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The Rich get richer at Star City Casino
January 9, 2005
The Times, along with most of the UK media was reporting a bottom-line-denting
win this week at a Stanley Leisure land casino.
Paul Newey, thought to have been playing at Birmingham’s Star
City casino, is rumored to have won GBP 3 million, wiping 12 per cent
— GBP 64 million — from Stanley Leisure’s market
value.
Rumors of the win surfaced after the casino chain announced that it
had “suffered material losses to a major player”
at one of its casinos.
But the man alleged to have made the big hit is story all by himself,
and this captured our attention. Newey has little need of the cash:
as the co-founder of Ocean Finance, he is thought to be worth GBP
300 million.
Ocean Finance was brought to life in 1991 when Newey found a business
partner after he was made redundant. An initial GBP 2,500 investment
paid off. Six years later he bought his partner out. He is thought
to own most of the company’s shares. In the year ending January
2003, Ocean had a turnover of GBP 65 million and made profits of GBP26.5
million.
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