Monthly Archives: March 2015

March Madness 2015: Top seeds fight back

A day after we saw a slew of upsets and five games decided by one point, the second full day of the NCAA tournament had some semblance of normalcy about it. Of the 16 games, 15 of the top seeds moved on with the only exception being 6 seed Providence’s loss to 11 seed Dayton, 66-53.

Other than that game, all the top seeds handled their business, although two four seeds – Louisville and Maryland – had to survive their games against UC Irvine and Valparaiso. But you win any way you can so I don’t think the Cardinals and the Terps are worried about having to scrap their way into the Round of 32.

In other games, top seeds Duke and Wisconsin handled their business against Robert Morris and Coastal Carolina, respectively. Same thing with 2 seeds Kansas and Gonzaga, handily disposing New Mexico State and North Dakota State to move into the next round.

As crazy as the first day’s games were, the second day lacked a whole lot of the suspense, drama, and controversy that dominated the headlines yesterday. Not that any of the top seeds care about how they won because all they’re worried about is moving on, which almost all of them have accomplished.

House approves Twin River hotel in bid to retain revenues

The Rhode Island House of Representatives unanimously approved a bill Thursday that would allow Twin River Casino in Lincoln to build a hotel on its premises, a move that officials and lawmakers say is necessary as an impending “casino arms race” heats up in the Northeast. But with competition from neighboring Massachusetts – which plans to open no fewer than four gambling facilities with the next few years – and a decline in consumer spending, lawmakers have cause for concern.

Genting Hong Kong profits slip nearly a third in 2014

Casino cruise operator Genting Hong Kong (GHK) saw profits slide in 2014, but analysts were pleased that the decline wasn’t worse.

Last month, GHK had warned the Hong Kong Stock Exchange that its 2014 profits were likely to tumble by 37%. Instead, profits were down a mere 30.3% to $384m. The numbers got two significant one-off boosts totaling $276m from share disposals related to associated firm Norwegian Cruise Line Holdings. Earnings rose 4.3% to $49m.

Overall revenue up was 3% to $571m, while gaming revenue was up 10.5% to $349m. GHK said gaming’s gains had come from an improved hold rate despite a “reduction in gaming volume.” Passenger ticket revenue fell 15.6% to $135m thanks in part to the MV Superstar Virgo being in dry dock. Onboard non-gaming revenue dipped 5% to $63.6m.

GHK’s 45% share of the profits from Travellers International Hotel Group – its joint venture in the Philippines with Alliance Global Group – came to $52.4m, two-thirds more than the sum earned in 2013. GHK said the improvement was due to cost management initiatives. Travellers run the Resorts World Manila casino and are developing the Bayside Resorts World integrated resort in Entertainment City.

Elaine Wynn continues fight to stay on Wynn Resorts board

Advancing her ongoing fight to remain on the board of Wynn Resorts, Elaine Wynn today further laid out her case for why stockholders should reject the company’s arguments and re-elect her as a director. Via a proxy statement filed with the Securities and Exchange Commission, Wynn told stockholders to vote for her instead of one of the other two candidates nominated to the board.

Weekly Poll: Will bwin.party be sold in pieces or as a whole?

Bwin.party non-executive chairman Philip Yea confirmed the company is in “further discussions” with undisclosed suitors looking to acquire some or all of bwin.party, which is why we decided to ask our readers, “Will bwin.party be sold in pieces or as a whole?”

69% voted, “In pieces” and 31% said “As a whole.”

Yea did not divulge the names of the interested parties nor the number of offers that have been made, saying only that the company is still testing the potential buyers against each other and these process usually take a long time.

In November 2014, the company confirmed that it had begun talks with interested parties. Rumors of potential buyers surfaced with names like Amaya Gaming and Playtech.

Playtech appoints Shimon Akad as COO, GamCare announces new Chairman

Online gambling software outfit Playtech has appointed CEO Shimon Akad to the COO role, replacing outgoing COO Shay Segev.

Segev will stay on for the next few months to perform a handover while former Head of Casino Amir Askarov will replace Akad as Playtech Israel CEO.

“The talent pool we have at our disposal is one of our core strengths and it was an easy decision to make. I am proud of our ability to identify and promote talent from within given the strong contribution made by Shimon and Amir,” CEO Mor Weizer wrote in an email to staff. “Shimon brings a unique blend of leadership, inspiration, operational experience, technical breadth, and passion for the gaming business, while Amir’s product and leadership experience and the integral role he has played in the company’s operational growth during his nine years with us makes him the ideal candidate to run the Israel operation.”

