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Thursday, June 28, 2012
Bally Technology, IGT Granted First Nevada Online Gaming Licenses - 25th June 2012
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Casinos Casino Slots Poker Online Poker Las Vegas Nevada United States IGT
Regulated online poker in Nevada is closer to becoming a reality. This past Thursday, the Nevada Gaming Commission granted licenses to two gaming companies to provide systems for online poker partners.
The rival firms, Bally Technologies and International Game Technology (IGT), were both unanimously approved for online gaming licenses. They will not be the companies that will actually run the online poker rooms (in other words, they won’t be the new U.S. versions of Full Tilt Poker or PokerStars), but rather be the ones to supply the systems to whomever will actually run the websites. Thus, it is now a waiting game for Bally and IGT, as they cannot actually do anything until casino operators are licensed to offer online poker to Nevada residents.
Both Bally CEO Richard Haddrill and IGT Executive Vice President of Emerging Businesses Robert Melendres told the Las Vegas Review-Journal that they will be ready to go the moment a casino is approved. Melendres made sure to reiterate that his company will simply be providing the gaming systems, not actually operating the poker rooms, saying, “I want to make it abundantly clear, IGT has absolutely no intention to compete with our casino partners.”
The two companies have been known entities in Nevada for years, as they are the two leading slot machine manufacturers in the gaming industry. They have plenty of experience meeting Nevada gaming regulations.
The rivals also have online poker software that has been in use for years in Europe. In February, Bally purchased Chiligaming’s (Chili Poker) business-to-business platform, while IGT bought the Entraction network last year. Thus, IGT already has experience in the real money online poker world, while Bally has been operating a play money site for Golden Nugget. Both companies will use the technology already in place in European markets to prevent underage and problem gambling once sites are up and running in Nevada.
Bally Technologies was technically the first company to have its license approved, receiving the thumbs-up 45 minutes before IGT. In a press release, Richard Haddrill said, “We are grateful to the State of Nevada for this opportunity. We look forward to Bally expanding its leadership role in this exciting new arena of online gaming.”
Similarly, Patti Hart, IGT CEO said in a press release, “This is an exciting day for interactive wager-based gaming. We are honored to be granted the opportunity to support our customers as they further expand their operations to include online play in the State of Nevada.”
Also on Thursday, the Nevada Gaming Control Board registered Gaming Laboratories International and BMM International to test interactive gaming equipment for the state. This is significant because both have labs around the world and both have tested millions of gaming systems, including those owned by Bally and IGT. Thus, any required system testing by the state should go much faster than if everything was being done from scratch with new companies. “These systems that have been written about recently have already been tested by GLI,” Gaming Laboratories International CEO James Maida told the Review-Journal. “We don’t have to retest and do the same process all over again. Our next step is to certify the equipment based on the standards set by Nevada.” (Credit: Poker News Daily)
2012 WSOP, Preliminary Action: Final Ten Determined In PLO Hi/Lo, Unique Ante Only Event Draws Nice Field - 28th June 2012...
Amid the clamor around the Rio on Wednesday, the 2012 World Series of Poker had three tournaments that were in various stages of their play. The final table has been determined in one with a second getting close to that point, while a third event made its debut on the WSOP stage.
Event #47 – Pot Limit Omaha Hi/Lo – Day Two
Of the 978 players who began this tournament on Tuesday, only 141 were back yesterday with a shot at getting to the final table. After playing the WSOP mandated ten levels through Wednesday, the unofficial final table of ten was determined.
The first objective for the field would be to determine the 117 players who would take down their piece of the $1.32 million prize pool. That would take almost two hours of play and result in Steve Jelinek taking out Neil McFayden in 118th place, but the true story was in the survival of one player in his pursuit of a WSOP record.
Terrence Chan came into the event extremely low on chips and, after McFayden was knocked off, picked up his ninth cash of the 2012 WSOP when he was eliminated on the very next hand. The record for cashes in a WSOP is ten, which the late Nikolay Evdakov achieved in 2008 and, with a couple of weeks left in the 2012 WSOP, Chan has a chance to eclipse that.
After the money bubble popped, the halls of the Rio were awash with those eliminated from this event. Some of the notable names to take some green from Event #47 included Andy Frankenberger, David Bach, Joe Tehan, James Dempsey and Allen Kessler, all gone before the dinner break. Chip Jett, Adam Kornuth, Barry Greenstein, Dan Heimiller and Lee Watkinson would depart following some sustenance as the tournament worked late in the evening.
The lead for Event #47 wasn’t determined until the last hand of the night. All the chips got to the center between Charalampos Lappas and Viatcheslav Ortynskiy on a [6h]-[Qd]-[Td] flop, with Lappas holding an A-J-3-10 (gut shot straight and Jack high flush draw) against Ortynskiy’s A-K-8-A (pair of Aces, gut shot straight draw). A Jack on the turn would seemingly give Ortynskiy the hand, but another Jack on the river switched the fortunes to give Lappas the hand and the chip lead for today’s action.
1. Charalampos Lappas, 994K
2. Steven Loube, 947K
3. Roch Cousineau, 505K
4. Cameron McKinley, 477K
5. Timothy Finne, 455K
6. Sonu Sharma, 300K
7. Kyle Carlston, 277K
8. Paul Ewen, 234K
9. Paul Taylor, 180K
10. Viatcheslav Ortynskiy, 27K
Event #48 – $3000 Limit Hold’em – Day Two
Twenty players will come back to determine a champion in the $3000 Limit event on Thursday, looking at a long day of play to find out who will win.
126 players came back yesterday with dreams of a WSOP bracelet in their minds but, for many, it would be a day that gave them nothing. Only 27 players would even earn cash from this event, meaning 99 people left with a bitter taste in their mouths. Some of those players included Daniel Negreanu, Humberto Brenes and Jimmy Fricke, while Maria Ho, Jeff Shulman and David Steicke made the money after the bubble burst post-midnight.
Leading the way for today’s penultimate action will be Paul Berende, who holds an 89K chip lead over Kenny Hsiung. Chad Brown is in the Top Ten with 112K in chips (good for seventh), while former World Champion Jonathan Duhamel, John Myung, Dwyte Pilgrim and Justin Bonomo are arranged down the leaderboard. The eventual champion tonight will take the WSOP bracelet and $165,205 in cash.
Event #49 – $1500 Ante Only No Limit Hold’em – Day One
A new event took to the Brasilia Room, the Ante Only version of NLHE. As the name suggests, each player at the table would ante a specified amount, rather than the normal blind style of play. As it was new for most players, the 939 runner field was respectable for a new tournament.
The nuances of the tournament – a player could bet the lowest denomination chip in play to open the pot but, following that, no limit applied – led to some adventurous play around the Brasilia Room. Although there were some who picked up on the game quick, there were several who failed to make it out of Day One, including the Phil’s (Hellmuth and Ivey), David Williams, Vanessa Rousso and the creator of this particular poker variant, Bryan Slick.
Because of the fast paced action, the bubble did pop before the end of play on Wednesday (117 players) with the elimination of Morgan Machina. Six players would leave with a minimum payday of $2409, while the remaining 110 will be back on Thursday for more ante-only fun.
Sameer Al-Janedi will lead the field when play commences this afternoon, with Jon Turner, Chris DeMaci, Erick Lindgren and Mike McDonald in the Top Twenty. Other notables in the field – but with some work to do – include David Chicotsky, Dominik Nitsche, Max Pescatori and John Racener, who are in the money but in the bottom quarter of the field.
Whoever wins this inaugural ante-only event will take down $256,691 and the WSOP bracelet when the champion is determined tomorrow.
On today’s calendar is Day One of the $5000 No Limit Hold’em, Event #50 on the 2012 WSOP slate. It should be a tournament that draws a great crowd, mixing the skilled pros with the unknown players who have the skill and the bankroll to get into the tournament and will provide entertainment for all in attendance at the 2012 WSOP. (Credit: Poker News Daily)
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Casinos Casino Slots Poker Online Poker Las Vegas Nevada United States IGT
Regulated online poker in Nevada is closer to becoming a reality. This past Thursday, the Nevada Gaming Commission granted licenses to two gaming companies to provide systems for online poker partners.
The rival firms, Bally Technologies and International Game Technology (IGT), were both unanimously approved for online gaming licenses. They will not be the companies that will actually run the online poker rooms (in other words, they won’t be the new U.S. versions of Full Tilt Poker or PokerStars), but rather be the ones to supply the systems to whomever will actually run the websites. Thus, it is now a waiting game for Bally and IGT, as they cannot actually do anything until casino operators are licensed to offer online poker to Nevada residents.
Both Bally CEO Richard Haddrill and IGT Executive Vice President of Emerging Businesses Robert Melendres told the Las Vegas Review-Journal that they will be ready to go the moment a casino is approved. Melendres made sure to reiterate that his company will simply be providing the gaming systems, not actually operating the poker rooms, saying, “I want to make it abundantly clear, IGT has absolutely no intention to compete with our casino partners.”
The two companies have been known entities in Nevada for years, as they are the two leading slot machine manufacturers in the gaming industry. They have plenty of experience meeting Nevada gaming regulations.
The rivals also have online poker software that has been in use for years in Europe. In February, Bally purchased Chiligaming’s (Chili Poker) business-to-business platform, while IGT bought the Entraction network last year. Thus, IGT already has experience in the real money online poker world, while Bally has been operating a play money site for Golden Nugget. Both companies will use the technology already in place in European markets to prevent underage and problem gambling once sites are up and running in Nevada.
Bally Technologies was technically the first company to have its license approved, receiving the thumbs-up 45 minutes before IGT. In a press release, Richard Haddrill said, “We are grateful to the State of Nevada for this opportunity. We look forward to Bally expanding its leadership role in this exciting new arena of online gaming.”
Similarly, Patti Hart, IGT CEO said in a press release, “This is an exciting day for interactive wager-based gaming. We are honored to be granted the opportunity to support our customers as they further expand their operations to include online play in the State of Nevada.”
