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Galaxy first-half profit surges on new resort, Yogonet

Galaxy first-half profit surges on new resort, Yogonet | Poker & eGaming News | Scoop.it

Galaxy Entertainment Group’s first-half profit climbed nine fold after the Macau casino operator drew more Chinese visitors to a gambling resort it set up last year. Net income for the six months ended June rose to us$ 445 million from us$ 48.7 million a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization, or Ebitda, surged to us$ 605.8 million from us$ 232 million for the six months.

 

The company opened the Galaxy Macau resort on the city’s Cotai strip in May last year. It plans to invest us$ 2 billion to almost double the size of that gambling center in the Chinese city to compete with rivals including Sands China, Wynn Macau and Melco Crown Entertainment First-half revenue doubled to us$ 3.64 billion.

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Foreign prostitution money funds Republican campaign, Martin John Williams GamblingCompliance

A controversial lawsuit against Las Vegas Sands and a union-backed website is offering material for attacks against the sources of major campaign contributions to the Republican Party. A Jewish lobby group announced a petition drive and social media campaign "demanding that Republican presidential candidate Mitt Romney and the Republican Party reject tainted contributions from Republican mega-donor Sheldon Adelson".

 

That report referred to a statement to a Nevada court by sacked Sands China CEO Steve Jacobs on June 27 that Las Vegas Sands executives and Adelson personally exerted "control and direction from Las Vegas over acts of prostitution on Sands China's properties".

 

His allegations include Las Vegas Sands sidelining the board of its majority-owned Macau subsidiary, violating Hong Kong Stock Exchange rules, associating with known triad members, knowingly hiring and retaining illegal labour, allowing an unlicensed junket room and other dealings that could infringe the US Foreign Corrupt Practices Act.

 

Sands owner Adelson has done multiple donations to Republican-linked Super PACs and non-profit groups, including $20m to the non-profit group Crossroads GPS, co-founded by former White House deputy chief of staff Karl Rove, and $5m each to Super PACs linked to House Speaker John Boehner and House Majority Leader Eric Cantor.   Adelson and his wife have promised as much as $100m to ensure that Romney enters the White House, making the Las Vegas Sands mogul a potential target for Democrat strategists.

 

On June 15, McCain predicted that scandals would inevitably result from the enormous amounts of donated money now washing through the system, including "foreign money", and the "corrupting effects" on elections would make a mockery of the 2010 Supreme Court decision that ended limits on "independent political expenditure" by corporations and unions, he said. 

 

Meanwhile, the other US operator with an interest in Macau, MGM Resorts, has been targeted by the website CasinoLeaks-Macau, an ambitious trade union-funded and controlled project that compiles data, documents and analysis on Macau's junkets.

 

The International Union of Operating Engineers' (IUOE) campaign covers all of Macau's gaming operators, but has singled out MGM Resorts, demanding in writing that its independent directors probe subsidiary MGM China's dealings with the Suncity junket over alleged triad links. Suncity also operates at Sands China and Wynn Macau casinos.

 

Other sources:

http://casinoleaks-macau.com/CasinoLeaks_News_and_Updates.html

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Macau’s record growth is slowing down, Michael Robinson Innovate Gaming

Macau’s record growth is slowing down, Michael Robinson Innovate Gaming | Poker & eGaming News | Scoop.it

Gaming is still expected to expand in Macau, but analysts believe these first signs of slowing growth rates will see operators face a tougher challenge in the decade ahead. This year’s revenue growth has so far been running at just over half the 2011 rate, before the abrupt slowdown in May.

 

According to recent Gaming Inspection and Coordination Bureau figures, year-on-year growth rates have steadily declined in 2012. Gross revenues dropped from 34.8 percent in January, 28.3 percent in February, 27 percent in March, 25.7 percent in April to 7.3 percent in May, which represents revenues of us$3.3 billion last month.

 

Other sources:

http://www.yogonet.com/english/2012/06/13/macau-june-revenue-may-grow-15 ;

http://news.investors.com/article/614514/201206120802/china-mixed-numbers-seen-benefiting-vegas-casinos.htm

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Wynn Invests $4 Billion in Macau Despite Cool Economic Climate, GamingZion

Wynn Invests $4 Billion in Macau Despite Cool Economic Climate, GamingZion | Poker & eGaming News | Scoop.it

Macau casinos, operating in full compliance with Chinese gambling laws, have long overtook Las Vegas in terms of revenues and growth rate, but currently enjoy a cool off period.

 

This didn’t stop Steve Wynn, the owner of US gambling giant Wynn Resorts, from investing another $4 billion into its latest casino resort in Macau. Wynn told China gambling news that he is confident in the region’s growth potential and sees the new property returning on the investment despite current cool economic climate.

