Sportingbet Significantly Narrows Losses during Q1
Sportingbet has reported financial results for the first quarter to the end of October, and appears to have bounced back somewhat after a nasty year of loss for the company. Click here for the full story.
Thanks, Brokers
Fickle I-gaming shares were at it again Monday on the LSE, after William Hill and Ladbrokes -- last month, the recipients of a Morgan Stanley downgrade -- were bolstered by the brokerage's latest, more positive recommendation. Current share prices "don't reflect the defensive quality of the industry, the growth potential from U.K. deregulation and international expansion, high dividend yields and continued support from ongoing buyback programs," read a note from the brokerage to clients. Ladbrokes, which was up as much as 6.75p, finished even for the day at 318.00, while William Hill finished up 8.50p at 523.50.
Good News for PBL Shareholders
Shareholders of James Packer's formerly unified Publishing & Broadcasting empire are set to receive some "Christmas spending money," reported Sydney Morning Herald. On Friday, PBL will mail checks for its A$2 billion cash return that came as part of its split into Crown and Consolidated Media Holdings.
Woe is Rank
Troubled bingo and casino operator Rank Group PLC reported lower revenue amid challenging conditions due largely to gaming laws and the expansion of smoking bans. Without providing specific numbers, Rank said in a prepared statement that revenue dropped 2 percent in the 49 weeks to Dec. 9. Turnover from the Mecca Bingo chain in Britain fell 7 percent during the period, but that was offset by an 8 percent gain at the company's Top Rank España business. The worst news came for Rank shareholders, however, when the company announced it would not be paying a dividend this year. On Wednesday, Rank shares dropped 4.9 percent to 102.25p on the LSE.
Champion Steps Down
Charles F. Champion, CEO and chairman of California-based horserace wagering firm Youbet.com, has stepped down from his post to pursue other opportunities. Champion will work with the company to bring about a smooth transition to new leadership, and he will provide advice and assistance as requested by the board of directors.
Party Shuffles Board
PartyGaming has appointed four new members, including Lord Moonie, to its board of directors. In addition, Ruth Parasol and Russell DeLeon -- who together hold a 28.43 percent stake in the company -- have nominated John Davy, chairman of Mentor Inns LLP, to act as their representative on the board. Likewise, Anurag Dikshit, who retains a 27.66 percent stake in Party, has nominated Emilio Gomez -- most recently of Baker Tilly -- as his representative on the board.
Looking Ahead
CryptoLogic said earlier this week that it expects results for the fourth quarter to come in at the upper end of the guidance it gave on Nov. 8. In its third-quarter report, the company projected fourth-quarter revenues of between $17.5 million and $18.5 million, with net earnings between $2 million and $3 million.
Party Optimistic about Fourth-Quarter Trading
PartyGaming on Friday said its fourth-quarter financial performance was in line with expectations. With regard to the trading update, Dresdner Kleinwort reiterated its buy recommendation and 60p share price target. The brokerage noted that visibility remains vital to Party's share price. That it is on track to meet 2007 earnings forecasts is "another positive step for the group since its restructuring post its exit from the United States last year," it added. On the LSE, shares in Party -- valued at £1.2 billion by Thomson Financial this morning -- were up 1p to 30.25.