Buy Reco Can't Hurt -- A buy recommendation from analysts at Dresdner Kleinwort may have helped shares in Ladbrokes today, which were up 5.50p to 321.50. Ladbrokes' share value has lost roughly 30 percent of its value since June 2006, when shares topped out at 462.75p. In a research note to clients this week, the brokerage reduced Ladbrokes target price from 450p to 420 and suggested that its £13 million settlement with Turf TV could have a negative impact on 2008 pre-tax earnings -- a cut of around 4.5 percent, the note said.
Pulling the Plug -- After announcing last month that it would be looking to offload its sports betting operation, Marginbet has closed its Portlandbet.com subsidiary and terminated all staff. Gaming Intelligence Group reports that the ASX-listed group made the move in order to focus fully on its new mining interests, and that it has initiated discussions with several its business partners to seek relief from its contract obligations.
Macau News -- Sociedade de Jogos de Macau, owned by Macau casino magnate Stanley Ho, said today that it will be launching an international tender for the construction of a new hotel and casino in the plot of the old Lisboa casino. In a written statement, SJM said that the details of the public tender would be provided soon and that it is aiming for work to begin in 2009 and end in 2012. In other news from the rapidly expanding former Portuguese enclave, Macau Daily Times reports that gaming revenue hit a record high of $1.04 billion for the month of December.
Harrah's Likes Loveman -- In Harrah's news, the world's largest land-based casino group said Wednesday that it extended Gary Loveman's employment agreement, and that he would remain in his role as chief executive after its merger with affiliates of private equity groups TPG Capital and Apollo Management.
Stock Watch -- On the LSE today, Neteller was up 0.25p to 53.25, London Capital Group shed 18p to 416.00 while Sportingbet was up 1p to 53.00.