This page contains a Flash digital edition of a book.
CR88-p84-87-business1-2:SJC-Casino Review 21/1/10 18:28 Page 1
internationalcasinoreview
SECTION SPONSOR
Full conversion for Genting Singapore
As Genting Singapore prepares its company structure
for the opening of Resorts World Sentosa (pictured), it
has announced that S$425m (E212m) of convertible
bonds due in 2012,
and which have been
listed on the Singapore
Business
Exchange Securities
market for the last
three years, have been
fully converted into
ordinary shares. The
company no longer has
any outstanding bonds.
NEWS
Tough decisions bring Isle
New
back into the black
finance
chief for
Having retrenched and retracted into its core markets, Isle of
Crown
Capri has managed to turn a modest profit in its first half,
reversing significant losses reported a year ago. The company’s
severe cost cutting appears to be paying off.
inandout
CROWN LIMITED
positiveoutcome Wielding the axe on its major changes to the cus-
ISLE OF CAPRI outgoings, the company tomer experience that With 16 years of service
saw its Q2 expenses fall by could negatively impact our
James Perry,
chairman
under his belt in several
With its by and large unsuc- almost four per cent to business for years to come.”
and CEO of
capacities, Crown’s chief
cessful foreign adventures $234.5m (E163.2m) year In the next set of
Isle of Capri
financial officer Rob Turner
now well and truly behind on year, contributing to a accounts, the company will is to stand down from the
it, casino operator Isle of drop of five per cent in the record a one-off boost to its company.
Capri has reported a profit half down to $474.9m takings as the sale of the His replacement has
for the six months ending (E330.5m). Blue Chip casino chain in already been appointed: Ken
25 October 2009 of $2.5m Chairman and CEO James the UK is completed as well Barton will join the company
(E1.7m), overturning a loss Perry commented: “In an as its exit from the property from March this year, once
of more than $17.1m environment plagued with in Grand Bahama. the necessary approvals have
(E11.9m) from the same low consumer confidence, “We remain focused on been obtained, and will be
period last year, despite a our ongoing improvement exploring new domestic based at the head office in
softening in revenues. initiatives are proving suc- management and develop- Melbourne. Barton has been
In the second quarter net cessful. We began an aggres- ment opportunities…Our CFO of ASX-listed building
revenues were down just sive effort to realign our business is smarter and half of our properties since materials company Boral for
under one per cent to cost structure two years ago stronger today and we are last year…We have the last seven years.
$247.4m (E172.2m), while and have since become actively engaged in identi- increased our rated visita- Rob Turner has agreed to
for the half they were down more efficient while fying growth opportunities tion at nine of our 11 prop- stay on for a short period in
3.7 per cent to $507.3m improving the customer for the future.” erties outside of Missouri, order to ensure a smooth
(E353.1m). Revenues from experience, according to Virginia McDowell, the where recent regulatory handover to the new man.
Isle’s 14 casinos in Missis- our metrics.” company’s president and changes have made this dif- CEO Rowen Craigie said:
sippi, Colorado and Florida He continued: “While we COO added: “We view this ficult to track in the imme- “We are very pleased to be
were down 2.3 per cent to will continue to save where not only as a period of eco- diate term. We are securing Ken, whose impres-
$516.1m (E359.2m) over it makes sense, it is impor- nomic difficulty but also as tions for long-term finan- introducing new customers sive financial and manage-
the first two quarters but tant to reaffirm our com- a period of opportunity. We cial success, and as a result, to our improved products ment experience will add to
were up fractionally in the mitment to the long-term are employing different we have increased the and service but the chal- Crown’s capabilities.
second to $252.2m success of our business. We strategies in each market to market share, EBITDA or lenge remains average cus- Crown’s board and manage-
(E175.5m). carefully evaluate making best position our opera- operating margins in at least tomer spending.” ment are looking forward to
working with Ken at this time
in the development of
Crown’s businesses.”
Boyd finds flexibility in new credit agreement
creditdue times the EBITDA of the previous four
Boyd’s new more flexible
credit arrangement will help
BOYD GAMING quarters, decreasing incrementally over
in its bid to acquire Station
the course of year. The previous
Casinos
One of the casino operators that may agreement had specified a ratio of 5.25
end up a big winner after the current times the EBITDA of the prior year on
shakedown, Boyd Gaming, has reached each of the subsequent quarter days
agreement with its lenders to extend the until March 2012.
ratio to determine the company’s The amendment also calls for the
maximum funded debt it will carry over maximum leverage ration to fall from 7.5
the next couple of years. to 7.25 by the end of 2010. As part of
From the end of March 2011, it will the agreement, the company has
see the ratio move up from 6.5 to 7 reduced its borrowing capacity from
$4bn (E2.78bn) to $3bn (E2.09bn): its
outstanding debt is currently $2bn
(E1.39bn), leaving it $1bn (E696m) still
available to it.
Keith Smith, president and CEO of
Boyd, explained: “While not required by
our lenders, this amendment provides us
with enhanced flexibility and furthers our
ability to pursue potential strategic
growth opportunities in the future. This
amendment was done with full
consideration of our recently announced
Ken Barton will take up Rob
Turner’s mantle as CFO from
proposal to acquire the assets of Station
March
Casinos.”
84 February 2010 • businessnews
Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96
Produced with Yudu - www.yudu.com