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Gambling: gala coral wants more internet gambling action
8/31/09 - The British online and land gambling group Gala Coral is reportedly trying to reduce its GBP 2.7 billion debt pile in order to boost internet operations, reports the Mail on Sunday. And the strategy for doing so is to persuade major existing investors to give up some of their shares in the company to debtholders.
The company is being advised by Lazards as it tries to negotiate a deal with its three major private equity backers, Candover, Permira and Cinven, and a syndicate of 50 financial institutions, which own GBP 550 million of the group's debt. The remaining debt is held by the Gala's banks and would be unaffected by any deal.
Such a debt-for-equity agreement would free up the group's GBP250 million in cash, primarily for expansion in its Italian and Internet enterprises. Using the cash has been hampered by the restrictive terms of the loan agreements.
The company is an important component in the UK gambling industry with almost 2 000 betting offices, 148 bingo clubs, 27 casinos and two greyhound stadia, as well as online and telephone operations. It employs around 19 500 people.
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Cryptologic 14 top games to be provided to Loto-Quebec -
02/08/2012 : The companies have signed a multi-year agreement that will see Cryptologic providing a portfolio of quality games to the Societe du jeu virtuel du Quebec, the online gaming division of the provincial state lottery corporation Loto-Quebec, known as Espacejeux.
Utah : Online Gambling : HB108 -
02/08/2012 : An intrastate attempt by Utah politician Stephen Sandstrom to introduce state legislation banning any legalisation of internet gambling has failed at the start gate.
MORE U.S. DISCUSSION ON INTERNET GAMBLING DUE THIS WEEK -
02/08/2012 : Interest in online gambling in the United States is set to continue on Thursday this week when the US Senate Committee on Indian Affairs meets to hear the views of a wide cross section of interested parties on the possible impact of legalised internet gambling on tribal gaming.
Judge wont dismiss DoJ Black Friday charges -
02/08/2012 : Former Utah banker John Campos and e-processor Chad Elie, who face charges relating to the payment processing of online poker transactions, suffered a setback Tuesday when a Manhattan judge refused to allow their motion for dismissal of Black Friday indictments against them.
ANOTHER MAJOR INTERNET GAMBLING BUST IN MALAYSIA -
02/08/2012 : Police units in Malaysia raided a series of premises in a week long anti-online gambling operation, seizing 225 computers and detaining 47 men, according to reports from the Bernama news agency. All of the detained men were later released on bail.
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