Business & Financial
Verdict Reached in Las Vegas Sands Case
LAS VEGAS (Associated Press) — A Las Vegas jury has reached a verdict in a Hong Kong businessman's breach-of-contract lawsuit against the Las Vegas Sands, potentially bringing nine years of litigation to an end.
Richard Suen sued the casino giant run by multibillionaire Sheldon Adelson for $328 million in 2004. He says the company owed him for his help securing a lucrative gambling license in the Chinese territory of Macau, the only place in that country where casino gambling is legal.
Paul Leggett Hiring by Amaya Under Review by Nevada Gaming Commission
Former UB.com COO Paul Leggett has been tagged as the next head of gambling firm Amaya but the Nevada Gaming Commission might not be too happy.
UB.com closed shop following a 2011 indictment by the US Government owing millions of dollars to players.
The website LegalPokerSites.com begged the question, with so many other folks from the online gambling sector unemployed, why bring on Paul Leggett?
Atlantic Club Claims it Knew Nothing About PokerStars Running Afoul of US Law
Responding to a lawsuit filed by PokerStars, Atlantic City casino The Atlantic Club insists it knew nothing about PokerStars legal problems in the United States despite extensive mainstream press surrounding the matter.
Interview With Lock Poker CEO Jennifer Larson Part II
Gambling911.com continues its interview with Lock Poker CEO Jennifer Larson, who addresses the departure status of two pros. Additionally, Ms. Larson responds to concerns over Lock’s communications process, which she describes as a “work in progress”.
In case you missed Part I of this interview, you can find it here.
Lock Poker Exploring Bitcoin Options
One of the largest US-facing online poker rooms has confirmed they are exploring a Bitcoin payment platform. This is the biggest online gambling company to date that has announced plans to offer the digital currency.
“We are indeed looking at Bitcoin as an alternative (payment solution),” Lock Poker Founder and CEO Jennifer Larson tells Gambling911.com.
Gambling911.com World Exclusive: Lock Poker CEO Jennifer Larson Interview
In her first ever sit down interview, Lock Poker Founder and CEO talks about recent concerns surrounding her company and the strategy moving forward.
Lock Poker last year migrated to the newly formed Revolution Gaming Network and the growth pains have been felt ever since. Compounding these growing pains is the lack of payment processing available. This has led many to question the company’s financial stability.
Nevada Gambling Revenue Up 7 Percent in March
CARSON CITY, Nev. (Associated Press) — Three-quarters of the way through the fiscal year, gambling revenue at Nevada casinos is running nearly 3 percent ahead of last year.
The Nevada Gaming Control Board said Friday casinos statewide won more than $914 million in March, a 7 percent gain over March 2012. That pushed the fiscal year-to-date total to nearly $8.4 billion, 2.8 percent more than last year.
Chris Moorman, Paul Volpe Removed From Lock Poker Site
Lock Poker pros Chris Moorman and Paul Volpe both announced they will not be renewing their endorsement contracts for the site.
Google Glass to be Banned From Caesar’s Casino
Google Glass, a wearable computer with a head-mounted display that can take pictures and videos, will not be permitted in Caesar’s Palace Casino.
A Caesar’s Palace representative released the following statement:
Lock Poker Pro Told by Angry Customer His Baby Should Have Been Stillborn
Some customers of Lock Poker angry over a new player-to-player transfer policy have resorted to attacks on the company’s elite pros including the likes of Melanie Weisner and Annette Obrestad.
One individual, according to Lock Pro Matt Stout, even resorted to telling another pro that he wished his baby would have been stillborn.
US Sees Biggest Increase in Casino Gambling Since the Recession
Good news for the US casino industry as figures show gambling revenues across the board have increased the most this past year since the start of the recession in 1998.
Court Order Blocks Sale of Atlantic Club Casino to PokerStars
ATLANTIC CITY, N.J. - (Associated Press) -- The behind-the-scenes battle between an Internet poker giant and the struggling Atlantic City casino it wants to buy burst into the open Monday, with a court order, accusations of bad faith, and the revelation of an eye-poppingly low sale price.
Absolute Poker Frontman Paul Leggett Resurfaces at Amaya
Former Absolute Poker COO Paul Leggett has been maintaining a low profile ever since “Black Friday”, a day in which the US Government cracked down on AP and two other big name US-facing online poker firms.
Two years later Liggett has emerged as the new head of Amaya’s online poker venture.
Casinos Brace for Internet Gambling
ATLANTIC CITY, N.J. (Associated Press) — With legal gambling now moving beyond the casinos and onto the Internet, the industry is bracing for the most far-reaching changes in its history.
A Las Vegas firm, Ultimate Gaming, on Tuesday became the first in the U.S. to offer online poker, restricting it, for now, to players in Nevada. New Jersey and Delaware also have legalized gambling over the Internet and expect to begin offering such bets by the end of this year.
Lock Poker Payment Processor: ‘Things Will Get Better Soon’
Lock customers in Europe and the rest of the world outside the US have wondered why payouts might be slower than the industry average, a la Skrill and Neteller.
A customer representative routinely posts on the TwoPlusTwo.com forum that “rest of the world payment processing is adversely affected by Lock’s willingness to accept US customers”.
We know Lock well and we know they are not going anywhere any time soon BUT…. the whole payment processing puzzle still has us (and many others) a bit baffled.
First Real Money US Online Poker Room UltimatePoker.com Averaging 100 Players
With all the talk of the first ever real money online poker room launching within the United States, we now have a clearer picture of just how many people are beginning to play.
