William Hill Bounces Back

16 Jun 2004

LONDON – As reported by the UK Independent: "William Hill was back on traders' buy lists yesterday as a leading City brokerage Citigroup Smith Barney came out with a firm rejection of suggestions that the Government's reform of gaming legislation will have a negative impact on bookmakers.

"Shares in William Hill dropped 3 per cent on Monday as investors fretted that the group and its rivals face growing competition from Las Vegas-style leisure and gaming resorts, the likely product of the Government's reform package. But Citigroup disagrees. The broker believes reform will have little impact on bookmakers and argued that the Government's cautious approach might mean less competition as existing casinos face restrictions on the number of slot machines and a bar on unlimited payouts.

"Hence, Citigroup moved its clients into William Hill, which ended the day 16.25p higher at 536.25p, and into Hilton Group, the owner of Ladbrokes, 0.75p better at 261.75p. The broker also warned that casino companies have a long wait before they can start to enjoy the benefits of the Government's deregulation of the industry, as the Bill is not expected to get its first reading in Parliament until the third quarter of the current year…"

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	William Hill Bounces Back 16 Jun 2004 LONDON – As reported by the UK Independent: "William Hill was back on traders' buy lists yesterday as a leading City brokerage Citigroup Smith Barney came out with a firm rejection of suggestions that the Government's reform of gaming legislation will have a negative impact on bookmakers. "Shares in William Hill dropped 3 per cent on Monday as investors fretted that the group and its rivals face growing competition from Las Vegas-style leisure and gaming resorts, the likely product of the Government's reform package. But Citigroup disagrees. The broker believes reform will have little impact on bookmakers and argued that the Government's cautious approach might mean less competition as existing casinos face restrictions on the number of slot machines and a bar on unlimited payouts. "Hence, Citigroup moved its clients into William Hill, which ended the day 16.25p higher at 536.25p, and into Hilton Group, the owner of Ladbrokes, 0.75p better at 261.75p. The broker also warned that casino companies have a long wait before they can start to enjoy the benefits of the Government's deregulation of the industry, as the Bill is not expected to get its first reading in Parliament until the third quarter of the current year…"