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Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line sites
This item just popped up on Reuters UK.
LONDON (Reuters) - The heads of two of Britain's biggest online gambling firms have warned that their industry faces consolidation in the wake of the U.S. crackdown on Internet gaming, a newspaper reported on Tuesday. Mitch Garber, chief executive of PartyGaming Plc. (PRTY.L: Quote, Profile, Research) , operator of the leading Internet poker site PartyPoker.com, told the Financial Times that his firm was interested in buying companies impacted by new U.S. legislation to end online gaming in the country, which was passed by Congress at the weekend. "We are very focussed on mergers and acquisitions. I see our liquidity as being very attractive to smaller players who may not be able to survive on their own," Garber said. He also forecast that the pace of consolidation would get faster, with MGM and Harrah's seen as likely to enter the stage. Link to full story Sorry is this has been posted in some other thread, but there is too much too keep up with here. |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
wowow, everything is getting closer to the conspiracy
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Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
This is good and bad. Good in the fact that they are not backing down, bad in the fact that it could create a monoply.
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Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line sites
Interesting. The news sure is coming fast and furious over the last 24 hours. I can't look away
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Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
A monopoly that does not offer games to U.S. players, at least for the time being.
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Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
CNBC2 "Today's Business Europe" is reporting that Harrah's stock is up on the report that it may be acquiring some of the online sites. It seems as long as they were taking US customers they would not invest but now that the companies are are not taking US customers, US business can buy them out.
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Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line sites
something really fishy here.
Remember Italy this year. They ban it then tax 3% it later and now legal it. could US do the same in the next couples of months???? I Hope |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
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something really fishy here. Remember Italy this year. They ban it then tax 3% it later and now legal it. could US do the same in the next couples of months???? I Hope [/ QUOTE ]Were you trying for English? |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
Good find. Many of the B&Ms had failed online operations some years back and I have always believed they would pop there head back into the online world if the timing was right. Obviously it is still not right not the right time but the prospects of the big guys getting into the picture is a positive development amongst all the gloom.
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Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
Wow, this stuff keeps getting wierder. I also read somewhere today on these forums that Harrah's has heavy finacial ties to our great senator Frist.
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Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
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[ QUOTE ] something really fishy here. Remember Italy this year. They ban it then tax 3% it later and now legal it. could US do the same in the next couples of months???? I Hope [/ QUOTE ]Were you trying for English? [/ QUOTE ] Dude, chill out. Not everybody here is a native English speaker. |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
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[ QUOTE ] something really fishy here. Remember Italy this year. They ban it then tax 3% it later and now legal it. could US do the same in the next couples of months???? I Hope [/ QUOTE ]Were you trying for English? [/ QUOTE ] ROFL. this made me laugh really hard |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
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[ QUOTE ] something really fishy here. Remember Italy this year. They ban it then tax 3% it later and now legal it. could US do the same in the next couples of months???? I Hope [/ QUOTE ]Were you trying for English? [/ QUOTE ] Funny, but is it really that hard to understand what he wrong? [img]/images/graemlins/confused.gif[/img] |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
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I also read somewhere today on these forums that Harrah's has heavy finacial ties to our great senator Frist. [/ QUOTE ] It's not coming in the form of PAC money Link |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
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CNBC2 "Today's Business Europe" is reporting that Harrah's stock is up on the report that it may be acquiring some of the online sites. It seems as long as they were taking US customers they would not invest but now that the companies are are not taking US customers, US business can buy them out. [/ QUOTE ] Harrah's stock is up on the fact that some private equity group offered to buy the entire company. |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line sites
when harrah's goes private, maybe they'll buyout partygaming and other sites. then las vegas sands and steve wynn will step in and they all fight for market share. hell yeah
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Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
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CNBC2 "Today's Business Europe" is reporting that Harrah's stock is up on the report that it may be acquiring some of the online sites. It seems as long as they were taking US customers they would not invest but now that the companies are are not taking US customers, US business can buy them out. [/ QUOTE ] Harrah's stock could also be up due to this: Harrah's receives buyout bid |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
This can only be good news, not bad. I have heard a few things about this myself and have been waiting for more info to pop up. I also heard this Harrah's sale was contingent upon this bill passing. It seems odd that this is all happening at the same time. This could mean that this bill is an attempt to rid the U.S. of foreign online sites and leave the door open for Harrah's and others to open online sites of their own and have it regulated and taxed by the Gov't.
