PBL to
Tap into Asian Gambling Explosion
As reported by the Australian:
"Publishing & Broadcasting Ltd shareholders
should be prepared for PBL's gambling operations
to 'cannibalise' themselves to tap into the
promised riches of the Asian gambling explosion,
according to executive chairman James Packer.
"Mr Packer
said the rise of Macau in China - where PBL
is expanding through two casino projects worth
more than $1.25 billion with local gambling
tycoon Stanley Ho - would "definitely"
draw international high-rollers away from the
company's Crown casino in Melbourne.
"…Gambling
has become the engine of the PBL entertainment
empire, contributing 46 per cent of the company's
$910.4 million earnings before interest, tax,
depreciation and amortisation in the 2005 financial
year.
"Mr
Packer described the Macau venture with Melco
International as 'the most singularly exciting
opportunity' across the company.
"…He
indicated the $250 million Crown Macau project
was on track, with the casino still expected
to be rolling late next year and the hotel to
be opened early in 2007…"
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