Business & Financial
Galaxy's H1 Net Profit Jumps Ninefold on New Casino
HONG KONG - (Reuters) - Macau casino operator Galaxy Entertainment, posted a ninefold increase in first-half net profit, beating expectations as its new casino cashed in on a steady flow of Chinese visitors keen to try their luck in the world's largest gambling destination.
Although China's economic slowdown is threatening to rein in the flow of visitors that made Macau one of the fastest-growing economies in 2011, Galaxy is seen as better positioned than most rivals as its new casino benefits from high traffic on Macau's glitzy Cotai strip.
Sheldon Adelson’s Las Vegas Sands Allegedly Tied to Organized Crime Figure
Reuters was reporting late Sunday that the Las Vegas Sands had allowed a man identified by the US Senate as an “organized crime figure” to move US$100k in gambling credit from the Sheldon Adelson managed Sands to one of its Macau-based casinos.
Documentation of this alleged incident emerged in the wake of a lawsuit filed by a former Sands employee who previously claimed prostitution was permitted on the Sands Macau property.
From Rueters:
Reno Nevada’s Atlantis Casino Resort Spa Among Those That Get First Online Poker License
Monarch Casino & Resort Inc, owners of Reno Nevada’s Atlantis Casino Resort Spa, received final approval to operate an online poker venture within the Silver State’s borders on Thursday. Las Vegas hotel and casino, South Point, and Global Cash Assets Holdings were also granted a license by the state Gaming Commission.
Gambling Expansion Referendums on Ballots in Both Rhode Island and Oregon
Both Rhode Island and Oregon will let voters decide on proposed gambling expansion in their respective states.
In both matters, powerful Tribal casino operators are in staunch opposition.
South Point Poker, Monarch Interactive Given Final Approval to Operate Online Poker in Nevada
LAS VEGAS — (Associated Press) - Nevada gambling regulators have approved three companies' plans to participate in Internet poker sites accessible only within state boundaries, although the sites themselves have a few hurdles to clear.
The Nevada Gaming Commission on Thursday approved South Point Poker LLC for the state's first interactive gambling operator's license. Reno-based Monarch Interactive Inc. was also licensed as an operator.
The Las Vegas Sun reports Global Cash Access Holdings, Inc., was licensed to provide online payment services.
Probe Requested Into Revel Casino Financial Troubles: Credit Relief Obtained
ATLANTIC CITY, N.J. (Associated Press) - Atlantic City's newest casino has some more room to breathe.
Revel signed a new credit deal Wednesday night allowing it to borrow up to $100 million.
That deal came hours before a union president called on state casino regulators to investigate whether Revel is financially stable - a key requirement for running a casino in New Jersey.
Revel CEO Kevin DeSanctis says the credit deal guarantees the business adequate operating funds through 2013.
BetFred Pays Out on Sam Oldham’s Granny Olympic Bet Following Public Outcry
BetFred advised Gambling911.com late Thursday it had decided to pay out on an Olympic bet placed by the grandmother of Olympic gymnast Sam Oldham, ending a brief - albeit ugly - chapter in the company’s history.
The British bookmaker had endured extensive negative press over a 48 hour period after it was learned they had refused to honor a bet placed by Oldham’s grandma, Linda Aldred, that would have paid out £1000.
Twitter Followers Have Beef With BetFred Over ‘Void’ Granny Bet: Firm Responds
Late Thursday, British bookmaker BetFred, run by multi-millionaire Fred Done, refused to budge in regard to paying the grandmother of Olympic swimmer Sam Oldham. Many across the nation – and the world for that matter – have taken to Twitter to voice their outrage and hopefully pressure BetFred into doing what they believe to be the right thing.
Player Verify Applies for Nevada Online Gambling License
Online poker sites in Nevada have 30 days after a player registers to collect detailed identifying information about that player. The policy is known as Know Your Customer, or KYC, and it can be especially problematic for gambling sites that lack the verification tools to properly conduct KYC activities. But with Player Verify’s recent application for a Nevada online poker service provider license, KYC will soon become simple and accurate for Nevada-based online poker companies.
