Business & Financial
Atlantic City Revenue Down 12.5 Percent in February
(Associated Press) - Atlantic City's casinos took in 12.5 percent less from gamblers in February than they did a year ago.
Figures released Monday by the state Division of Gaming Enforcement show the city's 12 casinos took in $212.3 million.
The decline was helped by the fact that 2012 was a leap year in which February had 29 days, compared with the usual 28 this year.
Revel, the city's newest casino which will file a Chapter 11 bankruptcy petition this month, saw revenue rise to $9 million, up from $7.9 million in January.
Report: Yahoo Could be Looking to Purchase Zynga
Shares in online poker company Zynga surged over 8 percent Monday on news that Yahoo! was possibly considering buying the company.
Zynga’s shares have risen over 50 percent in recent months as the games developer makes plans to enter the real money online gambling market. So far, New Jersey, Nevada and Delaware have legalized various forms of online gambling.
Intrade Shuts Down: Online Gambling Firm Fell on Bad Times
Troubled Dublin-based betting site Intrade.com has shut its doors.
Customers Monday were greeted with the following message upon landing on the Intrade.com website:
With sincere regret we must inform you that due to circumstances recently discovered we must immediately cease trading activity on www.intrade.com.
888 All American Poker Network to Become First Based in US
888 Holdings on Monday unveiled its new subsidiary, the All American Poker Network. It will be the first US-based online poker network following 888 obtaining a license to operate out of Nevada last week.
888 has joined forces with investment firm Avenue Capital Group. In addition to its own portfolio of brands, land-based casino Treasure Island will be among the first to offer real money Internet poker on the network.
Ex-Playtech, Asian Logic Man Greg Fermont Joins Bodog Asia
With Bodog Asia growing as both an operator and B2B provider the long search for a COO to join Managing Director, Robert Gustavsson and his team is finally over.
Greg Fermont’s industry experience speaks for itself with stints at Playtech, Asian Logic and most recently Sun City. Greg brings not just gaming knowledge to Bodog Asia but also years of regional experience so vital to success in the area.
Playtech, Ladbrokes Agree To Online Gambling Deal Based on Rev Share Model
Ladbrokes, the UK’s second largest bookmaker, has entered into a five-year deal with online gambling software firm Playtech.
As part of the deal, Ladbrokes will set up a separate digital marketing team based out of Israel.
The Ladbrokes-Playtech partnership closely resembles that of William Hill’s often tense relationship with the software provider, that was severed a week ago.
Nevada Gambling Revenue Down 12.5 Percent in January
CARSON CITY, Nev. —(Associated Press) - State officials say Nevada gambling revenue was down 12.5 percent in January, while state collections went up that month.
The Nevada Gaming Control Board reports casinos brought in $909 million in January.
The $507 million in winnings on the Las Vegas Strip were down nearly 19 percent in January, while downtown Las Vegas revenues of about $45 million were down 5 percent.
Casinos in Washoe County won nearly $53 million, which is down 2 percent from the same month a year ago.
Malta the Next Macau of the Mediterranean
It is already a major hub for online gambling sites. Now Seeking Alpha’s Jonathan Yates has pondered the idea of Malta becoming the “Macau of the Mediterranean”.
Macua is the largest gambling destination in the world and Yates believes Malta has the potential to some day achieve that coveted position, at least where the Mediterranean region is concerned.
Full Tilt Poker vs. PokerStars: Professionals Head-to-Head Stats Revealed
LONDON, UK –It’s just three days until Team PokerStars Pros take on Full Tilt Poker’s The Professionals in the ultimate heads-up showdown at the London Poker Festival, so it’s time to have a look at the key stats...
888 Holdings Approved for Nevada License
(Reuters) - European online gaming operator 888 Holdings Plc cleared a key hurdle in its return to a reopening, regulated U.S. online poker market after the Nevada Gaming Control Board voted to recommend approval of its application for a state interactive gaming license at a hearing scheduled for March 21.
