Gaming briefs for July 14, 2003

Monday, July 14, 2003 | 11:26 a.m.

Company to fight casino

PORTLAND, Maine -- Credit card giant MBNA has joined several of the state's other large employers in a campaign against a Maine casino.

The Delaware-based company announced Friday it is joining the effort by Casinos No to defeat a November referendum question that could allow the Penobscot and Passamaquoddy tribes to build the state's first casino resort in Sanford.

"We don't feel a casino is appropriate for Maine," said Carolyn Marsh, a Maine spokeswoman for the corporation.

MBNA, which came to Maine in 1993 and now has offices throughout the state, found success by creating credit cards for organizations that encourage employees, alumni and other customers to make purchases with them. The firm issues branded cards for six casino companies and is in a deal to issue a branded card for the Internet travel portal VEGAS.com -- a sister company of the Las Vegas Sun.

Casino proponents said MBNA opposes the project because it does not want to compete with a casino that would offer higher wages and better benefits to service employees.

"MBNA should be using its resources, some of which have been made off the casino industry, to provide its own workers with living wages," said Erin Lehane, spokeswoman for the pro-casino group Think About It.

Takeover talks end

LONDON -- Sportingbet Plc, a U.K. Internet sports-betting company, today said talks have ended on a possible takeover offer from an undisclosed suitor. The shares slid as much as 9.8 percent.

The London-based company said June 24 it might get an offer of 45.7 million pounds ($74 million). Talks on a potential bid have since been "terminated," Sportingbet said.

Sportingbet also said it agreed to pay 70.1 million pounds to meet a commitment stemming from the acquisition in 2001 of Sportsbook.com, a U.S. online-betting company. As well as an initial payment, Sportingbet had agreed to pay more money in the future based on the U.S. company's profitability.

Barclays Plc has agreed to provide the company with a 10 million-pound revolving loan facility repayable by March 31, 2005, and to extend its overdraft to 10.5 million pounds, Sportingbet said.

"With these arrangements in place, management will now be able to focus its attention on exploiting the significant growth opportunities for the business," Chief Executive Nigel Payne said.

Shares of Sportingbet fell 2 pence, or 7.8 percent, to 23.5p at 10:45 a.m. in London, extending this year's decline to 27 percent and giving the company a market value of 35.8 million pounds.