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Article: Burswood's joker in the pack.
- Article from:
- Australasian Business Intelligence
- Article date:
- October 28, 2002
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Copyright informationCOPYRIGHT 2002 News provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Oct 27, 2002 (The Australian Financial Review - ABIX via COMTEX)
Western Australia casino operator Burswood needs $A74m to complete the purchase of the Burswood hotel. The 1997 deal entered into with the hotel's former owner, Victoria Company chief Tiebu Ogino, has a February 2003 settlement date. Burswood casino has suffered a slump in earnings, partially due to high-rollers recording large winnings at a baccarat tournament. Along with a declining share price, this has left its board with few options. With the need to reduce debt, a capital raising seems quite likely. This and the poor earnings news has seen a number of analysts downgrade the stock.
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Article: Burswood resorts to a share tender.
Australasian Business Intelligence;
November 1, 2002 ;
202 words
......shares in the company. Burswood needs the funds to help pay for a $A67m final instalment on the purchase of the five-star Burswood hotel. The company had originally planned to fund the acquisition via a mix of debt and cash flow, but profits have dropped due...
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