Leisure Report articles from April 2004

Leisure Report archives from April 2004

Kerzner and MGM could battle for Wembley.
April 1, 2004... Wembley watchers were waiting to see if Sol Kerzner, the South African gaming tycoon, would show his hand and table a bid to rival the 270m [pounds sterling] recommended offer from MGM Mirage for the track-based gaming firm, as Leisure Report...

Gaming International mbo plans challenged.(management buyout)
April 1, 2004... A group of shareholders is opposing plans for a management buyout of Gaming International, the second largest operator of greyhound stadia in the United Kingdom. The Johnsons Group, which owns about 11.07% of the firm and claims to have...

Betting exchanges unfairly caught in spotlight on race fixing allegations.(Inside track)
April 1, 2004... Whatever your views on the recent Kieren Fallon and Sean Fox jockey fiascos, the glare of the media spotlight on the potential of race fixing certainly showed up a few unflattering blemishes on the face of the sport of kings. The old guard...

LCI hopes to secure future with refinancing.(London Clubs International PLC)
April 1, 2004... London Clubs International, which operates seven casinos in the United Kingdom and four overseas, is pinning its hopes of survival on a 180.5m [pounds sterling] refinancing package, which is subject to the success of a 49m [pounds sterling]...

Wanless report ignores gym subsidy proposals.(News)
April 1, 2004... Business in Sport and Leisure and the Fitness Industry Association were disappointed that the final report to government by Derek Wanless, assessing cost effective action to improve the health of the nation, ignored their detailed proposals for...

Georgica to sideline Megabowl name.(Brief Article)
April 1, 2004... Georgica, the tenpin and cue sports firm is planning to sell its loss-making Allied Leisure business and to rebrand 38 of its Megabowl centres as Tenpin while it considers the future for 12 unprofitable Megabowl units with high rental costs....

Six Flags sells European theme parks.(News)
April 1, 2004... Six Flags, the American leisure firm. is selling seven of its eight European theme parks to an unnamed London-based bidder for around $200m (111.5m [pounds sterling])--despite earlier declaring that it had no plans to do so. The troubled...

Next Generation to consider flotation.(Health & fitness news)
April 1, 2004... Next Generation Clubs, the operator of ten fitness and racquets clubs, is to review its options to help it best achieve its growth potential. Scott Lloyd, the managing director of Next Generation, said that the firm is in a strong position...

LivingWell appoints new MD, as profits rise.(Patrick Fitzgibbon)(Brief Article)
April 1, 2004... LivingWell, the Hilton Group-owned health club operator, has appointed Patrick Fitzgibbon as managing director to replace Paul Harvey who has been promoted to vice president of Hilton's operations in Japan and Micronesia. Fitzgibbon is...

DLL shows strongest growth for Whitbread.(David Lloyd Leisure PLC)(Brief Article)
April 1, 2004... David Lloyd Leisure is continuing its performance as the division Showing the most growth for Whitbread, according to the firm's latest trading statement. Whitbread said that in the first 48 weeks of its financial year, which ended on 4...

Esporta reveals strategy to become leading premier operator.(Health & fitness news)
April 1, 2004... Esporta Group has unveiled further details about its strategy to grow the business. The firm has just completed a period of 'alignment' following the appointment six months ago of Neil Gillis as chief executive to the Duke Street...

West Bromwich Albion sets financial standard for clubs.(Sport news)(Brief Article)
April 1, 2004... Relegated from the Premiership last season, and faced with the potentially crippling debts that the step down often inflicts on clubs, West Bromwich Albion showed ailing sides nationwide how sound financial management can turn such a situation...

Leeds left in limbo despite wage deal.(Leeds United PLC)(Brief Article)
April 1, 2004... Leeds United players have signed an official agreement to defer 25% of their wages until the end of the season, as part of a deal agreed with the club's creditors, but the financial standstill agreement has not been extended, leaving a huge...

