Business/Financial
MGM Resorts Expected to Report 2nd Quarter 2012 Loss
NEW YORK – (Associated Press) - MGM Resorts International is expected to report a quarterly loss on charges related to the dwindling value of some casinos when it releases second-quarter results before the market opens Wednesday.
WHAT TO WATCH FOR: How it's dealing with Americans falling desire to spend. The casino and resort operator, in which billionaire investor Kirk Kerkorian holds a major stake, has extensive operations in both Las Vegas, where it's based, and the Asian gambling mecca of Macau.
More Headaches for Zynga as EA Lawsuit Claims Farmville Game Violates Copyright
NEW YORK — (Associated Press) - Electronic Arts Inc. has sued online game maker Zynga saying that its new game “The Ville” infringes its own game, “The Sims Social.”
EA said Friday that “The Ville” is “unmistakable” in its similarity to “The Sims Social,” which launched more than a year earlier. EA says the games are “largely indistinguishable” to a casual observer.
PokerStars Settlement Great for Everyone Except Bwin.party Investors
While nearly everyone in the poker community seemed elated by news of a settlement between the US Government and PokerStars paving the way for that company to some day re-enter the US market, executives and shareholders at one betting firm may have been cursing out all those involved.
Bwin.party it seems has taken quite a hit by the news in recent days. The company has witnessed a 10 percent decline in its share price over the past three days.
Screwed: Sheldon Adelson’s Sands Corp 'Prostitution Strategy' Docs Under Scrutiny
Former Sands CEO Steven Jacobs alleges that casino billionaire Sheldon Adelson and his company, the Las Vegas Sands, engaged in all kinds of illegal activities in Macau, the most notable being a Chinese “prostitution strategy”.
Ladbrokes Vows to Fix Online Woes as Poker Revenue Dips, Shares Drop
(Reuters) - Ladbrokes, Britain's second-biggest bookmaker, pledged on Thursday to fix its ailing digital operations where profits halved in the first six months of 2012 in contrast to a strong online performance by its rivals.
Its British high street business and an improved performance in European retail and telephone operations helped to fuel an 11 percent rise in group operating profit to 106.9 million pounds ($166.6 million) in the first half, just ahead of forecasts.
Shares in Ladbrokes added 1.8 pence to 156.5 pence by 0810 GMT.
Zynga Execs Accused of Insider Trading: Slapped With Lawsuit
Social gaming company Zynga, its executives and bankers were hit with a class action lawsuit Tuesday alleging insider trading.
From MSNBC.com:
Macau Gambling Revenue Slowest Since 2009: Tropical Storm Blamed
(Reuters) - Gambling revenue in Macau, the world's largest gambling market, inched up 1.5 percent in July from a year earlier, the slowest growth since the financial crisis in 2009 as a tropical storm reduced visitor numbers, compounding subdued demand from Chinese gamblers.
July's revenue was 24.58 billion patacas ($3.08 billion dollars), though still ahead of analyst expectations and up from 23.3 billion patacas in June, government data showed on Wednesday. Analysts had forecast July growth to be flat or down 1 percent year-on-year.
Mohegan Sun Posts Profits Plunge More Than Two Thirds
By STEPHEN SINGER
(Associated Press) - The parent company of the Mohegan Sun casinos in Connecticut and Pennsylvania reported Tuesday that third-quarter profit plunged more than two-thirds as new casinos in the Northeast lured away gamblers and remaining customers reduced spending.
The Mohegan Tribal Gaming Authority said that net income for the April-June period was $9.4 million, down nearly 68 percent from the same period last year. Revenue of $344.4 million was down 4.7 percent.
Ladbrokes Cuts Head of Products Trading Richard Ames as Company Struggles
The United Kingdom’s second largest bookmaker, Ladbrokes, has released Richard Ames, Head of Products Trading, in what appears to be a major transitional period for the company. Ladbrokes said he will remain on the board for now but that he "has ceased to perform his executive duties with immediate effect."
888 Holdings 2012 Q2 Revenues Up 17 Percent
(Reuters) - Online gaming company 888 Holdings said revenues in July were up by 10 percent so far but added that it was not yet clear what effect the London Olympics would have on its business.
Second quarter revenues rose 17 percent to $92 million, the company said. Earlier this month 888 raised its forecast for full-year core profit thanks to a stronger performance at its casino and poker business.
Third quarter trading started in line with expectations, with July's average daily revenue 10 percent above a year ago, the company said.
Genting Singapore Shares Fall to 2-Year Low
(Reuters) - Shares of Genting Singapore GENS.SI fell as much as 2.3 percent to its lowest in nearly two years, after rival Las Vegas Sands' LVS.N second-quarter earnings miss raised concerns over the Singapore casino operator's results.
By 0222 GMT, Genting shares were 1.6 percent lower at S$1.26, with 30.2 million shares changing hands, compared to its full-day average volume of 35.2 million shares over the last five sessions.
Las Vegas Sands Sees Huge 35 Percent 3rd Quarter Plunge
LAS VEGAS — (Associated Press) - Las Vegas Sands Corp. said Wednesday that second-quarter profit tumbled by 35 percent as the casino operator’s table winnings fell at home and in Asia.
Chairman and CEO Sheldon Adelson said the results didn’t meet his expectations. They didn’t meet Wall Street’s, either.
Shares of Las Vegas Sands fell 88 cents, or 2.3 percent, to end regular trading at $37.51. After more than an hour of extended trading after the results came out, the shares had lost another $2.47, or 6.6 percent, to $35.04.
