Deripaska eyes new IPO

first_img whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy FanUndoBetterBe20 Stunning Female AthletesBetterBeUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldUndo Russian oligarch Oleg Deripaska is understood to be valuing his electricity producer EuroSibEnergo at around $8bn (£5.1bn) ahead of a planned Hong Kong IPO this autumn.The billionaire, who successfully listed aluminium giant Rusal on the same bourse in January, is currently marketing his power unit – formerly called En+ Power – to potential cornerstone investors in Moscow.Deripaska hopes to list 25 per cent of EuroSibEnergo shares, meaning he could raise $2bn in what would be a huge boost to the flagging Russian IPO market.The Rusal float generated $2.2bn at the beginning of the year, but the Russian IPO market has been all but closed since then as investors fret amid global economic uncertainty.Deripaska was Russia’s richest man before last year’s economic slowdown plunged his metals and power empire into financial crisis – only alleviated by a major debt restructuring and the Rusal IPO. Deutsche Bank and China’s BOC International are set to be the joint bookrunners on the EuroSibEnergo IPO. Deripaska eyes new IPO Tags: NULL whatsapp Sharecenter_img Wednesday 11 August 2010 8:22 pm Show Comments ▼ KCS-content Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotlast_img read more

Fitness First sparks fresh talk of an IPO

first_img FITNESS FIRST, the gym chain owned by BC Partners, is understood to be adopting international accounting methods in a move that could position it for a £1.2bn flotation.Fitness First’s 2009/10 accounts will be prepared in line with international financial reporting standards (IFRS), the format used by publicly listed companies. The news will prompt renewed speculation of an initial public offering (IPO) for the business next year.In June, industry sources said BC Partners was examining the option of a listing in Hong Kong, Sydney, Singapore or Shanghai in 2011. Although the plans remain at an early stage and BC Partners could decide to exit the investment via a sale, the Far East would be natural fundraising territory for Fitness First. A third of its revenues and more than half its earnings come from Asia.The firm raised revenues nine per cent to £670.3m and increased underlying earnings 7.5 per cent £145m in the year to 31 October 2009, according to accounts. It could be worth up to £1.2bn in an IPO although only a quarter would be floated to reduce the company’s £550m bank debt. BC Partners, which has an 81 per cent stake, would be expected to keep a majority holding.Fitness First already has experience as a public entity. It was set up by entrepreneurs Mike Balfour and Christopher Pearce in Bournemouth in 1992 before being floated on the Alternative Investment Market four years later. Cinven took the leisure group private for £400m in 2001, selling it to BC Partners for an enterprise value of £835m in 2005. More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comConnecticut man dies after crashing Harley into live bearnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com KCS-content Share whatsapp Sunday 5 September 2010 10:07 pm whatsappcenter_img Show Comments ▼ Fitness First sparks fresh talk of an IPO by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald Tags: NULLlast_img read more

This purchase makes financial sense

first_img Show Comments ▼ Share whatsapp Monday 27 September 2010 8:42 pm KCS-content Tags: NULLcenter_img Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily Proof by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comBridesBlushThis Is Why The Royal Family Kept Quiet About Prince Harry’s Sister BridesBlush INVESTORS should keep their hair on. Financially, this deal makes sense. Unilever’s $37.5bn-a-share offer, which values Alberto Culver at around $3.6bn, is good value. The offer, which is worth around 12 times prospective earnings for 2011, is pretty cheap when compared to similar deals. Which is just as well, because the deal – while sensible – is not going to change the world. It will strengthen Unilever’s number three position in the haircare market, but that’s about it. Procter & Gamble has a 23 per cent share of the global haircare space, compared to 18 per cent for L’Oreal and 11 per cent for Unilever. Alberto’s share is just two per cent, however, although it does have a strong showing in North?America, where it has 11 per cent of the market compared to six per cent for Unilever. Still, the North American strength belies an international weakness. Around 75 per cent of Alberto’s revenues come from more mature markets. Hopefully Unilever will be able to squeeze value from the acquisition by using its strong emerging markets network to distribute brands like VO5 and TRESemme.Savings of around €150m a year, while welcome, are hardly big news either. This is what Unilever does best: a sensible – if somewhat boring – acquisition. This purchase makes financial sense whatsapplast_img read more