Weizer said Segev plans to pursue new opportunities after nine years with Playtech, during which time he played a key role in establishing and developing its retail division and the creation of the company’s transformational omni-channel solution.

Comedian Jim Jefferies goes on a Freedumb tour that stops in Las Vegas

Comedian Jim Jefferies became an overnight success after a fan attacked him on stage during a show at the Manchester Comedy Store in England in 2008. That probably won’t happen when he takes the stage at the 4,000-seat The Joint at the Hard Rock Hotel on Saturday, Oct. 3. The Australian comedian and actor stops in Las Vegas as part of his Freedumb tour, an encore to his last sold-out North American tour Day Streaming.

Lottery bill transfers unclaimed winnings into scholarships sent to House floor

SANTA FE >> A bill to transfer unclaimed lottery winnings into the New Mexico Lottery Scholarship cleared the House Ways and Means Committee on Thursday. Senate Bill 286, co-sponsored by Sen. Michael Sanchez, D-Belen, and Rep. Jason Harper, R-Rio Rancho, now goes to the House floor, where it is likely to be approved.

Connecticut tribes push for more casinos to head off MGM Springfield threat

Connecticut’s two tribal casinos posted slots revenue declines in February as state legislators pondered a proposal to expand gaming in the state.

Mohegan Sun’s slots revenue fell 4.1% to $42.1m as handle fell 3% to $508.2m. Foxwoods Resort Casino’s slots revenue fell nearly 20% to $31.6m as handle fell 18% to $382.9m. The state’s share of this revenue fell 10% to $18.7m. Foxwoods CEO Felix Rappaport said the slot decline was “due almost exclusively to weather,” referencing the record cold and snow that blanketed the state last month.

There’s no fighting Mother Nature but both tribes are spoiling for a fight with MGM Resorts’ in-development $800m casino just across the border in Springfield, Massachusetts. At a General Assembly committee hearing on Tuesday, representatives of both tribes warned that the MGM casino would draw away gamblers from Connecticut, potentially resulting in the loss of up to 18k casino-related jobs. A marketing study prepared for the MGM casino, which is set to open in 2017, claimed nearly 30% of its clients would come from Connecticut.

Mohegan Tribe chairman Kevin Brown said the threat from the MGM casino was “serious,” which is why the two tribes with “a long history of fierce competition” had decided to join forces.

RAWA’s date with Congress now scheduled for March 25

The postponed Congressional hearing on HR 707 aka the Restoration of America’s Wire Act (RAWA) has been rescheduled for Wednesday, March 25 at 4pm ET.

RAWA, the Sheldon Adelson-backed legislation that would eliminate most forms of state-regulated online gambling, was originally scheduled for a hearing with the House Judiciary Subcommittee on Crime, Terrorism, Homeland Security and Investigations on March 5, but the threat of inclement weather convinced congressmen to get out of town and into a warm hot-tub somewhere safe.

The Subcommittee’s website has yet to unveil an official witness list, but early indications suggest the deck has been stacked with unquestioning RAWA supporters armed with dubious statistics and dystopian visions of online anarchy. However, Competitive Enterprise Institute scribe Michelle Minton tweeted that there would be “a demo on igambling tech earlier that day. A little reality B 4 the show.”

Since the original hearing was cancelled, there’s been no shortage of pushback by anti-RAWA forces. These included a resolution (HR 140) by Pennsylvania State Rep. John Payne urging Pennsylvania’s Congressional delegation to “unequivocally oppose” RAWA and any other legislation that seeks to curb individual states’ rights to offer intrastate online gambling.

Amaya receives UK gambling licenses; Pinnacle gets Malta license

Canada’s Amaya Gaming has received new online gambling licenses from the UK Gambling Commission (UKGC).

On Friday, Amaya announced that its PokerStars and Full Tilt brands had received official UKGC approval to offer online poker and other gaming options to UK residents. Amaya’s B2B online casino business was also approved, something that will be greatly appreciated by whoever ends up buying those B2B assets.

The UK introduced a new gambling regime last year that eliminated the so-called ‘white list’ of licensing jurisdictions and required all UK-facing operators to hold a UKGC license. Amaya’s entities – which had been been operating in the UK courtesy of licenses issued by the Isle of Man – had already received temporary continuation licenses from the UKGC but Amaya spokesman Eric Hollreiser said the company was “very pleased” to get the official nod in what is “a large and growing market for us.”

PINNACLE RECEIVES MALTA LICENSE