It may not be the right way or the ethical way to do it, but at least it might be a step in the right direction to getting LEGAL online poker here in the U.S. Personally, I don't care about the taxes if this could really get done. Most of the people I have talked to about this, have a good working knowledge of the industry, but at this point it still is just speculation. I am an atheist, but I will be praying for this! |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
MGM's PartyPoker.com? Exclusive WSOP sats on PartyPoker.com brought to you by Harrah's?
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Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
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[ QUOTE ] I also read somewhere today on these forums that Harrah's has heavy finacial ties to our great senator Frist. [/ QUOTE ] It's not coming in the form of PAC money Link [/ QUOTE ] can you explaing that link to a laywoman |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
I can see this happening.
Phase 1 - Internet gambling will be legal in NV. Run by the B&M casinos (Harrahs, etc). Legal only for NV residents with taxes going to NV. Phase 2 - CA copies them and Bicycle/Commerce/Huster allow Internet gambling to CA residents, with taxes going to CA. Phase 3 - NJ (desperate for money), PA, NY, OR, AZ, CO, IL fall into place and allow Internet gambling within state lines for tax revenue. Phase 4 - Everyone else falls into line because they are missing out (similar to how lottery came about), with my state NC bringing up the rear (like lottery). Phase 5 - National access where I in NC can play at NV casino online and each state competes with best rate, etc. This would be over a 10-15 year span. Current laws allow for a state to host Internet poker within its borders per current state laws. Once one state sees another is making money (like lottery), they will want to join in. North Dakota is ahead of the curve and has wanted to host poker sites for a while now. |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
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[ QUOTE ] [ QUOTE ] I also read somewhere today on these forums that Harrah's has heavy finacial ties to our great senator Frist. [/ QUOTE ] It's not coming in the form of PAC money Link [/ QUOTE ] can you explaing that link to a laywoman [/ QUOTE ] What is a PAC? |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
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[ QUOTE ] CNBC2 "Today's Business Europe" is reporting that Harrah's stock is up on the report that it may be acquiring some of the online sites. It seems as long as they were taking US customers they would not invest but now that the companies are are not taking US customers, US business can buy them out. [/ QUOTE ] Harrah's stock could also be up due to this: Harrah's receives buyout bid [/ QUOTE ] I had the show on the DVr so I could rewind. The spokesperson for "Today's Business Europe" was very clear that Harrah's was up "likely due to both." He was referring to the buyout bid and the potential for Harrah's to acquire some of the online sites. European Squakbox starts in 15 minutes, I will see what they say. |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
Be prepared for higher rake.
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Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
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[ QUOTE ] [ QUOTE ] CNBC2 "Today's Business Europe" is reporting that Harrah's stock is up on the report that it may be acquiring some of the online sites. It seems as long as they were taking US customers they would not invest but now that the companies are are not taking US customers, US business can buy them out. [/ QUOTE ] Harrah's stock could also be up due to this: Harrah's receives buyout bid [/ QUOTE ] I had the show on the DVr so I could rewind. The spokesperson for "Today's Business Europe" was very clear that Harrah's was up "likely due to both." He was referring to the buyout bid and the potential for Harrah's to acquire some of the online sites. European Squakbox starts in 15 minutes, I will see what they say. [/ QUOTE ] I dont believe it. If Harrahs wanted non-US IG they could have done it years ago and without buying anything. |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
Party pussies better not buying any poker room who is willing to fight against stupid american legislation. Get the f*ck away! [img]/images/graemlins/mad.gif[/img]
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Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
I posted this yesterday. If this news is true then I am off by a couple of years. But this does smell fishy;
[ QUOTE ] Any thought as to why Harrah's and MGM did absolutley nothing to stop this legislation? Could they have wanted it, so they can come in and start their own US based sites. Once, they mobilize their huge Lobby's, is it possible they can get Online Poker regulated? Seriously, Harry Reid could have put a hold on this bill but chose not to. Whose to say that after they initially outlaw online poker, the US based companies fund studies. Those studies say the Gov't could make an assload if it was properly regulated, obviously this would be a given. Then Harrah's, MGM etc. get it regulated. Finally, with their deep pockets they can go ahead an eventually buy up Party or Poker Stars. Then we are basically where we are today, sans prohibition ............. anyway just an out of the box thought. [/ QUOTE ] |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
Isn't what everyone is saying now, similar to what people have been saying about marijuana since the 60s? It will be legal soon, the government will wisen up and tax it, it does not harm anything or anyone, it is less harmful than all of this other stuff. Makes sense to everyone except our government, so why would online gambling be any different?
