BetOnSports to Go Public
BetOnSports.com, a Costa Rica-based online bookmaker, said it is planning to float on the AIM this summer.
The company, which operates one of the largest Internet betting sites in the world, could raise about £25 million by going public. About one year ago, the company had planned to go public but abandoned the idea after the events on Sept. 11.
Bets from Americans make up about 90 percent of the company's business.
David Carruthers, CEO, said his company is ready to make the jump to being a public group.
"We are teed up and ready to do it," he told IGN. "We have all the paper work ready and are serious about doing it. We just have to wait for the global economic climate to change...Right now, things are not favorable for a company like ours to go public, but as soon as that changes, and I think it will eventually, we will be ready to go with the float."
Wynn Gears Up for IPO
Las Vegas businessman Steve Wynn began looking for investors for Wynn Resorts last week after the Securities and Exchange Commission granted him permission to sell stock in the company, the Las Vegas Review-Journal reports.
Wynn hopes to raise $450 million by selling 20.5 million shares of the company for about $22 each. On Monday, Wynn noted in an SEC filing that his company intends to begin building its La Reve resort sometime in October. The resort will cost $1.85 billion to build.
The SEC is expected to give final approval for the initial public offering in two weeks. Bill Thompson, a professor and casino industry expert at the University of Nevada, said Wynn will probably be successful in this venture.
"It's a terrible market for an IPO, but that's not Steve Wynn's fault," he said. "He'll get it done. As long as Wynn's been operating, he's never let us down, and he'll come through with Le Reve."
eBet to Purchase Turbo Bonus
Australian online gaming company eBet Ltd. (EBT) on Monday said it will buy Paecu Pty. Ltd., which operates the casino loyalty program Turbo Bonus. eBet will spend AU$8.5 million for the business and assets of the company.
Turbo Bonus is the biggest supplier of card-based loyalty program for casinos in Australia. eBet will pay AU$6 million in cash; the remainder of the purchase price will be paid for in eBet shares deliverable on Dec. 15. To fund the acquisition, eBet will hold an AU$8 million convertible note issue.
The remaining AU$2 million from the convertible note issue will be used for working capital, stamp duty and goods and services tax if the Australian Taxation Office subjects the company to those fees.
Keith Cullen, the managing director of eBet, is calling the purchase one of the most important developments in the history of the company. It will "significantly strengthen eBet's position, particularly in New South Wales, where Turbo has some 192 customers operating more than 21,000 gaming machines," he said.
Penn National Gaming Conference Call Oct. 23
Penn National Gaming Inc. (PENN) will hold a conference call to discuss its third-quarter results at 10 a.m. on Oct. 23. To participate, call 212-346-0106 or 415-537-1911. The call is also accessible via www.companyboardroom.com. A recording of the call will be available until Nov. 6 by calling 1-800-633-8284 or 402-977-9140 or visiting the Company Boardroom Web site.
Online Gaming Systems Shareholder Meeting Nov. 21
Online Gaming Systems Ltd. (OGAM.OB) will hold a shareholders meeting on Nov. 21 at 10 a.m. at the company's headquarters in Las Vegas. Shareholders on record as of Oct. 4 are invited to vote at the meeting.