Monthly Archives: February 2015

Pennsylvania Supreme Court Holds First Manifestation Coverage Trigger Applies to Property Damage Case

In Penn Nat’l Mut’l Ins. Co. v. St. John, 2014 Pa LEXIS 3313 , the Supreme Court of Pennsylvania held that coverage was triggered under a commercial general liability policy “when property damage became reasonably apparent,” declining to apply a continuous or multiple trigger theory of coverage.

1×2 gaming launches sports casino game; Betway links up with talkSport radio

Independent gaming software provider 1×2 gaming launched a new sports betting product, providing a new virtual betting experience made up of more than 160 national league competitions from 146 countries, all in the world of simulation.

The product titled “Virtual Football Pro” will feature real team names from various football leagues around the world with offerings of a number of betting options that bettors normally see in live-action football matches. Be it total match goals or other additional outright markets, Virtual Football Pro provides a pretty cool simulated interpretation of actual football leagues.

“This represents a genuine milestone in the provision of online virtual football,” 1×2 gaming Chief Marketing Officer Kevin Reid said in a statement. “The product provides localized content that will be interesting and compelling to the players in the different geographic locations, and operators will be able to see the benefit of having a data-driven, virtual sports product to complement their existing graphical products.”

It’s still unclear which operator will sign up to get Virtual Football Pro in their libraries but with the immense potential of a simulated virtual football market, it likely would be just be a matter of time before we see the game go live.

Meanwhile, online gambling operator Betway followed up on its massive £20 million deal with  English Premier League club West Ham United by striking an agreement with UK-based sports radio station talkSPORT.

As part of the newly minted partnership between the two sides, Betway’s Alan Algar will get a segment on the station’s “Weekend Sports Breakfast Show” where he will be able to discuss some of Betway’s latest sports betting odds while also giving listeners a first-hand lowdown on the range of betting markets and specials being offered by Betway in that particular time.

The deal is particularly important for Betway, which now has access to a multitude of people who are exposed to talkSPORT. “For a huge number of football supporters across the UK, talkSPORT is the first place they tune into every day for all the latest football news, the company said in a statement. “We are delighted to have teamed up with the station which will give us exposure to this huge pool of sports fans.”

Amendment would give lawmakers authority to allow gambling in NE; AL voters want gambling

The members of the General Affairs Committee voted 5-3, this week, to advance Legislative Resolution 10CA, a bill that would give lawmakers, not voters, the power to authorize any form of gambling in the state of Nebraska.

Nebraska voters, who currently have the power to a had approved betting on horse races, state lottery and charitable gaming such as keno and pickle cards but rejected off-track betting, casinos and slot machines.

“LR 10CA would not itself change the types of gambling allowed in Nebraska. Rather, it would remove a barrier placed in the state constitution more than 150 years ago,” said Sen. Paul Schumacher, who introduced the amendment.

Sen. Tyson Larson said that he supported LR 10CA because he believes Nebraska has been missing out on the funds that could come from expanded gambling.

LR 10CA, just like any other gambling bill, is likely to face opposition as Sen. Merv Riepe, who voted against the proposal, said that he don’t want to take away the decision of this matter from Nebraska voters and Sen. Beau McCoy has filed a motion to kill the proposal.

In Alabama, a statewide poll has been conducted by News 5 and the results show that 69% of Alabamians said that Governor should consider gambling before raising taxes, 72% said that they support lottery, and 60% would vote for casino-style gambling.

In 1999, voters rejected lottery, with the religious right and Mississippi casinos leading the opposition, making Alabama as one of the states that does not have lottery.

Grand Korea Leisure reports increased Chinese visitors in 4Q 2014; Donaco raises 72 millions in shares placement to fund Star Vegas Resort

South Korea casino operator Grand Korea Leisure reported a 57% increase in visitation numbers from Chinese gamblers in its casinos compared to its numbers a year ago, quelling fears that China’s tightening grip on the ability of its VIP gamblers from gambling in other casinos would have a direct effect on casinos’ ability to draw in these high rollers.

In the fourth quarter of 2014, Grand Korea Leisure reported that it welcomed a total of 510,000 visitors in its three foreigners-only casinos, a number that was 34% better year-on-year. Of this total, Chinese gamblers accounted for 40% of gambling visitors with Japanese gamblers coming in at second at 28%.

