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Australia's Packer Takes An Offshore Bet On Internet
By David Frith, Computer Daily News
SYDNEY, AUSTRALIA,
20 Feb 2002, 10:13 PM CST
Australian media mogul Kerry Packer - a casino owner and himself a big gambler in U.S. casinos - is continuing to thumb his nose at the Australian government's ban on Internet gambling, with two of his companies revealing plans to increase their investment in an offshore online casino - and planning further global online gambling ventures.
Packer's Publishing and Broadcasting Ltd (PBL) and online offshoot Ecorp have 50:50 ownership and joint operational control of the Vanuatu-based CrownGames online casino, the two explained in statements filed with the Australian Stock Exchange (ASX) today.
Ecorp will toss in 2.7 million Australian dollars ($1.39 million) for its share of costs to date.
Vanuatu is a Pacific island nation.
A PBL subsidiary, PBL Gaming Technologies, will develop software and license it to the venture.
Peter Yates, PBL CEO, said: "While the initial focus is on CrownGames ... we have agreed to explore and develop further opportunities in global online gaming."
Alison Deans, Ecorp CEO, noted it's a promising field to be in: Internet gambling revenues are tipped to quadruple to $6.3 billion by 2003.
The venturers are unfazed by the Australian government's ban on Australians gambling online. The CrownGames Web site, hosted in Vanuatu, bars access from jurisdictions that disallow online gambling, including Australia, New Zealand and the U.S.
Separately, Ecorp has announced a net loss of 16.3 million Australian dollars ($8.4 million) for the first half of fiscal 2002, a 19 percent improvement on the 20 million Australian dollars ($10.3 million) operating loss reported for the same period last year. The result includes a charge of 11.8 million Australian dollars ($6.08 million) for the now defunct Charles Schwab Australia online share trading joint project.
With Ninemsn - a 50:50 joint venture with Microsoft - not expecting to be profitable before 2004, Ecorp told the ASX it too now doesn't expect to break even until 2004, 12 months later than earlier forecast.
Exchange Rate: $1 = 1.94 Australian dollars
Reported By Newsbytes.com, http://www.newsbytes.com .
By David Frith, Computer Daily News
SYDNEY, AUSTRALIA,
20 Feb 2002, 10:13 PM CST
Australian media mogul Kerry Packer - a casino owner and himself a big gambler in U.S. casinos - is continuing to thumb his nose at the Australian government's ban on Internet gambling, with two of his companies revealing plans to increase their investment in an offshore online casino - and planning further global online gambling ventures.
Packer's Publishing and Broadcasting Ltd (PBL) and online offshoot Ecorp have 50:50 ownership and joint operational control of the Vanuatu-based CrownGames online casino, the two explained in statements filed with the Australian Stock Exchange (ASX) today.
Ecorp will toss in 2.7 million Australian dollars ($1.39 million) for its share of costs to date.
Vanuatu is a Pacific island nation.
A PBL subsidiary, PBL Gaming Technologies, will develop software and license it to the venture.
Peter Yates, PBL CEO, said: "While the initial focus is on CrownGames ... we have agreed to explore and develop further opportunities in global online gaming."
Alison Deans, Ecorp CEO, noted it's a promising field to be in: Internet gambling revenues are tipped to quadruple to $6.3 billion by 2003.
The venturers are unfazed by the Australian government's ban on Australians gambling online. The CrownGames Web site, hosted in Vanuatu, bars access from jurisdictions that disallow online gambling, including Australia, New Zealand and the U.S.
Separately, Ecorp has announced a net loss of 16.3 million Australian dollars ($8.4 million) for the first half of fiscal 2002, a 19 percent improvement on the 20 million Australian dollars ($10.3 million) operating loss reported for the same period last year. The result includes a charge of 11.8 million Australian dollars ($6.08 million) for the now defunct Charles Schwab Australia online share trading joint project.
With Ninemsn - a 50:50 joint venture with Microsoft - not expecting to be profitable before 2004, Ecorp told the ASX it too now doesn't expect to break even until 2004, 12 months later than earlier forecast.
Exchange Rate: $1 = 1.94 Australian dollars
Reported By Newsbytes.com, http://www.newsbytes.com .