Also on Thursday, the Nevada Gaming Control Board registered Gaming Laboratories International and BMM International to test interactive gaming equipment for the state. This is significant because both have labs around the world and both have tested millions of gaming systems, including those owned by Bally and IGT. Thus, any required system testing by the state should go much faster than if everything was being done from scratch with new companies. “These systems that have been written about recently have already been tested by GLI,” Gaming Laboratories International CEO James Maida told the Review-Journal. “We don’t have to retest and do the same process all over again. Our next step is to certify the equipment based on the standards set by Nevada.” (Credit: Poker News Daily)
2012 WSOP, Preliminary Action: Final Ten Determined In PLO Hi/Lo, Unique Ante Only Event Draws Nice Field - 28th June 2012...
Amid the clamor around the Rio on Wednesday, the 2012 World Series of Poker had three tournaments that were in various stages of their play. The final table has been determined in one with a second getting close to that point, while a third event made its debut on the WSOP stage.
Event #47 – Pot Limit Omaha Hi/Lo – Day Two
Of the 978 players who began this tournament on Tuesday, only 141 were back yesterday with a shot at getting to the final table. After playing the WSOP mandated ten levels through Wednesday, the unofficial final table of ten was determined.
The first objective for the field would be to determine the 117 players who would take down their piece of the $1.32 million prize pool. That would take almost two hours of play and result in Steve Jelinek taking out Neil McFayden in 118th place, but the true story was in the survival of one player in his pursuit of a WSOP record.
Terrence Chan came into the event extremely low on chips and, after McFayden was knocked off, picked up his ninth cash of the 2012 WSOP when he was eliminated on the very next hand. The record for cashes in a WSOP is ten, which the late Nikolay Evdakov achieved in 2008 and, with a couple of weeks left in the 2012 WSOP, Chan has a chance to eclipse that.
After the money bubble popped, the halls of the Rio were awash with those eliminated from this event. Some of the notable names to take some green from Event #47 included Andy Frankenberger, David Bach, Joe Tehan, James Dempsey and Allen Kessler, all gone before the dinner break. Chip Jett, Adam Kornuth, Barry Greenstein, Dan Heimiller and Lee Watkinson would depart following some sustenance as the tournament worked late in the evening.
The lead for Event #47 wasn’t determined until the last hand of the night. All the chips got to the center between Charalampos Lappas and Viatcheslav Ortynskiy on a [6h]-[Qd]-[Td] flop, with Lappas holding an A-J-3-10 (gut shot straight and Jack high flush draw) against Ortynskiy’s A-K-8-A (pair of Aces, gut shot straight draw). A Jack on the turn would seemingly give Ortynskiy the hand, but another Jack on the river switched the fortunes to give Lappas the hand and the chip lead for today’s action.
1. Charalampos Lappas, 994K
2. Steven Loube, 947K
3. Roch Cousineau, 505K
4. Cameron McKinley, 477K
5. Timothy Finne, 455K
6. Sonu Sharma, 300K
7. Kyle Carlston, 277K
8. Paul Ewen, 234K
9. Paul Taylor, 180K
10. Viatcheslav Ortynskiy, 27K
Event #48 – $3000 Limit Hold’em – Day Two
Twenty players will come back to determine a champion in the $3000 Limit event on Thursday, looking at a long day of play to find out who will win.
126 players came back yesterday with dreams of a WSOP bracelet in their minds but, for many, it would be a day that gave them nothing. Only 27 players would even earn cash from this event, meaning 99 people left with a bitter taste in their mouths. Some of those players included Daniel Negreanu, Humberto Brenes and Jimmy Fricke, while Maria Ho, Jeff Shulman and David Steicke made the money after the bubble burst post-midnight.
Leading the way for today’s penultimate action will be Paul Berende, who holds an 89K chip lead over Kenny Hsiung. Chad Brown is in the Top Ten with 112K in chips (good for seventh), while former World Champion Jonathan Duhamel, John Myung, Dwyte Pilgrim and Justin Bonomo are arranged down the leaderboard. The eventual champion tonight will take the WSOP bracelet and $165,205 in cash.
Event #49 – $1500 Ante Only No Limit Hold’em – Day One
A new event took to the Brasilia Room, the Ante Only version of NLHE. As the name suggests, each player at the table would ante a specified amount, rather than the normal blind style of play. As it was new for most players, the 939 runner field was respectable for a new tournament.
The nuances of the tournament – a player could bet the lowest denomination chip in play to open the pot but, following that, no limit applied – led to some adventurous play around the Brasilia Room. Although there were some who picked up on the game quick, there were several who failed to make it out of Day One, including the Phil’s (Hellmuth and Ivey), David Williams, Vanessa Rousso and the creator of this particular poker variant, Bryan Slick.
Because of the fast paced action, the bubble did pop before the end of play on Wednesday (117 players) with the elimination of Morgan Machina. Six players would leave with a minimum payday of $2409, while the remaining 110 will be back on Thursday for more ante-only fun.
Sameer Al-Janedi will lead the field when play commences this afternoon, with Jon Turner, Chris DeMaci, Erick Lindgren and Mike McDonald in the Top Twenty. Other notables in the field – but with some work to do – include David Chicotsky, Dominik Nitsche, Max Pescatori and John Racener, who are in the money but in the bottom quarter of the field.
Whoever wins this inaugural ante-only event will take down $256,691 and the WSOP bracelet when the champion is determined tomorrow.
On today’s calendar is Day One of the $5000 No Limit Hold’em, Event #50 on the 2012 WSOP slate. It should be a tournament that draws a great crowd, mixing the skilled pros with the unknown players who have the skill and the bankroll to get into the tournament and will provide entertainment for all in attendance at the 2012 WSOP. (Credit: Poker News Daily)
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Monday, June 25, 2012
Monday, June 18, 2012
Packer's stake in the Sydney pie - 17th June 2012
Profiles
Crown Limited Crown Casino Echo Entertainment The Star Australian Casinos Casinos James Packer
They are the so-called whales, fabulously rich gamblers jetted into town to be pampered by their eager hosts. Often demanding, sometimes quirky and superstitious, they attract the very best and attentive service, and enjoy the trappings of the high life, often gratis: six-star luxury accommodation, fine dining, live shows, top-brand shopping.
They can win or drop millions of dollars at gaming tables on a single visit. Wagers of several hundred thousand dollars are not uncommon. Occasionally, as much as $1 million is bet on a hand of cards. Baccarat is a favourite game.
Predominantly ethnic Chinese, their money also buys discretion and exclusivity. Little is ever revealed by casino operators about their identity or their gambling habits, but in a single year, at Melbourne's Crown casino alone, these VIP punters turn over an extraordinary $30 billion - around $600 million a week.
''It's simply another world,'' says an insider, still agog after a decade's involvement in the industry.
It's a world, too, that is fast expanding, as China's exploding wealth and the rising prosperity of nations such as India, Malaysia, Indonesia and the Philippines, spawn a new and vast generation of high rollers.
That reality, and the intensifying competition for their business, lies at the centre of a stoush over control of the Star casino, one that has several elements, commercial and political, and which is flavoured by a hint of hoary Melbourne-Sydney rivalry. At its core is James Packer's ambition to retain his dominance over VIP gambling in Australia by having a key say in Sydney's newly rejuvenated casino business.
The Packer-controlled Crown group enjoys 75 per cent of the nearly $1 billion of annual casino revenue generated by high rollers in Australia through its internationally acclaimed Yarra River complex and its Burswood casino, in Perth.
But the once dowdy northern cousin, the Star, tarted up with a $900 million facelift, is aiming more aggressively at the same VIP market, a threat magnified by Sydney's standing as Australia's gateway for international tourism.
Packer's response has been fierce and multi-pronged, with Crown taking a 10 per cent stake in the Star's owner, Echo Entertainment, and applying to the regulator to be allowed to move to the takeover threshold of 20 per cent.
Simultaneously, the Packer camp has waged a public relations war against Echo over the latter's lacklustre recent performance to the point of forcing out its chairman, John Story, while pushing for its own boardroom appointee, the former Victorian premier Jeff Kennett.
Packer's pitch has been for a united Australian front in the quest to wrest bigger numbers of the region's high rollers, and he has wowed tourism chiefs, and the Premier, Barry O'Farrell, with a proposal for a 35-storey luxury hotel at Barangaroo.
Apart from a potential public backlash, the snag is that Packer wants the hotel to include exclusive gaming salons for high rollers. But the Star holds the state's only casino licence and would need to agree to a hybrid arrangement that split its facilities between its current site and Barangaroo.
O'Farrell, unimpressed by the recent sexual harassment scandal at the Star, has appeared to revel a little in the Star's discomfort by publicly praising Packer as a ''shrewd and successful businessman'', while acknowledging that the Crown push ''is starting to look like a political campaign''. While Packer's ultimate objective is clear - gaining the Star's licence - he faces stern resistance from an Echo board that accuses him of seeking control of the company on the cheap, by denying a premium to its shareholders.
They appear to be daring him to launch a full takeover bid, something that could be in the offing once Packer offloads his remaining media interests. The sale of those, which indirectly include a 25 per cent stake in Foxtel, could raise close to $1 billion.
The longer game plan could be his positioning for Crown's own casino licence in NSW when the Star's exclusivity expires in 2019.
''Everyone concedes that Crown has been the key venue for high rollers in Australia,'' says a close Echo observer. ''They've worked hard and put a lot of effort into that market.
''But the upside for Star is enormous. Sure, you could tackle that market through some joint venture or tie-up with Crown, so in that sense Packer is absolutely right. But Star doesn't need Packer to do that.''
As for Packer's push for new blood in the Echo boardroom, he adds: ''Why on earth would you agree to put a competitor on your board?''
Echo is confident that it can offer a similarly impressive high roller experience as Crown's by coupling the Star with Echo's Queensland casinos, the soon-to-be upgraded Jupiter sites on the Gold Coast and in Townsville, as well as the Treasury in Brisbane.
''The truth is,'' suggests one stockmarket analyst, ''Packer might need Star more than Star needs Packer.''
But that's if the Star gets it right. There are plenty who see Crown's management expertise as vital in finally raising the Star to the high roller firmament. And they offer as evidence the Star's recent admission that the collapse of a Macau-based junket operator (businesses that scoop up high rollers and deliver them to casinos throughout Asia) had cost it $7 million in forward commissions and potentially another $23 million in unrecoverable high roller debts.
