Gaming and Casino Industrial News 27.2.2009 all over the world

27.02.2009, Boyd Gaming Makes $950 Million Offer on Station Casinos - Greece Asked to Explain OPAP Contract - Rank Group Swings into £9.1 Million Loss - Scratch2Cash Unveils High-Low Game - British M.P.s Call for Bingo Hall Help - U.K. Racing Could See Sponsorship Dip

Rank Group Swings into £9.1 Million Loss
For the year, Rank Group, which owns Mecca Bingo and Blue Square, posted a £9.1 million loss -- down from a £23.1 profit in 2007.

Despite the loss and a year-over-year revenue decline of 2.2 percent, the Financial Times said that Rank Group’s earnings surpassed some analysts’ forecasts.

“2008 was a year of stabilization for Rank -- following a period of significant upheaval in the gaming industry in 2007,” said Ian Burke, chief executive of Rank Group, in a company statement. “The group ended 2008 in significantly better shape than it had started the year.”

Adjusted pre-tax profit fell by £5.7 million to £40.5 million, and Rank Group’s net debt decreased by £90.4 million to £226.5 million in 2008.

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Scratch2Cash Unveils High-Low Game
2009Scratch2Cash has combined the high-low game with scratch cards in a new online game called “Hi Lo 54.”

The new game, which launched on Thursday, allows players to bet on whether the next number is higher or lower than the number displayed.

Scratch2cash.com is owned and operated by Malta-based NG International Ltd. and NeoGames Network Ltd., subsidiaries of NeoPoint Technologies.

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British M.P.s Call for Bingo Hall Help
In the United Kingdom, 57 members of Parliament are asking the government to provide assistance to financially troubled bingo halls, the Worthing Herald reports.

According to the Herald, Michael Foster, a member of Parliament for Hastings, called for the government to give bingo halls “fiscal neutrality” and stated that the halls produce revenue for towns and provide a “social hub.”

“I understand the government wants to discourage irresponsible gambling, but Bingo is a pretty harmless pastime,” Mr. Foster was quoted by the Herald as saying.

Bingo halls across the United Kingdom have been negatively impacted by the July 2007 smoking ban. A report released in February 2008 by market analyst Mintel identified the smoking ban as the principal cause for a decline in business at U.K. bingo halls.

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Greece Asked to Explain OPAP Contract
Last week the European Union’s Internal Marketing Commission asked Greece to explain why OPAP S.A. won a contract for its integrated gaming computer system without a public tender, Reuters reports.

According to the news service, the Commission’s initial step was issuing the formal notice, and if a resolution is not reached, the case could go before the European Court of Justice.

The country’s betting monopoly is also under scrutiny by the European Court of Justice.

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Boyd Gaming Makes $950 Million Offer on Station Casinos
On Monday, Boyd Gaming Corporation released a letter addressed to Frank J. Fertitta III, Station Casinos Inc.’s chairman, president and chief executive, which outlined a proposal to buy the struggling casino’s assets for $950 million.

Boyd Gaming told Station Casino in the letter that they are ”uniquely qualified to operate the assets of Station.” However, Boyd Gaming stressed that the offer hinges on a number of assumptions, including that Station Casinos would stay in operation.

Recently included in a U.S. News & World Report list of “15 Companies That Might Not Survive 2009,” Stations Casinos Inc. has recently missed a $15.5 million interest payment and is also embroiled in a lawsuit with holders of its outstanding senior and senior subordinated notes, according to the Associated Press.

On Wednesday, Station Casinos announced that it is starting to make private exchange offers to exchange certain outstanding debt securities.

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U.K. Racing Could See Sponsorship Dip
David Thorpe, Racecourse Association chairman, has warned the United Kingdom’s horse racing industry that it could lose up to 40 percent of sponsorship funds because of the recession, according to the International Herald Tribune.

”The economic situation is working against us, but the racecourses aren't going to take it lying down,” Mr. Thorpe was quoted by the Tribune as saying.

“They have to be creative and innovative with their sponsorship, but it is a circular argument in that we have to -- have to -- get the broadcast and terrestrial television rights to make it attractive,” Mr. Thorpe added.

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