Harrah’s FY profits boosted
US: Harrah’s Entertainment, the world’s largest casino company by revenue, has booked a 35.4 per cent increase in pre-tax earnings for fiscal 2006, due to the successful integration of customer-loyalty programmes and a strong fourth quarter.
The Las Vegas-based company, which is currently in the process of being purchased by a consortium including Texas Pacific Group and Apollo Management for US$17.1bn, said revenues in 2006 rose 38 per cent to $9.7bn. Pre-tax profit totalled $2.6bn for the year, up 35.4 per cent on the $1.9bn reported in 2005.
"Continued robust visitation in the Las Vegas Region, due in large part to completion of the integration of our Total Rewards customer-loyalty programme into the Caesars legacy properties, drove revenues to a record level," chairman, president and CEO Gary Loveman.
Harrah’s swung to a fourth-quarter profit of $47.6m, compared with a $142.2m loss in the year-earlier period because of hurricane-related costs and write-offs. Insurance paid to the company since Hurricane Katrina has totalled $571m.
In October 2006, Harrah's announced a definitive agreement to acquire the Barbary Coast, giving the company control of three of the four corners of Las Vegas Boulevard and Flamingo Road. Upon completion, the transaction will result in the operator gaining control of some 350 acres of land in and around the Las Vegas Strip.
While Harrah’s is currently benefiting from a buoyant US market, the company also continues to expand across the world. In December last year, Harrah's completed the acquisition of London Clubs, which operates seven casinos in the UK, two in Egypt and one in South Africa, and has four others under development in the UK.
In a separate announcement, the casino giant heralded the launch of the World Series of Poker Europe. The inaugural tournament, which has proved to be extremely popular in the US, is scheduled to debut in London between September 6 and 16. It will be held at three casinos operated by London Clubs International - Fifty, Leicester Square and the Sportsman.
Challenges ahead for Dutch casino monopoly
NETHERLANDS: The monopoly on casinos in the Netherlands is set to be challenged in the next month.
The country's state-owned Holland Casinos will hear in the next two to three weeks a judgement from the High Court which will dictate whether licences should be issued to private companies.
The judgement will come at the end of a test case. It is likely that whichever side wins, the subject will be taken to the European Court. Holland Casinos currently operates 14 locations in the country.
Games Warehouse to relocate UK headquarters
UK: Games Warehouse, the developer and manufacturer of the Paragon SWP terminal and the Infiniti Digital Gaming Platform, has relocated its UK group headquarters into the centre of its home city of Nottingham.
Commenting on the move, managing director Andy Powell said: “Games Warehouse outgrew its present home some time ago. The launch of our Infiniti Digital Gaming Platform and the updated Paragon Pro SWP terminal, both extremely well received at ATEI, will create significant growth over the next few years, further emphasising this need to step up the size of our operation.
He continued: “Easter Park is a prestigious, central location, with excellent national and international transport links and we look forward to the improved efficiencies it will provide to customers and suppliers alike.”
Powell confirmed that the company’s entire head office operation will be working out of the new premises from the beginning of March onwards. The group also has offices in Solihull and London’s Canary Wharf, and a total UK workforce of 60 people.
Playtech makes casino plans in Mexico
MEXICO: Software developer and licensor Playtech has made steps into the Mexican casino market after its fully owned land-based subsidiary, Videobet, entered into a long-term licensing contract with leading Mexican casino operator, Entretenimiento de Mexico.
Under the terms of the deal, EMex will add Videobet’s server-based gaming product to its existing and future gaming estates. In addition, EMex will be leveraging its land-based presence and the cross-selling opportunities offered through other Playtech products by offering online casino and mobile gaming to the entire Latin American market - a first for a Mexican casino group.
EMex is the single largest video-slot casino operator in the Mexican market, with 12 gaming halls, in excess of 4,000 machines and 180,000 registered players.
Videobet successfully launched its product in August 2006. The server-based gaming system features a suite of 45 games, supported by a real-time management back-end with content delivery and control over the entire operation.
Avigur Zmora, chief executive of Playtech, said: “This deal is the first significant step for our land-based offering, opening up a whole new market, whilst complementing and further strengthening our existing portfiolio.
“This product provides a great opportunity for land-based casino operators to diversify their offering and increase customer loyalty by cross-selling to online and mobile products.”
