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PBL to Tap into Asian Gambling Explosion

AUSTRALIA – As reported by the Australian: "Publishing & Broadcasting Ltd shareholders should be prepared for PBL's gambling operations to 'cannibalise' themselves to tap into the promised riches of the Asian gambling explosion, according to executive chairman James Packer.

"Mr Packer said the rise of Macau in China - where PBL is expanding through two casino projects worth more than $1.25 billion with local gambling tycoon Stanley Ho - would "definitely" draw international high-rollers away from the company's Crown casino in Melbourne.

"…Gambling has become the engine of the PBL entertainment empire, contributing 46 per cent of the company's $910.4 million earnings before interest, tax, depreciation and amortisation in the 2005 financial year.

"Mr Packer described the Macau venture with Melco International as 'the most singularly exciting opportunity' across the company.

"…He indicated the $250 million Crown Macau project was on track, with the casino still expected to be rolling late next year and the hotel to be opened early in 2007…"

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