Hundreds more job losses at Rok

first_img whatsapp Show Comments ▼ More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKansas coach fired for using N-word toward Black playerthegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Hundreds more job losses at Rok whatsapp Sharecenter_img Collapsed housing repair firm Rok will lose 268 more jobs on top of the 700 cuts already announced, administrator PwC said yesterday. The job cuts will fall in the Scottish plumbing, heating and electrical business. PwC said it was forced to make the redundancies after talks with potential buyers of the business fell through on Wednesday night, but that discussions about the remainder of the stricken business are ongoing. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity Timesmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCutethedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure Solution Thursday 11 November 2010 7:44 pm KCS-content Tags: NULLlast_img read more

ANALYST VIEWS: WILL BUYING MOODY ADD TO INTERTEK’S VALUE?

first_img whatsapp Monday 7 March 2011 8:37 pm ANALYST VIEWS: WILL BUYING MOODY ADD TO INTERTEK’S VALUE? Tags: NULL KCS-content whatsapp Share Show Comments ▼ KEVIN LAPWOOD | SEYMOUR PIERCEIt is an important strategic move for Intertek since it considerably enhances its global position in technical safety services and systems certification. Intertek benefits from the defensive qualities of its business model, favourable long-term market trends and the broad geographic and operational spread of activities.MIKE MURPHY | NUMISIt looks like the deal that people have been waiting for given strength of balance sheet and acquisition activity in the sector. My feeling is that Intertek has arrived at the party in some style having done this one. Strategically, it looks a very good fit and is consistent with its strategy of bulking up business to bulk up scale to become more global.ALEX BARNETT | JEFFERIESWe continue to like the group’s end market exposures and believe the Moody acquisition is a good fit, but current valuation is demanding following the good run into the numbers. Moody is active in energy, industry and certification end markets and should help round out Intertek’s somewhat subscale business in those segments. Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapKatt Williams Explains Why He Believes There ‘Is No Cancel Culture’ inThe Wraplast_img read more

WHAT THE OTHER PAPERS SAY THIS MORNING

first_img Show Comments ▼ Tags: NULL FINANCIAL TIMESIVORY COAST MOVE SPARKS COCOA FEARSLaurent Gbagbo, the Ivory Coast leader who the international community says lost presidential elections in November, announced he would nationalise the cocoa sector in a surprise move that threatened to drive the cocoa price sharply higher. The African country is the world’s largest cocoa exporter, accounting for 40 per cent of global supplies of the bean.BETFAIR SET TO MOVE OFFSHOREBetfair is expected to announce today that it will in future operate under a Gibraltar rather than a UK gaming licence, following the lead of other betting operators that have moved offshore to escape the UK’s 15 per cent tax on gross betting profits. The betting exchange, which floated in October, has repeatedly warned that it was at a competitive disadvantage because of its UK licence. 3 FIGHTS TO STAY IN BANDWIDTH RACE3, the UK’s smallest mobile network operator, is warning it will get swallowed up in a fresh round of industry consolidation if it fails to secure airwaves being sold off next year. Kevin Russell, chief executive, demanded that regulators introduce rules that give his company a stronger chance of buying radio spectrum in the much-delayed auction.MANPOWER REVEALS WIDENING JOB CREATION GAPStrong hiring plans in the developing world contrasted with a subdued outlook in industrialised nations, suggesting the job-creation gap will widen, according to a report by Manpower, the global recruiting firm. Companies in developed economies remain wary of boosting employment in the second quarter of the year, according to the survey.THE TIMESWOULD-BE ACCOUNTANTS BEAT A PATH TO KPMG TO ESCAPE UNI FEESThousands of aspiring young bean-counters are likely to be disappointed after KPMG was swamped with more than 5,000 inquiries for a groundbreaking graduate recruitment scheme. The Big Four accountant expects to take on about 115 trainees after signing up Birmingham and Exeter universities to the scheme yesterday, alongside Durham.KUONI ENJOYS A BIGGER BITE OF THE APPLEKuoni closed the gap on TUI Travel and Thomas Cook at the top of the European travel industry league table yesterday after agreeing a $720m (£444m)?acquisition of Gullivers Travel Associates. The Swiss tour operator is buying GTA, an online travel specialist, from Travelport, a private equity-backed US travel firm.The Daily TelegraphFSA MISJUDGED HOW MUCH HELP BANKS NEEDEDThe FSA was in denial about the scale of the banking crisis right up to the week of the historic multi-billion-pound bailout in October, 2008, an investigation by The Telegraph has found. Just days before the rescue, FSA officials believed the most the banking system would require in emergency equity was £20bn.ARM HELD BACK FROM INVESTING IN TECH START UPSThe chief executive of microchip ARM Holdings has said he would invest £12m of the Cambridge-based company’s £300m cash pile in technology start ups if the Government tackled the accounting standards holding him back. Warren East said the FTSE 100 company invested in “one or two” technology companies each year but would back more if rules were altered.THE WALL STREET JOURNALEU PREPARING NEW STRESS TESTS EU regulators preparing a new round of bank stress tests are unlikely to examine what would happen to the region’s banks if a Eurozone government defaults on its debt, a European official yesterday. Most of the EU’s national regulators meeting last week opposed a plan to stress-test government debt held on “banking books”, where accounting rules allow banks to place debt that is supposed to be held until it matures, they said.NOKIA TO SELL QT BUSINESS Nokia will sell its Qt commercial licensing and services business to technology services firm Digia, both companies yesterday. Nokia acquired Trolltech, a small Norwegien firm, and its Qt technologys, which allow application programmes to work on multiple platforms, in 2008 for $153m (£94.4m). whatsapp Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald whatsapp Monday 7 March 2011 9:32 pm WHAT THE OTHER PAPERS SAY THIS MORNING KCS-content last_img read more

