Monthly Archives: March 2015

Bwin.party earnings fall for third straight year but acquisition hopes burn bright

UK-listed online gambling operator Bwin.party digital entertainment recorded a pre-tax net loss of €97.9m in 2014 thanks to falling revenue and a massive writedown of its struggling PartyPoker division.

Bwin.party’s 2014 revenue fell 6% to €612m, although mobile revenue doubled to €153m. Earnings fell 5% to €102.2m, marking the third consecutive year of negative trajectory. The black ink turned to red thanks to a non-cash impairment charge of €104.4m against “poker-related” and other intangible assets and non-core investments.

Revenue from regulated/taxed markets – Austria, Belgium, Denmark, France, Germany, Italy, Spain, the UK and New Jersey – rose 1% to €345.2m while Bwin.party’s remaining grey/black market business fell 14% to €266.7m.

Bwin.party’s operations in New Jersey’s regulated online market recorded a €9.8m loss for the year. The Win social gaming division, which Bwin.party has been unsuccessfully trying to sell, lost €6.7m.

PokerStars Italy Accused Of Tax Avoidance By Financial Guard

The PokerStars Italy network has been accused of fraud and tax evasion by Rome’s Financial Guard. Halfords Media Italy, a wholly owned subsidiary of the Rational Group, provides both PokerStars and Full Tilt to Italian residents. Regulators on Wednesday accused the media group of transferring some €300 million ($317 million) in revenues to offshore Rational […]

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PokerDom Continues To Attract Players And Grow Market Share 

PokerDom entered the online poker market in 2014 with little fanfare or press, but in less than 18 months it has acquired cash games traffic that rivals any regulated room in the US. PokerDom launched last summer under its license issued by Curacao and immediately targeted players in CIS countries, mainly that of Russia. Since […]

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Broner on Amir Khan: Even a Paki Stan Can Get It

Former three division world champion Adrien Broner is ready to make a quick turnaround, by willing to come back at the end of the month for a fight with WBC silver welterweight champion Amir Khan . Broner, who this past Saturday night made his NBC televised debut at the MGM Grand in Las Vegas, posted the below photo and message on the social networks.

Day By Day

Jockey Pat Day reached the pinnacle of the sport during his 30-plus-year career, but for all his accomplishments on the racetrack, including a victory in the 1992 Kentucky Derby, he is best-known for his personal testimony.

Nepal approves new casino; illegal gambling in monastery gets busted

Nepal’s Department of Industry has opened its doors to another foreign gaming company to begin operating a casino in partnership with a local firm.

The latest nod was given to Goa-based gaming company Goa Coastal Resorts, which will be partnering with Nepal-based Entertainment and Recreational Pvt Ltd. to launch and operate Casino Pride at the Hyatt Hotel in Kathmandu

“We have registered a company under the name of ‘Casino Pride’, which is scheduled to come into operation by one and a half month,” one of the promoters of the company told Nepalese news site eKantipur.

Tourism Department Director General Tulasi Gautam confirmed that the company has already registered at the Department of Industry, but noted that it hasn’t applied for the permit with the tourism department.

Former Osasuna execs arrested for match-fixing; Sevilla, Espanyol dragged into scandal

Spanish football has once again found itself embroiled in another match-fixing scandal after two former presidents and for ex-board members of football club Osasuna have been charged with a host of misgivings, including misappropriation of funds, false accounting, falsifying documents and corruption.

The investigation reportedly involves the disappearance of €2.4 million from the club’s coffers, which went missing between November 2013 and June 2014. The two former presidents, Miguel Archanco and Patxi Izco, and the four ex-board members, Txuma Peralta, Angel Vizcay, Juan Pascual, and Diego Maquirriain were all arrested over a period of two days, the regional court of northern Navarra confirmed on Twitter.

Izco, Vizcay, Pascual, and Maquirriain have since been released, with Archanco’s bail set at €500,000. Unfortunately for Peralta, he was the only one who was denied bail.

If these administrative issues are enough to give Osasuna massive fits, it must be really rough going for the club these days because it’s still dealing with match-fixing allegations involving the same former figures in its management.

Caesars casinos expelled from pension plan; stops ex-employees retirement income

The National Retirement Fund (NRF) has removed Caesars’ three Atlantic casinos from its multi-employer pension plan, demanding a $462m withdrawal liability.

NRF, which handles pension plans for employees in casino, hotel, laundry and apparel industries, voted to expel Bally’s, Harrah’s, and Caesars Atlantic City casinos in January, forcing Caesars Entertainment to withdraw and pay the liability before it could protect its prime assets beyond the reach of the creditors.

“We did not start this. Caesars started this, and had Caesars not done what they were going to do, and did do, we would never have taken those actions,” Brubaker said on Monday.

“The ongoing bankruptcy is going to divide the company and the ownership group,” Brubaker added. “When that happens, we no longer have the ability to pursue the other parts of Caesars — the so-called good Caesars — for the obligations of the bad Caesars. So we had to act before the bankruptcy.”