A Progress Report on the RivTrend Index
The recent launching of the RivTrend I-Gaming Global Stock Index has prompted a lot of great feedback from IGN readers over the last two weeks. The most common queries--by far--have regarded the implementation of graphs and/or charts for monitoring the industry's progress. To that, we respond. . . "It's in the works!" We've been compiling historical data since several weeks before the index launched and will add graphing and charting capabilities in coming weeks. So, stay tuned.
News You Can Use
Publicly reporting companies may soon be able to keep their shareholders and members up-to-date by
sending out information via e-mails, or posting relevant information on the company's website. A proposed
draft order to the Companies Act 1985, the first such proposal under the Electronics Communications Act,
makes this move possible, reports Outlaw. E-Minister Patricia Hewitt called the new legislation "the first step in implementing the government's program to update legislation for the electronic age. This new legislation will enable businesses to provide a better, faster service to shareholders as well as reducing the paperwork and costs." The new legislation will let companies register online at the Companies House; allow shareholders to access annual reports, accounts and more via the company website or from e-mail; and allow shareholders to appoint proxies or send voting information through e-mail. The draft regulations can be accessed at www.legislation.hmso.gov.ukl/si/si2000/draft/20008674.htm or www.dti.gov.uk/cld/condocs.htm.
The British Corner
Three directors have increased their share holdings in Zetters Group Plc, reports City Wire. Chairman
Anthony Wollenberg acquired 100,000 additional shares, giving him 2.14 percent of the company's
ownership. Meanwhile Jonathan Sparke, Zetters' business development director, increased his holdings by
another 106,719 shares, for a total of 500,000 shares. The third director, Howard Israel, purchased 2,800
shares, boosting his ownership to 14,000 shares. All three made their purchases as part of a rights issue,
which was implemented to pay for a reverse merger into IFX. The merge was officially closed on September 19, and is intended to let the company foray into other areas, including online financial and sports betting. In addition, Graham Wellesly, Lorenzo Naldini and Charles Romilly, three directors from the IFX board, are expected to join the Zetters board.
Hilton Group has been for months seeking a buyer of its gaming division, and several suitors have popped up lately, including competitor Stanley Leisure, the owner of 30 land-based casinos in the U.K. The Telegraph reports that Stanley Leisure may be interested in buying all of the Hilton casinos or possibly just the London casinos, including Maxims and the Barracuda Club. The casino sale, however, won't include Hilton's just launched virtual casino, Ladbrokes Casino, licensed in Gibraltar. Stanley Leisure also operates online casinos located at stanleyacropolis.com, acropoliscasino.com and avaloncasino.com.
Pre-tax losses of £8.3 million headlined Gaming Internet Plc's mid year financials. A Revolution news
story also shows that the company earned £1.29 million turnover during the first six months of 2000, compared to a £342,000 pre-tax loss and £67,000 turnover during the previous six-month period. Gaming Internet has also acquired new Internet properties, including joint ventures to supply Gaming Internet content and applications to sites including page3.com, the-sun.co.uk, supergoals.com (all part of News Group Newspapers - News International), fhm.com (the Internet version of EMAP's magazine), teamtalk.com, freeloader.com and Premiumserve Plc. The company has also signed deals with Kingsoccer.com, an Asian-based soccer site; UK online sports betting site Demmysportsbet.com; Sharepages.com (a financial information site); and Londonpropertyguide.com (an information site for property buyers). "Through these joint ventures Gaming Internet is moving toward achieving one of its strategic objectives to take its gaming and entertainment products to a global audience across all technology platforms," said Chairman Nigel Robertson. "Our aim is to conclude a succession of joint ventures. These contracts demonstrate that we have a very attractive package of products for both existing and potential partners."
Employees Negotiate Private Placement with AGS
Applied Gaming Solutions of Canada, Inc. has negotiated a Canadian $150,000 non-brokered private
placement selling common shares to several employees. The deal, offering common shares at $0.20 per
share, is subject to regulatory acceptance. The funds from the private placement will be used for continuing
AGS operations in Canada and Vietnam.
Jupiters Reports Positive Figures
Executives from Jupiters Ltd., which operates Internet bookmaker Centrebet, happily report that the
company's fiscal year 2000-2001 first quarter earnings were well ahead of budget, according to a Reuters
news article. In a speech intended for the company's annual meeting, the company announced, "Overall, the earnings for the September quarter were up on budget and the previous corresponding period. The continued popularity of gaming machines, higher than theoretical win rates in commission play and a sound quarter for Centrebet has more than absorbed softenings in hotel revenues and other technology-based gaming." Yesterday the company's stock was down two cents, closing at $ 3.380.
Penn National Booms Along
Penn National Gaming has reported record third quarter earnings, with revenues up 91.5 percent, reflecting a 77.3 percent gain from increases in slot revenue including coin-out machines at Charles Town Races and the first recognition of revenue from two recently acquired Mississippi casinos. On the racing side, there is a 7.9 percent revenue gain from Penn National Race Course and Pocono Downs and Penn National's 11 OTBs in Pennsylvania. Revenues for the third quarter totaled $91 million, compared to $47.5 million a year ago. Net income was $6 million, or 39 cents a diluted share, a gain of 111.9 percent before an extraordinary charge for the early extinguishment of debt. Revenues for the first nine months of 2000 were up 64.4 percent, $206.7 million against $125.7 million.
Click here to view Penn National's quarterly report.