Echo, which has portrayed the losses as teething problems, unveiled on Friday details of a $450 million capital raising that will be used to strengthen its balance sheet and lend weight to its high roller push. But the announcement was accompanied by a downgrade in its profit outlook, further fodder for its critics.
The Packer camp argues that its agitation is on behalf of all Echo shareholders, who now include the Singapore casino group Genting, which has built a 4.9 per cent stake, along with Macquarie Bank, whose similarly sized holding on behalf of various investment funds would appear to be a punt on profitable future resolution. Standing steadfast, too, has been Perpetual Investments, with 8 per cent, which has backed Echo's board in rebuffing the Packer demands.
No one would dare suggest that the prevailing obstacles are insurmountable for the Packer camp, which has assembled an impressive roll call of political heavyweights. They include the former federal government minister Mark Arbib and former ALP national secretary Karl Bittar, as well as the former Liberal senator and federal communications minister Helen Coonan, a Crown director. Networking is also the name of the high roller game across Asia, and Packer's interests in Macau in partnership with Hong Kong-based tycoon Lawrence Ho provides a handy conduit for introducing more high rollers to his plush Australian salons. Their business is becoming increasingly vital as growth in the domestic gaming market tails off. While local punters contribute more in terms of profits, the high roller market (despite its skinny margins and greater risk) is growing more strongly, demonstrated by Crown's figures. In the latest corporate reporting period, revenues from local gaming in Melbourne grew by 5 per cent while those from its VIP program were 34 per cent stronger, albeit from a lower base.
Tourism chiefs recognise the potential should this trend be replicated in Sydney, drawing ever greater numbers of big spenders willingly pumping money into the local economy. The boss of the Tourism & Transport Forum, John Lee, sees the Bangararoo development as upping the ante in Sydney's claim for higher tourist numbers, just as Singapore's so-called ''integrated resorts'' have pulled a flood of new visitors to the city-state. He says the Packer plan has merit and would add to the harbour precinct's ''tourism offering''. But intensifying competition for VIP punters has not just triggered a casino ''arms race'' in Australia, but one that is region-wide.
At its epicentre is Macau, the only city in a country of more than 1 billion people permitted to run casinos and the site of several billion-dollar developments.
Having already eclipsed Las Vegas, the territory's 30 casinos are expected to rake in revenues of more than $US40 billion in 2012 (about 10 times the gaming revenues of Australia's 13 casinos), of which high rollers can be expected to account for 70 per cent.
Singapore is fast establishing itself, too, as a key high-roller destination. The 31 VIP salons of the $5 billion Marina Bay Sands, for example, already draw 60 per cent of that complex's gaming revenues.
The widespread assumption is that - notwithstanding the Chinese economy's recent slowing - the premium gambling pie has years of expansion ahead, and the chairman of Marina Bay's Las Vegas parent company, the US billionaire Sheldon Adelson, identifies a growing new class of gambler.
''We are constantly surprised at who they are, the number of people, how they come out of the woodwork and how many there are in the world,'' he recently told Singapore's Straits Times. ''There was a time, 10, 15 years ago, that people thought that in the entire world, there were as few as 150 VIP players. We sometimes get that in a few days, a week or two weeks. So the word plateau, in terms of Asia, is not in our vocabulary.''
But the breadth of competition is likely to demand more creative ways for luring gamblers farther south than Singapore, a fact that could affect the sort of inducements offered to ''whales'' by local operators, such as the extent of ''loss rebates'', where casinos cover a portion of a high roller's losses.
Packer's remedy of a united front also calls for better support from governments to maintain tax and other advantages, which could be extended to faster visa and customs clearances for high rollers to match the efficiency of Singapore.
The Star's ''fate'', meanwhile, may not be determined for some time, with no guarantee that a takeover bid will materialise to unlock the stalemate.
But some ponder a deal that would see some of Crown's interests in Macau passed to Genting, providing Packer with the financial muscle to swallow Echo. At the moment, its link to the Ho Group demands exclusivity in Asia and, as one analyst noted: ''Who would want to rock that boat?''
But another gaming expert based overseas thinks otherwise, wondering if Packer might, in fact, prefer to be the big fish in the smaller pond. "If I was Packer, and if I had the option of cornering the Australian market or keeping a 30 per cent stake in one of six operators in Macau, I'd probably corner the Australian market. It's as simple as that." (Fairfax Media)
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Crown Limited Crown Casino Echo Entertainment The Star Australian Casinos Casinos James Packer
They are the so-called whales, fabulously rich gamblers jetted into town to be pampered by their eager hosts. Often demanding, sometimes quirky and superstitious, they attract the very best and attentive service, and enjoy the trappings of the high life, often gratis: six-star luxury accommodation, fine dining, live shows, top-brand shopping.
They can win or drop millions of dollars at gaming tables on a single visit. Wagers of several hundred thousand dollars are not uncommon. Occasionally, as much as $1 million is bet on a hand of cards. Baccarat is a favourite game.
Predominantly ethnic Chinese, their money also buys discretion and exclusivity. Little is ever revealed by casino operators about their identity or their gambling habits, but in a single year, at Melbourne's Crown casino alone, these VIP punters turn over an extraordinary $30 billion - around $600 million a week.
''It's simply another world,'' says an insider, still agog after a decade's involvement in the industry.
It's a world, too, that is fast expanding, as China's exploding wealth and the rising prosperity of nations such as India, Malaysia, Indonesia and the Philippines, spawn a new and vast generation of high rollers.
That reality, and the intensifying competition for their business, lies at the centre of a stoush over control of the Star casino, one that has several elements, commercial and political, and which is flavoured by a hint of hoary Melbourne-Sydney rivalry. At its core is James Packer's ambition to retain his dominance over VIP gambling in Australia by having a key say in Sydney's newly rejuvenated casino business.
The Packer-controlled Crown group enjoys 75 per cent of the nearly $1 billion of annual casino revenue generated by high rollers in Australia through its internationally acclaimed Yarra River complex and its Burswood casino, in Perth.
But the once dowdy northern cousin, the Star, tarted up with a $900 million facelift, is aiming more aggressively at the same VIP market, a threat magnified by Sydney's standing as Australia's gateway for international tourism.
Packer's response has been fierce and multi-pronged, with Crown taking a 10 per cent stake in the Star's owner, Echo Entertainment, and applying to the regulator to be allowed to move to the takeover threshold of 20 per cent.
Simultaneously, the Packer camp has waged a public relations war against Echo over the latter's lacklustre recent performance to the point of forcing out its chairman, John Story, while pushing for its own boardroom appointee, the former Victorian premier Jeff Kennett.
Packer's pitch has been for a united Australian front in the quest to wrest bigger numbers of the region's high rollers, and he has wowed tourism chiefs, and the Premier, Barry O'Farrell, with a proposal for a 35-storey luxury hotel at Barangaroo.
Apart from a potential public backlash, the snag is that Packer wants the hotel to include exclusive gaming salons for high rollers. But the Star holds the state's only casino licence and would need to agree to a hybrid arrangement that split its facilities between its current site and Barangaroo.
O'Farrell, unimpressed by the recent sexual harassment scandal at the Star, has appeared to revel a little in the Star's discomfort by publicly praising Packer as a ''shrewd and successful businessman'', while acknowledging that the Crown push ''is starting to look like a political campaign''. While Packer's ultimate objective is clear - gaining the Star's licence - he faces stern resistance from an Echo board that accuses him of seeking control of the company on the cheap, by denying a premium to its shareholders.
They appear to be daring him to launch a full takeover bid, something that could be in the offing once Packer offloads his remaining media interests. The sale of those, which indirectly include a 25 per cent stake in Foxtel, could raise close to $1 billion.
The longer game plan could be his positioning for Crown's own casino licence in NSW when the Star's exclusivity expires in 2019.
''Everyone concedes that Crown has been the key venue for high rollers in Australia,'' says a close Echo observer. ''They've worked hard and put a lot of effort into that market.
''But the upside for Star is enormous. Sure, you could tackle that market through some joint venture or tie-up with Crown, so in that sense Packer is absolutely right. But Star doesn't need Packer to do that.''
As for Packer's push for new blood in the Echo boardroom, he adds: ''Why on earth would you agree to put a competitor on your board?''
Echo is confident that it can offer a similarly impressive high roller experience as Crown's by coupling the Star with Echo's Queensland casinos, the soon-to-be upgraded Jupiter sites on the Gold Coast and in Townsville, as well as the Treasury in Brisbane.
''The truth is,'' suggests one stockmarket analyst, ''Packer might need Star more than Star needs Packer.''
But that's if the Star gets it right. There are plenty who see Crown's management expertise as vital in finally raising the Star to the high roller firmament. And they offer as evidence the Star's recent admission that the collapse of a Macau-based junket operator (businesses that scoop up high rollers and deliver them to casinos throughout Asia) had cost it $7 million in forward commissions and potentially another $23 million in unrecoverable high roller debts.
Echo, which has portrayed the losses as teething problems, unveiled on Friday details of a $450 million capital raising that will be used to strengthen its balance sheet and lend weight to its high roller push. But the announcement was accompanied by a downgrade in its profit outlook, further fodder for its critics.
The Packer camp argues that its agitation is on behalf of all Echo shareholders, who now include the Singapore casino group Genting, which has built a 4.9 per cent stake, along with Macquarie Bank, whose similarly sized holding on behalf of various investment funds would appear to be a punt on profitable future resolution. Standing steadfast, too, has been Perpetual Investments, with 8 per cent, which has backed Echo's board in rebuffing the Packer demands.
No one would dare suggest that the prevailing obstacles are insurmountable for the Packer camp, which has assembled an impressive roll call of political heavyweights. They include the former federal government minister Mark Arbib and former ALP national secretary Karl Bittar, as well as the former Liberal senator and federal communications minister Helen Coonan, a Crown director. Networking is also the name of the high roller game across Asia, and Packer's interests in Macau in partnership with Hong Kong-based tycoon Lawrence Ho provides a handy conduit for introducing more high rollers to his plush Australian salons. Their business is becoming increasingly vital as growth in the domestic gaming market tails off. While local punters contribute more in terms of profits, the high roller market (despite its skinny margins and greater risk) is growing more strongly, demonstrated by Crown's figures. In the latest corporate reporting period, revenues from local gaming in Melbourne grew by 5 per cent while those from its VIP program were 34 per cent stronger, albeit from a lower base.
