Poker News – 20th November 2008

iMEGA Files Response Brief in UIGEA Appeal

The Interactive Media Entertainment & Gaming Association (iMEGA) has filed its own response to that of US federal attorneys in iMEGA v. Keisler, et al., iMEGA’s ongoing challenge to the US’s Unlawful Internet Gambling Enforcement Act. iMEGA, which represents several businesses in the field, continues to assert that the UIGEA should be void for vagueness or declared unconstitutional. The recent 22-page brief filed by iMEGA sets the stage for the next hearing and ruling in the case, which is scheduled to be conducted by a three-judge appellate panel.

Harrah’s Seeks to Restructure Debt

Harrah

Harrah’s Entertainment has announced plans to attempt to restructure some of its debt load, by announcing a plan to swap $11 billion of its short-term debt for longer-term notes. Harrah’s was taken private in an acquisition by investment firms Apollo Global Management and TPG Capital LP, a $31 billion deal finalized last January, a move which was highly leveraged at the time and has produced cash-flow difficulties for the gaming giant amid greater global economic woes. Standard & Poor’s issued a sharp downgrade on Harrah’s bond ratings on the announcement, though it plans to raise Harrah’s grade again if the restructuring plan is successful.

Las Vegas Sands Stock Slides, but Singapore Casino Project Moves Forward

Sands Casino Vegas

Despite another dip in the stock price for Las Vegas Sands, the conglomerate’s plans to move forward with a $4 billion Singapore casino project are moving forward. Sands’ stock tumbled about 15% to approximately $5/share this week on weak earnings numbers and the pessimistic outlook for the “brick and mortar” gambling and entertainment industries. Despite the bad numbers, LVS pledged its commitment to its Singapore project, which included another $2.1 billion investment round that wrapped up last week. That number includes a $525 million investment by Sands CEO Sheldon Adelson, which brings his own total investment in the project to $1 billion.

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