GOCORP Ltd., which was awarded Queensland's first online casino license,
announced that it is launching an A$20 million float, offering shares at
$.50 each. Residents of Australia and New Zealand will be able to buy
shares for one month beginning April 19, with an expected listing on the
Australian Stock Exchange on May 29.
"Few new enterprises are presented with a largely uncontested and
burgeoning global market," said CEO Paul Appleby. "Even fewer enter a
predominantly unregulated environment with GOCORP's competitive advantage of
a stable first world government license."
GOCORP officials expect the vast majority of their revenue to come from
players outside of Australia, prompting Appleby to comment, "This is good
for Australia, and especially good for Queensland under whose jurisdiction
GOCORP will operate. GOCORP is expected to become a significant net export
earner for Australia, and further benefit our state both in terms of local
employment and state revenue."
The IPO is expected to finance GOCORP's global branding program, fund new
content development and provide working capital. GOCORP's online
gaming site is expected to go live during second quarter 2000.