Sunderland restructures debts.(Brief Article)
April 1, 2004... Sunderland FC agreed two 14m [pounds sterling] loan facilities with its bankers, Barclays and Lombard, repayable over seven years, which should be enough to keep the club out of relegation. In a statement, the club said Barclays, its...

Millwall posts small interim loss.(Brief Article)
April 1, 2004... Millwall FC reported a small pre-tax loss of 1.2m [pounds sterling] for the six months to 30 November 2003, but despite some strong performances from the team, said average attendance was a problem; and reports of racism resurfacing on the...

Watford raises 4.5m [pounds sterling] via share placing.(Watford Leisure)(Brief Article)
April 1, 2004... Watford Leisure, the parent company of Watford FC, secured the club's financial future with the firm placing of more than 5 million new ordinary shares, raising 4.5m [pounds sterling] before expenses. However, a further open offer of more...

Rank plans more Hard Rock casino developments.(Betting & gaming news)
April 1, 2004... David Boden, head of gaming for The Rank Group, said it is "highly likely" that the firm's new casino developments, rather than relocations of existing licences, will be branded as Hard Rock, after the success of the London site which is now...

William Hill races ahead as revenues soar from machines across betting office estate.(William Hill Organization Ltd.)
April 1, 2004... William Hill reported "excellent rates of growth" in gross win and operating profit in all of its operating channels--licensed betting offices, telephone and interactive betting. For the 52 weeks ended 30 December 2003, the firm achieved...

Online betting firms call for European consistency.(Betting & gaming news)
April 1, 2004... A new association is recruiting members in order to lobby European Parliament for an open market for betting throughout the European Union. The European Betting Association, based in Brussels has been founded by betandwin.com, Expekt,...

Paddy Power reports record results for 2003.(Brief Article)
April 1, 2004... Paddy Power, the Irish bookmaking firm, turned round its half-year drop in operating profits to a 15% improvement for the whole year compared to 2002. The firm achieved operating profits of 19.6m [euro] (13.14m [pounds sterling]) in the 12...

FOBTs boost Ladbrokes' stellar performance at Hilton.(Betting & gaming news)
April 1, 2004... Fixed odds betting terminals helped Ladbrokes' betting shops increase turnover from machines by more than 3bn [pounds sterling], boosting the performance of the Hilton Group's betting and gaming division, which enjoyed a 43% rise in operating...

Wembley hit by weak dollar and low attendance at UK tracks.
April 1, 2004... Wembley, the track-based gaming firm that looks set to be bought by a casino firm from the United States, saw 2003 operating profits hit by the weak dollar. For the year to 31 December, the company reported operating profits of 35.3m...

New owner for Camden Palace.(Sun Capital Bank acquired the site from Luminar Leisure)(Brief Article)
April 1, 2004... The Camden Palace alternative music venue in north London has changed hands in a 4.02m [pounds sterling] cash deal. Sun Capital, the investment vehicle of Hug Osmond, the PizzaExpress founded, bought the site from Laminar, the bar and club...

Cinema gearing up for sustained growth.
April 1, 2004... The ongoing consolidation among multiplex operators in the United Kingdom will lead the cinema industry into a new phase of growth, according to a new report. Cinemagoing 12, by Dodona Research, says that with three of the top six circuits...

Lunch menus help Urbium grow profits from Tiger Tiger sites.(Brief Article)
April 1, 2004... Urbium said the Haymarket Tiger Tiger, now in its fifth full year of operation, recorded its most profitable year to date, while the six Tiger Tiger venues outside London also showed "continued growth and resilience", partly thanks to the new...

Po Na Na starts loan payback.(Brief Article)
April 1, 2004... Avanti, the private equity company that backed David Phelps in his purchase of 28 bars and nightclubs from the wreckage of the Po Na Na Group in August last year, reported that it was starting to see its loan to the operation paid back. ...

Bourne Leisure buys PE firms' back stake.(Tourism & attractions news)
April 1, 2004... Bourne Leisure, the largest holiday park operator in the United Kingdom, now has total ownership of the business after buying back the 28% stake held by Candover and Legal & General Ventures, the private equity firms. The value of the deal...

