04/11/2012 : MEDIA CORP HIPPODROME JV DELAYED (Update)
Delayed opening of terrestrial casino pushes back online offering
A trading update delivered by Media Corporation Plc (Media Corp) for the period ending March 31, 2012 revealed a mixed bundle of feedback that included a delay in its Hippodrome joint venture, two potential acquisitions and the sale of two of its underperforming publishing assets.
The company's joint venture with London-based Hippodrome Casino, for the provision of a branded online gambling offering, has been delayed due to the opening date of the casino being pushed back to later in the second quarter of the year. The initial launch was scheduled for the first week in April 2012.
Media Corp has sold off its onthebox.com and forexspace.com along with their associated domains for a cash consideration of GBP250 000. The move is in keeping with the company's strategy of offloading its underperforming publishing assets according to Sara Vincent, Media Corp’s chief executive officer.
The company says it is in the process of looking at "a couple" of potential acquisitions in the gaming sector, without divulging who those companies are. The successful acquisition of either of these would result in a new senior management which the firm believes would strengthen its board.