vegas-based company said today in a statement. Spending in Atlantic City casinos declined 11 percent in September, the New Jersey Casino Control Commission said earlier this month.
Harrah's has casinos in 13 U.S. states, Ontario, Canada and Uruguay, according to its Web site. Harrah's rose 50 cents to $88.29 at 4:22 p.m. in New York Stock Exchange composite trading, and the shares gained 6.7 percent this year. The world's largest casino company has said its sale may be complete late this year or early next year.
--Editor: Batcho-Lino (cmm/cws).
To contact the reporter on this story:Stefanie Batcho-Lino in Toronto at +1-416-203-5723 ormailto:orsbatcholino1@bloomberg.net.
To contact the editor responsible for this story:David Scanlan at +1-416-203-5722 ordscanlan@bloomberg.net;Michael Nol at +1-212-617-2384 ormnol@bloomberg.net.
By Stefanie Batcho-Lino
Oct. 17 (Bloomberg) -- Harrah's Entertainment Inc., the casino company that last year agreed to sell itself for $17.1 billion, said it received approval from the New Jersey casino commission for its takeover by Apollo Management LP and TPG Inc.
The transaction still needs to be approved by casino regulators in areas where its facilities operate, the Las Vegas-based company said today in a statement. Spending in Atlantic City casinos declined 11 percent in September, the New Jersey Casino Control Commission said earlier this month.
Harrah's has casinos in 13 U.S. states, Ontario, Canada and Uruguay, according to its Web site. Harrah's rose 50 cents to $88.29 at 4:22 p.m. in New York Stock Exchange composite trading, and the shares gained 6.7 percent this year. The world's largest casino company has said its sale may be complete late this year or early next year.
--Editor: Batcho-Lino (cmm/cws).
To contact the reporter on this story:Stefanie Batcho-Lino in Toronto at +1-416-203-5723 ormailto:orsbatcholino1@bloomberg.net.
To contact the editor responsible for this story:David Scanlan at +1-416-203-5722 ordscanlan@bloomberg.net;Michael Nol at +1-212-617-2384 ormnol@bloomberg.net.
Wednesday, October 17, 2007
Melco Rises in Hong Kong After Deutsche Bank Lifts Target Price
2007-10-16 03:22 (New York)
By Kelvin Wong
Oct. 16 (Bloomberg) -- Melco International Development Ltd., run by Macau gambling billionaire Stanley Ho's son Lawrence, rose in Hong Kong trading after Deutsche Bank raised its target price.
The shares jumped 4.3 percent to HK$15.96 at 3 p.m., bringing their gain in the past two days to 7.8 percent. Deutsche Bank Hong Kong-based analyst Karen Tang raised her target price on Melco by 20 percent to HK$18 in a report released yesterday.
Melco PBL Entertainment (Macau) Ltd., Melco's venture with James Packer's Publishing & Broadcasting Ltd., is building three casinos in the Chinese city over a five-year period, including the Crown Macau, which opened in May.
Crown Macau will benefit from ``the emergence of VIP junket'' operators, including AMA International Ltd., Tang wrote in yesterday's report.
``AMA believes it can channel mostof its junkets' VIP business to one casino. We believe this is Crown.''
AMA, 80 percent-owned by Hong Kong-listed A-Max HoldingsLtd., controls 10 Macau gaming junket operators.
Junket operators bring gamblers to casinos and earn commissions based on the amount they gamble.
Gaming operators are expanding in Macau, the only Chinese city where casinos are legal. The city surpassed the Las Vegas Strip as the world's biggest casino center with $6.9 billion in gambling revenue last year.
Melco, owner of 41.4 percent of Nasdaq-listed Melco PBL, also invests in gaming technology and slot machines. Its stock has dropped 13 percent this year, compared with the 48 percent increase in the benchmark Hang Seng Index.
--Editor: Fellman (fjm)
To contact the reporter for this story:Kelvin Wong in Hong Kong at +852-2977-6441 orkwong40@bloomberg.net;
To contact the editor responsible for this story:Tom Kohn in Hong Kong at +852-2977-6610 or tkohn@bloomberg.net
By Kelvin Wong
Oct. 16 (Bloomberg) -- Melco International Development Ltd., run by Macau gambling billionaire Stanley Ho's son Lawrence, rose in Hong Kong trading after Deutsche Bank raised its target price.
The shares jumped 4.3 percent to HK$15.96 at 3 p.m., bringing their gain in the past two days to 7.8 percent. Deutsche Bank Hong Kong-based analyst Karen Tang raised her target price on Melco by 20 percent to HK$18 in a report released yesterday.
Melco PBL Entertainment (Macau) Ltd., Melco's venture with James Packer's Publishing & Broadcasting Ltd., is building three casinos in the Chinese city over a five-year period, including the Crown Macau, which opened in May.
Crown Macau will benefit from ``the emergence of VIP junket'' operators, including AMA International Ltd., Tang wrote in yesterday's report.
``AMA believes it can channel mostof its junkets' VIP business to one casino. We believe this is Crown.''
AMA, 80 percent-owned by Hong Kong-listed A-Max HoldingsLtd., controls 10 Macau gaming junket operators.
Junket operators bring gamblers to casinos and earn commissions based on the amount they gamble.
Gaming operators are expanding in Macau, the only Chinese city where casinos are legal. The city surpassed the Las Vegas Strip as the world's biggest casino center with $6.9 billion in gambling revenue last year.
Melco, owner of 41.4 percent of Nasdaq-listed Melco PBL, also invests in gaming technology and slot machines. Its stock has dropped 13 percent this year, compared with the 48 percent increase in the benchmark Hang Seng Index.
--Editor: Fellman (fjm)
To contact the reporter for this story:Kelvin Wong in Hong Kong at +852-2977-6441 orkwong40@bloomberg.net;
To contact the editor responsible for this story:Tom Kohn in Hong Kong at +852-2977-6610 or tkohn@bloomberg.net
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