Issue 264
October 3 - October 9, 2005
Volume 5
page 2
 

Gala and Coral in talks to create £4bn gambling empire
As reported by
Guardian Unlimited

Bingo and casino operator Gala has begun takeover talks with bookmaking chain Coral with a view to creating a £4bn gambling empire which would blur the boundaries between previously separate modes of betting. An enlarged group would be well placed to take advantage of the deregulation set out this year in the Gambling Act.

The government is shortly to appoint a panel to consider licence applications for a new generation of 17 larger casinos, including one resort-style casino, which have been sanctioned under the act. The 17 sites will house more than 3,000 lucrative casino slot machines - about double the number in casinos now. Operators, including Gala, are believed to be drawing up plans to turn these sites into one-stop-shops for punters, with horseracing and other sports bets as well as bingo. Folding the Coral brand into the Gala empire would strengthen the group's hopes of winning contracts for the new generation sites.

A source familiar with the talks said Coral, Britain's third-largest betting shop chain, was progressing "full steam ahead" with flotation plans, despite the Gala approach. Last month Coral, which is backed by private equity group Charterhouse, announced it had appointed Lehman Brothers to draw up flotation proposals. It will continue to pursue a £800m market valuation if talks with Gala prove fruitless.

Coral and Gala have been among the most successful private equity sector investments in recent years and have transformed the fortunes of the two management teams, led by Vaughn Ashdown and John Kelly respectively. Coral management's 16% stake, dominated by Mr Ashdown and finance director Mick Mariscotti, is expected to be valued at £128m if Coral floats, more if Gala takes over.

Mr Kelly is thought to have accrued £20m in cash and shares. With his management team, he controls 10% of Gala.


 

 

 


Coushatta casino closed

As reported by The Daily Advertiser

KINDER, Louisiana - Grand Casino Coushatta suffered only minor damage from Hurricane Rita, but it has shut its doors for an undetermined amount of time because the storm plunged it, and much of the area, into the dark.

Bryan Williams, spokesman for the resort, said the casino lost power at 5 p.m. last Friday. Much of the complex is running on generator power, but the casino won't open until power is fully restored and there's a thorough inspection of the facility.

"We don't know when yet, but hopefully it will be sometime soon," he said.

Williams said electric utility authorities told the Coushatta tribe, which owns the casino, that the area may be out of power for as long as another 10 days.

Until the power is restored, most of the casino's 2,800 employees, like Raul Alfaro, wait anxiously to go back to work.
Alfaro, a pit boss who lives in Elkins, said employees were told to call the casino today for an update on their situation, but he's not hopeful.

"We just don't know when we'll go back," he said.

Alfaro said he rode out the storm in his house.

"It was horrible," he said. "It started at about 12:30 in the morning and lasted until dawn. It was real strong."

In nearby Oberlin, local police and other authorities nervously patrol the street. Police Chief Richard Young said extra security is needed because the town is a staging area for the National Guard and the Federal Emergency Management Agency. Convoys leave the town on a regular basis on trips south to Lake Charles.

Despite heavy police presence, Young said things in town have been quiet, with most residents obeying a dawn-to-dusk curfew.

"We've only had a problem in one of our shelters, but we took care of it," he said.

Betonsports launches Bospoker with the Tribeca Tables Poker Network
As reported by Yogonet.com

Steve Cook from Tribeca Tables said: "Betonsports are our first significant sports brand to join the network and bring a new dimension of players to the poker world. As you know there is a very close synergy between sport bettors and poker players that will truly add value to our aggregator."

BoSPoker.com and Millpoker.com are the first of Betonsports Brands to launch. Both have re-launched this month with a new poker solution which will give their customers constant access to thousands of online poker players through the Tribeca Tables poker network.

BoSPoker.com recently signed Tom Arnold as national endorser who will appear in adverts on TV and radio, and feature in all off and online advertising. Millions of dollars are already committed to proactively acquire new customers.

As the technology provider behind over 100 poker rooms including Paddy Power, Blue Square, Victor Chandler, Golden Palace and Doyles Room, BETonSPORTS assesses that Tribeca now has the "critical mass" to make participation desirable.

Chief Executive David Carruthers commented, "Player liquidity is crucial to the customers' online poker experience. Our deal with Tribeca will guarantee consistent liquidity and cement player loyalty to the BoSPoker brand."

Poker and casino are now established as standalone profit centres with greatly strengthened management teams and the BoSPoker Tribeca deal parallels the BoSCasino implementation of the RTG platform.

Fats Domino

Paragon Casino Resort: 1950's piano rocker, Fats Domino performs hits like "Ain't That A Shame," at the Paragon Casino Resort on November 5.

Date: November 5

Time: 9pm

Price: $60

 
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