Australia's Ainsworth Calls Off Merger With Russia's Unicum - Saturday 12th of March 2005

Poker machine maker Ainsworth Game Technology Ltd (ASX:AGI) today called off its proposed merger with Russia's Unicum Group.

Ainsworth said it was unable to reach agreement with Unicum on a number of commercial matters.

Ainsworth chairman Len Ainsworth said the two companies would continue to build their relationship despite the breakdown of the talks.

"We have tremendous respect for the major position that Unicum has established in the Russian gaming market and I look forward to further developing our relationship with Unicum for our mutual benefit," he said.

"Both Boris Belotserkovsky, Unicum's president, and I remain committed to bringing value to each company by way of an ongoing commercial relationship.

"To this end, the companies will continue to actively seek other strategic opportunities for cooperation in the future."

Ainsworth announced in February that it was considering a merger with Unicum, Russia's largest casino and gaming equipment supplier.

Ainsworth has been struggling this financial year, posting a net loss of $A1.83 million ($US1.41 million) for the six months to December 31, 2004.

The company said its lacklustre performance was linked to a contract delay, caused when a client's software problems prevented the connection of Ainsworth machines.

Other news from around the same time

17,000 jobs riding on Gambling Bill' - Saturday 12th of March 2005

The British economy would lose at least ??2bn of business and as many as 17,000 jobs if the Gambling....


Silverstar wins casino licence battle - Saturday 12th of March 2005

THE Supreme Court of Appeals yesterday ordered the Gauteng Gambling Board to issue a casino licence ....


Offshore Casino Buys Right to Advertise on Valenzuela's Clothing - Saturday 12th of March 2005

Jockey Patrick Valenzuela, who offered advertising on his jockey pants legs and his collar for sale ....


British firms size up Macau jackpot - Saturday 12th of March 2005

BALFOUR Beatty's ??175m contract to build a Las Vegas-style hotel in China's hottest gaming enclave ....


Malta based gaming company launches online casino - Saturday 12th of March 2005

Malta based gaming company Vegas Interactive and the leading live online gaming software company, CW....


Billion to be spent for Macau gambling - Saturday 12th of March 2005

Gambling moguls such as Australia's Kerry Packer and the Las Vegas' Steve Wynn are betting on Macau ....


Casino Companies Aim for Pennsylvania License - Saturday 12th of March 2005

As reported by the Philadelphia Inquirer: "Casino mogul Steve Wynn will unveil his $2.7 billion....


Gaming Partners Income Doubled - Saturday 12th of March 2005

Gaming Partners International Corporation (Nasdaq:GPIC) today announced that net income for the twel....


MGM opens new poker room - Saturday 12th of March 2005

Gamblers played in the new poker room in the MGM Grand after its opening on Monday. The nonsmoking r....


Station, MGM Mirage execs reap millions from options - Saturday 12th of March 2005

Top executives at Station Casinos Inc. reaped a profit of some $130 million from the exercise of sto....