The Nevada Gaming Control Board on Wednesday said it recommended the approval of Gibraltar-based 888's applications, including one as a manufacturer of an interactive gaming system, one as a distributor and another as an interactive gaming service provider.
Bitcoin Now Accepted at World’s Largest Online Poker Network iPoker
Some of the biggest Bitcoin news yet as iPoker Network online poker skin WinPoker has announced it will begin accepting the virtual currency.
This is the first time a poker room on a major network has begun to accept Bitcoin for deposits and withdrawals. iPoker is the world’s largest online poker network. Bitcoin’s price has enjoyed a staggering rise over the past two months from $14 to $40.
PokerStars was Offered Purchase of World Series of Poker, Rio Hotel
Reports surfaced Wednesday that Caesar’s had offered to sell their coveted World Series of Poker (WSOP) and Rio Hotel properties to PokerStars last month but the later refused.
This news comes on the heels of the American Gaming Association, based out of Nevada, submitting a letter to New Jersey officials urging them not to allow a proposed sale of Atlantic City’s Atlantic Club Hotel and Casino to PokerStars.
Zynga’s Mark Pincus Loses Billionaire Status
While casino magnate Sheldon Adelson ranked number 15 on Forbes newest Billionaire list, Zynga’s Mark Pincus has dropped off of it.
Poor Mark Pincus’ wealth has dropped into the hundreds of millions.
He’s appeared on the list over the past two years Zynga has been publicly trading.
Breaking News: The Ader Group Wins IGT Board Seat
The Ader Group today announced that International Game Technology (NYSE: IGT) concluded that Daniel B. Silvers has been elected to the IGT Board of Directors at the Company’s Annual Meeting, based on preliminary vote tabulations.
Jason N. Ader issued the following statement on today’s results:
IGT Dividend Issued on Eve of Contested Shareholders Meeting
Slots manufacturer International Game Technology (IGT) has issued an 8 cents per share dividend on the eve of a hotly contested shareholders meeting.
The IGT board of directors declared the dividend, which is a 33 percent increase over this same quarter last year.
"This is a demonstration of our continued commitment to return capital to shareholders, efficiently and prudently, driven by the strong financial performance of the company," Hart said.
AGA Opposes Sale of Atlantic Club Casino to PokerStars
The American Gaming Association (AGA) is opposing the sale of the Atlantic Club Hotel and Casino in Atlantic City to PokerStars.
The AGA sent a letter to the New Jersey Casino Control Commission urging them to reconsider allowing PokerStars to acquire the property.
Online Poker Segregation Takes Center Stage With Revolution, PartyPoker Moves
Segregating online poker players based on skill goes a step too far, so claims Aaron Todd of CasinoCity.com.
While a number of players might concur, operators have told Gambling911.com this is all a “fight for survival” with “reckless management practices” the primary reason why Full Tilt Poker failed in its first life before PokerStars ultimately revived the company.
Republican Mega Donor Sheldon Adelson Caught Up in ‘Bribe’ Scandal
Auditors at Las Vegas Sands Corp. admitted Friday "there were likely violations" of the Foreign Corrupt Practices Act barring Americans from bribing foreign officials to secure an advantage.
This disclosure was made in a late afternoon filing with the Securities and Exchange Commission Friday that ultimately leaked out to the media Sunday.
Heading up Las Vegas Sands Corp. is none other than powerful casino magnate and mega Republican donor Sheldon Adelson.
Countdown to the Vote: IGT Power Struggle Comes to Head Tuesday
A much talked about proxy battle at the world’s largest slots manufacturer will come to a head on Tuesday.
Sands Says It May Have Violated Law Prohibiting Bribes
LAS VEGAS, Nev. – (Associated Press) - Las Vegas Sands Corp. says in a regulatory filing that it probably violated a federal law that prohibits bribing foreign officials.
The casino company said in a filing Friday that the Securities and Exchange Commission asked two years ago for records relating to compliance with the Foreign Corrupt Practices Act.