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Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
because it is simpler and therefore more plausible.
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Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
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Isn't what everyone is saying now, similar to what people have been saying about marijuana since the 60s? It will be legal soon, the government will wisen up and tax it, it does not harm anything or anyone, it is less harmful than all of this other stuff. Makes sense to everyone except our government, so why would online gambling be any different? [/ QUOTE ] Well, while there are exceptions, good gamblers are pretty intelligent. Good at math, street smarts. Several big time execs enjoy poker. On the other hand, the people wanting marijuana leaglized are going around baked all of the time. |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line sites
I see Party and 888 execs desperately trying to divert the attention of stockholders and affiliates from the disastrous concession of their #1 market. This report is quoting nonsense.
Use scarce capital to buy up other poker rooms? Exactly how would that work? Party already has more tangible assets and staff then they could possibly use to run their shrinking business. The only thing of value they would acquire from the smaller room is customers. But most of those customers are either Americans or already have a Party account. Most of the rest have heard of Party and would have an account if they wanted one. As for Party and 888 being acquired by Americans? That's not going to happen at any price the stockholders want to hear about. Both companies need to demonstrate that they are even viable businesses in the new environment. Look at what is happening to Party: 1. More than half of their revenues gone overnight. No doubt the drop in profits and ability to service debt will be much larger. 2. Game selection will be greatly reduced and games will likely be tougher. This was perhaps their #1 competitive advantage and now it is going away. 3. Loss of much of their affiliate network. Many fishnet sites with American focus but worldwide readership are going to dump them. Their precious non-U.S. customers are going to be steered elsewhere when they go to the web for advice. 4. Smaller customer base to spread the cost of marketing and system improvements over. 5. Loss of buzz. They are going to merit a lot less publicity and attention in the future. No longer will they be synonymous with online poker in the public eye. 6. Competitors energized by new revenues from refugee customers. This money will become increased engineering and marketing expenditures. Party and 888 have become fat and corporate. Moving from Antigua to London may not have been such a hot idea. Many of the second tier players are much tougher and hungrier and so are the nations that host them. In order to win they'll do the things Party is no longer willing to do. Party could become irrelevant very quickly. I've always said that the main reason Party is big and successful is because they are big and successful. Once they start to lose their position it could all collapse very quickly. |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
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On the other hand, the people wanting marijuana leaglized are going around baked all of the time. [/ QUOTE ] Ah to be young and naive. The people doing the most to get marijuana legalized are people who are fighting cancer, HIV, glaucoma, and other serious diseases who would like to be able to survive chemo and keep their food down. And "they" still don't care. Former Attorney General Ashcroft had a special hard-on for prosecuting sick old people, but I haven't noticed Gonzales calling off the dogs and telling federal prosecutors to leave the growing clubs or users alone. I don't think you're going to get far by presuming that online poker is a more acceptable cause than marijuana. I would argue that there is a much larger group of people sympathetic to the marijuana user, especially the older user with a medical condition. There is nothing to be gained by divide and conquer or an attitude of "my online poker is better than your dirty drugs." Like it or not, both are considered to be vices by the American Taliban that wants total control of our lives. |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
Party cuts off U.S. customers.