Tourism chiefs recognise the potential should this trend be replicated in Sydney, drawing ever greater numbers of big spenders willingly pumping money into the local economy. The boss of the Tourism & Transport Forum, John Lee, sees the Bangararoo development as upping the ante in Sydney's claim for higher tourist numbers, just as Singapore's so-called ''integrated resorts'' have pulled a flood of new visitors to the city-state. He says the Packer plan has merit and would add to the harbour precinct's ''tourism offering''. But intensifying competition for VIP punters has not just triggered a casino ''arms race'' in Australia, but one that is region-wide.
At its epicentre is Macau, the only city in a country of more than 1 billion people permitted to run casinos and the site of several billion-dollar developments.
Having already eclipsed Las Vegas, the territory's 30 casinos are expected to rake in revenues of more than $US40 billion in 2012 (about 10 times the gaming revenues of Australia's 13 casinos), of which high rollers can be expected to account for 70 per cent.
Singapore is fast establishing itself, too, as a key high-roller destination. The 31 VIP salons of the $5 billion Marina Bay Sands, for example, already draw 60 per cent of that complex's gaming revenues.
The widespread assumption is that - notwithstanding the Chinese economy's recent slowing - the premium gambling pie has years of expansion ahead, and the chairman of Marina Bay's Las Vegas parent company, the US billionaire Sheldon Adelson, identifies a growing new class of gambler.
''We are constantly surprised at who they are, the number of people, how they come out of the woodwork and how many there are in the world,'' he recently told Singapore's Straits Times. ''There was a time, 10, 15 years ago, that people thought that in the entire world, there were as few as 150 VIP players. We sometimes get that in a few days, a week or two weeks. So the word plateau, in terms of Asia, is not in our vocabulary.''
But the breadth of competition is likely to demand more creative ways for luring gamblers farther south than Singapore, a fact that could affect the sort of inducements offered to ''whales'' by local operators, such as the extent of ''loss rebates'', where casinos cover a portion of a high roller's losses.
Packer's remedy of a united front also calls for better support from governments to maintain tax and other advantages, which could be extended to faster visa and customs clearances for high rollers to match the efficiency of Singapore.
The Star's ''fate'', meanwhile, may not be determined for some time, with no guarantee that a takeover bid will materialise to unlock the stalemate.
But some ponder a deal that would see some of Crown's interests in Macau passed to Genting, providing Packer with the financial muscle to swallow Echo. At the moment, its link to the Ho Group demands exclusivity in Asia and, as one analyst noted: ''Who would want to rock that boat?''
But another gaming expert based overseas thinks otherwise, wondering if Packer might, in fact, prefer to be the big fish in the smaller pond. "If I was Packer, and if I had the option of cornering the Australian market or keeping a 30 per cent stake in one of six operators in Macau, I'd probably corner the Australian market. It's as simple as that." (Fairfax Media)
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Friday, June 15, 2012
Entertainment, Gaming, Casino and Hollywood News Report: Marvel Entertainment, WWE, Movies, James Bond...
Entertainment, Gaming, Casino and Hollywood News Report: Marvel Entertainment, WWE, Movies, James Bond...
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Sony Pictures May Emulate Marvel’s Strategy and Tie ‘Venom’ to ‘The Amazing Spider-Man’ and Other Films...
Some people including some studio executives scoffed as Marvel Studios began to build a franchise of films that would lead up to The Avengers. The team movie was ambitious, and the result of so much planning that it was easy to suspect may fail. We know now, of course, that The Avengers did anything but fail — it is one of the most financially successful films ever released - currently around 3rd most successful of all time.
That means other studios are now willing to consider emulating Marvel’s strategy. Warner Bros. and DC Entertainment haven’t laid the groundwork for a team film in the same fashion Marvel did, but they’re attempting it with Justice League anyway.
And Sony has the rights to some Marvel characters, notably the Spider-Man and Ghost Rider families. And it seems like the character spin-off Venom, which Chronicle director Josh Trank may make, could be designed to fit in with the new wave of Spider-Man movies that begins with The Amazing Spider-Man. Question is… to build up to what?
Hollywood.com talked to The Amazing Spider-Man producers Avi Arad and Matthew Tolmach, who said Venom is being developed with connectivity in mind.
What I’m trying to say to you without giving anything away is hopefully all these worlds will live together in peace someday…Look for the worlds to make sense with one another.
Avi Arad explained what they’re trying to do with Venom, in basic terms:
It’s an Eddie Brock story. We want to be as close to the comics as possible. Especially in Eddie Brock’s story. But again, pseudo-sceince is becoming science. All these tidbits about webs, artificial webs, is a huge industry now. Spiderwebs have unique qualities that will be huge for communications, fibers, and so forth. So we have taken the approach that we want to make the huge amazing movie about Eddie.
The Brock character was played in Sam Raimi’s Spider-Man 3 by Topher Grace, but this will be a new take, presumably with a new actor. Brock will be “a journalist. He had the wrong story, he got in trouble for it, he got fired,” explains Tolmach.
Making the films play nice together makes sense, but now the question will be: can we expect a Ghost Rider reboot that places that character in the same universe? In general, is it reasonable to expect that any Marvel characters held by Sony will get films that are connected in at least some vague way? Sony can’t quite make The Avengers, but it could build up to something like the old Marvel Team-Up comic series.
Spiderman comes to South Korea...
A new face of Spider-man came to Seoul on Thursday (June 14) to premiere Parker's untold story, the latest saga of the Spider-Man franchise.
One of this summer's most eagerly awaited blockbusters, "The Amazing Spider-Man" delves into the origins of teenager Peter Parker, a.k.a. Spider-Man, and tells of the superhero that the 17-year-old eventually becomes.
The new spider-man, Andrew Garfield, appeared on a news conference stage with a smile, but he was more than serious when he spoke about the new saga of the Spiderman series.
"There is such a long legacy to honour, and to do justice to, and I think our intention was to start from there, and make sure we were doing justice to these timeless mythical characters that Stanley created," said Garfield at the news conference.
Spider-man's latest instalment reboots the modern movie franchise that began with 2002's "Spider-Man", starring Tobey Maguire as the comic book crime fighter.
Over three films, the franchise amassed around 2.5 billion U.S. dollars in ticket sales, and for the fourth movie, its creators decided to take a fresh look at the series, bring in a new director and hire 28-year-old Garfield to replace Maguire, 36.
Talented actor Garfiled advised wearing a Spiderman suit and mask wasn't very easy, but it was also his dream come true.
"No one wants to wear spandex, but Peter has to for many reasons, so yeah, it was a challenge, but of course wearing the suit itself was a dream of mine since I was three years old, so being able to put it on every day," said Garfield.
Emma Stone, 23, who has been linked romantically with Garfield off-screen, portrays Parker's first love interest, Gwen Stacy, in the flick.
She said Gwen is different from Mary Jane Watson from the previous series.
"She's involved in helping Peter save the day as Spiderman of course, and so there are a lot of differences there, she doesn't sit idly by and she doesn't let him being a superhero stop the relationship from continuing or complain about it, she becomes a partner," said Emma Stone.
The movie director Marc Webb, well known in the country for his romantic comedy movie "500 Days of Summer," said the characters and romance made the blockbuster actions more appealing.
"You'll believe in that action more, you'll experience it in a more profound way if you care about the characters, and I think the only way I know how to create that empathy is through finding relatable characters and finding those little tiny moments between, whether it's between Peter and his aunt or uncle, or between Peter and Gwen, obviously romance interests me in cinema," said the film director Marc Webb.
About a thousand of fans gathered to see the new Spiderman and his girlfriend on a red carpet, and a fan couldn't hide his excitement for seeing the hero in person.
"I'd never imagined to actually meeting him like this, so I'm so honoured to see him in person. I got an autograph signed by Andrew Garfield himself.
I love him!!" said South Korean fan Lee Kyung-hoon.
South Korea's popular girl group '2EN1' was also attending the red carpet event to promote the movie.
"The Amazing Spider-Man" opens on June 28 in Seoul.
No official word yet on when the new movie will hit Australian big screens, but it should be around the same time as Korea.
Comics film gives legend respect...
Many people put Marvel creator Stan Lee in the same ranks as Walt Disney and Jim Henson. This is exactly the reason William Lawrence Hess and Nikki Frakes decided to make a documentary about the comic book legend.
“When I met Stan, I began to realize how big the things he created and stories he told were,” Hess says during a recent phone interview. “I’m into history and with Stan, there’s a rich history in what he’s done. You can tell he’s one of the 20th-century creators that people look up to.”
The duo’s result was the documentary “With Great Power: The Stan Lee Story.” The film will screen at 9 tonight at the KiMo Theatre, 420 W. Central.
Lee will introduce the film and then sign autographs during the Albuquerque Comic Expo, which runs today through Sunday at the Albuquerque Convention Center.
The documentary took nearly four years to complete. Hess says production began at Comic Con in San Diego in July 2006.
“We shot about 40 hours of footage right before that,” he explains. “When the project was over, we had 480 hours of footage that we managed to fit into an hour and a half documentary.”
Hess says the editing was tiring, but what softened the blow of cutting so much content out was the ability to make bonus footage.
“Nikki worked really close with the editor in carving it down,” he says. “It was a big process to go through, but it worked out in our favor.”
Frakes says it was important to show the man behind the mask.
“He invited us into his house and we got to see what he’s like with his wife,” she says. “It was important that we captured that and tell the story of how he came to be this icon in the comic industry.”
The duo led a team that searched archives and interviewed people associated with Lee. One of the prized interviews was with “Captain America” co-creator Joe Simon, who died in December 2011.
“Joe was basically Stan’s boss six decades ago,” he says. “We wanted to get inside the inner workings of the comic book industry. There were plenty of heavy hitters that came along in the ’40s. This was a huge interview for us.”
