AWI to Sell Net Betting Subsidiary
Shares of American Wagering Inc. climbed steadily Friday as the company announced that it will sell its online gambling subsidiary as part of a settlement with the Nevada Gaming Control Board. (see "
AWI Must Sell Megasports" for details.) The company finished the day at 3.1875, its highest closing price since July 6. Shares plummeted briefly Monday to 2.4--its lowest ever trading price--but rebounded well.
MDI Hits the Nasdaq
MDI Entertainment announced that it will begin trading on the Nasdaq Small Cap Market under the symbol "LTRY." The company, which recently purchased The Lottery Channel, announced its Nasdaq acceptance in May.
Winchester Mining Morphs into PNW Capitals Inc.
Winchester Mining, a company that has acquired software to operate an online casino, this week changed its name to PNW Capitals Inc. and has likewise changed its trading symbol to "PNWC." PNW Capital Inc.'s mandate is to develop the pacificnortwestmall.com and the Hollywoodmall.net and to facilitate exciting new high tech companies such as multiplex raceway systems, the developers of a fiber optic "optical access system," in raising capital and then to distribute profits to shareholders.
China's Not Quite Ready to Embrace E-Trading
According to an article in Shenzhen-based Securities Times, a survey conducted by Shenzhen Stock Exchange indicates that online trading accounts for only 0.35 percent of the total stock trading turnover in China. The survey points out that 40 out of the 72 securities companies surveyed have launched online trading businesses, but the investment of those 40 companies in online trading average only 2.2 million yuan (US$266,000).
A Call for Lower Commission Rates for Thai Trading
The Nation reports that ABN Amro Asia Securities Trading (AST) President Pratib Yongvanich is calling for Thai authorities to liberalize commission fees for online stock trading to increase trading volume over the Internet. "Without liberalization of commission fees, it will be difficult for Internet trading to become
popular," Pratib said during a Monday press conference. Under the Stock Exchange of Thailand's schedule, the current commission fee will be changed to a negotiable rate with a minimum of 0.25 percent of the transaction value starting September 1. Full liberalization will begin in the next two years. AST--Thailand's largest brokerage house, with an 8.95 percent market share--is one of the 17 houses supporting the new
commission rate.
New Investment Tools at SURETRADE.com
Online broker SURETRADE.com announced that it has improved its website's Learning Center section by adding a number of investment decision-making tools from SmartMoney.com, including investing basics for new investors, short-term and strategic investing for more experienced investors and debt management tools. The SURETRADE Investor Learning Center also includes a number of worksheets and calculators developed by SmartMoney.com for determining answers to a host of personal finance questions. The addition of SmartMoney.com's content rounds out the array of services already provided
on the SURETRADE site, such as the IPO Center, the Mutual Fund Center, and Options and Margin
Desks.
Stanley Leisure Releases Annual Report
British casino operator Stanley Leisure (SLY.L) this week reported a 21 percent increase in profits thanks to heavy trading, the group's acquisition of casino company Capital Corporation for £86m and a gaming turnover increase of 131 percent on the year to £118m. Despite the good news, however, Chairman Leonard Steinberg reported that Euro 2000 failed to produce good results. Here are the numbers as reported by Stanley Leisure:
Group pre tax profits up 32% to £31.1m (before exceptional items and goodwill amortisation) reflecting organic growth and acquisitions in both the Betting and Gaming divisions
Betting Division:
turnover up 9%
operating profit of £18.7m up 9%
Gaming Division:
Divisional turnover increased 131% from £50.9m to £117.9m and operating profit rose 123% from £11.4m to £25.6m.
acquisition of 4 regional casinos (including one post year-end)
acquisition of 2 internet casinos for £8.1m
anticipated launch of Stanleyacropolis.com
EPS up 31% to 19.1p (before exceptional items and goodwill amortization)
Final dividend per share up from 3.3p to 3.8p giving a total dividend for the year of 5.55p