Then Party says they are going to buy up the sites that are hurting because of the loss of U.S. customers?? Ummmm, hello?? The other sites are HAPPY that they will get a chance to gobble up your booted-out U.S. customers. It seems like many of the smaller sites would have aspirations of GROWING these days...not disappearing. The sites that continue to accept U.S. players are going to be hurt far less than the giant site that is voluntarily kicking out 80% of their own players. Party is the site that is being impacted the MOST by the loss of U.S. players. Yet they act like it's all the other sites that will be hurting. I'm just not quite getting it. Agree with Stellar analysis that it could be posturing on Party's part. This is just my layman's view of a bunch of corporate stuff I know nothing about. It just struck me as weird that they would talk of the collapsing smaller sites when many on here had determined that they might be benefitting from all this. |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
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I'm just not quite getting it. [/ QUOTE ] The company is run by idiots. You'd think that wouldn't be true of a billion dollar company, but it clearly is. The only thing that kept them going before, as SW pointed out, is positive momentum. This bill stopped that cold. They made a dumb/rash decision again like they've been doing for months and they no longer had the positive momentum to over come their stupidity. Now they have negative momentum and I don't think they have the human capital to stop the slide. |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
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*** You are ignoring this user *** [/ QUOTE ] |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
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[ QUOTE ] I'm just not quite getting it. [/ QUOTE ] The company is run by idiots. You'd think that wouldn't be true of a billion dollar company, but it clearly is. The only thing that kept them going before, as SW pointed out, is positive momentum. This bill stopped that cold. They made a dumb/rash decision again like they've been doing for months and they no longer had the positive momentum to over come their stupidity. Now they have negative momentum and I don't think they have the human capital to stop the slide. [/ QUOTE ] |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
Things look a bit different when you consider that Party has a lot more cash on hand than anyother site (more than most businesses other than google).
Plus, being publicly traded and being in England, they need to be more legit as they (execs and workers) could be subject to extradition. This is their strategy to return #1 as quickly as possible. |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
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Party cuts off U.S. customers. Then Party says they are going to buy up the sites that are hurting because of the loss of U.S. customers?? Ummmm, hello?? The other sites are HAPPY that they will get a chance to gobble up your booted-out U.S. customers. It seems like many of the smaller sites would have aspirations of GROWING these days...not disappearing. The sites that continue to accept U.S. players are going to be hurt far less than the giant site that is voluntarily kicking out 80% of their own players. Party is the site that is being impacted the MOST by the loss of U.S. players. Yet they act like it's all the other sites that will be hurting. I'm just not quite getting it. Agree with Stellar analysis that it could be posturing on Party's part. This is just my layman's view of a bunch of corporate stuff I know nothing about. It just struck me as weird that they would talk of the collapsing smaller sites when many on here had determined that they might be benefitting from all this. [/ QUOTE ] What better way to add more customers than to purchase another company with an already established customer base? I think you're fooling yourself if you think that in the current situation there aren't companies out there that can be had for very cheap prices. This makes complete sense. Party just lost a large porition of their customer base and this would be a good way to add back to it. When a company is purchased, they just want the name and customers, the people working for the company being bought out in this scenario would soon be unemployed, so additional operating costs will not rise in a buyout situation. The entire industry has been devalued, not simply Party. This type of a move(s) is extremely plausible. |
Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
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Re: Party Gaming, Harrah\'s, MGM looking to purchase smaller on-line si
[ QUOTE ]
Party cuts off U.S. customers. Then Party says they are going to buy up the sites that are hurting because of the loss of U.S. customers?? Ummmm, hello?? The other sites are HAPPY that they will get a chance to gobble up your booted-out U.S. customers. It seems like many of the smaller sites would have aspirations of GROWING these days...not disappearing. The sites that continue to accept U.S. players are going to be hurt far less than the giant site that is voluntarily kicking out 80% of their own players. Party is the site that is being impacted the MOST by the loss of U.S. players. Yet they act like it's all the other sites that will be hurting. I'm just not quite getting it. Agree with Stellar analysis that it could be posturing on Party's part. This is just my layman's view of a bunch of corporate stuff I know nothing about. It just struck me as weird that they would talk of the collapsing smaller sites when many on here had determined that they might be benefitting from all this. [/ QUOTE ] The idea is that the publicly traded companies would all be discontinuing U.S. business, as I believe most of them have, and that would make them all targets for acquisition, not being able to survive on their own, and Party being the biggest of the sector, would gobble them up. I found this article which I think explains it better. |
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