Tussauds owner bids for Italian theme park.(Tourism & attractions news)
April 1, 2004... Charterhouse Development Capital, the owner of The Tussands Group, is believed to have submitted 250m [euro] bid for Gardaland, the Italian theme park. The minority shareholders of Gardaland, which is 52% owned by New Leisure Time, a newco...

Travelodge eyes Spanish expansion.(Brief Article)
April 1, 2004... Travelodge is spending 500,000 [pounds sterling] on its expansion programme, which includes its first site in Spain. The budget hotel brand owned by Permira is also developing new Bar Cafes and rolling out a new colour scheme. Two Spanish...

Premier Lodge sale details out.(Tourism & attractions news)
April 1, 2004... Premier Lodge's sales details have been sent to potential buyers by owner Spirit Group. Whitbread and Permira, the owners of the rival budget hotel brands Travel Inn and Travelodge, and Accor, the European hotel giant, are among the...

Disney rebels claim partial victory.(Tourism & attractions news)
April 1, 2004... The ongoing revolt by a growing band of Walt Disney Company shareholders lost Michael Eisner his role as chairman. Eisner was forced to step down from the post after 43% of shareholders voted against his leadership. He will, however, remain...

Adventure sports concept hunts for first site.(adventure sports centre )
April 1, 2004... An adventure sports centre will anchor a new mixed leisure and retail concept which is close to identifying the first site for a proposed roll out that will see up to four complexes developed around the United Kingdom. Steve Jones, the...

Millennium Dome redevelopment gets go-ahead.(Brief Article)
April 1, 2004... Plans to redevelop the Millennium Dome and its surroundings into a sports arena, casino, hotel and new homes have taken a major step forward. The London Borough of Greenwich has recently granted detailed planning approval for the proposals...

1.5bn [pounds sterling] Elephant & Castle regeneration approved.(Brief Article)
April 1, 2004... The London Borough of Southwark is searching for development partners for the 1.5bn [pounds sterling] regeneration of Elephant & Castle after the council approved a framework for the scheme. The council is planning a major marketing drive...

Swansea leisure site to extend.(property & development news)(Brief Article)
April 1, 2004... Brunswick Mansford, the developer behind the Salubrious Place leisure scheme opening in Swansea in July, has submitted a planning application for a 20m [pounds sterling] second phase including a casino and multiplex. Discussions are...

Progress for ski dome plans.(Brief Article)
April 1, 2004... Plans for a 165m [pounds sterling] real snow ski centre in a disused quarry in Snowdonia, Wales, are stepping up a gear after the developers secured an exclusive option to build on the site. Snowdonia Gateway, the company behind the scheme,...

Madisons appoints ex-City Centre chief.(Eating & drinking news)
April 1, 2004... Madisons Coffee, the former coffee bar company which owns the Richoux restaurant chain, has appointed Andrew Guy, the ex-City Centre Restaurants chief executive, to find it eating-out chains to buy. Last year Madisons sold its remaining 27...

Beefeater boss quits Whitbread.(Bill Shannon)(Brief Article)
April 1, 2004... Bill Shannon, head of Whitbread's restaurants division, who lost out in the race to become chief executive of the company last year to Alan Parker, managing director of Whitbread's hotels, has announced he will be leaving at the end of June....

Greggs warns of sandwich slowdown.(Eating & drinking news)
April 1, 2004... Greggs, the biggest specialist sandwich retailer in the United Kingdom. warned investors that there were signs the growth of the sandwich market "may be slowing after the rapid expansion of recent years". The company, which was announcing...

Est Est Est duo get new venture money.(Derek and Edwina Lilley)(Brief Article)
April 1, 2004... Derek and Edwina Lilley, the couple who founded the Est Est Est chain, have won 18m [pounds sterling] backing to expand their latest two ventures, the Restaurant Bar & Grill and Piccolino's, across the country. At the same time Vernon...

