Issue 319
October 23 - October 29, 2006
Volume 6
page 2
 

PartyGaming CEO: US online ban can be scrapped

As reported by the UK Guardian

UNITED STATES – "PartyGaming chief executive Mitch Garber has said he thinks there is a 50% chance of new prohibitionist US legislation which outlaws online gambling being scrapped within three years should the balance of power in Washington drift away from the Republicans.

"'That might seem like wishful thinking but we could see a strong backlash from US players ... and there could be changes [of control] in the house and senate,' he said.

"…His position was echoed by Sportingbet chief executive Andy McIver, who also believes the US political climate could change in the industry's favour.

"However, industry insiders suggested offshore operators such as PartyGaming, Sportingbet and 888 would be unlikely to regain their dominance in the US should anti-online gambling laws be fully unravelled.

"They would face heavy competition from the likes of Las Vegas operators Harrah's and MGM - businesses which had previously avoided internet betting because of confusion over its legality…"

 

 

 

Ribbon-cutting ceremony set for new casino
As reported by 14 News

ORANGE COUNTY, Indiana -- "Officials with the French Lick Resort Casino in Orange County, Ind., have set a ribbon-cutting ceremony for Oct. 31, in anticipation of final licensing approval by the Indiana Gaming Commission, and plan to open the casino's games to guests immediately after the event.

"The ribbon-cutting is one of a number of VIP events scheduled as casino officials mark what they're calling 'a Springs Valley renaissance' valued at more than $382 million.

"...The ribbon-cutting ceremony will be open to the public. After the opening ceremonies, invited guests will be able to play the roulette tables, slot machines and other games as part of a 'test run' of the casino mandated by the Indiana Gaming Commission, as part of its approval process..."

MGM Mirage to sell Laughlin properties
Press Release

LAS VEGAS, Nevada – MGM Mirage (NYSE: MGM) announced today that it has entered into an agreement to sell its Colorado Belle and Edgewater hotel-casinos located in Laughlin, Nevada, to a group led by Anthony Marnell III for $200 million. The transaction is subject to customary closing conditions contained in the purchase agreement, including receipt of all necessary regulatory and governmental approvals. Both parties anticipate the transaction to be completed by the second quarter of 2007.

Upon successful completion of the transaction, MGM Mirage expects to report a substantial gain. MGM Mirage acquired these properties in April 2005 as part of its acquisition of Mandalay Resort Group.

On a combined basis, these two properties feature 2,535 guest rooms, 138,000 square feet of casino space, 2,224 slot machines and 72 gaming tables on a combined 57 acres of land along the Colorado River.

Anthony Marnell III is the Chairman and CEO of M Resorts. Marnell and his management team are partnered with Sher Gaming, LLC, led by Ed Sher, on this transaction. On June 1, 2006, a Marnell-Sher partnership bought the Saddle West Hotel and Casino in Pahrump, Nevada. Further information on the Marnell-led group can be obtained from Greg Wells, President of Austi LLC, at 702-739-2000.

Banc of America Securities acted as financial advisor to the Marnell group in connection with this transaction.

Ruben Studdard

Mohegan Sun's Cabaret Theater : American Idol winner, Ruben Studdard - nicknamed the 'Velvet Teddy Bear' will be performing at Mohegan Sun's Cabaret Theater, on Sunday November 5th.

With influences such as Donny Hathaway, Stevie Wonder, Luther Vandross, Ruben has entertained millions of fans over the past 3 years. He is currently putting the last touches on his much-anticipated debut album.

Dates: Sunday, November 5

Time: 7p.m.

Ticket Price: $50

For more information: (860) 862-8499

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