Yet for both filmmakers, comics weren’t the first thing they read. Frakes didn’t read them, but says when she learned more about Lee’s story, she wanted to help tell it.
“A lot of people think that he’s an overnight success,” she says. “He’s overcome a lot in his life and managed to become this cultural icon. He’s worked hard to get to his status.”
Hess, who grew up in New Orleans, was introduced to “X-Men” comics and later the Saturday morning comics that Lee participated in.
“I can still hear him saying ‘Stay Tuned Because We’ll be Knee Deep in Danger’ before the commercial break,” he says. “I appreciate that he’s been able to make an impact like that on me.”
'Black Panther' movie rumour: Marvel Studios...
Entertainment Weekly’s inside sources at Marvel Studios advise the news report is no true, however studio representatives declined to comment on the hot rumour.
A news report from the movie website Latino Review by writer El Mayimbe stated Marvel Studios has committed to making one of its next projects a picture based on Black Panther, the leader of the fictional African nation and the character widely regarded as the first major black superhero.
Marvel Studios and its parent company Disney did not immediately comment on the rumor, which has circulated far and wide, causing a buz among comic book movie fans. But now inside sources at Marvel have told EW that it’s simply not true that Black Panther will be one of their next films.
Black Panther is not just a cool codename, it’s the title bestowed on the Wakandan king. In the comics, T’Challa, a Wakandan prince and warrior, passed the trials necessary to ascend to his nation’s throne, thus earning the mantle of Black Panther. Coincidentally, he also fell in love with Ororo Munroe, a.k.a. the weather-controlling Storm from X-Men, during his journeys, but don’t expect her to show up in any Marvel Studios film about him. She remains a part of X-Men mythology still owned by 20th Century Fox.
Black Panther first appeared in a 1966 issue of Fantastic Four, and the name only coincidentally mirrors that of the militant civil rights political party, created that same year. (He also fought as part of The Avengers, which could factor into any sequel for that blockbuster.)
If the look of the character recalls DC Comics’ Batman, the two characters actually have similarities beyond the costume. T’Challa’s superhuman powers are his acute senses of perception and strength, but he is also a brilliant scientist, and as heir to the throne of Wakanda he is every bit as wealthy as Bruce Wayne.
Wakanda was the site of an ancient meteor crash which scattered the element vibranium throughout the land. That fictional element, of course, is one of the rarest and strongest minerals on earth, and is used in the creation of Captain America’s shield. Black Panther’s prime nemesis is Ulysses Klaw, a physicist who murders T’Challa’s father to gain access to the precious vibranium deposits, which he uses to craft a weapon that can create solid objects out of sound waves.
Being the first mainstream black superhero, there were also political elements to Black Panther’s story. In the mid-1970s, comic book story arcs sent him to the American South, where he clashed with the Ku Klux Klan. Black Panther also ventured into an Apartheid-ruled South Africa depicted in the guise of a Marvel nation called Rudyarda.
The Black Panther script was revealed last January, with documentarian Mark Bailey (The Fence, Ghosts of Abu Ghraib, and Pandemic: Facing AIDS) crafting the story — an unusual choice, but not if Marvel would like to add a dose of social commentary to the action hero’s story.
If Latino Review’s report proves to be true, the next big questions are who would star and who would direct.
In breaking the scoop, Mayimbe proposed Nate Parker, who got high marks from critics for Red Tails (even if the movie itself did not) and garnered lots of praise at Sundance for a powerful turn opposite Richard Gere in the Wall Street thriller Arbitrage.
Parker’s a solid choice, but The Wire‘s Idris Elba would also supply endless intensity for the character. Chiwetel Ejiofor has the kick-ass-professor vibe down, and Anthony Mackie, although a little slim physically, could build some muscle for the role. If we’re talking pure star power and charisma, Jamie Foxx could be a good choice, and will be riding high after Quentin Tarantino’s Django Unchained debuts this year.
Marvel Entertainment movie fans.. if the rumour turns out to be true it sure will be excelsior!
Pro Wrestling News...
The debut of Steve Austin’s Redneck Island on CMT (in the U.S) this past Saturday scored a 0.42 rating with 665,000 viewers. It was the highest rated show for the day. Austin wrote the following about the show last night:
“It’s a damn crying shame that Canada, Australia, England, and other great countries cannot get CMT Redneck Island. A damn shame. Spreading Redneck Island around the globe is my newest task. Yes…To provide quality entertainment and content across the globe. #CMT #BSR”
- Despite what WWE says in the lawsuit from TNA, most people within WWE believe that "The Nature Boy" Ric Flair will return to the company as soon as he is legally able to and that WWE officials would love to have him back at the 1,000th RAW in July.
Wrestling companies square off in Nashville, USA court...
NASHVILLE, Tenn. (AP) — Lawyers for World Wrestling Entertainment have told a Nashville judge the company has not and will not use confidential information from rival Total Nonstop Action Wrestling.
The pledge came during a hearing last week over a lawsuit TNA filed last month against pro wrestling giant - WWE, claiming WWE had obtained secret contract details in an attempt to poach TNA's wrestlers.
Attorneys for WWE told Chancellor Ellen Hobbs Lyle that the company has not contacted any of TNA's contracted personnel. The attorneys also said WWE has returned the only copies of the confidential information to TNA.
Lyle dissolved a May 24 temporary restraining order against WWE that had prohibited it from using the information to solicit TNA wrestlers, but she made no ruling on the merits of the case. Another hearing will be July 12.
TNA, based in Nashville, claimed in the suit that WWE apparently had already tried to hire away veteran wrestler Ric Flair. According to the court record, WWE lawyers said the company "has no intention of doing so."
TNA alleged that one of its former employees, Brian Wittenstein, went to work for WWE and provided his new employer with contract details. WWE said he was fired when he gave them the information.
A TNA suit against Wittenstein is still pending.
Jerry McDevitt, an attorney for Connecticut-based WWE, said Tuesday the company will file clarifying details with the court. He said the latest order "speaks for itself."
Dixie Carter, president of TNA, said in a statement Tuesday that the company "will vigorously protect TNA and its brand from damage at the hands of any and all sources, no matter who is involved." TNA was founded by wrestler Jeff Jarrett.
WWE Legal Letter To TNA Legal Counsel...
WWE Attorney Jerry McDevitt recently sent a letter to TNA legal counsel Erika Blonquist. The letter was filed with the court last week and can be read below:
First, and as I advised you orally on the phone during our recent conference call, WWE has not solicited Ric Flair to leave TNA and enter into a contract with WWE. WWE has made no offer to Flair and has no intention of doing so.
Second, as I also advised you, WWE has not solicited any other current TNA talent to repudiate their contracts and enter into a contract with WWE. WWE has no interest in current TNA talent.
The Ultimate Fighter: Australia vs. UK To Air On FX...
TUF: Australia vs. UK broadcasts on FX in Australia this fall
"The Ultimate Fighter: Australia vs. U.K." will air on FX in Australia in the fall as the latest installment of the reality series from the Ultimate Fighting Championship.
UFC officials announced the news yesterday.
Tryouts for the upcoming season of "TUF" are currently underway, featuring fighters from both Australia and England. The coaches for the season have not yet been named, though an official announcement is expected soon.
"We're excited to be part of the FX family in Australia," UFC managing director for international development Marshall Zelaznik stated. "When the first series of 'The Ulimate Fighter' debuted in the United States seven years ago, it brought in millions of new fans who tuned in each and every week to watch their favorite fighters. I have no doubt that 'The Smashes' will do the same in Australia."
"The Smashes" is the title given to this season, referencing a cricket rivalry ("The Ashes") between the two countries.
While the season will air in Australia, no plans have been announced for those hoping to view in the U.S. Fans could watch "The Ultimate Fighter: Brazil" online earlier this year as it was taping in Brazil, but the season did not broadcast on national television until FUEL TV began airing episodes just recently.
Are you ready? Are you ready? Let's get it on!
KA By Cirque du Soleil And Marvel Entertainment Bring Epic Story From Stage To Page With All-New Comic Book; KA #1 Released to Fans at Comic-Con International in San Diego 2012...
LAS VEGAS, June 13, 2012 - KA by Cirque du Soleil, the spectacular production at MGM Grand Las Vegas, and Marvel Custom Solutions team up to tell the story of this acclaimed live production through an all-new, collectible comic book. KA #1 will debut at the Marvel booth (#2329) during Comic Con International in San Diego, July 12 – 15, 2012.
"To see our live KA performances transform from the theatre to ink on pages in a comic book is an incredible opportunity for our entire team," said Marie-Helene Gagnon, Artistic Director of KA. "By aligning ourselves with the premier brand of comic book creators, we have produced an illustration of KA that depicts the story very vividly and stays true to the plot. Marvel and its team of creators have been great to collaborate with and have embraced the story of KA and the expectations of Cirque du Soleil."
"Marvel's proud to bring the exciting, out of this world action and adventure of KA to life in this all new comic book," said Axel Alonso, Editor in Chief, Marvel Worldwide, Inc. "This is a great comic for fans of all ages, whether they're long-time fans of Marvel, KA or new to both exciting brands of storytelling."
KA fans attending Comic Con International can take home the heroic journey of Imperial Twins separated by war who encounter adventure and peril at every turn on their quest to reunite their kingdom.
"What's more jaw-dropping, the majesty of the Imperial Court...the dynamic dance of their martial arts display...the overwhelming might of the invading archer army...the desperate fight for survival in the storm-tossed seas...or the tantalizing glimpses at the future threats that await the Twins?" said Marvel Editor Bill Rosemann. "Readers can decide for themselves when they feast their eyes on the all-out spectacle that writer Bryan J.L. Glass, artist Wellinton Alves and cover artist Michael Del Mundo have crafted in this world premiere debut issue."
KA #1 will be distributed at Comic Con International in San Diego at the Marvel booth in July. A limited amount of books also will be available at comic book stores in select markets. In addition to the print copy of the comic book, fans will be able to access the KA customized comic book by utilizing Marvel's cutting-edge digital comics reader.
