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William Hill IPO Plan Boosted by TV Rights Accord3 May 2002LONDON – As reported by Bloomberg: "William Hill Plc will probably sell shares later this month after the body governing British racecourses agreed to allow the U.K.'s 8,500 betting shops to show live pictures of British horse racing, analysts said. "The agreement removed the threat that the U.K.'s No. 2 betting chain and rivals would lose business if betting-shop screens went blank after the existing arrangement expired this week. "`This undoubtedly helps, because it removes uncertainty,' said Nigel Parson, a leisure analyst at WestLB Panmure. "…Cinven Ltd., CVC Capital Partners Ltd. and William Hill managers, who bought the company for $1.2 billion three years ago, want to sell shares to the public "…Television rights were the last major obstacle standing in the way of the possible IPOs, Parson said. Earlier this month, the biggest U.K. bookmakers agreed to pay as much as 600 million pounds (US$880 million) over five years for pre-race information about jockeys and horses. "…The timing of the planned listing is opportune, analysts say. U.K. betting shops are benefiting from a relaxation of regulations over recent years. They are now allowed to open on Sundays and evenings and to install gaming machines in shops…" |