Credit Suisse profits higher than forecast

first_img KCS-content whatsapp Credit Suisse profits higher than forecast CREDIT Suisse delivered a solid first-quarter performance yesterday only marred by a large debt writedown that pulled profits down 45 per cent. Strong revenues in its investment banking division and healthy fund inflows generated group pre-tax profit of SwFr1.6bn Swiss francs (£1.1bn), higher than the consensus forecast for SwFr 1.5bn.However, its profit was down from the SwFr2.9bn recorded in the same quarter in 2010 as it wrote off SwFr617m from its own debt and related derivatives after issuing and selling about £6.5bn of contingent convertible (co-co) bonds in the quarter. The strength of the Swiss franc against the dollar and euro also hindered the bank’s performance – BNP Paribas analyst Olivia Frieser pointed out that the 25 per cent fall in group profit would have been 15 per cent in dollar terms.“In a quarter marked by significant market uncertainty we have maintained our strong momentum with clients, gaining market share and generating SwFr19.1bn net new assets,” said chief executive Brady Dougan.Credit Suisse’s investment banking arm turned in a strong performance, generating a SwFr1.3bn pre-tax profit on revenues of SwFr4.9bn. While profit fell 25 per cent compared with the same quarter in 2010, it beat market expectations of SwFr1.2bn, while revenues fell only six per cent.“Underwriting, advisory and equities were below expectations, but fixed income, currency and commodities (FICC) above,” said Frieser. Pre-tax profit at its private banking division fell eight per cent to SwFr855m from SwFr892m in 2010, while its asset management arm saw profits rise four per cent year-on-year to SwFr172m from SwFr166m in 2010. Tags: NULL Wednesday 27 April 2011 8:29 pm whatsapp Show Comments ▼ More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com Sharelast_img read more

