Latest News
Sportech Proposes to De-list from London as Half-year Loss Narrows
Sportech PLC on Monday said it wants to de-list from the AIM market in London, citing “significant burdens,” both financial and non-financial, of maintaining a public listing, while the US-focused gambling operator also reported a narrowed half-year loss.
Shares fell 43% to 55.500 pence early Monday in London in response.
Edinburgh-based Sportech runs sports bars and other betting venues in Connecticut. It also offers online gaming in the north eastern US state via mywinners.com and pari-mutuel betting online across all of the US via 123.bet.com.
Pretax loss from continuing operations in the six months that ended June 30 was GBP304,000, narrowed from GBP802,000 a year before, as revenue rose by 7.7% to GBP13.5 million from GBP12.6 million.
Sportech credited a focus on margins for the narrowed loss. Adjusted earnings before interest, tax, depreciation and amortisation rose to GBP900,000 from GBP400,000.
Sportech had GBP7.8 million in cash, excluding customer balances, up from GBP7.4 million on December 31, though this was reduced to GBP3.6 million at the end of August by a GBP3.5 million return of capital to shareholders last month. The company announced no new returns on Monday.
Sportech will ask for shareholders’ approval to cancel its shares from AIM and re-register as a private limited company. Shareholders then will be offered a third-party matched bargain facility to allow them to buy and sell shares following cancellation.
“Despite delivering improving operational results announced today, the substantial financial cost associated with maintaining a public listing, given our current scale, and the increasing volatility in the market valuation is adversely impacting net returns and future prospects,” explained Executive Chair Richard McGuire.
“Regrettably, in light of these circumstances, we find it necessary to take the difficult but pragmatic step of proposing delisting from the AIM market today.”
Angela Bernhard Thomas
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Clark County
Clark County residents can bring a friend for free to next week’s Super Bingo $160,000 tournament at the Plaza Hotel & Casino, May 6-8
Home to downtown Las Vegas’ only bingo room, the Plaza Hotel & Casino is offering Clark County, Nevada residents who register to play in next week’s Super Bingo tournament the opportunity to bring a friend for free.
Happening Monday, May 6 through Wednesday, May 8 in the Plaza’s expansive ballroom, Super Bingo is expected to draw nearly 1,000 people from the local Las Vegas valley and across the country and Canada for the opportunity to win big playing fun-filled games of bingo over two days, with a $50,000 super coverall both days while socializing with like-minded bingo players.
Bingo-only registration is $160 per person, and Clark County residents who register can bring a friend for free. Registration is available online at https://www.plazahotelcasino.com/bingo/super-bingo-registration/. Hotel-and-bingo packages start at $300 for a four-night stay with no resort fee.
All Super Bingo players receive one 6-on paper pack for both days, two daubers, free drinks via an open bar at all sessions, boxed lunch both days, and $10 in free slot play after the first day’s session.
The Plaza’s Bingo room offers six daily bingo sessions at 11 a.m., 1 p.m., 3 p.m., 5 p.m., 7 p.m. and 9 p.m. and is located on the 3rd floor. By parking on the third floor of the Plaza’s self-parking garage, guests have convenient and direct access to the Plaza’s bingo room and parking is validated for bingo players.
Gambling in the USA
Kambi Group plc extends Mohegan partnership with on-property sports betting agreement in Pennsylvania
Kambi Group plc (“Kambi”), the world’s trusted sports betting partner, has agreed a long-term on-property sportsbook partnership with Mohegan to provide its award-winning sportsbook at two retail locations in the state of Pennsylvania.
The partnership will see Mohegan utilise Kambi’s cutting-edge retail sportsbook offering across more than 20 kiosks in sportsbook locations at Mohegan Pennsylvania and Mohegan Pennsylvania at Lehigh Valley Race and Sportsbook.
The deal further strengthens Kambi’s relationship with Mohegan, which already utilises Kambi’s suite of sports betting products at ilani in Washington, as well as online and on-property in the Canadian province of Ontario at Fallsview Casino Resort and Casino Niagara.
Kristian Nylén, Kambi CEO and Co-founder, said: “With several successful partnerships with Mohegan already in place, we are pleased to agree this new partnership as we continue to build on our strong relationship.
“This latest deal further reinforces Kambi’s position as the sportsbook provider of choice for tribes across North America, and we look forward to our ongoing collaboration with Mohegan.”
Tony Carlucci, President & GM of Mohegan Pennsylvania, said: “Mohegan Pennsylvania is excited to continue utilising the same Kambi technology platform that existed under our Kindred partnership, which will help to create a seamless process as the Sportsbook at Mohegan Pennsylvania fully rebrands later this Spring.”
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