Publishing and Broadcasting Ltd May Acquire Adelaide Casino

As of May 22, 2007, the Adelaide Casino Facility could soon be up for sale with James Packer's company, Publishing and Broadcasting Ltd, likely to be the only buyer.

This decision was made after Gaming Company SkyCity Entertainment Organization from New Zealand announced that they would also be selling businesses that are not performing to their standards and not helping the company's profit and performance improve.

Gaming Market giants like Tabcorp from Australia and Tattersaller's are widely believed to lack interest in bidding for the Adelaide Casino Facility.

The Adelaide Casino is unlikely to fetch a good price due to the absence of interested bidders and the fact that the gambling casino is housed in a building that is on the heritage list. Heritage listed buildings cannot be expanded or even remodeled under the current law.

The SkyCity Entertainment Organization made the public announcement at an annual meeting to their analysts and company shareholder. The company also revealed that they will be implementing 33 million New Zealand dollars cost cutting procedures.

The company is hoping that the cost cutting procedures would help them improve their share prices despite the downgrading that they have received for their revenue forecast.

14 June 2007
News Submitted by:
Jack Silverman

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