Power Leisure Not Buying Coral, CFO Says
The CFO of Power Leisure plc (PWL) said last week that the Irish company is not interested in buying part of Coral's betting shop chain.
It had been reported in the Financial Times that Power Leisure, which trades under the name Paddy Power, was interested in buying up to 40 of Coral's 270 betting shops. Morgan Grenfell Private Equity, which owns Coral, has appointed Lehman Brothers Holdings Inc. to advise on Coral's future.
Ross Ivers, Power Leisure's CFO, said his company is looking to grow organically by opening between six and eight betting shops during the upcoming year. He said the company does not want to fuel the rumor that it is interested in purchasing Coral shops.
"This speculation is a storm in a tea cup," Ivers said.
Buyback for Tabcorp?
Financial analysts were speculating last week that Tabcorp Holdings (TAH) might initiate a share buyback after the buyback that Totalizer Agency Board (TAB) said recently it would have.
Egoli, an Australian news Web site, reported that analysts believe that a Tabcorp buyback is unlikely due to the company having only AU $127 million in cash reserves as of Dec. 31, 2001.
Earnings Increase for MGM Mirage
Gaming analyst Jason Ader increased his first-quarter estimates of gaming companies including MGM Mirage (MGG) this week, reports the Las Vegas Sun.
The analyst upped his earnings estimate of MGM Mirage to 34 cents per share from 29 cents per share. The increase was due to a variety of factors, including lower costs, better marketing programs, continued strength from regional riverboat markets, mild weather and lower energy and gasoline prices.
MGM Mirage announced last month that it would partner with WagerWorks for its online gaming software. The Las Vegas-based company closed up 97 cents on Thursday at $36.23.
GTECH Conference Call April 4
Lottery services provider GTECH Holdings Corp. (GTK) will host a conference call at 9 a.m. EST on April 4 to discuss its fourth quarter and yearend results. To participate, call 612-332-0418. The call can also be accessed at GTECH's Web site, www.gtech.com.
Reports Released
Youbet.com (UBET) is reporting 2001 fourth quarter revenue of $1.8 million, a 31 percent increase from the $1.4 million in revenue for the same period in 2001. Wagering handle declined to $19.8 million, compared with $21.4 million taking in during the previous year.
Youbet.com (UBET) - Yearend Report
Poker.com's (PKER.OB) revenue for the year ending Dec. 31, 2001 is $1,833,397, an increase from the previous year's revenue of $1,184,290. Operating expenses increased to $1,146,275 from $1,102,594 last year.
Poker.com Inc. (PKER.OB) - Yearend Report