Heading into the weekend, Station Casinos backed UltimatePoker.com was seeing approximately 100 players on average in a day with peak real money players at just over 200, according to PokerScout.com.
Breaking News: PokerStars Attempts to Salvage Atlantic Club Deal
ATLANTIC CITY, New Jersey — (Associated Press) - The British parent company of the PokerStars website says it still wants to buy an Atlantic City casino, even though a deal to obtain it fell through on Wednesday.
The Rational Group said Thursday night it wants to try to save its deal to purchase The Atlantic Club Casino Hotel. The casino said Wednesday the purchase deal was dead, but declined to say why.
Eric Hollreiser, a spokesman for the Isle Of Man-based company, said it had expected the closing deadline for the sale to be extended.
Illinois Gambling Expansion Measure Approved: Online Language Removed
The Illinois state Senate voted 32-20 in favour of SB1739, a measure that would allow expansion of gambling within the state’s borders. Language related to legalized online gambling had been removed in recent days.
PokerStars Calls Off Purchase of Atlantic Club Casino
Overnight Gambling911.com reported that an initial contract between PokerStars and the Atlantic Club Casino had expired. On Wednesday it was confirmed that Stars has backed out of the deal to purchase the financially strapped Atlantic City-based casino.
Atlantic Club CEO Michael Frawley issued a statement confirming that the sale was “terminated in accordance with its terms.”
No PokerStars in Atlantic City for Now
A deal that would have allowed the world’s largest real money online poker room to take over a troubled Atlantic City property is dead for now.
PokerStars was to have acquired the Atlantic Club Casino, formerly the Atlantic City Hilton, however, the initial contract has since expired.
From the Wall Street Journal:
Canadian Government Caught Off Guard by Bitcoin Emergence
OTTAWA – (Canadian Press) - Canadians buying and selling an emerging digital currency are running afoul of established banks and operating in uncharted territory for financial regulators.
"The Canadian government doesn't know what a Bitcoin is, doesn't recognize the Bitcoin, and there's no regulatory agency that knows what a Bitcoin is," said Joseph David, the owner of VirtEx.
His Calgary-based website lets Canadians trade Bitcoins through an online market similar to a stock exchange. David said the two-year-old company facilitated $15 million in transactions this year.
Everett Enters Into Agreement With Steve Wynn for Massachusetts Resort Casino
EVERETT, Mass. (Associated Press) — Las Vegas casino operator Steve Wynn would make $30 million in advance payments to the city of Everett and more than $25 million in annual payments once a proposed resort casino was open for business, under a host community agreement announced Thursday by Mayor Carlo DeMaria.
Zynga Upgraded From ‘Sell’ to ‘Hold’ After Disastrous Week
Following a huge decline in its share price this week, there was a little ray of hope for Zynga Inc. Friday as TheStreet Ratings upgraded it from a “sell” to “hold”.
That development comes following Zynga reporting stronger than expected earnings per share for the past quarter.
Online Poker Room Tower Gaming Shuts Down: Cake Takes Over Accounts
Tower Gaming, which has been in business for seven years now, shut its doors this week with all player accounts being migrated to Cake Poker.
Once an Ongame poker room skin, Tower Gaming has operated on the Revolution Network since November 2011.
“After years of fun and excitement around the tables and more good times than we can remember, we’re stepping out of the game,” a statement from Tower Gaming read.
Zynga Shares Were Down Another 6 Percent Thursday
After falling 10 percent in after hours trading Wednesday, social gaming company Zynga witnessed another 6 percent drop in its share price heading into Thursday afternoon.
The company's surprise profit in the first three months of this year was overshadowed by reported revenue decline, a drop in the number of users and a lower-than-expected second-quarter forecast.
Revenue fell 18 percent to $263.6 million, from $321 million.
Analysts, on average, had expected revenue of $264.5 million, according to FactSet.
Legends Sports - Where is My Money: The Latest Account Transfer Information
Gambling911.com isn’t sure whether all Legends Sports customers received an email detailing the transfer of their accounts (keeping in mind that many emails from offshore gambling sites end up in one’s spam folder then go on to get lost). As many of you are finding the Gambling911.com website through search engines for terms related to Legends Sports, you’ll be happy to know we have the answer for you as to where your funds have gone.
Borgata Hotel Unveils Online Gambling Plans
Fast forward to 2024 and $3.23 billion had been generated over the past year from online casino gaming in the U.S. with New Jersey accounting for a cool $1.5 billion.
Zynga Shares Drop More Than 10 Percent in Extended Trading
NEW YORK — (Associated Press) - Zynga Inc.'s surprise profit in the first three months of the year got overshadowed by a revenue decline, a drop in the number of users and a lower-than-expected second-quarter forecast.
The online game maker's stock fell more than 10 percent in extended trading Wednesday after the first-quarter results came out.
Z Capital Partners Files Investor Presentation for Affinity Gaming Board
LAKE FOREST, Ill. -- Z Capital Partners, L.L.C. ("Z Capital"), a Chicago-based private equity firm and the largest shareholder in Affinity Gaming (the "Company" or "Affinity"), with over 30% of outstanding shares, today filed an investor presentation supporting its nomination of two highly qualified, independent candidates to the Affinity Gaming Board.
888.com Expects Big Dividends From Online Poker in US by 2015
LONDON - (Reuters) - Gambling company 888 Holdings Plc expects to launch online poker in Nevada this summer and should start to see the full effects of more open U.S. markets from 2015.
Nevada, home to gambling centre Las Vegas, granted the London-listed company a licence last month and 888 is also seeking clearance to operate in New Jersey, another state where a ban on Internet betting is being lifted.
