Business & Financial
Gambling Companies, Zynga Shares Get Boost With Christie Decision
New Jersey Governor Chris Christie signing a bill that would legalize online gambling in the state gave publicly traded casino and bookmakers a much needed boost.
Zynga, which plans to offer “real money” Web poker by year’s end or early 2014, witnessed a 3 percent rise on top of a 15 percent increase witnessed over the past week. The world’s largest free-to-play online poker company has been on a roll ever since Nevada legalized interstate Web gambling last week.
Chris Christie on Legalizing Web Poker: ‘A Critical Decision’
Speaking to John Brennan of NorthJersey.com Tuesday, New Jersey Governor Chris Christie had this to say regarding his decision to legalize Web gamblnig in the Garden State: “This was a critical decision, and one that I did not make lightly."
Christie, who had sat on previous bills up to the final hours, signed this third reincarnation within minutes of it hitting his desk.
More IGT Talent Jumping Ship: Competition Snatching Them Up
Last week, Gambling911.com and other media outlets reported on how IGT continued to lose some of its best talent over the past year. On March 5, shareholders will determine whether new members join the board as part of a nasty proxy fight brought on by investor Jason Ader.
Zynga Will Bring Online Gambling to the Masses, CEO Claims
Zynga CEO Mark Pincus insists that Zynga will help bring the online gambling industry to the next level. His company’s share price has seen a 15 percent jump in the past couple of days, fuelled, at least in part, by news that the state of Nevada will now allow interstate Web gambling.
From Cnet.com:
Zynga Shares May Gain Further Momentum as Christie to Sign Web Gambling Bill
New Jersey Governor Chris Christie has said he will sign a bill into law legalizing online gambling once it hits his desk either Wednesday or Thursday of this week, and all eyes will be on the world’s largest free-to-play Internet poker site Zynga.
That company’s shares rose 15 percent to $3.67 Monday morning, representing the single biggest intraday gain since February 8. Zynga’s shares were already up 35 percent on the year.
Why the surge?
Something Fishy: Lock Poker Partitions Players for Improved Ecology
Lock Poker is the latest online site to begin partitioning (or segregating) players. In other words they are separating the so-called “fish” from the high stakes players, also known as “sharks” on the other smaller sharks rooms.
A Lock Poker representative tells Gambling911.com in an exclusive interview that these changes were necessary, and it has absolutely nothing to do with liquidity issues, as some have speculated.
"We segregated because we need to protect our recreational player base," the rep said.
Slots vs. Online Gambling Focus of IGT Proxy Battle: Comes to Head March 5
A March 5 annual meeting will determine the fate of the world’s largest slot manufacture’s board.
Investor Jason Ader is embroiled in a nasty proxy fight with IGT’s current management. Ader wants to place his own hand-picked executives on the board.
He also feels the company has lost its focus.
Ladbrokes Gaining Ground in Online Gambling
(Reuters) - Ladbrokes, Britain's second-largest bookmaker, expects to see payback this year from a 50 million pound ($77 million investment in an online business that had failed to keep pace with rivals.
While growing numbers of people are gambling via smartphones and tablet computers, Ladbrokes has been hit by delays upgrading its technology. It has lost ground to market leader William Hill in online and faced competition from smaller rivals.
IGT’s Best Talent Have Been Jumping Ship: Endorse Ader Move
With the turmoil at IGT, some of that company’s best talent have decided to walk away.
PokerStars to Open Macau’s Largest Branded Poker Room at City of Dreams
ONCHAN, ISLE OF MAN –– PokerStars will launch a branded live poker room at City of Dreams, one of Asia’s leading integrated entertainment resorts offering the foremost in premium world-class leisure, gaming and entertainment, establishing Macau’s largest dedicated poker room to meet the growing interest and demand in poker in Asia.
