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Jul 30, 2008 -- WGL Entertainment Holdings, Inc. (PINKSHEETS: WEHI) announced today that its CEO would forgive the debt owed to him by the company for deferred salary from 2006 & 2007 of $440,000. This reduction in debt will be recorded during the third quarter of 2008. The CEO will continue to defer salary in 2008 and until such time as WGL Entertainment Holdings, Inc. becomes profitable. "This will reduce the company's debt by 45% and significantly strengthen the balance sheet," said Mike Pagnano, CEO WGL Entertainment Holdings, Inc. "When we acquire Stemtronics and its assets, our balance sheet and shareholder value will continue to strengthen and lead the company to a position to begin trading on fundamentals. We expect this to happen by the beginning of 2009."
Jul 30, 2008 -- Hong Kong Disneyland (NYSE: DIS | Quote | Chart | News | PowerRating) welcomed a new trade deal Wednesday that could bring millions of tourists from mainland China at a time when the theme park is struggling to boost attendance. The measure would allow residents who have lived and worked more than a year in Shenzhen, a coastal boomtown in neighboring Guandong Province, to bypass certain visa restrictions so they can accompany group tours to Disneyland. That could mean a windfall of new visitors from Shenzhen, most of whose 16 million residents are migrant laborers from around China. The $3.5 billion theme park, which is 57 percent owned by the Hong Kong government, hasn't been the hit many had hoped since its opening Sept. 12, 2005. Under the new deal, signed Tuesday as part of a broader economic pact between Hong Kong and Guandong, Disney could initially get two to three new daily tour groups of as many as 100 people each, the company estimates. "The resort will work with various related parties to ensure these guests enjoy an immersive and magical Disney experience," the company said in a statement.
Jul 30, 2008 -- Bally Technologies, Inc. (NYSE: BYI), a leader in slots, video machines, casino management systems, and networked solutions for the global gaming industry, today announced that the Seminole Tribe of Florida will implement Bally's TableView table-rating and player-tracking system at its six casinos in south Florida. Bally's award-winning TableView allows Seminole casino staff to enter player ratings, request chip fills and credits, and issue customer comps and markers in real time. The groundbreaking Seminole Tribe of Florida has already implemented the system on 70 tables at the Seminole Hard Rock Hotel & Casino in Hollywood, with plans to ultimately offer TableView on more than 400 tables across six Seminole properties. "We did an extensive evaluation of TableView and other vendors' technology prior to making a commitment to Bally," said Seminole Gaming Chief Operating Officer John James. "Our users unanimously agreed that TableView is far more user-friendly and is based on solid, current technology. And TableView is a perfect complement to our existing operations because it fully integrates with our Bally casino management system, protecting and enhancing the investment in technology that we've already made." TableView will allow the Seminole Tribe to track table-game play in a paperless fashion and ensure that their table-game players get the same recognition and rewards as their slot players. The standalone application allows floor operations staff to use touch-screen devices to enter real-time player ratings, request chip fills and credits, open and close tables, issue player comps and markers, and change/roll the table shift. TableView also provides casino personnel with secure and instant access to vital table accounting and financial data. "We're delighted to strengthen our partnership with the Seminole Tribe of Florida and provide their industry-leading operations with the most cutting-edge table-rating system," said Ramesh Srinivasan, Executive Vice President, Bally Systems.
Jul 30, 2008 -- Genius Products, LLC (OTC BB: GNPI), a leading independent home entertainment distribution company, today announced a multi-year distribution agreement with Hi Fi Recordings, the record label subsidiary of The Music Publishing Company of America, an independent publisher founded in May 2006. Hi Fi Recordings, founded in 1995, has built a deep and profound roster of artists including Donnie Osmond, Marie Osmond, Donnie and Marie Osmond as a duo act, Melinda Doolittle, Todd Rundgren, Dionne Warwick and Smash Mouth. The history of Hi Fi Recordings boasts the releases of successful hit albums from the likes of Avril Lavigne and Spacehog among others. Now acting as the recorded music label arm of MPCA, Hi Fi Recordings is dedicated to working with marquee recording artists while also achieving synergies with its vast collection of publishing copyrights. "We are very excited to expand our entertainment platform distribution into music with John Hecker and John Titta, two extremely successful and well-known music entrepreneurs. They have built MPCA/Hi Fi Recording's deep and diverse roster that now encompasses a variety of older classics, and newer, soon-to-be-classics, across a wide genre of music," stated Stephen K. Bannon, Chairman of Genius Products. "Genius has established a very strategic distribution infrastructure that includes relationships with the top national retailers throughout North America and our expansion into music content will leverage our existing infrastructure and is a perfect compliment to our diverse portfolio of highly sought-after media content." Under the terms of the multi-year agreement, Genius Products will have the domestic distribution rights for all physical and digital content from a wide array of well-known current and future artists including Donnie Osmond, Marie Osmond, Donnie and Marie Osmond as a duo act, Melinda Doolittle, Todd Rundgren, Dionne Warwick, and Smash Mouth. "In a very short time period we have built a leading roster of artists across every genre of music," stated John Hecker, Chairman and CEO of MPCA. "We fully believe that by partnering with Genius, an expert in entertainment products distribution, we will significantly expand the reach of our artists work and fully capitalize on MPCA/Hi Fi Recordings content."
Market Wrap for July 30, 2008
Investors looked past a strong rebound in crude prices to focus on data that showed an unexpected gain in nonfarm private payrolls and word that the Fed extending its liquidity measures to Wall Street. Despite a smaller-than-expected decline in crude oil stockpiles, oil prices climbed as much as 4.3% during the session to make their largest one day advance since trending downward from historic highs reached earlier this month. Crude had actually been down more than 1%, below $121 per barrel, but finished its session near $127 per barrel, which is still almost 16% below its record high. The rebound in oil prices helped the energy sector make a 5.6% advance. Investors have rotated out of the energy sector in recent sessions, but oil's rebound induced buying in large names like Exxon Mobil (XOM 84.38, +3.48) and Chevron (CVX 87.26, +4.42). Conversely, oil sensitive industries fell out of favor. The S&P 500 automobile manufacturing index slipped 3.8%, while the Amex Airline Index dropped 4.9%. Broad-based buying was largely influenced by the latest ADP employment report that showed an unexpected 9,000 increase in July private nonfarm jobs. Meanwhile, economists were expecting a 60,000 decrease in jobs. Though the ADP report has not been consistent in correctly predicting the government's jobs data, which will be announced Friday, ADP's announcement bolstered expectations that the government's report will show a smaller-than-expected decline in employment. Also providing support to the session's optimism was news the Fed is extending the length of its Term Securities Lending Facility program through Jan. 30 and is introducing longer terms to maturity for its Term Auction Facility in the face of continued fragility in the markets. Separately, President Bush signed the housing bill into law, giving support to Fannie Mae (FNM 12.21, +0.61) and Freddie Mac (FNM 8.73, +0.31), while the SEC is extending its temporary restriction on naked short selling on financial institutions. The financial sector gained 2.0% as thrifts and mortgage players collectively climbed 4.1% and diversified banks climbed 3.8%. Investment banks and brokerages advanced 3.5%. The Nasdaq lagged the Dow Jones and the S&P 500 during Wednesday's action.
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