“There was no slowdown in Chinese gamer traffic,” Daiwa Securities Group analyst Thomas Kwon said. “[GKL] benefited from robust visitor traffic for VIP floor and mass-table games from all countries including China.”

In the same time period, GKL reported an increase in its revenue by 5% to KRW149 billion ($134.8 million) while operating profit shot up by 4% to KRW40 billion ($36 million) year-on-year. The numbers were still below Daiwa’s forecast of KRW45.2 billion ($40.8 million) but it was still good enough to post a net profit of KRW31 billion ($28 million), an increase of 21% compared to its numbers in the same time period a year ago.

Meanwhile, Donaco International has successfully raised almost $72 million through a successful share placement, thanks to an entitlement offer to some of its new investors. The casino operator told the Australian Securities Exchange that the shares placement will net the company 154,014,665 new shares, which it began trading on February 11, 2015. Similarly, a retail component to Donaco’s entitlement offer opened on Monday, February 9, and is expected to close on February 23. The trading of these shares is expected to begin on March 3.

Donaco has made no bones about its intentions when it first announced the filing back in January 30, saying that its plan to raise $100 million in equity financing through this entitlement offer would go dotards the acquisition of the Star Vegas Resort and Club casino property in Poipet, Cambodia. That transaction is expected to be completed in April.

 

Daily Fantasy Sports Expo set for August 6 to 7 in Miami; DraftKings closing in on deal with UFC

Ticonderoga Ventures, Inc., an online product and services provider based in New York City, is taking the steps to shine more light into the world of daily fantasy sports by announcing the Daily Fantasy Sports Expo on August 6 to 7, 2015 at the Miami Beach Convention Center.

The expo will be the first of its kind in the daily fantasy sports industry and will cover a wide range of topics pertaining to some of the more important elements of the business. It’s the perfect place to be at if you’re involved in whatever capacity, be it big or small, in the industry.

The expo will cover a wide range of topics directly related to steps needed in order to successfully launch and manage a fantasy sports operation, including marketing strategies, payment processing, recent legislative issues, statistics, software, new and alternative sports, and country analysis.

The two-day event will also include the participation of speakers considered as experts in the budding industry, ensuring that the expo will cover all the bases related to daily fantasy sports.

One company that will likely be in attendance is DraftKings, considered as the second biggest daily fantasy sports site in the business today. But before heading to South Beach, DraftKings is in the process of signing an exclusive sponsorship deal with the Ultimate Fighting Championship.

According to the New York Business Journal, the sponsorship deal, described as “imminent” by UFC Senior Director of Marketing Partnerships Kevin Farlow, will be a one-year arrangement between the two companies that will allow DraftKings to place prominent signals on UFC events to go while also integrating the fantasy sports site into the UFC’s online presence, as well as produce broadcast features for UFC fans to get to know DraftKings.

An exclusive deal with the UFC would represent a coupe for DraftKings as it continues to make up ground to rival and market leader Fan Duel. While the two sides have been actively courting partnerships with professional sports teams across all the professional sports leagues in the US, DraftKings taking exclusive ownership of the mixed-martial arts corner could elevate its name among MMA fans.

Stratosphere offering free Tower passes to all Nevadans

All Nevadans will soon have the chance to head to the top of the Stratosphere Tower , and experience the gorgeous views of Las Vegas, free of charge. From Feb. 22-28, bring a Nevada ID to the Stratosphere Ticket Center located on the casino level near Roxy’s Diner and receive a Tower Pass for free.

HK Stock Exchange denies junket firm Iao Kun’s application for listing

Junket firm Iao Kun Group Holding Co Ltd. has received a letter from the Hong Kong Stock Exchange saying that the firm’s request for listing declined.

“Based on the information we provided to the Stock Exchange and the media reports, the letter indicates that, due to the declining financial performance of the Company, the unpredictability of the Company’s revenues, the overall market conditions and the near term industrial outlook in Macau, and certain related party payments made to Pak Si (as already disclosed in the Company’s public filings), the Stock Exchange is unable to proceed further with the Company’s listing application at this time,” said Iao Kun

The casino junket investor, previously known as Asia Entertainment, said that “the company is financially stable, with a track record of profitability” despite the reported net loss of $12 million for the third quarter ending September 30 and approximately 3% year-on-year decline for 2014.

