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Gaming Chief Logs On
ONE of the leading figures in the traditional
gaming industry, Lord Leonard Steinberg, is to embrace the internet side
of the business by becoming chairman of Tradal, an online poker group
that is planning a £550m flotation.
Steinberg, 68, founder and chairman of Stanley Leisure, the casino
operator, will become non-executive chairman of Tradal.
Last month, The Sunday Times revealed that Tradal, which runs Empire
Poker, had appointed Numis, the stockbroker, to work on a London
stock-market listing. The flotation is expected to take place next
Steinberg, a working peer and fundraiser for the Conservative party,
is one of the most respected figures in the gambling industry. He
started out in the 1950s taking bets in his familys Belfast milk bar
and expanded Stanley into one of the industrys biggest players with a
chain of betting shops and casinos.
Last week, Stanley sold its bookmaking arm to rival William Hill for
£504m, leaving it to focus on its upmarket Mayfair casinos, which
include Crockfords, and a chain of regional casinos.
Tradal is likely to be valued at a discount to existing quoted online
gambling stocks such as Sportingbet when it makes its market debut. One
source with knowledge of the float plans said it would be valued
competitively. It is being priced to go, said the source.
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