Fans can get an inside look at the making of the comic book by visiting www.kacomicbook.com. Featuring sneak peeks and behind-the-scenes information, including line art, storyboards and more, this site will serve as a hub for details on the collaboration. Fans will be able to receive information on how to get their own copy of the comic book. On Twitter, fans can tweet about the collaboration to @Cirque and @Marvel using the #KAComicBook hashtag.
About KA:
KA by Cirque du Soleil is a heroic journey of love and conflict set within ever-changing theatrical landscapes that conjure an entire empire on stage. Presented exclusively at MGM Grand Las Vegas, KA unfolds on a colossal, 360-degree rotating stage which forms the backdrop for this cinematic journey of aerial adventure and perpendicular acrobatics. For more information visit www.ka.com. Like us on Facebook: www.facebook.com/KA and Tweet us: @Cirque #KA.
About Marvel Entertainment:
Marvel Entertainment, LLC, a wholly-owned subsidiary of The Walt Disney Company, is one of the world's most prominent character-based entertainment companies, built on a proven library of over 8,000 characters featured in a variety of media over seventy years. Marvel utilizes its character franchises in entertainment, licensing and publishing.
To find a comic shop near you, visit www.comicshoplocator.com or call 1-888-comicbook. SOURCE Cirque du Soleil
Macquarie takes a stake in Echo...
Investment firm Macquarie Group has bought a five per cent stake in casinos operator Echo Entertainment Group.
Echo said in a statement to the Australian Securities Exchange on Wednesday that Macquarie had become a substantial shareholder in Echo on June 7, having acquired about 35.1 million shares, or about 5.1 per cent of Echo.
Echo announced on Tuesday that it proposed to undertake a capital raising - the amount of which was undisclosed - and its shares are currently in a trading halt.
The company last week lost its chairman John Story after Crown's James Packer launched a public campaign against him.
Crown is Echo's largest shareholder, with a 10 per cent stake.
Echo owns The Star casino in Sydney, the Jupiters casinos on the Gold Coast and in Townsville, and Treasury casino in Brisbane.
Shares in Echo last traded at $4.49 before going into a halt.
Crown Undecided on Support for Echo Capital Raising...
Crown Ltd. (CWN), the casino operator controlled by billionaire James Packer, hasn’t decided whether it will buy new stock in a planned capital raising by Echo Entertainment Group Ltd. (EGP)
Echo, based in Brisbane, will seek to raise between A$400 million ($399 million) and A$500 million in a rights offering being managed by UBS AG and Macquarie Group Ltd., according to a person with knowledge of the matter. The details may be announced as early as tomorrow, the person said, asking not to be identified as the information is private.
Crown, which owns 10 percent of Echo, will wait for details of the share sale, Chief Financial Officer Ken Barton said by telephone from Melbourne today.
Packer agreed to cease a campaign against Echo after Chairman John Story stepped down June 8, Acting Chairman John O’Neill said yesterday. Crown is seeking regulatory approval to increase its holding in the operator of the only casino in Sydney above the current 10 percent limit as Genting Singapore Plc (GENS) built a stake of 4.9 percent.
“We’ll wait to see what they’re proposing,” Barton said.
Trading in Echo shares was halted yesterday, ahead of the capital raising. Spokeswomen for UBS and Macquarie in Sydney declined to comment.
Brad Schmitt, a Sydney-based spokesman for Echo, declined to comment on the fundraising plan in an e-mailed statement. The Australian Financial Review reported that Echo is planning to raise A$400 million earlier today, without saying where it got the information.
Genting’s stake may make it harder for Crown to take control of Echo and increases the chances of a bidding war, according to Gary Pinge, Macquarie Group Ltd.’s regional head of gaming and consumer research. Though a joint bid by the two companies is possible, Crown won’t want to see Genting “entering its backyard,” he said.
Story resigned after Crown, which owns casinos in Melbourne and Perth, called a meeting to vote on his removal and ran advertisements in local newspapers criticizing the company’s “underperformance” under his leadership. Packer has now withdrawn his request for a shareholder meeting.
Echo owns the Star in Sydney as well as three casinos in the state of Queensland.
Hot Body of 2012...
ELLE MACPHERSON
Admit it: 48 never looked this good! The Aussie model, known around the world as "The Body," ignited bikini envy from a whole new generation of beachgoers when she flaunted her fit form in the pages of PEOPLE. "I do get jitters," says Macpherson of donning a two-piece 20-plus years after gracing four Sports Illustrated covers. "I was comfortable [at the shoot]. But I had to get my self-conscious 'maybe I don't look my best' head out of the way and go with, 'Let's celebrate where I'm at.'"
James Bond turns 50...
James Bond turns 50 this year but you'd never know it by looking at him. Despite hundreds of skirmishes with the world's scariest villains, not to mention a diet heavy on shaken-not-stirred martinis, the man in the Aston Martin still cuts a dashing figure.
In October, it will have been five decades since 007 -- in the form of Sean Connery -- first sauntered onto movie screens in "Dr. No." And he's still going strong. The Bond movies are not only the longest continuously running series in cinema history but also the most successful, with more than $5 billion in box-office receipts. Take that, George Lucas.
Daniel Craig, the sixth actor to play the world-saving spy, will step into Bond's shoes once again on Oct. 26 with "Skyfall," the 23rd film in the series. Also this October, MGM will celebrate 007's birthday with a 22-disc Blu-ray set that finally makes all of the movies available in high definition.
The movies, which will be presented in 35 mm prints, include "Goldfinger" (June 17), "GoldenEye" (June 26), "The Spy Who Loved Me" (July 2), "Dr. No" (July 10), "On Her Majesty's Secret Service" (July 16), "Live and Let Die" (July 24) and "From Russia With Love" (July 30).
The Bond film franchise began in 1962 with "Dr. No." It was not only a worldwide smash but also turned out to be a big influence on popular culture. Think "The Man From U.N.C.L.E," "Our Man Flint," "Get Smart" and "Mission: Impossible."
So where did the idea come from? Ian Fleming, of course. A former journalist and British Naval intelligence officer, he conceived of the book series in 1952 while vacationing in Jamaica in a holiday home he called Goldeneye.
James Bond made his first appearance in "Casino Royale," which was published in 1953. Thirteen more Bond books by Fleming followed.
Since the release of "Dr. No," we have never gone more than five or six years without a new Bond flick. Connery played him five times 1962-1967 and then again in 1971 and 1983. In between, there was a one-off appearance by George Lazenby. In 1973, Roger Moore took over for seven outings.
Next came Timothy Dalton for two films beginning in 1987. Pierce Brosnan got the job in 1995 for four features. The latest Bond is Craig, who has played him in series re-boot "Casino Royale," "Quantum of Solace" and the upcoming "Skyfall."
Did we mention that Bond also enjoys a good game of poker and baccarat and often the stakes have been life or death. Would you like to play with Bond? That's what we thought.
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Sony Pictures May Emulate Marvel’s Strategy and Tie ‘Venom’ to ‘The Amazing Spider-Man’ and Other Films...
Some people including some studio executives scoffed as Marvel Studios began to build a franchise of films that would lead up to The Avengers. The team movie was ambitious, and the result of so much planning that it was easy to suspect may fail. We know now, of course, that The Avengers did anything but fail — it is one of the most financially successful films ever released - currently around 3rd most successful of all time.
That means other studios are now willing to consider emulating Marvel’s strategy. Warner Bros. and DC Entertainment haven’t laid the groundwork for a team film in the same fashion Marvel did, but they’re attempting it with Justice League anyway.
And Sony has the rights to some Marvel characters, notably the Spider-Man and Ghost Rider families. And it seems like the character spin-off Venom, which Chronicle director Josh Trank may make, could be designed to fit in with the new wave of Spider-Man movies that begins with The Amazing Spider-Man. Question is… to build up to what?
Hollywood.com talked to The Amazing Spider-Man producers Avi Arad and Matthew Tolmach, who said Venom is being developed with connectivity in mind.
What I’m trying to say to you without giving anything away is hopefully all these worlds will live together in peace someday…Look for the worlds to make sense with one another.
Avi Arad explained what they’re trying to do with Venom, in basic terms:
It’s an Eddie Brock story. We want to be as close to the comics as possible. Especially in Eddie Brock’s story. But again, pseudo-sceince is becoming science. All these tidbits about webs, artificial webs, is a huge industry now. Spiderwebs have unique qualities that will be huge for communications, fibers, and so forth. So we have taken the approach that we want to make the huge amazing movie about Eddie.
The Brock character was played in Sam Raimi’s Spider-Man 3 by Topher Grace, but this will be a new take, presumably with a new actor. Brock will be “a journalist. He had the wrong story, he got in trouble for it, he got fired,” explains Tolmach.
Making the films play nice together makes sense, but now the question will be: can we expect a Ghost Rider reboot that places that character in the same universe? In general, is it reasonable to expect that any Marvel characters held by Sony will get films that are connected in at least some vague way? Sony can’t quite make The Avengers, but it could build up to something like the old Marvel Team-Up comic series.
Spiderman comes to South Korea...
A new face of Spider-man came to Seoul on Thursday (June 14) to premiere Parker's untold story, the latest saga of the Spider-Man franchise.
One of this summer's most eagerly awaited blockbusters, "The Amazing Spider-Man" delves into the origins of teenager Peter Parker, a.k.a. Spider-Man, and tells of the superhero that the 17-year-old eventually becomes.
The new spider-man, Andrew Garfield, appeared on a news conference stage with a smile, but he was more than serious when he spoke about the new saga of the Spiderman series.
"There is such a long legacy to honour, and to do justice to, and I think our intention was to start from there, and make sure we were doing justice to these timeless mythical characters that Stanley created," said Garfield at the news conference.
Spider-man's latest instalment reboots the modern movie franchise that began with 2002's "Spider-Man", starring Tobey Maguire as the comic book crime fighter.
Over three films, the franchise amassed around 2.5 billion U.S. dollars in ticket sales, and for the fourth movie, its creators decided to take a fresh look at the series, bring in a new director and hire 28-year-old Garfield to replace Maguire, 36.
Talented actor Garfiled advised wearing a Spiderman suit and mask wasn't very easy, but it was also his dream come true.
