MGM Mirage Lowers Expectations
MGM Mirage (MGG) announced Wednesday that its fourth-quarter earnings per share will be lower than the average estimate
The company, which operates several land-based casinos in the United States as well as an online casino licensed in by the Isle of Man, said the weakness of the economy combined with lower table games hold percentage from the holiday period are combining to put fourth-quarter earnings per share in the 24-27 cents range. That figure is still higher than earnings per share for the fourth quarter of last year, which was 18 cents per share.
The Las Vegas-based company said it expects operating cash flow to be about 7 percent higher and earnings per share on an operating basis to end up at about 35 percent higher than they were last year.
MGM Mirage will report its yearend financials on Jan. 28.
Gaming Insight Sells 200 Million New Ordinary Shares
Gaming Insight (GIN) last week sold £2 million worth of stock to help fund the new greyhound race betting gambling venture it is entering with the Victor Chandler Group.
The two companies are developing Red Bet Racing, which will use Victor Chandler's racing infrastructure and customer list. Gaming Insight's sale amounted to 200 million new ordinary shares, which will start trading on the AIM on Jan. 14.
Nigel Robertson, the chairman of Gaming Insight, said the new service will elevate Gaming Insight's position in the greyhound racing industry.
"Red Bet Racing will enable Gaming Insight to accelerate its development into a significant player in the worldwide greyhound racing market," he said.
MGM Mirage Conference Call Jan. 28
MGM Mirage will hold a conference call to discuss its fourth-quarter earnings on Jan. 28 at 11 a.m. EST. The call can be accessed through the company's Web site at www.mgmmirage.com or at www.companyboardroom.com. A replay of the call will be available on the Company Boardroom site for two weeks following the call.
IChance to Acquire Worldwide Managment
IChance International said on Thursday that it will purchase all of the outstanding shares of Worldwide Management SA, a Costa Rican online gaming software provider. The Scottsdale, Ariz.-based IChance will pay for the purchase its own shares.
According to a press release issued by IChance, Worldwide Management has received $26 million in net handle since beginning operations in May of 2002.
The acquisition will take place on Jan. 20. From Jan. 21 on, the company will be known as AngelCiti Entertainment.
William Hill to Release First Yearend Results
William Hill (WMH) expects to meet market expectations when it releases its first set of annual results after its flotation last year.
The company said earnings would be between £136 million and £145 million. David Harding, chief executive, said horseracing results were lower than expected in the third quarter because of mild weather.
"Despite poor horseracing results in the third quarter, a return to more normal results in the fourth quarter coupled with further produce diversification has enabled us to deliver broadly in line with expectations," he said.