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CR88-p92-business6:SJC-Casino Review 21/1/10 19:03 Page 1
French gambled nearly E22bn euros in 2009
According to the French press agency AFP, the French bet an average
of E59.1m per day last year – a total of E21.57bn on horseracing,
sports fixtures and in terrestrial casinos. The amount wagered in
casinos, not the yield, was about E2.3bn, the agency said. The figures
do not include the amount gambled on the internet – an activity
currently entirely illegal in France. That market will open in a restricted
form at the start of June this year.
Atlantic City gaming
revenue fall accelerates
norelief nificant further impact on positions at second and third
The news is not good: if Las activity in Atlantic City. The were Harrah’s Marina with
Vegas is in pain, Atlantic City is
small state of Delaware to the $488.5m (E337.1m) – down
Revenues at the 11 casinos
in agony as the pace of its revenue
south of New Jersey last year 10.3 per cent – and Bally’s AC
currently operating in also legalised live table games. with $474.3m (E327.7m) –
Atlantic City dropped 13.2
decline steps up. Some casinos
Kassekert said she was down 16.5 per cent. At the
per cent in 2009 over the
are not doing as badly as others
confident that Atlantic City’s bottom of the pile were
previous year, accelerating
but none saw an increase and the
casinos would rebound Resorts, which took
the drop of 7.6 per cent expe- when the economy starts to $191.7m (E132.3m), down
rienced in 2008.
prospects for the future are not
grow and consumer confi- 17.8 per cent, and Trump
According to the New good with Pennsylvania deciding dence returns. Marina, with $162.6m
Jersey Casino Control Com-
finally to licence gaming tables.
She said: “Atlantic City has (E112.2m), down 20.2 per
mission (NJCCC), total gross a lot to offer visitors in addi- cent: only Trump Plaza and
gaming revenues for the year tion to gambling. When the AC Hilton saw revenues drop
were $3.94bn (E2.72bn), economy improves and faster at 22.9 per cent.
against $4.54bn (E3.13bn) people have more money to While Borgata saw a drop
in 2008. At the high point of spend on entertainment, in win of 2.3 per cent from
2006, the city’s GGR came in Atlantic City will draw more the slots, it still came on top
at $5.22bn (E3.6bn). and more people interested in that sector taking in
Slot machine revenues in visiting our shops, enjoy- $431.4m (E297.7m), overtak-
were down 13.1 per cent to ing a concert, dining in our ing Harrah’s Marina, which
$2.72bn (E1.88bn) while fine restaurants and relaxing suffered a 13 per cent fall in
table game revenue sank on our beach. When it comes takings from the machines. At
13.5 per cent to $1.22bn to the concentration of the tables, Borgata held its
(E841.8m). amenities we have here in leading position bringing in
NJCCC chairwoman Linda Atlantic City, none of the $263.9m (E182.1m), still 11.2
Kassekert commented: competition can compare.” per cent down on 2008.
“Casinos continued to suffer casinos combined to depress competition from slot
The sun is no longer shining
on Atlantic City
Atlantic City’s leading Harrah’s Marina scored the
in 2009. The weak national gaming revenues.” machine operations at race- casino in 2009 was the only growth figure in the year
economy, growing competi- Atlantic City’s woes began tracks in the neighbouring Now the state has authorised Borgata, which saw total with a 1.9 per cent increase
tion across our borders and before the financial crisis and state of Pennsylvania since table games for the first time, GGR of $695.3m (E479.7m), in table revenues taking it to
the partial ban on smoking in the resulting recession, with 2004 the principal factor. which is likely to have a sig- down 5.9 per cent. Swapping $100.1m (E69.1m)
Great Canadian
Great Canadian’s
flagship River Rock
Trump creditors to
to buy back
Casino Resort in
British Columbia
vote on Icahn plan
seven per cent
trumpcard will now go head to head
TRUMP ENTERTAINMENT RESORTS with one put forward by
buybuy outstanding common shares. bondholders backed by
GREAT CANADIAN GAMING The company will buy the Lenders to Trump Donald Trump and his
shares when they become Entertainment Resorts will daughter Ivanka, which
Canada’s largest gaming oper- available on the market be allowed to choose would see Trump regain
ator, Great Canadian, has through a normal course between two competing ten per cent of the
announced a share repur- issuer bid and will then cancel plans for the company, company and his name still
chase programme in which it them, increasing the value of which has been under on top of the resort.
intends to buy back almost the remaining shares. The Chapter 11 bankruptcy Icahn, who will be the
5.8m shares, around one tenth scheme will last a year, ending they may hold as the company commented: “The flexibility protection since February largest shareholder of
of the shares issued in its flota- on 14 December 2010 unless has undertaken not to make of Great Canadian’s capital 2008. Tropicana Entertainment
tion, or seven per cent of the the target number of shares any purchases under the structure makes a share The judge in the case has when it comes out of
has been reached before- scheme while any such sales repurchase programme the approved a proposal by bankruptcy at the end of
hand. are underway. A company ideal tool to manage the investor Carl Icahn and January, last year bought 51
This mechanism is subject controlled by Great Canadian company’s balance of debt Beal Bank, which includes a per cent of Trump
to various rules laid down by the chairman and CEO Ross and equity. This normal US$225m (E157m) rights Entertainment’s senior
stock exchange, including a McLeod immediately filed a course issue bid will allow us offering – of which $80m bank debt and has an
daily limit of just under 43,200 notice of intention to sell up to to take full advantage of any (E55.8m) would be used by option to buy the
shares. Directors will have to 500,000 shares. opportunities for the creation the company as working remaining 49 per cent,
inform the company when they Director of corporate of sustainable shareholder capital – plus a $45m putting him in a strong
are planning to sell any shares development Nathan Sellyn value.” (E31.4m) loan. The plan position.
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92 February 2010 • businessnews
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