"No one wants to wear spandex, but Peter has to for many reasons, so yeah, it was a challenge, but of course wearing the suit itself was a dream of mine since I was three years old, so being able to put it on every day," said Garfield.
Emma Stone, 23, who has been linked romantically with Garfield off-screen, portrays Parker's first love interest, Gwen Stacy, in the flick.
She said Gwen is different from Mary Jane Watson from the previous series.
"She's involved in helping Peter save the day as Spiderman of course, and so there are a lot of differences there, she doesn't sit idly by and she doesn't let him being a superhero stop the relationship from continuing or complain about it, she becomes a partner," said Emma Stone.
The movie director Marc Webb, well known in the country for his romantic comedy movie "500 Days of Summer," said the characters and romance made the blockbuster actions more appealing.
"You'll believe in that action more, you'll experience it in a more profound way if you care about the characters, and I think the only way I know how to create that empathy is through finding relatable characters and finding those little tiny moments between, whether it's between Peter and his aunt or uncle, or between Peter and Gwen, obviously romance interests me in cinema," said the film director Marc Webb.
About a thousand of fans gathered to see the new Spiderman and his girlfriend on a red carpet, and a fan couldn't hide his excitement for seeing the hero in person.
"I'd never imagined to actually meeting him like this, so I'm so honoured to see him in person. I got an autograph signed by Andrew Garfield himself.
I love him!!" said South Korean fan Lee Kyung-hoon.
South Korea's popular girl group '2EN1' was also attending the red carpet event to promote the movie.
"The Amazing Spider-Man" opens on June 28 in Seoul.
No official word yet on when the new movie will hit Australian big screens, but it should be around the same time as Korea.
Comics film gives legend respect...
Many people put Marvel creator Stan Lee in the same ranks as Walt Disney and Jim Henson. This is exactly the reason William Lawrence Hess and Nikki Frakes decided to make a documentary about the comic book legend.
“When I met Stan, I began to realize how big the things he created and stories he told were,” Hess says during a recent phone interview. “I’m into history and with Stan, there’s a rich history in what he’s done. You can tell he’s one of the 20th-century creators that people look up to.”
The duo’s result was the documentary “With Great Power: The Stan Lee Story.” The film will screen at 9 tonight at the KiMo Theatre, 420 W. Central.
Lee will introduce the film and then sign autographs during the Albuquerque Comic Expo, which runs today through Sunday at the Albuquerque Convention Center.
The documentary took nearly four years to complete. Hess says production began at Comic Con in San Diego in July 2006.
“We shot about 40 hours of footage right before that,” he explains. “When the project was over, we had 480 hours of footage that we managed to fit into an hour and a half documentary.”
Hess says the editing was tiring, but what softened the blow of cutting so much content out was the ability to make bonus footage.
“Nikki worked really close with the editor in carving it down,” he says. “It was a big process to go through, but it worked out in our favor.”
Frakes says it was important to show the man behind the mask.
“He invited us into his house and we got to see what he’s like with his wife,” she says. “It was important that we captured that and tell the story of how he came to be this icon in the comic industry.”
The duo led a team that searched archives and interviewed people associated with Lee. One of the prized interviews was with “Captain America” co-creator Joe Simon, who died in December 2011.
“Joe was basically Stan’s boss six decades ago,” he says. “We wanted to get inside the inner workings of the comic book industry. There were plenty of heavy hitters that came along in the ’40s. This was a huge interview for us.”
Yet for both filmmakers, comics weren’t the first thing they read. Frakes didn’t read them, but says when she learned more about Lee’s story, she wanted to help tell it.
“A lot of people think that he’s an overnight success,” she says. “He’s overcome a lot in his life and managed to become this cultural icon. He’s worked hard to get to his status.”
Hess, who grew up in New Orleans, was introduced to “X-Men” comics and later the Saturday morning comics that Lee participated in.
“I can still hear him saying ‘Stay Tuned Because We’ll be Knee Deep in Danger’ before the commercial break,” he says. “I appreciate that he’s been able to make an impact like that on me.”
'Black Panther' movie rumour: Marvel Studios...
Entertainment Weekly’s inside sources at Marvel Studios advise the news report is no true, however studio representatives declined to comment on the hot rumour.
A news report from the movie website Latino Review by writer El Mayimbe stated Marvel Studios has committed to making one of its next projects a picture based on Black Panther, the leader of the fictional African nation and the character widely regarded as the first major black superhero.
Marvel Studios and its parent company Disney did not immediately comment on the rumor, which has circulated far and wide, causing a buz among comic book movie fans. But now inside sources at Marvel have told EW that it’s simply not true that Black Panther will be one of their next films.
Black Panther is not just a cool codename, it’s the title bestowed on the Wakandan king. In the comics, T’Challa, a Wakandan prince and warrior, passed the trials necessary to ascend to his nation’s throne, thus earning the mantle of Black Panther. Coincidentally, he also fell in love with Ororo Munroe, a.k.a. the weather-controlling Storm from X-Men, during his journeys, but don’t expect her to show up in any Marvel Studios film about him. She remains a part of X-Men mythology still owned by 20th Century Fox.
Black Panther first appeared in a 1966 issue of Fantastic Four, and the name only coincidentally mirrors that of the militant civil rights political party, created that same year. (He also fought as part of The Avengers, which could factor into any sequel for that blockbuster.)
If the look of the character recalls DC Comics’ Batman, the two characters actually have similarities beyond the costume. T’Challa’s superhuman powers are his acute senses of perception and strength, but he is also a brilliant scientist, and as heir to the throne of Wakanda he is every bit as wealthy as Bruce Wayne.
Wakanda was the site of an ancient meteor crash which scattered the element vibranium throughout the land. That fictional element, of course, is one of the rarest and strongest minerals on earth, and is used in the creation of Captain America’s shield. Black Panther’s prime nemesis is Ulysses Klaw, a physicist who murders T’Challa’s father to gain access to the precious vibranium deposits, which he uses to craft a weapon that can create solid objects out of sound waves.
Being the first mainstream black superhero, there were also political elements to Black Panther’s story. In the mid-1970s, comic book story arcs sent him to the American South, where he clashed with the Ku Klux Klan. Black Panther also ventured into an Apartheid-ruled South Africa depicted in the guise of a Marvel nation called Rudyarda.
The Black Panther script was revealed last January, with documentarian Mark Bailey (The Fence, Ghosts of Abu Ghraib, and Pandemic: Facing AIDS) crafting the story — an unusual choice, but not if Marvel would like to add a dose of social commentary to the action hero’s story.
If Latino Review’s report proves to be true, the next big questions are who would star and who would direct.
In breaking the scoop, Mayimbe proposed Nate Parker, who got high marks from critics for Red Tails (even if the movie itself did not) and garnered lots of praise at Sundance for a powerful turn opposite Richard Gere in the Wall Street thriller Arbitrage.
Parker’s a solid choice, but The Wire‘s Idris Elba would also supply endless intensity for the character. Chiwetel Ejiofor has the kick-ass-professor vibe down, and Anthony Mackie, although a little slim physically, could build some muscle for the role. If we’re talking pure star power and charisma, Jamie Foxx could be a good choice, and will be riding high after Quentin Tarantino’s Django Unchained debuts this year.
Marvel Entertainment movie fans.. if the rumour turns out to be true it sure will be excelsior!
Pro Wrestling News...
The debut of Steve Austin’s Redneck Island on CMT (in the U.S) this past Saturday scored a 0.42 rating with 665,000 viewers. It was the highest rated show for the day. Austin wrote the following about the show last night:
“It’s a damn crying shame that Canada, Australia, England, and other great countries cannot get CMT Redneck Island. A damn shame. Spreading Redneck Island around the globe is my newest task. Yes…To provide quality entertainment and content across the globe. #CMT #BSR”
- Despite what WWE says in the lawsuit from TNA, most people within WWE believe that "The Nature Boy" Ric Flair will return to the company as soon as he is legally able to and that WWE officials would love to have him back at the 1,000th RAW in July.
Wrestling companies square off in Nashville, USA court...
NASHVILLE, Tenn. (AP) — Lawyers for World Wrestling Entertainment have told a Nashville judge the company has not and will not use confidential information from rival Total Nonstop Action Wrestling.
The pledge came during a hearing last week over a lawsuit TNA filed last month against pro wrestling giant - WWE, claiming WWE had obtained secret contract details in an attempt to poach TNA's wrestlers.
Attorneys for WWE told Chancellor Ellen Hobbs Lyle that the company has not contacted any of TNA's contracted personnel. The attorneys also said WWE has returned the only copies of the confidential information to TNA.
Lyle dissolved a May 24 temporary restraining order against WWE that had prohibited it from using the information to solicit TNA wrestlers, but she made no ruling on the merits of the case. Another hearing will be July 12.
TNA, based in Nashville, claimed in the suit that WWE apparently had already tried to hire away veteran wrestler Ric Flair. According to the court record, WWE lawyers said the company "has no intention of doing so."
TNA alleged that one of its former employees, Brian Wittenstein, went to work for WWE and provided his new employer with contract details. WWE said he was fired when he gave them the information.
A TNA suit against Wittenstein is still pending.
Jerry McDevitt, an attorney for Connecticut-based WWE, said Tuesday the company will file clarifying details with the court. He said the latest order "speaks for itself."
Dixie Carter, president of TNA, said in a statement Tuesday that the company "will vigorously protect TNA and its brand from damage at the hands of any and all sources, no matter who is involved." TNA was founded by wrestler Jeff Jarrett.
WWE Legal Letter To TNA Legal Counsel...
WWE Attorney Jerry McDevitt recently sent a letter to TNA legal counsel Erika Blonquist. The letter was filed with the court last week and can be read below:
First, and as I advised you orally on the phone during our recent conference call, WWE has not solicited Ric Flair to leave TNA and enter into a contract with WWE. WWE has made no offer to Flair and has no intention of doing so.
Second, as I also advised you, WWE has not solicited any other current TNA talent to repudiate their contracts and enter into a contract with WWE. WWE has no interest in current TNA talent.
The Ultimate Fighter: Australia vs. UK To Air On FX...
