Pity Party -- The Daily Mail carries a report on PartyGaming, whose shares since April have returned to their "well-trodden downward path." The paper says dealers were left scratching their heads as shares on Wednesday shed 3.75p, or 9 percent, to 31.5. Analyst James Hollings at Daniel Stewart "decided the shares had fallen far enough and suspended his sell advice," the Mail says. Stewart reckons that part of the negative sentiment surrounding the stock is connected to the "substantial renumeration" Party CEO Mitch Garber receives. "The chief executive is in line to collect free shares and bonuses worth around £17 million ($34 million) if he just stays at the company another two years," it says. "Contrast that with the fortunes of shareholders who have seen their investment plummet from a high of 170.75p in 2005." Hollins added that despite the slide shares are still looking relatively expensive.
Rank Shares Rally -- Shares in Mecca Bingo operator Rank rallied today as the company said it has "begun to see some early signs of recovery" from the Scottish smoking ban. For the six months to June, revenue in Scotland was down 10 percent with admission 13 percent lower. The company reiterated that profits later this year would be affected by the introduction of the smoking ban in England. It added that like-for-like revenues across the group rose 5 percent during H1 2007, buoyed by a 37 percent surge at its interactive gaming arm, BlueSquare. Shares climbed 6.5p to 187. The Times quotes Matthew Gerard, analyst at Investec, as saying: "They've beaten my expectations in every division." Ian Burke, Rank's chief executive, said that the group was as prepared as it could be for the looming ban in England. "Our approach to the smoking ban is to focus on the changing needs of our customers and to adapt our product offer accordingly," he said.
Jersey Plays Catch Up -- The Baliwick of Jersey needs to catch up in the online gambling sector, according to Sen. Philip Ozouf, the minister responsible for developing the island's economy. The BBC reports that, this year, Alderney had doubled its income from online gaming, an area which Ozouf said Jersey is "patchy" on. Ozouf told the news service that making changes to the island's gaming laws was essential.
Veikkaus Introduces Self-Regulation -- Veikkaus, the Finnish gaming monopolist, said its Web site has been updated with a service that allows players to self-regulate. The service offers a chance to impose daily, weekly and monthly "maximum limits of personal expenditure on gaming."
EGBA Comments on EC Announcement -- The Financial Times reports on Wednesday's announcement from the European Commission. The paper quotes Sigrid Ligne, secretary-general of the European Gaming and Betting Association, as saying: "To claim that only closed, nationally monopolistic markets can protect the consumer when it comes to gambling services is clearly untrue."
Stock Watch -- On the LSE, PartyGaming remained even at 31.50p, William Hill was up 6p to 616.50 and Sportech was up .50p to 16.