Crypto Reconstitutes, Anticipates Opening of Headquarters
CryptoLogic Inc., the London-listed software developer, said its shareholders on Thursday approved a proposal to reconstitute the company into an indirect, wholly-owned subsidiary of CryptoLogic Ltd., incorporated under the laws of Guernsey with corporate headquarters in Dublin. The company said it expects its new corporate headquarters to be operational by June 2007.
Intralot Issues Trading Update, Confident in Turkish Propsects
Management for Intralot, the Greece-based betting technology company, said they were confident that the company would remain competitive enough in Turkey to win a new tender through its joint venture, Inteltek, and that the company is in line with market expectations for 2007. In a conference call this afternoon on its first quarter results, management also addressed the possibility of legalized I-gaming in Poland, saying that a liberalized Polish market would not present a threat to their operations, as long as current operators will be given room to continue providing I-gaming services.
PBL May Dump More of its Media Biz to CVC Asia Pacific
Australia's Publishing & Broadcasting Ltd. (PBL), which was recently entangled in Tabcorp takeover rumors, said it was in talks with buy-out group CVC Asia Pacific to sell a further 25 percent of its media business. Six months ago, PBL sold half of its free-to-air television assets, magazines and Internet portal to a joint venture with CVC for $3.7 billion. The Financial Times reports that no agreement has been reached, but that the talks come as PBL executive chairman James Packer moves to relinquish control of the "media empire his father built up and step up investment in his more profitable gaming operations."
Scientific Games Exec Offloads 15,000 Shares
On Wednesday, Robert C. Becker, VP and treasurer of Scientific Games, filed a report with the Securities and Exchange Commission (SEC) reporting the sale of 15,000 shares of common stock at $36.65 a piece.
L&G Warns of Loss
A string of unfortunate sports results, capped by AC Milan's victory in the Champion’s League final, has led betting firm Leisure & Gaming to warn of a loss to the tune of 1.4 million euros. Despite these losses the company remains confident, pointing to an earnings bump of 31 percent for its subsidiary Betshop and a shift in focus to Italy following the crackdown enacted by the U.S. government in October 2006.
Calmer Seas for 888
The Times carried a brief on 888's trading update. The paper said that for the first time in two years as a public company, 888 was finally able to turn away from controversy and focus on its performance. Although 888 still faces threats of predatory buyout and is constantly on the lookout for new platforms or games to expand into, the company seems finally to be enjoying the stable success of its business without the aid of American players. The company said Tuesday that its trading is in line with expectations. In a prepared statement, Chairman Richard Kilsby said that the company's strategy--"delivering more games, over more platforms to more customers worldwide"--would sustain its momentum as it moves into the "seasonally quieter second quarter."
OPAP Reports Q1 Profit
Greek lottery operator OPAP has reported that first-quarter profits rose 16.9 percent to 143.4 million euros, beating expectations on the strength of rising kino game sales. OPAP’s margin of earnings before interest, taxes, depreciation and amortization was slightly lower due to advising contacts made with Intralot, but overall, the company remained optimistic about their profits and potential for future growth.
IGH Shares Suspended on LSE
Interactive Gaming Holdings, the London-listed operator, said it had suspended trading on the LSE after failing to publish its annual results. The company, "due to unforeseen logistical issues," added that it had not been able to finalize the results in time to send to shareholders. eGaming Review reports that IGH chief executive John Heaton has left the company, though, as of today, the company has not publicly addressed the speculation. Last week, it secured a £600,000 ($1.2 million) credit facility with General Capital Venture Finance Ltd. to fund its working capital requirements.