CR59-p20-World 2:SJC-Casino Review 19/8/07 12:00 Page 1
casinoreview
Paraguay is to get a new theme park, hotel-casino in San Paulo Police stations are Pro-Bingo Movement (MPB),
the south eastern region of Alto Parana area in 2009 struggling for any storage believes that regulation for the
New theme with a joint project by local company Pro&Prinvest space following the industry is the only way forward
park
and Korean developer Aria. Pro&Prinvest’s president confiscation of 19,391 slot for government claiming that if
casino for
Pablo Chung said: “We look to incentivise the machines from bingo halls there is no regulation it will do
touristic potential of the country and, at the same Brazilian police across the Brazilian city. little to stop the demand.
Paraguay
time, to provide employment to more than a
stations overflowing
Carlos Eduardo Canto,
thousand people, developing the area with social
work and street infrastructure.”
with slots
president of Brazilian Bingo
Federation (Febrabingo) and
Fighting
deadcert US casino creator Steve Wynn build a type of drop-dead moment for Atlantic City to do and his partner in Atlantic City
UNITED STATES has pledged to build a ‘drop gorgeous resort that would something dynamic,” Richard Bronson, said: “Pin-
talk as
dead gorgeous’ venue on the make people in New York say, Wynn added. “If we have the nacle’s efforts should be
east coast of Atlantic City if he ‘I want to go to Atlantic City’,” property, I’ll build the hotel,” directed at creating their own
is allowed to buy land at Bader he said. “I want to make it he said of the Bader site. successful venture rather
Wynn
Field, the former municipal fashionable.” “I’ll guarantee that, and I’ll put than trying to stop others
airport which boasts 140 Wynn believes Atlantic City it in writing.” from developing projects in
promises
acres of coastline property. is at a crossroads where as a Not everyone is in favour of Atlantic City.” The statement
City and state officials are destination it can either stay the reclassification. Pinnacle concluded: “If Pinnacle
AC ‘drop
currently deciding whether to still and struggle to survive Entertainment have threat- Entertainment is afraid of
reclassify Bader Field so it against the developing slot ened to axe plans for its competition, Wynn Resorts
dead
could be ripe for casino armies of the Pennsylvanian $1.5bn Boardwalk casino at would be willing to buy their
development. race tracks or it can crank up the site of the old Sands Boardwalk site at their cost
“If I have a site at Bader the style and aim to become a Casino Hotel if Wynn is and they can then leave and
gorgeous’
Field, I'll build Wynn Atlantic top-notch tourist destination. allowed to build at at Bader. try to control competition
City,” he said. “I would like to “It seems like the right In a joint statement, Wynn somewhere else.”
Casinos Austria in talks
South
African
for biggest ever deal
Gaming Act
could
with Gold Reef
regulate
i-gaming
Describing it as a
tium time to put a fully binding ayeforani
deal it could not say
offer on the table. SOUTH AFRICA
However, Gold Reef
no to, Casinos
Resorts said the undertak- Legislation smoothing the
Austria International
ings would fall away if a firm way for regulating interac-
is looking to up its
offer that was 10 per cent tive gambling in South
higher than the consortium’s Africa has been put in front
stake in Gold Reef
offer was received and not of the National Assembly.
Resorts ploughing
bettered by the consortium. A memorandum
some 200m euros
Chris Gilmour, an analyst at attached to the draft
into the South
Absa Asset Management National Gambling Amend-
Private Clients, said Gold Reef ment Bill, defines the inter-
African operator, was the best performer in its active gaming industry in
making this the
segment and its share price South Africa as unregu-
biggest deal in the
had performed “phenome- lated, saying it is currently
nally” over the past few years. troubled by criminal ele-
company’s history. Revenue for the year to ments, little or no protec-
December grew 30.2 per tion for players,
dealornodeal cent to R1.52bn compared uncontrolled exposure of
SOUTH AFRICA with a year ago. Almost R1bn children and other vulnera-
of this was earned at its flag- ble people to gambling and
South African casino opera- ship operation, Gold Reef a host of other negative
tor Gold Reef Resorts is in City. R224m was spent in factors.