Bet365 set for US launch

first_img Email Address AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Bet365 has agreed a deal with the Hard Rock Atlantic City casino to launch a sports-betting service in New Jersey.The agreement was disclosed via a letter dated June 25 but published yesterday (Tuesday) by the New Jersey Division of Gaming Enforcement (DGE).The DGE approved the request for the two parties to enter into an agreement through to July 31 and said that the two parties had signed a letter of intent on June 19. The division added that any request for a renewal would be contingent on Bet365 having fulfilled its filing obligations.Bet365 – whose rival William Hill was the first operator to take bets legally in New Jersey last month – has applied for a casino service industry enterprise (CSIE) licence.The Hard Rock Atlantic City casino, formerly the Trump Taj Mahal, reopened a week ago.The casino’s online gambling operation went live on Tuesday of this week, five days after the casino opened.“Our online gaming team has done an amazing job launching one of the most dynamic online gaming experiences in the industry,” said Matt Harkness, president of the facility, according to CBS. “We’re excited to extend the Hard Rock brand beyond the Boardwalk and let casino players (play) across the Garden State.”Six casino licensees operate online gambling in New Jersey: Borgata, Caesars Interactive, Golden Nugget, Hard Rock, Resorts and Tropicana. Topics: Sports betting Tech & innovation Sports betting Bet365 set for US launchcenter_img 4th July 2018 | By contenteditor Bet365 has agreed a deal with the Hard Rock Atlantic City casino to launch a sports-betting service in New Jersey Subscribe to the iGaming newsletter Regions: US New Jerseylast_img read more

Italy iGaming Dashboard: May 2020

first_img Subscribe to the iGaming newsletter Bingo Despite the absence of live sporting events caused by Covid-19, Italy’s regulated market proved its resilience last month by managing a performance almost in line with that of last April Topics: Casino & games Finance Sports betting Bingo Poker Despite the absence of live sporting events caused by Covid-19, Italy’s regulated market proved its resilience last month by managing a performance almost in line with that of last April.Though last month’s revenue across all verticals of €157.0m represented a 10% drop on the previous month’s total of €174.6m, it was flat year-on-year, when revenue stood at €157.86m.While sports betting unsurprisingly saw big revenue falls last month, the casino and resurgent poker verticals managed to pick up some of the slack.Casino and slot GGR rose to a record high of €98.28m, an impressive 4.5% rise in a month that traditionally has seen a month-on-month decline from March. On a year-on-year basis, April’s revenue figures represented a 45.8% increase.Online casino market leader Pokerstars increased its share of the market even further in April to 14.17%, up from 12.59% in March. While Sisal retained its second place, its share was flat on the previous month.Sisal’s position may be under threat from the overhauled 888, which has slowly but surely been growing its share of the Italian market. Last month it climbed into third place, taking 7.76% of the market.Though lagging casino revenues by a considerable way, the performance of poker during the sports betting lull has been much more significant in terms of the percentage uplift.After registering a phenomenal 135% rise in March, poker tournament revenue continued to grow in April, rising to €20.57m from €16.10m the previous month.Cash game revenue also increased further, rising to €11.69m from €9.96m in March.Such has been the popularity of poker during the sports betting shutdown that when combined, tournament and cash games had a higher share of the igaming market last month than sports betting – poker stood at 20.55% while sports betting was 13.31%.However, this situation is likely to reverse quickly once sporting events get back under way. And though sports betting revenue has dropped dramatically over the past two months, from an online perspective it hasn’t completely fallen off a cliff as punters continue to bet on the markets that are available.Last month online GGR stood at €20.90m, a more than halving from March’s €49.39m, which itself was a big fall from the €86.68m taken in February.The closure of retail outlets has led to a reshuffle of the market leaders in the Italian sports betting market, with longstanding online market leader bet365 now holding 22% of the overall sports betting market.Betfair’s market share has almost doubled from the 11.3% share it held in March. However, with betting shops in Italy reopening this month, its reign over the combined retail and online market is likely to prove short-lived.All data and figures from the regulator are processed by leading European corporate advisory firm Ficom Leisure, a specialist in all segments of the betting and gaming sector.Ficom Leisure also provides monthly figures on the New Jersey online market in the New Jersey iGaming Dashboard, Pennsylvania in the Pennsylvania iGaming Dashboard, Indiana in the Indiana iGaming Dashboard and Iowa in the Iowa iGaming Dashboard, all of which are available on iGB North America.It also provides quarterly figures on the Spanish online market in the Spain iGaming Dashboard, and on the Portuguese market in the Portugal iGaming Dashboard. Regions: Europe Southern Europe Italy Italy iGaming Dashboard: May 2020 Tags: Card Rooms and Poker Mobile Online Gambling OTB and Betting Shops AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 12th May 2020 | By Joanne Christie Email Addresslast_img read more

