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Sportalnet Buys Casinò di Venezia

1 Dec 2005

MALTA – As reported by the Malta Business Today: "Sportalnet, a Maltese registered on-line betting company will be the new owners of the Casinò di Venezia.

"The Director of this company is the Italian Orlandi Fernandi from Lecce. Sportalnet is effectively owned by International Trust Ltd, a company whose shareholders include former Nationalist MP George Hyzler, Rodney Lee Berger and lawyer Simon Tortell.

"Tortell is already a shareholder in the Vittoriosa Gamings Ltd which holds the concession to operate the Casinò di Venezia.

"Till now the principle and only other shareholer in this company was the municipality of Venice. Despite the sale of shares, the concession will remain in the hands of Vittoriosa Gamings Ltd as the sale will only involve a transfer of shares from the Venetians to Sportalnet.

"…Sportalnet will be paying EUR 6.6 million to buy 60 per cent of the Vittoriosa Gaming Ltd in the next two years. It will be buying the remaining 40 per cent in the next ten years.

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