With votes in favour far outweighing those against, Publishing and Broadcasting Limited’s shareholders have passed all the resolutions, mostly on re-election of directors, detailed in the 25 September 2006 Notice of Annual General Meeting (AGM) to shareholders. In his address at the meeting, Executive Chairman James Packer described what he called a ‘watershed year’ for the company.

Record profits and revenue; earnings per share and dividends to shareholders; diversification to give a capital structure for growth; according to the Chairman these are significant achievements of which the company can feel proud. Normalised net profit was up nearly 12% to A$611.5 million (US$465.8 million) and normalized revenue increased 6.7% to over A$3.56 billion (US$2.7 billion).

James Packer commented, “However, a bigger achievement has been the significant repositioning of the company, as we announced last week, which will give a platform for growth in our core businesses of media, entertainment, gaming and on-line. Looking at our operations, there are two main themes emerging: the opportunities we have in Australia and internationally for our media and our gaming businesses and the success we have had in building partnerships with a range of Australian, and international companies.”

Expanding on the gaming theme, the Chairman’s address pointed out that the PBL Melco joint venture possessed one of only six gaming licences to operate in China, and that ‘six star’ Crown Macau is scheduled to open in April 2007. The City of Dreams will soon be under construction and a third Macau project will be developed within three years. The Hong Kong Stock Exchange yesterday reversed a previous ruling and PBL Melco can now pursue a separate Nasdaq stock market listing for its Asian gaming joint venture.

Describing as ‘truly stunning’ the consortium bid, where PBL is a partner, for the Sentosa Island casino resort in Singapore, James Packer went on to mention the 50% share acquired in the Aspinall Group so that PBL can participate in the opportunity provided by deregulation of the UK gaming market. Also mentioned was the partnership with Betfair, now offering ‘this unique and exciting business to the racing community Australia-wide’ in accordance with a licence granted by the Government of Tasmania .

Of PBL gaming operations in Australia, Crown was said to have achieved record revenue and earnings, remaining Australia’s most popular entertainment complex. “Crown is the most popular tourist destination in Melbourne. Strong international VIP visitation and turnover levels resulted from a continued emphasis on customer service and relationship development. Crown’s entertainment facilities achieved outstanding growth, particularly from the premium restaurant, bars and banqueting, while Crown Towers and Crown Promenade both experienced market leading occupancy levels.”

Burswood, acquired 2 years ago and having completed integration within the Group, is expected to become one of Australia’s most prestigious gaming facilities. The new International Room at Burswood is due to open next month and a premium seafood restaurant by the end of the year. The performance of media assets was also highlighted before James Packer concluded his address.

“We continue to focus on margin growth; on ways to improve our businesses, and investing in the future. In the last year total shareholder return has increased by more than 25% and we remain committed to drive PBL from both our core businesses, and our investments, in order to maximize shareholder value and worth.” (E-10.26.06)

© Copyright 2006 CasinoCompendium



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