Star Entertainment slips to FY loss as Covid-19 hits revenue

first_img Email Address Subscribe to the iGaming newsletter Star Entertainment slips to FY loss as Covid-19 hits revenue 20th August 2020 | By contenteditor AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Australian casino operator Star Entertainment Group has put a comprehensive loss of Aus$85.4m (£46.6m/€51.7m/US$61.2m) for its 2020 financial year down to the disruption caused by the novel coronavirus (Covid-19) pandemic to its land-based venues.Statutory net revenue for the 12 months to 30 June 2020 amounted to $1.49bn, down 31.1% from $2.16bn in the operator’s previous financial year.Like many other casino operators around the world, Star was impacted by Covid-19, which forced it to shutter its Sydney and Queensland casinos from 23 March. Prior to this point, Star said, it had been trading ahead of the prior year. Though its Sydney casino reopened from 1 June, towards the end of its financial year, the venue is still subject to a number of restrictions, including occupancy limits, as Australia continues its efforts to prevent a second wave of Covid-19. Its Queensland properties – in Brisbane and the Gold Coast – did not reopen until 3 July, however.The pandemic’s disruption has since continued into the first quarter of its 2021 fiscal year, with the Sydney casino limited to a maximum of 300 patrons from 24 July. Given the affect the closures had on revenue in the period, Star took a number of steps to help mitigate the impact of Covid-19 on its bottom line. These included placing staff on furlough, securing new funding and reducing operating spend in the period of closure.Employment costs were down 24.9% to $529.7m, while property costs also fell 20.4% to $64.9m, costs of sales 21.4% to $74.7m, and advertising and promotion costs 22.8% to $82.8m.Other expenses increased 64.9% to $192.1m and depreciation, amortisation and impairment costs climbed 12.9% to $232.3m, but government taxes and levies were 30.6% lower at $377.3m.This resulted in a $77.2m loss before income and tax, compared to a profit of $314.0m at the same point last year. Net finance costs totalling $52.2m meant loss before tax stood at $129.4m, down from a $278.7m profit in FY 2019.Star received $34.8m in tax benefits and also noted an additional $9.2m related to of change in fair value of cash flow hedges taken to equity, but still posted a comprehensive loss of $85.4m, compared to a $192.6m profit last year.Commenting on the results, managing director and chief executive Matt Bekier said the execution of the operator’s long-standing growth strategy continued to plan over FY2020, despite the impact of Covid-19.“Comprehensive actions to mitigate the impact of Covid-19 were implemented, safeguarding staff and customers, securing additional funding, and preserving cash,” he said.“The Star’s business is fundamentally strong, evidenced by the step up in earnings growth from 1H FY2020 into early 2H FY2020. The long-term value uplift from investments in our network of integrated resorts and continuing operational improvements to drive visitation and earnings remain substantial.”Star also published certain normalised results for the financial year, breaking down the performances of its properties across Australia.Normalised results, Star said, reflect the underlying performance of the business, as they remove the inherent win rate volatility of the international VIP rebate business. The results are adjusted using an average win rate of 1.35% on actual turnover, taxes and revenue share commissions – all before significant items.Using this methodology, normalised gross revenue amounted to $1.82bn, while net revenue came in at $1.53bn.Gross revenue from Star’s operations in Sydney stood at $1.18bn, with domestic revenue accounting for $901m of this total, and VIP player revenue $275m.In Queensland, namely the Brisbane and Gold Coast properties, gross revenue for the year was $790m, with domestic revenue at $553m and VIP revenue $235m.Normalised earnings before interest and tax stood at $285m, while net profit after tax and equity accounted investments reached $176m for the year.center_img Casino & games Topics: Casino & games Finance Australian casino operator Star Entertainment Group has put a comprehensive loss of Aus$85.4m (£46.6m/€51.7m/US$61.2m) for its 2020 financial year down to the impact of the novel coronavirus (Covid-19) pandemic on its land-based operations. Regions: Oceania Australialast_img read more