Springfield Mass Might be Getting Massive New MGM Casino
SPRINGFIELD, Mass. — (Associated Press) - Casino giant MGM Resorts International re-entered the Massachusetts casino sweepstakes on Wednesday with an ambitious $800 million plan for a resort entertainment complex in the heart of downtown Springfield.
Pay Grandma BetFred! Bookie Berated in London Press
The headlines these past 24 hours have been jarring.
From the Daily Express: I’ve Won 200-1 Bet on My Grandson at Olympics….But Bookies Won’t Pay Up
From the San Francisco Chronicle: British Bookmakers Won’t Pay Out Grandmother’s Winning Bet
Revel Casino Downgraded by Moody’s
Troubled Revel Casino has been downgraded by Moody’s Wednesday.
The newest Atlantic City casino reported the biggest losses in that New Jersey gambling Mecca during its first several months of operation.
Poker Player Nancy Todd Submits 121,503 More Signatures for Arkansas Casino Measure
By ANDREW DeMILLO, Associated Press
LITTLE ROCK, Ark. (Associated Press) - A professional poker player who wants to put a casino legalization measure on the ballot has submitted more signatures to state election officials. But it's unclear whether she'll be able to put her proposal before voters this fall.
PokerStars Founder Isai Scheinberg Could See Charges Dropped in Wake of Poker Ruling
Following a New York federal judge ruling proclaiming poker as a “game of skill” and not “gambling” under current federal legislation, there is talk that charges against PokerStars founder Isai Scheinberg could soon be dropped.
Scheinberg founded what is today the world’s largest “real money” online poker room the very day the World Trade Centers were under attack in New York City, September 11, 2011.
Sam Oldham Granny Gets Shafted by BetFred.com: Bookie Refuses to Honor Olympic Bet
British bookmaker BetFred.com has refused to pay out on a 200/1 bet placed by Olympian Sam Oldham’s grandmother that he would win a medal at this year’s London Olympics. Oldham ended up winning a gymnastic team bronze medal representing Great Britain.
Carbon Poker Removes Bad Beat Jackpots: Move is to Improve ‘Healthier Room Ecology’
Carbon Poker, and the entire Merge Gaming Network for that matter, has announced they will no longer be offering Bad Beat Jackpots effective once the final BBJ goes off.
From the Carbon Poker website:
Ailing Revel Casino Seeks Help From Lenders
ATLANTIC CITY, N.J. -- (Associated Press) - Atlantic City's newest casino is seeking some breathing room from its lenders.
Following a slow start out of the gate and a $35 million operating loss, Revel is asking its lenders to increase the amount of credit it can draw on.
The casino, which opened in April, has $30 million worth of credit, but wants to increase that to $100 million.
This Sucks! Dracula Poker The Latest Online Card Room to Abruptly Shut Its Doors
Another one bites the dust and this time it’s none other than the online poker room known as Dracula Poker. Dracula Poker închis.
Newest Theme For a Las Vegas Hotel: It’s Detroit!
Imagine taking an exciting vacation to a popular tourist destination...
Paris.
New York.
Venice.
Detroit.
Detroit? How did that get in there?
According to some folks in Las Vegas, there's no reason for it not to be on the list.
That's why the next big new hotel-casino to open in Las Vegas is going to have the theme of--wait for it--Detroit!
Thiel Sells 20 million Facebook Shares After IPO Lockup Expired
NEW YORK — (Associated Press) - Peter Thiel, one of Facebook’s earliest investors and a member of its board, was among the insiders selling stock in the social network after a lockup expired last week.
A regulatory filing on Monday said that Thiel, a former CEO at PayPal sold about 20 million shares of Facebook through affiliates such as his Founders Fund and other entities last week. The shares were sold on Thursday and Friday for between $19.27 and $20.69, for a total of about $396 million.
Heritage Sportsbook Joins the Winning Poker Network: First Time to Offer Online Poker
One of the oldest online sportsbooks, the member referral Heritage Sports, has just joined the Winning Poker Network. A number of top sportsbooks utilize the network including Bookmaker.com, BetDSI.com, betCRIS.com and 5Dimes. Americas Cardroom is Winning Poker Network’s marquee brand.
