Monthly Archives: August 2017

Atlantic City casino profits up nearly one-fifth in 2017

Atlantic City’s seven surviving casinos saw their collective net profit jump by nearly one-fifth in the first half of 2017 despite revenue remaining relatively flat over this period.

Figures released Tuesday by the New Jersey Division of Gaming Enforcement (DGE) show total casino revenue of $1.69b in the six months ending June 30, a mere 0.6% rise over the same period last year.

However, H1 operating profit spiked 19.1% to $308.6m, although this was slightly below the 21% profit rise reported in H1 2016. For the second quarter by itself, profit was up slightly less, rising 11.1% year-on-year to $169.4m, while revenue actually fell 0.5% to $876.6m.

It should be noted that both prior-year periods featured contributions from the now shuttered Trump Taj Mahal, which closed in October 2016. The Taj was subsequently acquired by Hard Rock International, who plan to relaunch the property in summer 2018 as Hard Rock Atlantic City following a $500m music-themed makeover.

PokerGO continue to excel with the addition of live WPT content

The world’s best poker TV show has joined the world’s best online digital media outlet, as PokerGO plans to stream Season XVI of the World Poker Tour on their subscription site.

PokerGO continues to rewrite poker digital media’s genetic code after announcing Livestream coverage of Season XVI World Poker Tour (WPT) Main Event Final Tables.

The WPT has acted as poker’s gateway drug for the past 16-years. With televised action beamed into the living rooms of over 150 countries and territories. It is the best TV show on the planet, and it’s now available on the best online digital media outlet on the planet.

Poker Central has come a long way since its decision to drop their 24-hour Poker TV Channel philosophy, and instead, provide the poker community with content that they love in a format that they love.

EPL week 2 review: Everton Draw at City; Rooney scores 200th league goal

The second week of Premier League action ended with a 1-1 draw between Man City and Everton, and a moment of history for Wayne Rooney.

I am fascinated to see how Everton fair against the big boys, this season. Ronald Koeman shelled out £140m this summer, and with that comes a certain amount of pressure that was missing when Everton was a mediocre middle of the table team.

We didn’t have to wait long.

Everton travelled to the Etihad to face the Premier League favourites Man City in their second game of the season. City themselves had invested heavily in the transfer market during the summer, hacking away at the average age of the club with a £215m injection of young blood.

Aspire Global to launch Captaincharity.com, world’s first giving-based online casino

Aspire Global, the complete iGaming solution for operators and white labels, has announced the launch of Captaincharity.com from Good Guys Media company , a new casino brand that represents a revolutionary approach to online gaming.

Inspired by a unique vision and a mission to change the face of the gambling industry, Captaincharity.com is to give away fully 50% of its net profits to a range of charities and environmental organizations and is guided by a fresh attitude towards responsible gambling based on total transparency.

The new brand will be powered by ASG’s comprehensive solution, including its complete suite of in-house services such as bespoke CRM, multilingual Customer Support and multi-market licenses.

The eagerly anticipated launch of Captaincharity.com marks another milestone for Aspire Global, continuing a growth curve that has seen numerous new brands unveiled in 2017, as well as the successful migration of 4 established casino brands.

Lottery fraudster Eddie Tipton sentenced to 25 years

Convicted lottery fraudster Eddie Tipton has been sentenced to 25 years in prison just as America braces for the second-highest jackpot in Powerball history.

In June, Tipton reached a deal with Iowa prosecutors to plead guilty to a single count of ongoing criminal conduct related to his role in a conspiracy to rig Multi-State Lottery Association (MUSL) drawings. At the time, prosecutors announced they would seek the maximum punishment available.

On Tuesday, District Court Judge Brad McCall sided with those prosecutors, sentencing Tipton to the maximum 25 years in prison, although Tipton will be eligible for parole in as little as three years’ time. A Wisconsin judge previously sentenced Tipton to five-and-a-half years after he pled guilty to theft, fraud and computer crime, but McCall will be allowed to serve both sentences concurrently.

Tipton and his co-scammers – brother Eddie Tipton and mutual friend Robert Rhodes – claimed seven fraudulent lottery jackpots in five different states over a number of years before their scam spectacularly unraveled in 2011 when they made a ham-fisted attempt to anonymously claim their largest prize, a $16.5m Iowa Lottery Hot Lotto jackpot.

New York threatens Senecas’ Niagara Falls casino monopoly

New York Gov. Andrew Cuomo is threatening to end the Seneca Nation of Indians’ casino exclusivity in Niagara Falls unless the tribe resumes revenue-sharing payments with the state.

In March, the Senecas announced that its three upstate casinos in Buffalo, Niagara Falls and Salamanca would stop remitting a 25% share of their slot machine revenue – worth approximately $125m per year to state and local governments – on April 1. The tribe argued that its gaming compact allowed it to stop making the payments once the compact’s initial 14-year term concluded at the end of 2016.

On Monday, the Buffalo News quoted a Cuomo spokesman threatening that the state would authorize a new commercial casino in Niagara Falls if the Senecas failed to resume their revenue payments to the state and to the local host communities in which the Seneca gaming venues operate. The Seneca Niagara Casino is the tribe’s most lucrative gaming venue.

This isn’t the first time Cuomo (pictured) has issued his Niagara Falls ultimatum, having made similar threats in 2013 when the parties were at loggerheads over local racetracks adding slots to their gaming mix. That impasse was eventually resolved after the state admitted it had violated the terms of the gaming compact and allowed the Senecas to keep $200m in withheld revenue sharing payments.

SunCity Group affiliate issues H1 profit warning

An affiliate of leading Asian casino junket operator SunCity Group has warned investors that it expects to take a significant profit hit when it reports its H1 2017 results later this month.

On Monday, SunCity Group Holdings Ltd alerted the Hong Kong Stock Exchange that a preliminary assessment of its performance over the first six months of the year suggests that it will record “a significant increase in its loss attributable to owners of the Company” in the six months ending June 30.

SunCity claimed the expected losses were due to a number of factors, including a RMB 698m (US $104.7m) loss on change in fair value of derivative component of some convertible bonds, a RMB 412m loss due to litigations against two wholly-owned subsidiaries based in mainland China, additional tax expenses of RMB 99m and a RMB 150m gain from the reversal of impairment loss on trade and other receivables.

SunCity cautioned that these estimates are based on unaudited preliminary assessments, and that the final numbers – which will be released on August 28 – are subject to change. SunCity Group Holdings reported a net loss of nearly RMB 65m in H1 2016.

GVC’s latest bid for Lads Coral fails; PartyPoker exit Australia

UK-listed online gambling operator GVC Holdings has once again aborted discussions to acquire UK rival Ladbrokes Coral Group.

On Tuesday, UK media reported that GVC had made a new offer to acquire Ladbrokes Coral, the online/retail gambling behemoth created last year via the £2.2b merger of Ladbrokes and Gala Coral Group. Sources claimed talks had been going on for several weeks but fell apart for a number of reasons, including a failure to agree on a valuation of the company.

The Financial Times reported that GVC had offered £2.7b for Lads Coral, or roughly 140p per share, although GVC reportedly proposed boosting that per-share offer by 50p, which would have pushed the total offer to £3.6b.

This £900m top-up was reportedly contingent on the findings of the UK government’s pending triennial review of the gambling industry. The review, which is expected to be released this autumn, could result in further restrictions on gambling advertising as well as potentially significant curbs on the use of fixed-odds betting terminals (FOBTs) in betting shops. Ladbrokes Coral relies on FOBTs for a significant chunk of its revenue.