Monthly Archives: March 2015

Wynn Closes on MBTA Land

Wynn Resorts announced that it has closed on land that was purchased from the MBTA for $6 million. The acquisition of the 1.75-acre property, which is adjacent to the 33-acre Wynn Everett site located off Route 99 in Everett, culminates a lengthy public bidding process and advances the construction of the $1.6 billion five-star Wynn Everett Resort.

Pinnacle Sports’ new owners unveil regulated market expansion strategy

Online sports betting operator Pinnacle Sports’ new owners have unveiled their plans for world domination.

One of the oldest and most celebrated of online bookmakers, Pinnacle announced last month that unidentified parties had taken a “controlling interest” in the Curacao-licensed outfit. On Tuesday, Pinnacle revealed that the deal had been consummated in August 2014, although the exact identities of the new ownership remain a mystery. For what it’s worth, the legal firms that advised the new owners on the sale were based in Ireland and the UK.

In a statement, Pinnacle CEO Paris Smith claimed to be “extremely excited” to be working with the new owner(s) on a “shared vision” that includes “significant product enhancement and expansion into regulated territories.” Smith promised “cutting-edge” new products were being readied for the “concerted drive into new global markets.”

Customers will hope the new owners have extra deep pockets, as governments in European regulated markets tend to view online gambling operators as piggy banks. So costs will go up and margins will go down. But Smith assured customers that “the fundamental principles that make the brand so unique will not be compromised.”

Pinnacle appeared to be taking a shift away from regulated markets last year, withdrawing from the UK market before the Sept. 15 deadline for new licensing imposed by the UK Gambling Commission. The year before that, Pinnacle returned the online gambling license it had been issued by the Alderney Gambling Control Commission (AGCC).

Both of those moves followed Pinnacle being named in a late-2012 indictment by US authorities that linked the site to an illegal messenger betting ring connected with former Cantor Gaming VP Michael Colbert. Pinnacle withdrew from the US market in 2007 but introduced new IP-blocking of US accounts following the indictment. Members of Pinnacle’s previous ownership named in the indictment have since seen their charges either dropped or drastically reduced.

Pinnacle’s new strategy may see it eventually welcomed back into markets that had previously blacklisted the site, including Bulgaria, which tagged a scarlet letter on Pinnacle in July 2013. Russia, which blacklisted Pinnacle in March 2014, is reportedly planning to institute a legal online sports betting regime this June, although who gets to participate remains murky. In case it needs saying, American bettors aren’t advised to hold their breath for a return of Pinnacle to US shores.

Steve Wynn's Salary

Listen Live Welcome to NewsRadio 100.5 KXNT! NewsRadio 100.5 KXNT is dedicated to being the dominant information and talk source for Las [] CBS Sports Radio 1140 and 100.5-2 FM HD2 CBS Sports Radio 1140 and 100.5-2 FM HD2 7255 South Tenaya Way Suite 100 Las Vegas, NV 89113 Business Office: 702-889-7300 Business Fax: 702-889-7373 Gina Massenzi, General Sales Manager, 702-889-7566, [email protected] Kyle Helmick, Promotions & [] LAS VEGAS – Steve Wynn may have recently taken a pay cut as CEO of Wynn Resorts Ltd. but no need for sympathy for the casino-hotel mogul.

Enlighten 3 with Forge puts Greater Control of Dynamic Lighting in…

Geomerics, an ARM Company, today announced the release of the gaming industry’s most advanced dynamic lighting solution yet, Enlighten 3 with Forge. Enlighten 3 delivers cinematic-quality dynamic lighting through an accurate real-time simulation of global illumination; or how light is transferred between surfaces in a scene.

China online gambling bust; Korean site orders DDOS attacks on competitor

Authorities in China have broken up an international online gambling operation based in Hunan province.

China’s official press agency Xinhua quoted Chinese police saying they’d detained 19 individuals following a two-month investigation. A further eight individuals have been targeted for arrest over their roles in the operation of the Shenbo Sun City website, whose servers were based outside the country.

Police said the operation earned a profit of RMB 1.4b (US $$223m) between May 2013 and Oct 2014. Police have frozen approximately 1,000 bank accounts across China containing around RMB 200m. This marks China’s second major bust of 2015, having taken down a similarly large operation in Shandong province in January.

Over in South Korea, authorities have arrested two ‘cyber security experts’ accused of targeting an online gambling site with distributed denial of service (DDOS) attacks. Intriguingly, the hackers were hired by another illegal online gambling operator intent on eliminating his competition.

The Korea Times quoted the National Police Agency saying a man named Yang, the owner of an online security company, was paid a hefty KRW 1b (US $911k) since May 2014 to target the online gambling operator’s competitor on multiple occasions. Neither site operator was publicly identified by police.

On Sept. 25, Yang reportedly hacked into 12k computers and commanded them to spam the targeted site with messages in order to crash its servers. Yang told police he’d agreed to don the black hat because his legal sources of income were “unstable.” Police are continuing to investigate to determine what other DDOS attacks Yang and his henchman might have launched.