Las Vegas Sands, which is controlled by billionaire Sheldon Adelson, said that after it got the SEC subpoena on Feb. 9, 2011, the audit committee of the board of directors opened an investigation.
Moody's: Legalized Online Gambling in New Jersey a Boost to Casinos
(Reuters) - Moody’s Investors Service on Thursday said legalization of Internet gaming in New Jersey is credit positive for the Atlantic City casino industry.
Moody’s said licenses to offer Internet gaming will be limited to Atlantic City's existing casino operators and their partners, and it will attract more players to the city.
Casino Poker Rooms Closing as Online Crazy Subsides
LAS VEGAS (Associated Press) — The Tropicana hoped to step back into the big leagues when it opened its poker room in the heart of the Las Vegas Strip, touting it as the coolest in town.
Source Close to IGT Proxy Fight Gives Skinny on Tuesday’s Critical Vote
Gambing911.com Senior International Correspondent Jenny Woo had an opportunity Friday to speak to someone intimately close to the IGT power struggle that will culminate on Tuesday into a final vote that determines a potential new makeup of the world’s leading slot manufacturer’s board.
Revolution Poker Launches Fair Play Technology, Lock Lifts Player Segregation
Gambling911.com can report that the largest US-facing online poker network (also accepting players from around the world), Revolution Poker Network, has just launched Fair Play technology
What is Fair Play Technology?
The new feature groups players into three categories (recreational, normal and advanced) whereby each category of players represents roughly 33 percent of the active Network player liquidity.
William Hill Buys Out Online Partner Playtech
(Reuters) - William Hill is to pay 424 million pounds ($643 million) for full control of its online business, marking an acceleration of the expansion of Britain's largest bookmaker.
The deal to buy out the 29 percent stake in William Hill Online held by software company Playtech was the company's second major deal in the past three months.
It has already agreed to pay 460 million pounds for the Australian and Spanish operations of online gambling company Sportingbet, deal set to complete on March 19.
US States Race to Capture Online Gambling Bonanza
(Reuters) - New Jersey Governor Chris Christie this week finally approved online gaming in the Garden State. Now comes the hard part: banding together with other states to attract more gamblers, drive up jackpots and lure players away from offshore websites.
Bitcoin ‘Best Performing Currency Year-to-Date’
Bitcoin, used by a small number of online casino operators, is being touted as the “best performing currency year-to-day” according to Tyler Durden of ZeroHedge.com.
Durden writes:
Girls Gone Wild Goes Bankrupt in Wake of Wynn-Francis Lawsuit
The company that produces racy videos of half naked women dancing and drinking has filed for bankruptcy. “Girls Gone Wild” filed for bankruptcy protection citing $16 million in debts, according to court papers obtained by Reuters on Thursday.
The franchise’s founder, Joe Francis, owes a $10.3 million debt to Las Vegas gambling magnate Steve Wynn according to papers filed in U.S. federal court in Los Angeles on Wednesday.
Analyst Paints Rosey Outlook for Zynga
Joseph Stauff of Susquehanna Financial Group believes the “sky is the limit for Zynga” in the wake of a third state this week legalizing “real money” online gambling.
That state is New Jersey. Governor Chris Christie signed a measure legalizing Web gambling for those logging on within the state. Because New Jersey is within an easy reach of two major metropolitan centers, the industry could potentially tap into a market that nearly doubles the Garden State’s population of 9 million.
Atlantic City Casino Shares Up on NJ Internet Gambling News
(Reuters) - The legalization of online gambling in New Jersey gave a boost to shares of Caesars Entertainment Corp and Boyd Gaming Corp, on expectations that this will revive business in Atlantic City, the second-biggest U.S. gaming destination.
The companies, which together account for more than 60 percent of Atlantic City's gaming revenue, would benefit from new gaming rules that give preference to existing New Jersey casino operators in issuing online gaming licenses.
