Market Briefs (June 23-27, 2003)

30 June 2003

Coral Eurobet Ranks High in Sales

Coral Eurobet, a private British gaming company, has been ranked No. 17 in the Sunday Times/KPMG list of the country's top private companies in terms of sales.

Coral Eurobet, which also has an Internet betting site as well as more than 900 betting shops, had sales of £1,279 million for the year ended September 2001.

Another private gaming company in the United Kingdom, Gala Group, ranked No. 73 on the list. Gala Group had sales of £433 million for the same period.

Insider Sales-A-Thon at Land-Based Casinos

A number of Las Vegas casino executives sold large portions of their company's stock last week, the Las Vegas Sun reported on June 24. The transactions don't appear to be caused by alterations in the companies' strategies, gaming analysts are saying.

"I don't think the insider sales are indicative of a change in fundamentals," said Marc Falcone, a Deutsche Bank analyst. "We think the outlook for Las Vegas, particularly over the several months, continues to be strong."

Philip Satre, the chairman of Harrah's Entertainment Inc., completed one such insider sale (HET). He sold 45,000 shares of stock for $43.14 per share and privately sold another 23,325 shares. Joe Henson, a director at Harrah's, sold 3,100 shares of stock for $43.25 per share. Harrah's COO Timothy J. Wilmott exercised 83,843 options at $14.31 per share and then sold the shares for $41 each.

Executives at Mandalay Resort Group also unloaded shares after their company announced a dividend. Michael Ensign, CEO, and William Richardson, vice chairman, each sold 822,000 shares at an average price of $33 per share.

AngelCiti Entertainment Searches for Venture Capital

AngelCiti Entertainment Inc. (OTC BB: AGLC) said Friday that it is working with Marlin International Venture Capital LLC to raise up to $15 million in funds to help the betting and gaming company expand.

"During the past year, the company has experienced significant expansion in a rapidly growing industry," said company President George Gutierrez. "With additional capital, we can more quickly implement our business plan, which calls for a much stronger marketing presence and an aggressive acquisition schedule to enable the company to achieve materially greater results for our investors."