TUF: Australia vs. UK broadcasts on FX in Australia this fall
"The Ultimate Fighter: Australia vs. U.K." will air on FX in Australia in the fall as the latest installment of the reality series from the Ultimate Fighting Championship.
UFC officials announced the news yesterday.
Tryouts for the upcoming season of "TUF" are currently underway, featuring fighters from both Australia and England. The coaches for the season have not yet been named, though an official announcement is expected soon.
"We're excited to be part of the FX family in Australia," UFC managing director for international development Marshall Zelaznik stated. "When the first series of 'The Ulimate Fighter' debuted in the United States seven years ago, it brought in millions of new fans who tuned in each and every week to watch their favorite fighters. I have no doubt that 'The Smashes' will do the same in Australia."
"The Smashes" is the title given to this season, referencing a cricket rivalry ("The Ashes") between the two countries.
While the season will air in Australia, no plans have been announced for those hoping to view in the U.S. Fans could watch "The Ultimate Fighter: Brazil" online earlier this year as it was taping in Brazil, but the season did not broadcast on national television until FUEL TV began airing episodes just recently.
Are you ready? Are you ready? Let's get it on!
KA By Cirque du Soleil And Marvel Entertainment Bring Epic Story From Stage To Page With All-New Comic Book; KA #1 Released to Fans at Comic-Con International in San Diego 2012...
LAS VEGAS, June 13, 2012 - KA by Cirque du Soleil, the spectacular production at MGM Grand Las Vegas, and Marvel Custom Solutions team up to tell the story of this acclaimed live production through an all-new, collectible comic book. KA #1 will debut at the Marvel booth (#2329) during Comic Con International in San Diego, July 12 – 15, 2012.
"To see our live KA performances transform from the theatre to ink on pages in a comic book is an incredible opportunity for our entire team," said Marie-Helene Gagnon, Artistic Director of KA. "By aligning ourselves with the premier brand of comic book creators, we have produced an illustration of KA that depicts the story very vividly and stays true to the plot. Marvel and its team of creators have been great to collaborate with and have embraced the story of KA and the expectations of Cirque du Soleil."
"Marvel's proud to bring the exciting, out of this world action and adventure of KA to life in this all new comic book," said Axel Alonso, Editor in Chief, Marvel Worldwide, Inc. "This is a great comic for fans of all ages, whether they're long-time fans of Marvel, KA or new to both exciting brands of storytelling."
KA fans attending Comic Con International can take home the heroic journey of Imperial Twins separated by war who encounter adventure and peril at every turn on their quest to reunite their kingdom.
"What's more jaw-dropping, the majesty of the Imperial Court...the dynamic dance of their martial arts display...the overwhelming might of the invading archer army...the desperate fight for survival in the storm-tossed seas...or the tantalizing glimpses at the future threats that await the Twins?" said Marvel Editor Bill Rosemann. "Readers can decide for themselves when they feast their eyes on the all-out spectacle that writer Bryan J.L. Glass, artist Wellinton Alves and cover artist Michael Del Mundo have crafted in this world premiere debut issue."
KA #1 will be distributed at Comic Con International in San Diego at the Marvel booth in July. A limited amount of books also will be available at comic book stores in select markets. In addition to the print copy of the comic book, fans will be able to access the KA customized comic book by utilizing Marvel's cutting-edge digital comics reader.
Fans can get an inside look at the making of the comic book by visiting www.kacomicbook.com. Featuring sneak peeks and behind-the-scenes information, including line art, storyboards and more, this site will serve as a hub for details on the collaboration. Fans will be able to receive information on how to get their own copy of the comic book. On Twitter, fans can tweet about the collaboration to @Cirque and @Marvel using the #KAComicBook hashtag.
About KA:
KA by Cirque du Soleil is a heroic journey of love and conflict set within ever-changing theatrical landscapes that conjure an entire empire on stage. Presented exclusively at MGM Grand Las Vegas, KA unfolds on a colossal, 360-degree rotating stage which forms the backdrop for this cinematic journey of aerial adventure and perpendicular acrobatics. For more information visit www.ka.com. Like us on Facebook: www.facebook.com/KA and Tweet us: @Cirque #KA.
About Marvel Entertainment:
Marvel Entertainment, LLC, a wholly-owned subsidiary of The Walt Disney Company, is one of the world's most prominent character-based entertainment companies, built on a proven library of over 8,000 characters featured in a variety of media over seventy years. Marvel utilizes its character franchises in entertainment, licensing and publishing.
To find a comic shop near you, visit www.comicshoplocator.com or call 1-888-comicbook. SOURCE Cirque du Soleil
Macquarie takes a stake in Echo...
Investment firm Macquarie Group has bought a five per cent stake in casinos operator Echo Entertainment Group.
Echo said in a statement to the Australian Securities Exchange on Wednesday that Macquarie had become a substantial shareholder in Echo on June 7, having acquired about 35.1 million shares, or about 5.1 per cent of Echo.
Echo announced on Tuesday that it proposed to undertake a capital raising - the amount of which was undisclosed - and its shares are currently in a trading halt.
The company last week lost its chairman John Story after Crown's James Packer launched a public campaign against him.
Crown is Echo's largest shareholder, with a 10 per cent stake.
Echo owns The Star casino in Sydney, the Jupiters casinos on the Gold Coast and in Townsville, and Treasury casino in Brisbane.
Shares in Echo last traded at $4.49 before going into a halt.
Crown Undecided on Support for Echo Capital Raising...
Crown Ltd. (CWN), the casino operator controlled by billionaire James Packer, hasn’t decided whether it will buy new stock in a planned capital raising by Echo Entertainment Group Ltd. (EGP)
Echo, based in Brisbane, will seek to raise between A$400 million ($399 million) and A$500 million in a rights offering being managed by UBS AG and Macquarie Group Ltd., according to a person with knowledge of the matter. The details may be announced as early as tomorrow, the person said, asking not to be identified as the information is private.
Crown, which owns 10 percent of Echo, will wait for details of the share sale, Chief Financial Officer Ken Barton said by telephone from Melbourne today.
Packer agreed to cease a campaign against Echo after Chairman John Story stepped down June 8, Acting Chairman John O’Neill said yesterday. Crown is seeking regulatory approval to increase its holding in the operator of the only casino in Sydney above the current 10 percent limit as Genting Singapore Plc (GENS) built a stake of 4.9 percent.
“We’ll wait to see what they’re proposing,” Barton said.
Trading in Echo shares was halted yesterday, ahead of the capital raising. Spokeswomen for UBS and Macquarie in Sydney declined to comment.
Brad Schmitt, a Sydney-based spokesman for Echo, declined to comment on the fundraising plan in an e-mailed statement. The Australian Financial Review reported that Echo is planning to raise A$400 million earlier today, without saying where it got the information.
Genting’s stake may make it harder for Crown to take control of Echo and increases the chances of a bidding war, according to Gary Pinge, Macquarie Group Ltd.’s regional head of gaming and consumer research. Though a joint bid by the two companies is possible, Crown won’t want to see Genting “entering its backyard,” he said.
Story resigned after Crown, which owns casinos in Melbourne and Perth, called a meeting to vote on his removal and ran advertisements in local newspapers criticizing the company’s “underperformance” under his leadership. Packer has now withdrawn his request for a shareholder meeting.
Echo owns the Star in Sydney as well as three casinos in the state of Queensland.
Hot Body of 2012...
ELLE MACPHERSON
Admit it: 48 never looked this good! The Aussie model, known around the world as "The Body," ignited bikini envy from a whole new generation of beachgoers when she flaunted her fit form in the pages of PEOPLE. "I do get jitters," says Macpherson of donning a two-piece 20-plus years after gracing four Sports Illustrated covers. "I was comfortable [at the shoot]. But I had to get my self-conscious 'maybe I don't look my best' head out of the way and go with, 'Let's celebrate where I'm at.'"
James Bond turns 50...
James Bond turns 50 this year but you'd never know it by looking at him. Despite hundreds of skirmishes with the world's scariest villains, not to mention a diet heavy on shaken-not-stirred martinis, the man in the Aston Martin still cuts a dashing figure.
In October, it will have been five decades since 007 -- in the form of Sean Connery -- first sauntered onto movie screens in "Dr. No." And he's still going strong. The Bond movies are not only the longest continuously running series in cinema history but also the most successful, with more than $5 billion in box-office receipts. Take that, George Lucas.
Daniel Craig, the sixth actor to play the world-saving spy, will step into Bond's shoes once again on Oct. 26 with "Skyfall," the 23rd film in the series. Also this October, MGM will celebrate 007's birthday with a 22-disc Blu-ray set that finally makes all of the movies available in high definition.
The movies, which will be presented in 35 mm prints, include "Goldfinger" (June 17), "GoldenEye" (June 26), "The Spy Who Loved Me" (July 2), "Dr. No" (July 10), "On Her Majesty's Secret Service" (July 16), "Live and Let Die" (July 24) and "From Russia With Love" (July 30).
The Bond film franchise began in 1962 with "Dr. No." It was not only a worldwide smash but also turned out to be a big influence on popular culture. Think "The Man From U.N.C.L.E," "Our Man Flint," "Get Smart" and "Mission: Impossible."
So where did the idea come from? Ian Fleming, of course. A former journalist and British Naval intelligence officer, he conceived of the book series in 1952 while vacationing in Jamaica in a holiday home he called Goldeneye.
James Bond made his first appearance in "Casino Royale," which was published in 1953. Thirteen more Bond books by Fleming followed.
Since the release of "Dr. No," we have never gone more than five or six years without a new Bond flick. Connery played him five times 1962-1967 and then again in 1971 and 1983. In between, there was a one-off appearance by George Lazenby. In 1973, Roger Moore took over for seven outings.
Next came Timothy Dalton for two films beginning in 1987. Pierce Brosnan got the job in 1995 for four features. The latest Bond is Craig, who has played him in series re-boot "Casino Royale," "Quantum of Solace" and the upcoming "Skyfall."
Did we mention that Bond also enjoys a good game of poker and baccarat and often the stakes have been life or death. Would you like to play with Bond? That's what we thought.
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