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| Aspinall bets on private casinos |
29/09/2003 Investors who staked money on the business skills of Damian Aspinall, son of the late legendary gambler John Aspinall, today discovered a painful truth: the casino doesn't always win. Investors who staked money on the business skills of Damian Aspinall, son of the late legendary gambler John Aspinall, today discovered a painful truth: the casino doesn't always win. Businessman and socialite Aspinall, 43, today tabled a bid of just 0.17p per share to take the online casinos business Aspinalls Online private. That compares with a price of 15p when he raised ?42m in May 2001 to bankroll the venture, which enabled people to bet on games of roulette, baccarat and blackjack at the click of a mouse. Net cash of just ?790,000 remains in the business, which was poleaxed by technology glitches and regulatory problems in the US. Independent valuers Daniel Stewart & Co cautioned that the bid, worth ?500,000, might not realize the maximum value for shareholders, who could be better off with a liquidation or trade sale. Stanley Leisure, the country's largest casino operator, has warned first-half profits could tumble thanks to a winning streak among gamblers at its Crockfords' casino in Mayfair, west London. |
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