Artuto Rojas, chief executive of EMex, said: “We are confident that our players are going to be delighted by the choice of being able to play their favourite game in either one of our land-based facilities, or on their home computer or other consumer electronic devices.”
Inspired, Betfred sign terminal supply deal
UK: Inspired Gaming has signed a three-year deal with Betfred to supply the bookmaker with over 2,000 of its server-based Rainmaker fixed odd betting terminals.
The deal also includes the introduction of open server-based gaming AWP terminals from September.
FutureLogic CEO takes up technical role
US: FutureLogic, a leading manufacturer of thermal ticket printers for cashless gaming, has announced the appointment of Eric Meyerhofer, the company's former president and CEO, to the position of CEO/CTO.
The company also announced that Frank Eckary has joined the company as president, bringing more than two decades of broad technology and senior business management experience to the organisation.
“Meyerhofer joined FutureLogic in 1988 and has played a pivotal role in guiding the company to its leadership position in the thermal printing industry,” the company said.
“In his new role he will be responsible for setting strategic direction for FutureLogic technology initiatives and building strong relationships with the company's global partners and OEM customers.”
Eckary, meanwhile, will assume primary responsibility for managing day-to-day operations, executing the company's growth and development strategies, and continuing the improvement of business processes.
Prior to joining FutureLogic, he held senior management positions with Xerox, Allied Signal, SPX and Viad Corporation. He holds a BS in Economics and Accounting and an MBA in Business Administration and Mechanical Engineering from Bonn University.
Jowell imposes ‘all-or-nothing’ casino vote
UK: Following our reports on Tuesday that Tessa Jowell is facing a possible revolt in Parliament over the Casino Advisory Panel's decision to award the UK's first regional super-casino to Manchester, the UK Culture Secretary is now imposing an ‘all-or-nothing’ vote on MPs, according to a report in the Daily Telegraph newspaper.
Jowell was warned that she faces "formidable" opposition in Parliament to siting Britain's first super-casino in Manchester.
Now, under fire from scores of Labour MPs who have already expressed their willingness to rebel against the controversial choice, the Culture Secretary has reportedly confirmed that those who vote-down the siting of the first Las Vegas-style casino in Manchester risk throwing out the other 16 proposed casinos.
"It has always been my stated intention to rely on the rigorous, independent work of the panel to inform my decisions," Jowell told the Telegraph.
Third production run for Time Crisis 4
EUROPE: According to recent press reports, Time Crisis 4 is on course to eclipse the popularity of its predecessors following news that a third production run has been ordered by Namco Europe, which will fulfil pre-May Day deliveries and early season demand.
Namco Europe managing director John McKenzie stated: “The decision to open another production run follows sustained demand at ATEI, where, despite the launch of two competitive titles, Time Crisis 4 remained the number one shooter of the exhibition.
Playsafe engineer to run marathon
UK: Julian Bolton, development engineer at Bath-based Playsafe Monitoring, will run the London Marathon to raise money for BACTA’s chosen charity BIBIC.
Having only ever run two half marathons before Bolton said: “I have two healthy children of my own, so I really want to help other families who are not so fortunate.
“I must admit, I am getting more nervous as time goes on, as I don’t want to let people down who have sponsored me.”
Ainsworth appoints new CEO
UK: Ainsworth Game Technology has appointed Danny Gladstone as its new chief executive officer.
Gladstone has been in the industry for 35 years and most recently held the position of director of Konami Australia.
Irish market prepares for AmEx 2007
IRELAND: AmEx 2007, the 28th Irish Amusement & Gaming Trade Exhibition & Seminars, will be held at the Lynch Green Isle Hotel, Dublin on Tuesday and Wednesday, March 6-7, 2007. Opening hours will be from noon to 6pm both days.
According to the event organisers, pre-registrations for the event are up considerably on last year, and the number of exhibitors has also increased. The free admission and free seminar programme that made AmEx 2006 a success will continue in 2007.
New exhibitors this year include Breath Alcohol Testers UK, Donegal Leisure, Elaut Gaming, Glendun Sales, Jardine Lloyd Thompson, John Ferguson Spares, MDM Leisure, Nostalgic Machines, Sound Sense Electronics, Vegas Imports, and Wessex Coin.
Source: IGI
Sunday, March 04, 2007
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