Magna Nets $143 Million from Public Offering
Magna Entertainment Corp. (MIEC) estimates the proceeds from its recently completed public offering to be $143 million.
The horse race betting company had offered 20 million Class A voting shares for $6.56 per share in America and CA $10.60 per share in Canada.
Magna said it will use the money it raised for general corporate purposes including payment of debt, working capital and possibly the purchase of additional racetracks, entertainment operations, training centers, off-track betting facilities and account wagering operations.
ISWI Uncertain About Impact of Kirch Group Insolvency
Interactive Systems Worldwide Inc. (ISWI) said Friday that it is uncertain whether The Kirch Group will be able to make good on funding it had previously committed to Global Interactive Gaming Ltd. (GIG), ISWI's partner in an interactive digital TV betting deal in the United Kingdom.
On March 8, ISWI said, KirchMedia, a company within the Kirch Group, filed for insolvency protection in Germany. Kirch Sport, which is based in Sweden, has a controlling interest in GIG.
However, the company said GIG will complete the testing of its interactive betting system with the intention of launching it in time for wagering on the World Cup in late May. ISWI and GIG are also integrating cricket betting into their SportXction software so that bettors can wager on cricket once its season in England begins in June.
GIG is exploring other funding sources in case the Kirch Group is unable to fulfill its commitments to the company, ISWI said.
TrackPower-Armstrong Negotiations Off
TrackPower Inc. (TPWR.OB) said Thursday that it has ended its discussions with Armstrong Holdings Ltd. The two companies had been negotiating for TPWR to acquire Armstrong; TPWR said it had raised more than $10 million to make the purchase and was looking forward to closing the deal. TrackPower said it is now aggressively pursuing other opportunities in the horse racing industry and can close at least one deal before the end of April.
Station Casinos Conference Call April 16
Station Casinos (STN), which in February acquired 50 percent of SunOnline Ltd., will hold a conference call at 10 a.m. PDT on April 16 to discuss its first quarter results. To participate, call 888-693-1085. A replay of the call will be available until midnight on April 19. To hear the replay, call 800-633-8284; the reservation number is 20466993. The call will also be Webcast on Station's Web site.
Penn National Conference Call April 23
Penn National Gaming (PENN) will host a conference call to discuss its first year results at 10 a.m. EDT on April 23. To participate in the call, call 212-896-6076 or 415-537-1823. The call will also be broadcast via the Internet www.companyboardroom.com.
Report Released
Boss Media (BOSS.ST) is reporting a net sales decrease of 7 percent as part of its 2001 year-end results, to SEK 173.1 million from SEK 185.5 million. Earnings per share went to SEK 0.1 from SEK 0.9 in fiscal 2000. The Swedish company, which licenses I-gaming software as well as operates Gold Club Casino and Casino.com, said the report also reflects restructuring that saved it SEK 30 million.
Boss Media (BOSS.ST) - Year-end
Report