Business & Financial
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]
Zynga Poker Coming to Nokia Asha Touch Devices
Nokia today announced they will bring Zynga Inc.'s global hit games, Draw Something and Zynga Poker, to Nokia Asha Touch devices in Q3 2012 as part of their partnership announced earlier this summer. Nokia Asha Touch users can soon challenge their friends to a round of the popular social drawing and guessing game, or enjoy their own virtual poker match. Zynga's Draw Something and Zynga Poker will both be free to download from the Nokia Store.
Jackson County Casino in Cherokee, North Carolina Begins Offering Live Games
As part of a compact that gives the state a portion of revenues from new live games, the Harrah’s owned Jackson County Casino began offering live blackjack at 12 tables this past Wednesday.
The 15-year-old casino on Cherokee Tribal land had previously only offered electronic variations of casino games.
Facebook Hits New Low as IPO Lock-Up Ends
SAN FRANCISCO – (Associated Press) - Facebook's stock plunged to a new low Thursday after the expiration of a ban that had prevented some early investors and insiders from dumping millions of additional shares they own in the social-networking leader.
Howard Lederer Parties it Up in Las Vegas as DOJ Now ‘Flush With Full Tilt Poker Money’
Wendeen H. Eolis of Poker Player Newspaper was the first to reveal that great news was on tap for those owed monies by Full Tilt Poker. She’s proven to be an excellent resource for the poker community.
On Thursday, Ms. Eolis reveals that the “face behind Full Tilt Poker” over the past several years, Howard Lederer, was seen partying it up in Las Vegas after the deal was made official.
Pinnacle Entertainment Granted Approval to Open New Baton Rouge Riverboat Casino
Baton Rouge, La. — (Associated Press) - Pinnacle Entertainment Inc. has received approval from the Louisiana Gaming Control Board to open its new $368 million Baton Rouge casino on Aug. 29, if the riverboat passes a safety inspection.
Maryland Governor Signs Measure Expanding Gambling
ANNAPOLIS, Md. (Associated Press) — Gov. Martin O'Malley has had misgivings over the years about raising money for the state of Maryland through gambling, and while he had hoped he would only need to ask voters once whether to allow an expansion, he has decided he needs to do it again.
Zynga Adds Real Money Gambling: Spends $75k on Lobbying Efforts
The Wall Street Journal late Wednesday reported that Zynga, the publicly traded social gaming behemoth, has spent upwards of $75,000 lobbying in the United States to legalize online gambling. The primary focus up to this point appears to be in the state of California, where a current measure to legalize Web poker in the Golden State is expected to die by month’s end.
Bwin Signs Three-Year Deal With Football Club Manchester United
The world’s largest online sports betting firm, Bwin, confirmed on Thursday that it has signed a three-year sponsorship deal with England Premier League football club Manchester United for an undisclosed amount.
Facebook Insider Lockup Ending, Share Impact to be Seen Thursday
On Thursday (August 16, 2012) we will get to see how Wall Street reacts to a deluge of Facebook shares hitting the market following the end of a so-called “lockup period”.
Since the largest social media network went public back in May, the share price has fallen from a peak of $45 to Wednesday’s closing price of $20.74.
Reuters Doris Frankel suggests the stock's slump may actually work in Facebook’s favor this week as insider’s may be less inclined to dump the 271 million shares that are unlocked on Thursday, hopeful of a fast recovery.
Book on Absolute Poker to be Written by Ben Mezrich (Video)
Appearing on CNBC’s “The Squawk Box” Wednesday, author Ben Mezrich revealed he is writing a book about Absolute Poker, an online poker site caught up in a series of indictments last year.
The author of “Bringing Down The House” and “The Accidental Billionaires” sure will have plenty of material to work with. In addition to last year’s indictments that resulted in the ultimate shutdown of Absolute Poker and its sister site, UB.com, the online poker room was once embroiled in an “insider cheating scandal” that would later be profiled by the CBS news magazine show “60 Minutes”.
Online Poker CAP Tables Expanded to Include All Limits at Americas Cardroom
Just one week after introducing CAP tables at low stakes tables in its latest software update, Americas Cardroom has expanded CAP tables to include all limits. CAP tables will be available at low, medium and high-stakes tables, and no software update is needed to access the latest expansion.
Cantor Gaming Combines Fantasy Football and Gambling
Gambling911.com reported just the other day on how Web-based sportsbooks such as Northbet were starting to enter the Fantasy Football fray. Now comes word that gambling giant Cantor Gaming will be offering its own Fantasy Football variant.
And, yes, there is gambling involved.
Poker Phenom Viktor Blom Ends Sponsorship Deal With PokerStars
Famed Swedish online poker player Viktor “Isildur1” Blom has ended his representation of the world’s largest online poker room, PokerStars, after nearly a two-year relationship.
Record Bad Beat Jackpot Paid Out by Caesars Entertainment in Atlantic City
A bad beat jackpot spread out across five different Atlantic City casinos paid out around $800,000 to 411 poker players Monday, the largest amount in two years since inception of the bad beat jackpot concept. Caesars Entertainment offered the jackpots.
Vice Presidential Hopeful Paul Ryan Meets With Republican Donors at Adelson Property
US Vice Presidential hopeful Paul Ryan has scheduled to meet with deep-pocketed Republican donors at the Venetian Hotel in Las Vegas. That property just happens to be owned by the granddaddy of GOP donors, casino billionaire Sheldon Adelson.
The Wisconsin congressman will meet with members of the Nevada finance team on Tuesday evening - his first such event as part of Mitt Romney's campaign - but members of the media will not be allowed to attend, according to Reuters.
SkyCity Profits Up Nearly 13 Percent on Year
Aug 15 (Reuters) - New Zealand gaming company SkyCity Entertainment Group on Wednesday said its profits for the year rose almost 13 percent on improving revenue.
Sky City, which owns or has interest in four of the country's six casinos and two in Australia, reported a net profit of NZ$138.5 million ($111.7 million) in the 12 months to June 30, up 12.6 percent from NZ$123 million last year.
A Reuters estimate based on three analysts forecast a profit of NZ$142.2 million.
SkyCity announced a final dividend of 8 cents per share, unchanged from a year ago.
