|In Australia, PBL has just held its annual general meeting where recent performance and immediate plans were discussed. The chairman of the company, James Packer, son of Australia’s richest man Kerry Packer, revealed in the meeting that the company has seen increased returns across all of their primary areas in the last year.|
The company’s primary areas are those of media and gambling. Currently PBL owns land based casino sites, and is looking to expand into the online gambling sector. They currently have a joint venture planned with Betfair, pending that UK based company’s approval of their licensing application.
James Packer confirmed at the meeting that the next area of expansion for the company would be partnership with Betfair, and the re-entry for the company into online gambling, following an aborted attempt several years ago. Packer said of the planned alliance, 'If it does become licensed in Australia, we will be a 50 per cent shareholder and we believe in that situation the business has significant potential to create value for shareholders.' The association with the leading Australian company is a rare positive sanctioning of the company from Australian industry insiders, as they have been beset by opposition and accusation since their application for fully licensed access to the Australian industry.