‘Run It Twice’ Could Debut on PokerStars in September: Reduces All-In Variance
PokerStars, the world’s largest real money online poker room, is reportedly set to introduce “Run It Twice”, a popular feature of high stakes poker games.
From PokerFuse.com:
Unshuffled Cards a Costly Headache for Atlantic City
Wayne Parry, Associated Press
ATLANTIC CITY, N.J. (Associated Press) — At first, it seemed like a coincidence, the kind of thing that happens from time to time at a casino, where the same number or same sequence of cards happens twice in a row.
But when the players at an April game of mini-baccarat at the Golden Nugget Atlantic City kept seeing the same sequence of cards dealt, over and over and over again, their eyes grew wide and their bets grew bigger, zooming from $10 a hand to $5,000.
Professional Poker Player Nancy Todd Wants Control Over Arkansas Casinos
Professional poker player Nancy Todd is looking to control casinos in four Arkansas counties via a ballot proposal, the Associated Press was reporting on Monday.
Todd said that she was required to submit a new proposal after Secretary of State Mark Martin found that the measure improperly omitted a reference to a state gambling law that would be repealed.
The ballot wording was ruled to be “unfit” by Martin’s office last week and will issue a new ruling on the amended ballot wording within the next 15 days.
Hollywood Casino Columbus Scheduled to Open in October (2012): Biggest in Town
COLUMBUS —(Associated Press) - Developers are ready to provide a peek on Monday at the new Hollywood Casino Columbus, which will offer gambling in the state capital as the third and largest of four casinos approved by voters.
Playtech, iPoker Internet Poker Network’s Teddy Sagi to Float Energy Company Genesis
Teddy Sagi, the Israeli billionaire who founded online gambling software firm Playtech and its Web poker network iPoker, is set to float his energy company on London’s AIM this week.
Genesis Energy, a Middle East focused gas explorer, is 40 percent owned by Sagi.
It is his intent to raise between $90m-$120m through the Initial Public Offering, valuing the group’s equity at as much as £500m.
If successful, the IPO would be the largest on Aim this year.
Tottenham Hotspur, Everton Football Clubs Join Forces With Betting Firms
Just days after the world’s largest sports betting company, Bwin, announced it has joined forces with publicly traded Manchester United as part of a sponsorship deal, two more betting firms have announced shirt sponsorships with Premier League football clubs.
Revel in Atlantic City Loses Money First 3 Months of Operation: Other AC Casinos See Profit
ATLANTIC CITY, N.J. (Associated Press) — Atlantic City's newest casino lost $35 million in its first three months of operation, while the gambling resort's other 11 casinos posted an increase in gross operating profit.
In a report issued Friday by the state Division of Gaming Enforcement, Atlantic City's casinos excluding Revel showed a 12.5 percent increase in profit from the same period in 2011, from $136 million to $153 million.
However, revenues at the 11 casinos fell about 8 percent compared to 2011's second quarter, from $855 million to $785 million.
Software Developer Executives Arrested in Connection with ‘Online Gambling Scheme’
Several executives from a Fort Worth, Texas software development company have been arrested Friday and charged with money laundering, felony gambling and organized criminal activity.
The company, HEST Technologies, claims to develop promotional systems for sweepstakes cafes, Internet cafes and nonprofit organizations.
Authorities allege the company's "sweepstakes" systems constitute illegal gambling devices by claiming to sell a lawful service as a means to induce people into gambling.
Facebook Shares Hit Another All Time Low
By Alexei Oreskovic
(Reuters) - Facebook Inc (FB.O) shares sank as much 4.3 percent on Friday to set a new low, a day after early investors got the green light to sell for the first time.
More than 270 million shares owned by the early investors became available for trade on Thursday after a 3-month curb on sales ended. That's more than one-half the 421 million shares sold in its initial public offering on May 18. [ID:nL2E8JG39E]