SwCPoker Revives Seals With Clubs Bitcoin Online Poker

SwCPoker, the successor to the world’s largest and most used Bitcoin poker network, has relaunched less than three weeks after its predecessor was forced offline by the Nevada Gaming Commission. Seals with Clubs (SWC) unexpectedly went dark on February 11th, the same day founder Bryan Micon would later reveal he was arrested at gunpoint from […]

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Wayne store sells Powerball winner

Wayne store sells Powerball winner Wayne store sells Powerball winner Check out this story on HometownLife.com: http://www.hometownlife.com/story/news/local/wayne-county/wayne/2015/03/02/wayne-store-sells-powerball-winner/24279155/ Steven Cosby, Jr. matched five numbers to win $1 million in the Saturday Powerball drawing. He purchased his winning ticket at Mitch’s Party Store in Wayne.

PPA Launches Anti-RAWA Petition Aimed At Adelson

The Poker Players Alliance, the grassroots non-profit advocacy group devoted to championing the rights of poker players in the United States, has launched a petition against the Restoration of America’s Wire Act (RAWA). The Sheldon Adelson-backed bill that seeks to prohibit all online gaming on a federal level, with the exception of horseracing and fantasy […]

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Macau casino revenue falls 49%; Neptune profits “more disappointing” than hoped

Macau casino gambling revenue tumbled 48.6% to MOP 19.5b (US $2.44b) in February, the ninth straight month of revenue decline in the world’s top gambling hub.

Year-on-year comparisons were always going to be dodgy, given that February 2014’s MOP 38b figure was Macau’s all-time peak month. But this February’s decline marked the lowest monthly total since 2011 and the single biggest year-on-year decline since Macau began issuing public stats on its gambling revenue over a decade ago. Still, analysts had feared the decline could hit 53.5%, so, er, yay?

February’s decline is doubly depressing given the bump that casino revenue traditionally receives from Lunar New Year celebrations. But the Macau Government Tourist Office reported that new year visitor levels fell 2.4% from 2014 and average occupancy rates in the crucial Feb. 18-24 period fell nearly seven points to 87.5%.

VIP gamblers tend to give Macau a wide berth during the new year celebrations in order to avoid crowds. While exact details won’t be released until later this month, Wells Fargo Securities suggested VIP revenue declined 56% in February while mass market revenue fell by one-third.

NEPTUNE OPTIMISTIC DESPITE TWO YEARS OF DECLINE

Further evidence of the increasing paucity of Macau VIP gamblers was revealed in junket operator Neptune Group’s H1 profits, which fell 17.3% to HKD 292.6m ($37.7m) in the six months ending Dec. 31. The company, which controls an estimated 15% of Macau’s VIP gaming market, said the decline was “more disappointing than we expected” and that Macau’s VIP gambling slump was “worse than we first anticipated it as an intermittent pattern.”

Neptune warned that unless the situation reversed itself soon, “it may deter some investors from investing in new capital and expansion in this industry.” Junket operators are already facing a liquidity crunch due to Beijing’s crackdown on corruption, visa restrictions and other factors that resulted in 34 junket operators closing their doors in 2014.

Columbus schools to consider property-tax settlement on original casino site

The tale of the Arena District land that almost became home to Columbus’ casino adds another chapter tonight when the Board of Education is to vote on whether to accept a half-million-dollar property-tax settlement. The issue: What was the parcel worth for that brief period in 2009 and 2010 when, according to a voter-approved amendment to the Ohio Constitution, it was one of only four sites in the state where casino gambling would be legal? In November 2009, Ohio voters cleared the 18.3 acres just west of the Huntington Park baseball stadium as a site where gambling could be conducted, making it much more valuable than the contaminated former tool factory owned by Jaeger Machine Co.

Paddy Power posts record profits thanks to boost from Australia

Irish betting operator Paddy Power posted record profits in 2014 thanks to a strong performance by its Australian online division. Paddy’s group revenue rose 18% to €882m in 2014, while profit before tax rose 21% to €167m.

The 2014 FIFA World Cup helped boost Paddy’s turnover to a record €7b although the company says hold was negatively affected by sports results that had “more ups and downs than Taylor Swift’s love life.” Paddy said there were three separate weeks last year in which nearly all the favorites won, causing bookies to pay out “gazillions” on accumulators.

Paddy’s online operations (including Italy but excluding Australia) saw sportsbook turnover rise 25% as the ranks of online customers grew 21%. But sportsbook revenue rose just 7% to €194.2m as hold dipped one point.

Mobile was again a star performer, responsible for 55% of online revenue. Mobile turnover grew 38% to €1.6b and Paddy says 77% of sportsbook customers made a mobile transaction in December. Paddy suggested mobile betting adoption is now “not far behind using it for setting up one night stands on Tinder!”

Online gaming and ‘other’ revenue rose 18% to €140m despite only 6% growth in active customers. Gains in casino, bingo and B2B offset a decline in poker. Mobile gaming revenue rose 58%, representing 40% of overall online gaming (rising to 45% in December).

Paddy lags its competitors in gaming revenue per active customer, but is taking steps to remedy this “historic under penetration.” Paddy credited its Bulgarian game development base for providing it with new proprietary content, including the Santa’s Spins product, which “beat every game ever launched on the site for month one revenue.”

Paddy’s Italian-facing site saw revenue rise 85% but the division posted a net loss of €14.7m as overall market growth remains “slower than expected.” Paddy says it will complete a review of its Italian operation over the coming months to “position our business better for this market reality.”