Newly Formed Lasseters Corp. Hits Market
The company formed by the merger of Lasseters Casino Pty Ltd. and Gocorp Limited, Lasseters Corporation Limited, began trading last Friday on the Australian Stock Exchange under the symbol LAS.
The companies merged on June 29 to create Lasseters Corporation, which came into existence as a major international gaming operator with a built-in revenue stream of more than AU$12 million per month.
Peter Bridge, the new company's managing director, said the opening price of the stock will be difficult to determine because of the one-for-10 equity consolidation that was part of the merger agreement.
"We expect the stock will come under pressure in its early days," Bridge said. "This has more to do with former Gocorp shareholders wanting to sell off their holdings than the future potential of Lasseters."
Trading on Gocorp shares had been halted since December 2000 due to the Australian government's temporary Internet gambling moratorium. Lasseters Corporation stock started the day Friday trading at 1.5 and ended the day at .50. It closed Monday at .55.
Rank May Move on Coral
Rank Group Plc (RNK.L) is gearing up to offer a £400 million (US$569.3 million) bid to purchase Coral betting shops from Morgan Grenfell & Co., a private equity firm.
Bloomberg reported the story Saturday, citing the Guardian newspaper of the United Kingdom as its source. Rank, the owner of Hard Rock Cafés and Odeon movie theaters, would like to expand its gaming division beyond casinos and bingo halls. Mike Smith, Rank's chief executive, previously tried to buy Coral when he was the head of Ladbrokes.
According to the Guardian, Rank will most likely bid on Coral if the chain is put up for sale.
Jupiters Eyes Foreign Shores for Expansion
Believing the gaming market in Australia to have almost reached saturation, the chief executive of Jupiters Ltd. (JUP.AX) says the company is now looking to international markets for its growth.
Rob Hines told Dow Jones Newswires that international expansion was the plan for the casino and hotel operator rather than whatever consolidation opportunities may exist at home.
"People are speculating about consolidation," he said, "but the thing to be remembered is gaming is regulated on a state basis, and there aren't too many states where there are multiple operators, so a lot of the
consolidation has already occurred on a state basis."
Jupiters on Monday released its year-end report for the year ending June 30. The casino and Internet betting company reported a 14 percent increase in net profit to a record AU$77.1 million (about US$40 million). See the bottom of the page for a link to the full report.
Cost Cutting for fluxx.com
The powers that be at fluxx.com recently implemented cost-cutting measures with the hope of saving the company EUR 5.5 million during the upcoming 18 months.
The company's e-production segment is being shut down due to lagging orders, and staff costs will be reduced by EUR 1.1 million this year and EUR 3 million in 2002.
The company's Internet gambling division, on the other hand, is boosting its growth. After a successful testing period, fluxx.com in July launched a direct marketing method of selling its lottery products. Based on this and the company's new event betting gambling platform, fluxx.com's board of managers believes gambling stakes of EUR 3.8 million can be achieved for fiscal 2001.
Chartwell on Tier 1 of Canadian Venture Exchange
Chartwell Technology Inc. (CNDX: CWH) recently graduated to Tier 1 classification on the Canadian Venture Exchange. The Calgary-based company specializes in gaming applications and entertainment content.
Youbet.com Conference Call Aug. 14
Youbet.com (UBET) will hold a conference call Tuesday at 5 p.m. EDT to discuss its second-quarter results. To register to participate in the call, visit the company's website, www.youbet.com, 15 minutes prior to the start of the call. For those who can't listen live to the Web-cast, a replay will be available for 90 days on the website and until Aug. 21 by calling 888-266-2086 or 703-925-2435. The pass code is 5437804.
MDI Conference Call Aug. 16
MDI Entertainment, Inc. (LTRY) will host a conference call Thursday at 4:10 p.m. EDT. Items for discussion include the company's second-quarter earnings, recent trading status, Form 8-K filings and
ongoing business activities. To participate, call 800-491-3697 between five and 10 minutes before the beginning of the call. The conference identification number is 1166044.
Reports Released
Jupiters Ltd. (JUP.AX) - Yearend Report
Sportingbet.com (SBT.L) - Second Quarter Report
dot com Entertainment Group (DCEG) - Second Quarter Report