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UK Gambling Stocks Down

23 Sep 2004

UNITED KINGDOM – As reported by the UK This is Money: "Gambling stocks took a spin on fears that the long-awaited reform to Britain's arcane gambling laws may not happen before the next General Election. The proposed Gambling Bill will need to be introduced before Parliament by next month if it stands a chance of being passed by next year's likely election date.

"Morgan Stanley's Lou Pirenc said the timetable remained 'tight' and Dresdner Kleinwort Wasserstein said the Bill had a 60% chance of being passed by mid-2005.

"Stanley Leisure, which owns the UK's largest casino at Star City in Birmingham, led the fallers, down 9p to 438p. Rank, down 1/2p to 286 1/4p, and London Clubs International, down 2 1/2p to 115 1/2p, followed suit.

"Culture Secretary Tessa* Jowell did little to help. Responding to the Joint Select Committee's second report on the Bill, she said she wants to limit casino's big-money slot machines…"

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