exclusive takeover talks with 2006 upgrading the Gold “This situation has
a private equity consortium, Reef City casino and theme resulted in a considerable
including Casinos Austria park and that this had added loss of revenue to the
International, regarding a 0.75 percentage points to national fiscus and com-
cash offer that values the market share “despite disrup- promises the country’s rep-
operator at about 9.85bn rand tion from construction”. utation as a responsible
(US$1.37bn). But the company’s small- global citizen and the repu-
Gold Reef said a consor- est casino, Mykonos on the tation of the gambling
tium led by Ethos Private Cape west coast, was the star industry in general,” the
Equity Fund V and including performer, with earnings memorandum says.
management and black before interest, tax, deprecia- The bill seeks to address
investors looked likely to existing Old Reef loans - will made,” added Leutgeb. which opened its permanent tion and amortisation the socio-economic impli-
make an offer of 34 rand per result in a transaction volume Due to the continuing facility in May 2000 with sub- (Ebitda) up 37.3 per cent to cations of an unregulated,
share in cash, giving an enter- of over 1bn euros. Casinos good performance of the stantial renovation in 2005, R47m. This was against interactive gambling indus-
prise value of 11.6bn rand. Austria International holds South African casinos, CAI 2006 and 2007. overall group Ebitda which try by establishing an
Casinos Austria Interna- 21.7 per cent of Gold Reef. would not suffer in the event Gold Reef financial director grew 27.8 per cent to effective and efficient regu-
tional confirmed its interest CAI chief financial officer of the takeover proposal Jarrod Friedman said the exist- R624m.Gilmour did cite latory framework, based on
saying: “The biggest deal in Josef Leutgeb said: “The pro- being withdrawn. “This is a ing empowerment parties and some concern that the sound policy objectives in
the company’s history seems portion of the purchase price very compelling valuation in management would reinvest company was not diversified line with government’s
imminent.” to be attributed to Casinos current times,” said finance in the new company and the and that two-thirds of its broad policy framework for
Key empowerment Austria International would expert Leutgeb with regard empowerment stake would revenue came from one oper- regulating all gambling, the
players in the bid include amount to around 200m to the question mark hanging move up to 30 per cent. He ation, but said its latest memorandum says.
Reuel Khoza; Bongani Biyela, euros. At an average purchase over future private equity added that shareholders, casino, Silverstar, would be It provides, among other
the former general manager price of R 3, when bought, deals. owning 76 per cent of its generating cash soon after things, for approval of
of Gold Reef City; and Richard the shares did not equate to CAI has been active in the shares, had agreed to accept opening.Expected to open interactive games, equip-
Moloko from empowerment one tenth of the possible sale South African casino market the offer. These included com- early in 2008, Silverstar, ment and software, regis-
firm Akani Leisure Resorts. price. This is an offer one since 1998, with Gold Reef panies controlled by the Krok Gauteng’s seventh and last tration of players, dispute
Moloko and Biyela are direc- cannot refuse. We are hopeful currently operating five family, which own 25.9 per casino licence, will have 700 resolution and “fair” treat-
tors of Gold Reef. that the preconditions of the casinos across the country: cent, and Casino Austria with slot machines, 30 tables, as ment of players. Other pro-
The intended takeover consortium will be satisfied The jewel in the Gold Reef 21.69 percent, as well as the well as a hotel, restaurants visions protect minors and
price of 34 rand per share - in the coming weeks and a crown is Gold Reef City empowerment partners. They and conference and enter- vulnerable people from
including the assumption of fully financed offer will be Casino near Johannesburg, would now allow the consor- tainment facilities. harm and exploitation.
20 September 2007 worldnews
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