All Leisure takes on all catering at London Zoo.(Eating & drinking news)
April 1, 2004... All Leisure, the sport and leisure division of Compass Group, the contract caterer is now responsible for all visitor, event and staff catering services at London Zoo after winning the retail catering business for the attraction. The...

New GM for KFC UK.(Eating & drinking news)
April 1, 2004... KFC UK has appointed Martin Shuker as its general manager for the United Kingdom. Shuker is currently general manager of the European business franchise unit. He replaces Justin Ash, who leaves after four years to become managing director...

Licensing Act may be delayed until election.(United Kingdom. Licensing Act 2003)
April 1, 2004... With the long-awaited government guidelines to the new Licensing Act now between six and nine months late, rumours are starting that the transfer of pub and bar licensing from magistrates to local authorities may not come into effect until...

BHA casts legal doubt on IR's tronc system.(British Hospitality Association)(Inland Revenue's)(Brief Article)
April 1, 2004... The British Hospitality Association has urged hoteliers and restaurateurs to continue to abide by the Inland Revenue's newly published guidelines on organising tronc systems, although it says a "leading counsel" has questioned the Revenue's...

LA Fitness is most 'unappreciated' leisure company.(Industry news)
April 1, 2004... LA Fitness is the stock market's most undervalued leisure and hospitality company, according to an analysis by Robson Rhodes, the accountancy firm. The budget fitness club operator, was listed the eighth most "unloved" firm from the FTSE...

Women given opportunity to Shine.(Tourism Society is launching programme designed to promote personal development of women in the leisure, hospitality, tourism and travel sectors. )(Brief Article)
April 1, 2004... The Tourism Society is behind the launch of a mentoring programme designed to promote the professional and personal development of women in the leisure, hospitality, tourism and travel sectors. The initiative, called Shine, has been set up...

'Majority' of cities plan smoking bans.(Industry news)
April 1, 2004... The majority of Britain's 30 biggest city councils are planning to enforce a New York-style total smoking ban, while many other smaller cities are planning to follow suit, a study has found. In the survey by the Observer newspaper, councils...

You win some, you lose some: Mel Flaherty looks into the Henley Centre's research into the impact of gambling deregulation.(Analysis)
April 1, 2004... Predicting who will be the winners and losers under the proposed new gambling laws has become a popular activity in itself. For anyone planning on taking a punt, there is a growing pool of information on the runners and riders. And it has...

Back to the future: Charles Wesoky tells Mel Flaherty about his return to the UK to make low cost cinema viable.(Biography)
April 1, 2004... Charles Wesoky has come full circle. In 1985, as chief executive officer of the then AMC, he opened the first multiplex cinema in the United Kingdom, at The Point in Milton Keynes. He is now tasked with making that very same site work as a...

Steering a course to a buoyant future: demand for marina space is growing, increasing opportunities for leisure developments.(markets)
April 1, 2004... How many sectors of British industry can boast customer demand that consistently outstrips supply? Or, even more rare, how many businesses in the United Kingdom tourism market are largely unaffected by overseas visitor trends? The marina market...

Second time lucky for Fitness First? Dominic Walsh from The Times on Fitness First's plans to leave the private arena and retry public life.(Behind the headlines)
April 1, 2004... The stock market has proved a decidedly topsy turvy experience for the health and fitness club industry. After a halcyon period when operators' share price graphs bore an uncanny resemblance to those of tech stocks during the dot-com boom, the...

Leisure Report LR Index leisure stockwatch April 2004.(Sharewatch & diary dates)
April 1, 2004... Football, a sector which continues to be beset by financial problems, unsurprisingly produced the worst performance in this month's table but one firm in the sector also saw the second highest share price gain. Aston Villa shares rose 16.7% to...

Diary dates.(Calendar)
April 1, 2004... April Event: Arena--Lunch with Yo! Sushi Date: 8 Location: Shaw Park Plaza, London NW1 Robin Rowland, the managing director of Yo! Sushi will present his brand. Contact: 020 8395 6065, www.arena.org.uk Event: Sport's Game...