• Leisure & Gaming Going Private

    11 October 2006

    Newspaper

    REUTERS

    LONDON, Oct 11 (Reuters) – The U.S.-focused gambling operations of Britain’s Leisure & Gaming (LNG.L: Quote, Profile, Research) are likely to be taken private and continue operating after online gambling is banned there, a source close to the company said on Wednesday.

    Leisure & Gaming said on Tuesday it would block U.S. gamblers from its sites, and was in preliminary talks to sell its U.S. operations.

    “All the American-facing business is likely to carry on under private ownership, and the impact on customers should be minimal,” said the source. “The management is expected to be unchanged.”

    Gaming companies were left in shock when the U.S. Congress unexpectedly passed a bill last week making it illegal to accept bets over the Internet, or for credit card companies to process payments to online gaming firms.

    The measure has been passed to President George W. Bush to sign into law, which gaming firms see as inevitable.

    Leisure & Gaming’s U.S.-focused businesses are English Harbour, Nine.com, and VIP.

    The source added that online gambling had become impossible for publicly listed companies like Leisure & Gaming, but denied reports the company faced problems with its bank loans.

    “Leisure & Gaming will survive — if the worst came to the worst they could afford to pay the banks back in full,” the source said.

    THIS ARTICLE CAN BE FOUND AT REUTERS

    Related News

    • 17 January 2020

      London-based Developer ReelNRG to Go Live with Asian Game Supplier CQ9 Gaming

      Slot developer ReelNRG has announced a new partnership with the Asian gaming platform and game developer CQ9 Gaming. Under the terms of this deal, many of the company’s games will launch on the platform marking the next chapter in the developer’s plan to spread out to the Asian markets. ReelNRG CEO Calvin Kent said “Asia offers some huge opportunities for us, and we couldn’t be more excited to work with CQ9.

      Read full article
    • 09 January 2020

      Microgaming to Kick Off 2020 with a Slew of New and Innovative Slot Releases

      Game developer Microgaming has announced plans to keep up their prolific game release schedule in 2020. The company has just revealed plans for four new games to be released in the first month of the new year. This marks the continuation of their four titles per month schedule which the developer has been pursuing for quite some time. This January, Microgaming is hitting the ground running with new and exciting games from several third-party developers. Kicking off 2020…

      Read full article
    • 21 November 2019

      Microgaming and Fortune Factory Take Punters to Hawaii in Tiki Mania Slot

      Microgaming and Fortune Factory Studios are teaming up again after the studio recently brought Long Mu Fortunes to the global iGaming audience. From Asian-themed offerings to Hawaiian-inspired high volatility the studio is hoping for another hit. In this newly released five-reel ten-payline game, punters have a lot to look forward to as the high volatility makes the gameplay unpredictable and engaging while the special features like respins and multipliers increase the odds of a big win.

      Read full article