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.
William Hill Appeals Horse Race Betting Levy
William Hill, the largest bookmaker in the United Kingdom, announced on Monday (August 6, 2012) it was appealing a case in the Court of Appeal that exempts customers of betting exchanges from being liable for paying a horse racing levy.
Hill has specifically cited rival betting exchange Betfair in regard to the exemption.
Bodog Poker Exits Eastern European, Portions of Asian Market
Bodog Poker this weekend announced it was exiting the emerging online poker market of Eastern Europe and portions of Asia.
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.
86 Percent of Respondents Would Play ‘Real Money’ Online Poker if Legal in US
A survey conducted by GoldenNuggetPoker.com revealed that 86 percent of its customer base would play online poker for “real money” should the activity become legal in the US.
GoldenNuggetPoker.com currently offers a “free-to-play” platform only.
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.
PokerStars Will Have Tough Time Obtaining License in Nevada
In a report filed by CardPlayer.com’s Brian Pempus this week, it was revealed that PokerStars will have some serious “credibility issues to overcome” should it want to obtain a license to operate an online poker site from the state of Nevada.
Moore Games Accuses Playtech ‘s iPoker Network of Holding Funds, Not Paying Players
Playtech and its iPoker Network arm went on the defensive this week, denying claims made by its former Swedish poker skin Moore Games, that they are the one’s holding player funds.
Dusty ‘Leatherass’ Schmidt Becomes First Americas Cardroom Elite Pro
Dusty "Leatherass" Schmidt will represent Americas Cardroom at poker events (including the upcoming Punta Cana Poker Classic in November), and will also create blogs for the site's members. He will also be closely involved in the selection of other pros for the ACR Elite team, seeking players who are dedicated to the online game and are active in social media.
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.
Shamballa Jewels Renews Partnership with European Poker Tour for Season 9
EPT President Edgar Stuchly today announced that the European Poker Tour will partner with Shamballa Jewels for a third consecutive year and confirmed the luxury jewellery brand as the Official Bracelet Sponsor of the European Poker Tour Season 9 High Roller and Super High Roller events.
This announcement marks the second major EPT Season 9 sponsorship deal after Slyde by HD3 watches was confirmed as the Official Watch Sponsor of the European Poker Tour Season 9 Main Events.
CNBC: Sheldon Adelson Casino Probed in ‘Prostitution Probe’
Casino billionaire Sheldon Adelson’s Sands Casino in Macau is reportedly under investigation by the local Chinese Government according to a CNBC report.
The company reportedly transferred documents linked to a wrongful dismissal case to the United States from Macau.
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.
Leaked Email: PokerStars Chairman Seeks World Domination
Following news that the world’s largest “real money” online poker venture, PokerStars, will be acquiring its one time second biggest rival, revelations have surfaced regarding Stars intent and its pursuit of world domination, at least within the Internet poker universe.
From eGaming Review Magazine:
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.
PokerStars Will be Allowed to Operate in US Once Again
As part of a settlement agreement reached with the US Government on Tuesday, PokerStars has agreed to pay all players owed by Full Tilt Poker living outside the US. The United States Government will arrange for players within the US to be paid what they are owed. PokerStars will take over the assets of Full Tilt Poker.
Shuffle Master Receives License by Nevada to Offer Real Money Online Poker in State
Shuffle Master has received a license by the Nevada Gaming Commission for interactive gaming.
This license will allow Shuffle Master to be a business-to-business partner with land-based casino operators in order to provide online poker games in addition to play-for-fun versions of its world-renowned proprietary table games, such as Three Card Poker, Ultimate Texas Hold'em, and Fortune Pai Gow Poker.
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."
Chili Poker CEO Big News Coming This Week: Zynga Puts Blame on Facebook for Losses
Looks like Chili Poker's CEO is about to make an exciting announcement this week. It's not about Chili Poker, per sey, Alexandre Dreyfus tells Gambling911.com, but rather a new venture he is involved with. Dreyfus sold the Chili Poker database to Poker770 back in March and the technology to Bally Technology in April.
Alexandre Dreyfus @alex_dreyfus
ready for a new venture related to #Poker - more news soon.
Frustrated US Online-Poker Players Bet on Costa Rica
By TIM JOHNSON
McClatchy Newspapers
JACO BEACH, Costa Rica -- From his oceanfront balcony, Tyler Forrester glanced out at the Pacific surf on the beach. Palm trees rustled in the breeze.
"Tough life I'm living," Forrester said, cackling at his own humor.
Eolis: Full Tilt Poker Software to Re-launch in November
As reportedly Friday, Gambling911.com has independently confirmed that PokerStars will be given the green light to move ahead and purchase shuttered Full Tilt Poker following a settlement arrangement made with the US Attorney in the Southern District of New York. This deal also includes the payment of Full Tilt Poker players who have been owed monies for more than a year now.
Breaking News: Full Tilt Poker Players to be Paid in Full, US Attorney Grants Deal
Gambling911.com has confirmed that a deal for PokerStars to acquire Full Tilt Poker has been given approval by the US Attorney’s in the Southern District of New York. An announcement was forthcoming perhaps as early as next week from the US Attorney’s Office and US Attorney Preet Bharara, who has made it a top priority to ensure that affected customers of Full Tilt Poker be made whole.
Preet Bharara Receives ‘Person of Year’ Award Ahead of Positive Full Tilt Poker News (Video)
US Attorney for NY Southern District Preet Bharara recently received the India Abroad Person of the Year Award.
India Abroard is a New York City-based newspaper founded by Gopal Raja in 1970 and is the oldest magazine in the United States focusing on Indian-American affairs.
Since 2002, the publication has been honoring Indian-American achievers at the annual India Abroad Person of the Year award ceremony. Past winners include PepsiCo CEO Indra Nooyi and Nobel Prize winner Venkatraman Ramakrishnan.
Paddy Power ‘London Olympic-like’ Ad Can Stay: Locog Furious!
Online gambling houses are not permitted to advertise or associate themselves in any way with the London Olympics, but that didn’t stop the creative folks over at Paddy Power, the UK’s third largest bookmaker, from trying.
The advert, featured prominently at London, England train stations, proclaimed that Paddy Power was “The Official Sponsor of The Largest Athletics Event in London This Year”
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.
Beth Shak Goes on ‘The View’ and Full Tilt Poker Questions Are Out of Bounds
America had a chance this week at hearing some insight into the Full Tilt Poker fiasco from an insider, but the clueless women of "The View" TV show dropped the ball and instead focused exclusively on footwear.
Defendant in ‘Black Friday’ Online Poker Case Gets 3 Years Prison Sentence
A defendant involved in processing millions of dollars in payments for three online poker rooms in the US has been sentenced to three years prison.
Ira Rubin pleaded guilty in January to money laundering, bank fraud and other gambling offenses. He faced up to 55 years in prison, however, prosecutors recommended 18 to 24 months.
Rubin was indicted along with 10 others in April 2011. Four of those named in the indictment still remain at large.
Friday Decision Likely on Maryland Special Session to Talk Gambling Expansion
ANNAPOLIS — (Associated Press) - A spokeswoman for Gov. Martin O’Malley says a formal announcement on whether a special session will be held in Maryland to expand gambling is likely to be made on Friday.
Raquel Guillory declined to say definitively on Thursday whether a special session will be held next month. She says details are still being worked out.
On Wednesday, House Speaker Michael Busch met with House Democratic leaders to tell them to be prepared for a special session because he believes the governor will call one.
