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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.

Media Man does not represent Melbourne Racing Club

 

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Melbourne is the second most populous city in Australia, with a metropolitan area population of approximately 3.81 million (2007 estimate).

Located around Port Phillip Bay in Australia's south-east, Melbourne is the state capital of Victoria. A person from Melbourne is called a Melburnian.

Melbourne a major centre of commerce, industry and cultural activity. The city is often referred to as Australia's 'sporting and cultural capital' and it is home to many of the nation's most significant cultural and sporting events and institutions. It has been recognised as a gamma world city by the Loughborough University group's 1999 inventory. Melbourne is notable for its mix of Victorian and contemporary architecture, its extensive tram network and Victorian parks and gardens, as well as its diverse, multicultural society. It was the host city of the 1956 Summer Olympics and the 2006 Commonwealth Games.

Melbourne was founded by free settlers in 1835, 47 years after the first European settlement of Australia, as a pastoral settlement situated around the Yarra River. Transformed rapidly into a major metropolis by the Victorian gold rush in the 1850s, 'Marvellous Melbourne' became Australia's largest and most important city by 1865, but was overtaken by Sydney as the largest city in Australia during the early 20th century.

Melbourne served as the federal seat of government from the time of the new nation's federation in 1901, until Federal Parliament moved to the purpose-built capital, Canberra, in 1927. (Credit: Wikipedia).

 

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