Audley Capital Management, the asset management group, has increased its stake in Gaming VC Holdings, the Germany-facing Internet gambling operator, to 6.9 million shares from 3.53 million. The purchase, placed through the Audley European Opportunities Master Fund, takes Audley's shareholding to just above the 22-percent threshold required to gain voting rights.
A report in Antigua Sun earlier this week suggested that Antiguan and U.S. officials may have come to an agreement in their World Trade Organization dispute. The report said the two sides are working together to draft a joint statement. The details of the report are murky, however, as it lead by describing Antigua's displeasure with the U.S. compensation offer. IGN is investigating and will have full coverage shortly.
With the publication of a comprehensive gambling impact study this week, the Canadian Gaming Association has proclaimed the gaming industry "the country's largest and most economically significant entertainment industry." CGA's research shows that 135,000 Canadians are directly employed in the gaming industry. The number swells to more than 267,000 if the indirect and induced impacts of economic activity are considered. In 2006 this translated to more than CN$11.6 billion in labor income.
"The breadth and depth of the industry is significant," said the study’s author, Robert Scarpelli, managing director of HLT Advisory, Inc. "We've always known that employment in gaming operations was robust, but the total impact of the industry surprised us. After validating the results with Statistics Canada's Input-Output Model, we now, for the first time, have a picture of the industry's full impact right across the country."
According to CGA's study:
The Canadian gaming industry contributes CN$15.3 billion to the economy directly, with most of this revenue, CN$8.7 billion, or 57 percent, going to support government programs and services, as well as to charities. Six billion Canadian dollars, or 43 percent, was spent to sustain operations, paid out as salaries and used to purchase goods and services.
The industry’s investment in current capital construction is approaching CN$10 billion, with the largest portion of that investment, 49 percent, occurring in Ontario.
From the perspective of the hospitality sector, gaming is just behind full-service restaurants, at CN$17.2 billion, and on par with limited-service restaurants, at CN$15.4 billion, in terms of economic contribution. Gambling also places ahead of accommodation services, at CN$14.3 billion, and air travel, at CN$11.9 billion, with Canada’s two major airlines.
The industry generates approximately CN$721 million in non-gaming revenue, such as food, beverage and entertainment.