75p and Hilton was up one per cent at 207 The committee is expected to report its findings in Easter, after which the Bill will be put before Parliament - although that may not happen until December of next year.City analysts yesterday also welcomed news that the UK's bookmakers would be able to keep fixed-odds betting machines in their shops.Lou Pirenc, an analyst at Morgan Stanley, said: "I don't think there are any significant surprises in terms of casinos or the bingo clubs, which is all good news for the industry."However, he said the Government's decision to ratify a code of practice on the fixed-odds machines was positive news for the bookmakers.Hilton, for example, is expected to benefit from this decision since analysts now expect the group to be in a better position to put a value on its gaming arm, Ladbrokes. A host of big-hitters in the US, including MGM Mirage, Harrah's Entertainment and Isle of Capri Casinos, have already unveiled plans for joint ventures dependent on the legislation being passed through Parliament.A report, commissioned by the Cross Industry Group for Gaming Deregulation, has found deregulation would give the Treasury £300m a year in gambling-related duty.. Industry experts expect this might eventually lead to a demerger of Ladbrokes.Shares in William Hill closed up 4.5 per cent at 375p while those of Stanley Leisure finished up 4 per cent at 367.75p and Hilton was up one per cent at 207.75p.The proposed changes in the draft gambling Bill will almost certainly see the arrival of Las Vegas-style casinos into the UK. The draft Bill will now go for public consultation and pre-legislative scrutiny. "Since then, attitudes to gambling have changed and the law has failed to keep pace with rapid technological change," she said.Among the proposals contained in the Bill are an end to the rule allowing casinos to be set up only in designated areas as well as the end of a rule requiring membership of a gaming or bingo hall at least 24 hours before playing there.Remote gambling, on the internet or on mobile phones or interactive television, will also be licensed and regulated for the first time and a regulator, the Gambling Commission, will be set up.Ms Jowell said the Commission would be "a force to be reckoned with" with powers to impose unlimited fines on licensees in the same way as the Financial Services Authority. Adjusted pre-tax profits fell to £39.4m from £42.2m, due to increased interest charges.. The Government yesterday announced a radical shake-up of the gambling industry, setting the stage for the arrival of a myriad of Las Vegas-style casinos into the UK, as it published its long-awaited draft gambling Bill. EMI produced an astonishing performance, with sales flat, aided by carry over from Norah Jones (16 million units) and Coldplay (8 million)."Operating profits for the first half came in at £79m, up 1 per cent. Synergies from the tie-up are estimated at some $300m.EMI's group turnover was flat at £960m, as was turnover in the recorded music division at £758m, for the six months to the end of September. The industry as a whole saw revenues drop more than 10 per cent for the period. EMI saidthe rate of industry decline should slow in the second half, to between 5 and 8 per cent contraction.Analysts at Numis, the broker, said: "EMI is dramatically outperforming its peers with flat recorded music sales compared to double-digit industry-wide declines.... It would be inappropriate to say more at this time."It is thought that the proposed transaction would involve offering Time Warner cash and shares worth more than $2bn (£1.2bn), including a stake in the enlarged music business of some 25 per cent.
EMI will also have regulatory hurdles with any tie-up.Mr Nicoli said: "We would not have made a firm proposal if we didn't think we had good prospects." EMI said: "We have made a firm proposal to Time Warner which, we believe, would create substantial value for the shareholders of both companies As soon as we are able, we will make a further announcement. EMI has stabilised music sales amid a still-falling market, the company reported, as it confirmed that it had made a "firm" merger offer for Time Warner's music business. On the merger talks, EMI's chairman, Eric Nicoli, said: "Those discussions have progressed well and are at an advanced stage."The company faces competition for the Time Warner music interests from private equity players, including a consortium of media tycoons including Edgar Bronfman Jr and Haim Saban. But Ms Bell said the Bank's latest forecasts were too strong.Recent revisions to official growth figures for the past four years showed the economy's supply capacity was higher than previously thought, meaning demand could be accommodated without triggering inflation. |
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