Iao Kun Group also said that its management is looking at the company’s declining performance as just temporary setback resulting from slow economic growth in Mainland China, the tightening of our credit extension policy, and the anti-graft campaign launched by the Chinese government in 2014. The company’s management is committed to explore business expansion opportunities including, but not limited to, finding VIP rooms in new locations and strategic investments to maximize the shareholders’ return in due course.

The junket firm had expressed an interest in a dual listing in Hong Kong since 2013 and made a formal application in June 2014 through a process called listing by introduction, whereas a company that has shares issued on another exchange can—subject to local regulatory approval—list its shares in Hong Kong without raising new funds or issuing new shares.

Iao Kun Group Holding Co Ltd. Is listed on Nasdaq in New York and just saw its shares closed flat at US$1.11 on Wednesday.

“Although we were hoping that listing on the Stock Exchange would increase and diversify our shareholder base, we are committed and will strive to achieving those objectives even without such a listing. We believe that our listing on the Nasdaq Stock Market provides us with a suitable platform for achieving those goals,” Iao Kun added.

Vietnam says Van Don casino operator has to start digging by April

Vietnam says it’s getting serious about picking an investor to build an integrated resort and casino in the Van Don special economic zone in Quang Ninh province. If that sounds familiar, it’s because this process has been going on for a year and a half with very little public sign of progress.

But fear not: Nugyen Van Doc, chairman of the Provincial People’s Committee, told Vietnam Investment Review that local authorities have been asked to speed up site clearances for the resort as well as for the Van Don airport. Time is of the essence, as the investment certificates have to be obtained by March and the recipients have to start construction by April.

The Committee claims companies including Las Vegas Sands have paid visits to the province. Sands routinely cites Vietnam as a promising market but has also stated it’s only interested in building in major metropolitan centers like Hanoi or Ho Chi Minh City. And only if Vietnam relaxes its ban on locals entering casinos.

Other reported tirekickers include Casinos Austria and Phoenix Macau Tailoi, whose only English-language online references specifically relate to this project. Dao Hong Tuyen‘s Tuan Chau Group has promised to spend over $7b building not one but two casinos and Sun Group, whose properties include the Ba Na Hills and Son Tra Intercontinental resorts in Da Nang, is also in the hunt.

VIETNAMESE GAMBLER RESCUED FROM CAMBODIA BORDER CASINO

Whoever builds in Van Don may eventually get the chance to participate in the Vietnamese government’s promised pilot program to allow locals in casinos. Vietnamese gamblers are currently forced to venture abroad to get their gamble on and the government is struggling to stem the flood of gamblers crossing the border into Cambodia.

For years, Vietnamese media has retold stories of unlucky gamblers falling victim to loansharking, kidnapping and torture in Cambodia’s border casinos. On Monday, the Cambodia Daily reported the arrest of an employee of the Roxy Casino for detaining a gambler over an unpaid line of credit.

Online Bingo 2014 Review – Boom, bust and POC

This is a guest contribution by Focus Online Management Ltd. owner Phil Fraser. If you would like to submit a contribution please contact Bill Beatty for submission details. Thank you.

2014 was a year of huge legislative change for the whole of the online gaming industry, with the long-anticipated introduction of Point of Consumption tax on December 1st, as well as changes to UK remote gaming licensing laws.

Many industry commentators predicted that these legislative changes would lead to a change in the online bingo landscape, with many of the smaller brands struggling to remain profitable.

Phil Fraser, owner of the leading UK bingo portal www.whichbingo.co.uk, gives his take on what happened in the online bingo market in 2014 and what he predicts will happen next in 2015.

Making hay while the sun shines

Despite the impending Point of Consumption tax on the horizon, 2014 was a record breaking year for new bingo site launches, with over 77 new sites entering the market. This figure however was skewed slightly by Bauer Media launching 20 virtually duplicate sites under their magazine and radio brands. These 77 new sites dwarf the 2013 total, and, as can be seen from the graph below, is the largest ever number of new site launches in the UK market.

(Source  www.whichbingo.co.uk)