Zynga Earnings Miss: Las Vegas Sands Falls Short Too
Zynga, which runs the world’s biggest free-to-play online poker room, slashed its outlook after trading.
Pendula: ‘If Zynga Stock Gets Nailed, I Intend to Add Aggressively to My Position’
All eyes are on Zynga later this afternoon (July 25, 2012) as that popular social gaming firm is set to release its financials.
Zynga Earnings May Surprise Wednesday: Investors Eagerly Await Las Vegas Sands Numbers
Wednesday July 25, 2012 will be a big day in the world of gambling stocks as investors eagerly await earnings reports from both Zynga and the Las Vegas Sands.
Gambling Sector Anxiously Awaiting Las Vegas Sands 2012 Q2 Earnings Wednesday
Sheldon Adelson’s Las Vegas Sands (LVS) earnings report for 2012 Q2 was to come out on Wednesday, expected after the market closes.
Early forecasts from Wall Street call for an 11 percent increase in earnings per share, to 60 cents while revenue is expected to jump almost 19 percent for $2.783 billion.
Zynga to Report Earnings on Wednesday: Online Poker Could Provide Big Boost
Yesterday, Gambling911.com reported on how Zynga was already in the process of negotiating “real money” platforms for its uber popular Texas Hold’em online poker game. On Wednesday (July 25, 2012), the company is set to report earnings.
Wynn Resorts 2Q Net Income Rises, but Revenue Down
By SAMANTHA BOMKAMP
The Associated Press
NEW YORK — (Associated Press) - Wynn Resorts Ltd. said Tuesday its second-quarter earnings rose from the same quarter last year, which was weighed down by a hefty charge. But revenue fell at its operations in both Las Vegas and the Asian gambling center of Macau.
888 Poker, Casino Revenue Stun Investors: Share Price Rises 14 Per Cent
The week ended solid for 888 Holdings, parent company of the world’s 4th largest online poker venture, 888Poker.com.
Stocks sored up 14 per cent on news that company profits were “materially ahead”, due in part to a strong presence in the Spain market.
The firm is now the second-biggest player in the Spanish poker market after PokerStars.
Caesars First Time Falling Below IPO
Gaming giant Caesars Entertainment has fallen slightly below its IPO price for the first time since it went public five months ago. At that time the stock had shot up 71 percent during its first day of trading, reaching a high of $17.90.
Euro 2012 Marred Results at Bwin.Party
(Reuters) - Bwin.Party Digital Entertainment (BPTY.L), the world's largest listed online gaming group, said a run of predictable results in the Euro 2012 championship marred a solid performance in its casino and bingo operations in the second quarter.
The company said its trading performance since the beginning of April was broadly in line with expectations, with solid performances in bingo and casino being offset by continued pressures in poker.
888 Holdings Enters US Online Gambling Market With WMS Gaming Alliance
888 Holdings announced on Monday plans to enter the US online poker market through an alliance with slot machine developer WMS Gaming Alliance. 888 will offer free play poker in the initial stages.
Zynga Celebrates 5th Birthday
The social gaming network Zynga is celebrating its 5th birthday – anniversary, whatever you want to call it - today July 2, 2012.
Ladbrokes Share Price Plummets 12 Percent: Weak Margins Cited
Ladbrokes, one of the UK’s largest bookmakers, saw its shares fall almost 12 per cent after issuing a profit warning due to declining revenues in its online business.
From Christopher Thompson of the Financial Times:
Facebook to Allow app Developers to Charge for Subscriptions
NEW YORK, N.Y. – (Associated Press) - Facebook is letting app developers charge subscription fees, in addition to existing one-time payments, for games and other applications on its site.
Facebook Inc. said on its developer blog Tuesday that the subscription feature will be available in July. The changes open up a new revenue stream for developers as well as for Facebook, which takes a 30 per cent cut from all payments on its site.
Churchill Downs Looking for Acquisitions
By BRUCE SCHREINER, Associated Press –
The track also has dabbled with night racing since 2009. Attendance for the 15 night racing events since that time has averaged 26,000 fans, more than three times the attendance on equivalent days, the company said.
Night racing features music and other fan-friendly offerings along with racing.
"While the broad thoroughbred racing industry may be in decline, there is still a growing, profitable market for top-flight racing combined with entertainment," Evans said.
Zynga Trading Halted After Facebook Debut Sparks 13 Percent Drop
SAN FRANCISCO -- (Market Watch - Shares of Zynga Inc. were halted in morning trades Friday after the stock fell by more than 13 percent.
Trading was halted after Facebook Inc. began trading in its much-awaited initial public offering.
Mark Zuckerberg was Wearing WHAT Friday as Facebook Went Public: Hoodie and Suit Odds
Bookmaker has released odds on what Facebook founder Mark Zuckerberg will be wearing Friday as his company begins trading. (find odds here)
Facebook Closing Price on Opening Day Odds Released: Betting Available
Bookmaker has released odds on the Facebook closing price at the end of opening day May 18, 2012 (find odds here).
Facebook has priced its IPO at $38 million ahead of Friday’s opening bell.
Facebook IPO Good for Internet Gambling: Zynga Should Begin Offering ‘Real Money’ Play Right Away
One of the immediate beneficiaries of this week’s Facebook IPO should be the Internet gambling industry. Facebook has been making overtures towards the multi-million dollar sector via its hugely popular Zynga Poker platform.
While Facebook may have to wait a little while before offering “real money” online poker to US players, the company could look to profit from jurisdictions where Web gambling is already clearly legal.