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Aussie Racing Club Buys Pokies Clubs, by Greg Tingle - 30th May 2010


The Australian gaming, igaming, racing and overall business sector continues to evolve, as the old adage of only the strong will survive continues to hold true. Media Man and Gambling911 crack the whip at the Aussie racing and pokies sector with this special report...

The illustrious Melbourne Racing Club has further ramped up its business interests , solidifying its future, with a $50 million fab deal to buy what is understood luck seven pubs. In the purchase the MRC will pocket ownership of up to 380 pokies aka "one arm bandits". Something tells us the 'Virtual Racing' and 'Gone To The Races' slots are going to be the most popular, but old favorites 'Cleopatra Queen Of The Nile', 'Penguin Pays', and 'Black Rhino' are going to be hard to beat. Aussie punter's are also calling for a 'Monopoly Slot' upgrade.

Key Players And Deal Makers Inc

Vendor - was receiver and manager PPB on behalf of former owner Rick Munday.

NAB (National Australia Bank) is the primary lender (appointed PPB after loans were not paid).

The well known and cashed up racing finally bit the bullet and got knee deep in the pokies sector. They will own the leasehold on the popular hotels strategically scattered around Melbourne.

The Munday family had to sell up after what you could call overcapitalising, a time when the world's financial sector started bleeding.

The PPB was appointed to sell the portfolio in April, when it was discovered Mr Munday could not participate in the Victorian government's well publicized auction of 27,500 or so gaming licences...breaking up the Tabcorp and the Tatts Group duopoly and virtual strangle hold on the sector.

Upgrades including to accommodate for smoking laws are partly responsible for the blow out in financials.

The agent, Mr Musca lists the following in the portfolio: Golden Nugget Hotel in The Players, Court Jester, Golden Fleece, The Sugar Gum, The Cove, and The Grand.

As in a global financial crisis, there's big winners and losers, and the Australian racing industry is doing what it needs to do to shore up its future. If it means them getting into bed with pokies and the like, that's what they will do. Media and racing identity Alan Jones has called for unity in the sector.

Meanwhile, further aboard in France PartyGaming has shored up its deal with PMU (Pari Mutuel Urbain). Party is incorporating its online poker product - solution into the deal.

We think the France - Party deal may have lit a fire in the belly of Australian racing and tipped them it was time for some off track action, if they are to survive in the long haul. Credit where credit is due.

Media Man is preparing a proposal for "the powers that be" in and around the current Asia Pacific racing sector to further shore up their financial future.

Gambling911 and Media Man remind readers to bet with your head, not over it, and have fun.

*Greg Tingle is a special contributor for Gambling911

*Media Man http://www.mediamanint.com is primarily a media, publicity and internet portal development company. Gaming inc sports betting and racing, is just one of a dozen business sectors covered.

 

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