IGT Urged to Commence 'Dutch Auction' Tender Offer
NEW YORK -- Orange Capital, LLC (“Orange Capital”), a New York-based investment firm, has issued a second open letter (text below) to the Board of Directors of International Game Technology (NYSE: IGT) (“IGT” or the “Company”) in response to the Company’s recent share price performance and election contest with the Ader Group:
The full text of the letter follows:
February 20, 2013
Philip G. Satre Chairman of the Board International Game Technology 6355 South Buffalo Drive Las Vegas, Nevada 89113
Dear Mr. Satre:
The Plane Truth: IGT CEO Appeared to Use Company Jet for Private Use
In Grave Turmoil: That’s not what IGT, the world’s largest slots manufacturer, stands for, but it may as well be.
Forbes.com on Wednesday published a scathing report that seems to suggest IGT CEO Patti Hart may have used a company jet for her own personal use.
Hart is currently embroiled in a nasty proxy fight with investor Jason Ader, who is seeking to wrestle away control and plant three of his own executives upon the board.
Institutional Shareholder Services Backs Ader Group in IGT Proxy Battle
Institutional Shareholder Services (ISS) recommends that shareholders of International Game Technology (NYSE: IGT) use the GOLD proxy card to vote at the company’s March 5th annual meeting. ISS is one of the nation’s leading independent proxy voting advisory firms, providing voting recommendations to thousands of pension and mutual funds and other institutional investors.
UK Tax Agreement Update With Online Gambling Haven Isle of Man
The Isle of Man Government sees that the move to automatic information is a "game changer" and, as you will be aware, has embraced the concept in the agreements that it proposes to enter into with the USA and UK.
Negotiations have moved at pace with the UK since 7th December and we are now in a position to update you in a number of areas.
In the Budget Speech yesterday, the Treasury Minister confirmed that progress is being made.
Fahrenkopf on Christie’s Obama ‘French Kiss’, House Web Poker Bill in 2 Weeks
Appearing on the Ralston Report Tuesday evening, outgoing American Gaming Association chief Frank Fahrenkopf blasted New Jersey Governor Chris Christie for what he called an “overboard” reaction to US President Barack Obama’s visit to the Garden State following Super Storm Sandy’s massive destruction.
“He kissed him. He didn’t have to French-kiss him. I think he went overboard.”
Revel Casino in Atlantic City to File for Bankruptcy Protection
ATLANTIC CITY, N.J. (Associated Press) -- Revel, the casino many people had hoped would turn around Atlantic City's sagging fortunes, said Tuesday that it will file for Chapter 11 bankruptcy protection in March, less than a year after it opened.
The voluntary, prepackaged bankruptcy envisioned for late March will wipe away about two-thirds of its $1.5 billion in debt by converting more than $1 billion of it into equity for lenders.
Kevin DeSanctis, Revel's CEO, said the restructuring will give the casino resort more flexibility to operate.
PokerRoom.com Shuts Down Again
A year after it reopened. Ongame skin PokerRoom.com has shut its doors once again.
Customers can move their funds to parent company party.bwin, which has assured them that their funds are safe.
A forum community associated with PokerRoom.com, Pokah, has also been shuttered.
No advance warning was apparently provided.
PokerRoom.com initially launched in 1999 and was one of the very first online poker rooms. It was purchased by Bwin in 2005 prior to that company’s merger with PartyGaming.
- Aaron Goldstein, Gambling911.com
IGT Employee: ‘I Feel Like a Battered Wife Who Can’t Leave My Husband’
CEO forces staff to drink liquid concentrate forms of coffee while she insists on having her's freshly ground. Does not talk to employees face-to-face.
As if the situation weren’t complicated enough with a proxy battle underway at IGT, the world’s largest slots manufacturer employees have begun reaching out to Gambling911.com offering their own personal horror stories as to what it is like working for the beleaguered gaming firm.
Alabama Casino VictoryLand Raided
MONTGOMERY, Ala. Alabama Attorney General Luther Strange announced Tuesday morning that gambling machines and cash were seized at VictoryLand casino in Macon County.
VictoryLand’s developer and others involved with the casino were charged last year with vote selling. The casino had previously been shut down in 2010 after a crackdown by then-governor Bob Riley.
A release from Strange's office made mention of a months-long investigation into electronic bingo machines that authorities determined were illegal.
