Top Gambling News: Zynga Downgrade, Facebook Upgrade, Wynn in Mass

Written by:
Nagesh Rath
Published on:
Top Gambling News:  Zynga Downgrade, Facebook Upgrade, Wynn in Mass

These are the top gambling news stories here at Gambling911.com Sunday June 23, 2013. Follow us on Twitter here.

*Zynga and Facebook Good News, Bad News From Wall Street - Two social media companies looking to enter the real money online poker sector received important analyst updates on Friday, one good, one not so good.

Facebook picked up a Buy rating from UBS, claiming that new monetization efforts could force the Street to bring estimates higher.

A $30 price tag was placed on the shares with the potential there for a $36 in upside. ”Based on our checks, Facebook plans to begin selling Newsfeed video ads in 2H 2013. Our estimates assume that Facebook will be able to monetize daily video ad slots in the sevenfigure range,” the firm said.

The news was not so good for the world’s largest free-to-play online poker provider, Zynga.  It was brought down from Equal Weight to Underweight by Morgan Stanley, which cited a timely transition to mobile and increasing competition.  The price target has been lowered from $3.00 to $2.60 as a result.

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*Voters Approve Everett, Massachusetts Wynn Casino Resort Deal - EVERETT, Mass. (Associated Press) -- Voters in Everett overwhelmingly approved an agreement between city officials and Las Vegas casino mogul Steve Wynn, who wants to build a $1.2 billion resort casino at the site of a former chemical plant on the Mystic River.

Saturday's vote was the first binding referendum on a casino proposal since passage of the state's expanded gambling law in 2011.

The host community agreement was backed by a better than 6-1 margin, according to the city clerk. Passage was required before Wynn could apply to the state gambling commission for one of the three casino licenses allowed under the law.

"The decision of the Massachusetts Legislature to require community approval of gaming developments was a wise one," Wynn said after the vote in a statement released by his firm, Wynn Resorts. "It is rooted in the common sense notion that for any development to be meaningful, it must have robust support within the community.

"The voters of Everett have spoken clearly and decisively. The vote heightens our enthusiasm and dedication to this fine project," added Wynn, whose prominent Las Vegas properties include Bellagio and The Mirage.

*Jeff Madsen Wins 3rd WSOP Bracelet - Jeff Madsen won his third gold bracelet in Event 35, a $3,000 Pot-Limit Omaha tournament, early Saturday morning at the Rio All-Suite Hotel and Casino. Madsen is best known for earning World Series of Poker Player of the Year honors in 2006 following four final table appearances including two gold bracelet wins.

Madsen's most recent victory earned him $384,420 and the coveted gold bracelet.

Here are the final table results for the $3,000 Pot Limit Omaha event:

1st: Jeff Madsen - $384,420

2nd: Douglas Corning - $237,374

3rd: Michael Maryska - $154,312

4th: Danny Hannawa - $113,340

5th: Scott Clements - $84,424

6th: Ryan Chapman - $63,702

7th: William Black - $48,624

8th: Joni Jouhkimainen - $37,529

9th: Jason DeWitt - $29,265

- Nagesh Rath, Gambling911.com