Wembley Considers Higher Bid
BLB on Tuesday placed a $526 million bid for Wembley (WMY.L), thereby trumping MGM Mirage (MGG)'s bid of $494 million. Wembley's board subsequently postponed a special meeting at which shareholders were to vote on selling on the company to MGM. BLB is a consortium that is 50 percent owned by real-estate investment firm Starwood Capital; the remaining 50 percent is equally shared by gaming developer Waterford Group and casino operator Kerzner International (KZL).
Yoomedia's Value Falls as It Seeks Funding
Digital pay-TV solutions company NDS Group Plc (NNDS) and leisure and entertainment group Rank Group Plc (RANK) sold interactive gaming channel Fancy A Flutter to YooMedia, an interactive TV and mobile entertainment company that is run by David Docherty, a former executive of BBC and Telewest. Yoomedia also announced that it was seeking additional funds to "ensure the group can continue as a going concern for the foreseeable future," and as a result the company's value plummeted 24 percent. The company had just £2.3 million in cash reserves at the end of January, but in the last year it has reduced its pre-tax losses from £7 million to £5.3 million and raised its revenue from £38,901 to £743,150.
NETeller Postpones Float
E-payment system company NETeller was scheduled to raise £50 million through a flotation on the London Stock Exchange's Alternative Investment Market (AIM) on Wednesday, but the company's prospectus was only published on Monday so the float will probably be delayed until next Thursday. NETeller's 20 million new shares are likely to be valued around 200p per share. The Telegraph reported that shares were allocated last night and oversubscribed by 1.3 times. The company will place 5 million more shares with existing shareholders through Canaccord Capital and joint broker Durlacher. The upcoming flotation should give NETeller a market capitalization of £250 million.
Sportingbet Boasts 90 Percent Rise in Profit
Upcoming Reports
Harrah's Entertainment Inc (HET) will host a conference call on April 21 at 9:00 a.m. (Eastern Time) to discuss its financial results for the first quarter of 2004. Interested parties can listen in on www.harrahs.com.
Reports Released
Online gaming software and content provider Chartwell Technology Inc (CWTKF.PK) has announced 38 percent revenue growth and a net income of $.04 per share for its first quarter ended Jan. 31, 2004. The company received $2,340,345 in revenue for the three months leading up to Jan. 31. Last year during the same period the company received $1,691,476. Software license fees for the period grew by 64 percent compared to last year, constituting $1,939,199 or 83 percent of the company’s total revenue. Chartwell increased its net income for the period by 61 percent, raising it to $559,000 or $.04 per shared compared to $348,000 or $.03 per share during the same period last year.
Chartwell Technology Inc First Quarter Report