- Gilbert Horowitz, Gambling911.com
Hart Attacked! Forbes Stops Short of Calling IGT CEO ‘Incompetent’
A Forbes.com piece published online Monday questions whether Patti Hart can maintain her post as CEO of the world’s largest slot manufacturer IGT.
Hart is currently embroiled in a nasty proxy battle with Jason Ader, whose group is attempting to place three of its own handpicked individuals on the IGT board and, presumably, remove Ms. Hart.
PokerStars Now Refers Poker Players to Morningside Recovery After G911 Story
Following Gambling911.com’s Senior International Correspondent Jenny Woo’s interview with Morningside Recovery’s gambling addiction specialist Dr. Elizabeth Waterman, Psy.D, the world’s largest online poker site, PokerStars, has begun referring their own pros to this prestigious organization.
Las Vegas Review Journal Picks Up on G911 IGT-Bringit Exclusive
The IGT proxy fight is getting uglier by the day, even with a national holiday occurring in the States.
The Las Vegas Review Journal picked up on Gambling911.com’s exclusive whereby IGT CEO Patti Hart failed to disclose material information to all investors that a Silicon Valley-based investment bank where her husband is a top executive oversaw the slot machine maker's purchase of a small social gaming technology company last year.
Why Zynga Fell Hard Tuesday: Abusive Short Selling Uncovered
Just after Gambling911.com reported on how online gaming company Zynga had been flying high on the stock market, its share price collapsed by nearly 12 percent with volume three times the norm.
Betable Says Real Money Gambling in UK ‘Well Beyond Expectations’
Betable, a new company that allows mobile gaming companies to convert their free games into real money, claims the “experiment” is working and has been “well beyond expectations”.
Currently, Betable.com is only allowing real money play only in the United Kingdom.
From VentureBeat.com:
Betable’s aim is to disrupt traditional land-based casinos and online gambling by making it extremely easy for companies to convert their non-real-money gambling games into gambling titles.
Vegas Bigwigs Pitted Against One Another in IGT Battle
The battleground may be littered with wounded Vegas royalty when all is said and done in the continuing saga of gaming company IGT’s proxy fight. Casino bigwigs are being forced to take sides.
From Red Headed Step Child to Wall Street Darling, Zynga Shines
In just one week’s time online gaming powerhouse Zynga has become the darling of Wall Street.
It was just a few weeks ago that Zynga was scoffed at by investors.
Zynga is becoming a true Cinderella story with its stock price rising more than 11 percent.
The company reported better-than-expected financials last week and is looking to offer real money online poker in the US by the spring.
In addition to the real money online gambling space, Zynga CEO Mark Pincus has begun to focus more heavily on the emerging mobile market.
Zynga Shares Shoot Up Another 5 Percent Monday Morning
Zynga shares rose for a 5th straight session Monday in the wake of positive financial numbers and news that New Jersey Governor Chris Christie is willing to sign a bill into law this spring allowing Web gambling within that state’s borders.
Zynga’s stock has been bouncing back because of a short squeeze.
The stock was up over 12 percent by Friday’s closing bell.
Borgata to Offer Gambling on In-Room Televisions
Atlantic City – (Associated Press) - An Atlantic City casino says it will become the first casino in the United States to let hotel guests gamble from their rooms over the TV set.
The Borgata will offer its E-Casino to hotel guests starting Feb. 18.
It lets guests with player's cards set up electronic accounts and risk up to $2,500 a day. Slots and four kinds of video poker will be the first games offered.
PokerStars Appoints Lee Jones as head of Poker Communications
ONCHAN, ISLE OF MAN –PokerStars today appointed Lee Jones as Head of Poker Communications for PokerStars.
In this newly-created role, Jones will serve as a key PokerStars spokesperson on poker issues for internal and external audiences. He will bring his deep knowledge, experience and love of poker to ensure that PokerStars is able to continue communicating about poker in an authentic and people-focused manner.
Silence of the Hams: Ader Linked Websites Blocked Inside IGT
The Las Vegas Review Journal on Sunday reported that gambling firm IGT has begun blocking its employees from accessing gaming analyst Jason Ader-linked websites.
Ader is currently embroiled in a nasty – and quite aggressive – proxy battle with IGT’s current management team.
