Monthly Archives: October 2015

MGM Resorts looks to dump $4b in debt via real estate investment trust

Casino operator MGM Resorts International reported better than expected Q3 earnings while finally revealing its plans to hop on the real estate investment trust bandwagon.

MGM reported net income of $66.4m in the three months ending Sept. 30, compared to a $20.3m loss in the same period last year.

Of the three US casino operators doing business in Macau, MGM is by far the least reliant on its Asian operations. So while MGM China’s numbers were bad – revenue down 33% to $529m and earnings down 40% to $128m – its performance was overshadowed by good growth at MGM’s US operations.

Revenue at MGM’s wholly owned domestic properties rose 4% to $1.6b, while earnings were up 25% to $411m. Casino gaming revenue improved by 4% as a 2% rise in slots handle offset a 1% fall in table drop. Room revenue rose 8% as occupancy improved one point to 96% and average daily room rates rose $10 to $141.

iPoker the only negative number on Playtech’s Q3 earnings report

Online gambling software supplier Playtech saw poker revenue fall by one-quarter in Q3, spoiling an otherwise perfectly upward earnings report.

Playtech reported overall revenue up 47% to €170.9m in the three months ending Sept. 30, although a good chunk of the gain was attributable to its new financial services division, which added €27.5m to the total. Without the new add-ons, Playtech’s gaming operations were up a more modest 23% to €143.4m.

Playtech’s gaming division was led by its casino vertical, which gained 21% year-on-year to €75.4m, while services revenue improved 18% to €40.1m. The struggling iPoker division generated revenue of €2.5m, down 25% year-on-year and off 13% from Q2 2015. All other gaming segments were firmly in positive territory, led by sports betting (€8.9m, +25%), land-based gaming (€8.3m, +134%), bingo (€5.3m, +15%) and ‘other’ (€3m, +88%).

Regulated markets accounted for 73% of the gaming division’s growth in the third quarter, pushing the regulated market share of gaming revenue up five points to 40%. Mobile also flexed its muscle, rising six points to 23% of software revenue.

iPoker the only negative number on Playtech’s Q3 earnings report

Online gambling software supplier Playtech saw poker revenue fall by one-quarter in Q3, spoiling an otherwise perfectly upward earnings report.

Playtech reported overall revenue up 47% to €170.9m in the three months ending Sept. 30, although a good chunk of the gain was attributable to its new financial services division, which added €27.5m to the total. Without the new add-ons, Playtech’s gaming operations were up a more modest 23% to €143.4m.

Playtech’s gaming division was led by its casino vertical, which gained 21% year-on-year to €75.4m, while services revenue improved 18% to €40.1m. The struggling iPoker division generated revenue of €2.5m, down 25% year-on-year and off 13% from Q2 2015. All other gaming segments were firmly in positive territory, led by sports betting (€8.9m, +25%), land-based gaming (€8.3m, +134%), bingo (€5.3m, +15%) and ‘other’ (€3m, +88%).

Regulated markets accounted for 73% of the gaming division’s growth in the third quarter, pushing the regulated market share of gaming revenue up five points to 40%. Mobile also flexed its muscle, rising six points to 23% of software revenue.

Massachusetts considers daily fantasy sports regulations as FanDuel CEO calls for “consumer protection requirements”

The CEO of daily fantasy sports operator FanDuel has issued a public call for legislators to impose regulation on his industry, provided such oversight is not too onerous and nobody calls it gambling.

In a letter to FanDuel customers, Nigel Eccles said the DFS industry had grown sufficiently large that it needs “strong, common sense, enforceable consumer protection requirements to ensure its continued growth and success.”

Eccles said such protections would include age and location verification, segregation of player funds from the sites’ operating capital, data protection, third-party audits and “safeguards against use of proprietary contest information,” the latter item a reflection of the DraftKings’ data leak controversy that sparked this month’s media feeding frenzy on DFS.

Eccles said some “smart, but tough proposals” were emerging in state legislatures that he believed would serve as “the basis for the sensible regulation of the fantasy sports industry.” Both FanDuel and DraftKings have publicly supported this week’s proposal by Illinois state Rep. Mike Zalewski to require DFS operators to adhere to certain “consumer protections” while sparing them from being labeled as gambling businesses and taxed accordingly, like Pennsylvania has proposed.

The Wynn Strip Esplanade

Last week, Towbin Motorcars issued an official press release announcing their purchase of the Wynn Pense Ferrari Dealership , as well as the onboarding of Wynn Penske employees. Wynn PR confirmed the Ferrari dealership closure to local reporters researching the validity of a TMZ article that was inspired by our post .

Duthie Takes Aim at Poker Hall of Fame

John Duthie, creator of the EPT, has lashed out of at the selection process of the Poker Hall of Fame, which he says has become a “sort of Madame Tussauds’ of US Poker.” Writing in an op-ed for PokerNews.com, Duthie criticized the lack of non-US players in the celebrated gallery at Binions in downtown Las […]

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Duthie Takes Aim at Poker Hall of Fame

John Duthie, creator of the EPT, has lashed out of at the selection process of the Poker Hall of Fame, which he says has become a “sort of Madame Tussauds’ of US Poker.” Writing in an op-ed for PokerNews.com, Duthie criticized the lack of non-US players in the celebrated gallery at Binions in downtown Las […]

The post Duthie Takes Aim at Poker Hall of Fame appeared first on .

Phil Hellmuth Backs out of Coaching November Nine Short Stack Federico Butteroni

Phil Hellmuth is a man of his word, except when he isn’t. The “Poker Brat” had agreed to coach Federico Butteroni in preparation for the 2015 WSOP Main Event final table. As it turns out, Hellmuth would rather have a free dinner. Hellmuth told his Twitter followers he is unavailable to coach Butteroni. The pair […]

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Phil Hellmuth Backs out of Coaching November Nine Short Stack Federico Butteroni

Phil Hellmuth is a man of his word, except when he isn’t. The “Poker Brat” had agreed to coach Federico Butteroni in preparation for the 2015 WSOP Main Event final table. As it turns out, Hellmuth would rather have a free dinner. Hellmuth told his Twitter followers he is unavailable to coach Butteroni. The pair […]

The post Phil Hellmuth Backs out of Coaching November Nine Short Stack Federico Butteroni appeared first on .