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Casino Social Games To Boost Zynga’s Mobile Growth, William Chambers GamblingCompliance

Social gaming firm Zynga has made significant headway in launching a mobile platform, and said yesterday in results for the first quarter of 2012 that mobile daily average users (DAUs) jumped to 21m, up from 12m in the fourth quarter.

 

CEO Mark Pincus told analysts in a post-results conference call yesterday evening that this growth has made the company the “largest mobile gaming network” by users.

The San Francisco-based firm beat market estimates, as booming virtual goods sales drove a 32 percent year-on-year increase in revenue to $321m in the quarter, but the company also posted an $83m net loss due to stock-based expenses.

 

Bookings - or sales of virtual goods in games - came in at a record $329m, up 15 percent year-on-year, and up 7 percent on the fourth quarter, according to the statement.

 

Zynga makes the majority of money from the sale of goods in games such as poker chips, but its games do not qualify as gambling as users are not allowed to cash out winnings.

 

However, the social gaming market leader has expressed an interest in exploring real money gambling, and has been linked for potential partnerships with operators such as casino giant Wynn Entertainment.

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Wynn revenues falls - profits surge, Las Vegas Sun

The Las Vegas-based company earned $138.1 million, or $1.37 per share, compared with $122 million, or 97 cents per share, a year earlier. Revenue fell to $1.25 billion from $1.37 billion a year ago.

 

Wynn Resorts Ltd. said Tuesday its revenue fell 7 percent in Macau and nearly 12 percent in Las Vegas, showing that more people are shying away from spending extra money in a still-shaky economy.

 

Other sources:

http://www.vegasinc.com/news/2012/jul/18/wynn-results-suggest-high-end-business-steady-stri/

http://www.gamblingcompliance.com/node/49582

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Acquisitions of social gaming companies have showed poor results, Gambling Compliance

The social gaming sector is estimated to grow from around $8bn in global revenues this year to around $15bn in 2015, according to Think Equity.

 

Caesars Entertainment acquired Playtika (Slotomania) for $170m in December 2011. Official company description: “A lot of effort, not a lot of results.”

 

888 Holdings acquired social poker and bingo games developer Mytopia for $18m in June 2010. Official company description: “Reduced expectations of income growth."

 

International Game Technology’sacquired DoubleDown Interactive for $250m in January 2012. Official company description:"Will need to grow its user base to generate profitability." (showing loss with 1,4 M daily and 5 M monthly users) The growth of users has been “dramatically below what we believe is necessary to achieve our estimate.”

 

Bwin.Party Digital Entertainment unveiled its Win.com social gaming division and announced the acquisition of  Velasco Services Inc. and Orneon Limited for $23m in may 2012.

 

MGM Resorts International is set to imminently launch its MyVegas social gaming site.

 

Wynn Resorts is according to rumours i talks with the largest social gaming developer Zynga.

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6 new applicants for Nevada makes it in total 30, Casino Online

The latest applicants for a Nevada online gaming license includes:

- Wynn Resorts Limited

- WHG Ltd (Playtech)

- Global Cash Access

- Z4 Poker LLC

- LV Gaming Ventures LLC

- SG Gaming Inc (ScientificGames)

 

The Nevada Board recommended the applications of

- Bally Technology

- International Game Technology

- William Hill plc

 

Other sources:

http://www.gambling911.com/gambling-news/wynn-resorts-applies-nevada-online-poker-license-talks-zynga-061112.html

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PokerStars & Full Tilt Poker announcement end of May, iGaming Post

PokerStars & Full Tilt Poker announcement end of May, iGaming Post | Poker & eGaming News | Scoop.it

Having finalized the repayment structure we are told that the next step would be an announcement by the DOJ that both companies will be allowed to apply for licenses within the US, when and if this is made legal.

 

Wynn had originally agreed to partner with PokerStars to offer a poker product to Nevada residents when the online product is legalized in the state and even though Wynn pulled out after Black Friday there will almost certainly be some renewed interest if PokerStars is given immunity. Full Tilt were previous to Black Friday going to partner with Station Casinos. PokerStars would now have a couple of major partnerships already lined up and it seems just a matter of time before Nevada does legalize online poker.

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Zynga makes loss despite mobile-driven revenue rise, Robin Harrison EGR Magazine

Zynga makes loss despite mobile-driven revenue rise, Robin Harrison EGR Magazine | Poker & eGaming News | Scoop.it

Zynga has reported a loss of US$85.4m in its results for the three months ending 31 March 2012 despite a 32% rise in revenues for the quarter, driven mainly by strong mobile growth.


Chief executive Mark Pincus (pictured), however denied reports the company is set to go on an acquisition spree following the purchase of development studio OMGPOP for $180m in March.


Revenues for the quarter rose 32% from $242.9m to $321m aided by strong growth in monthly active users (MAU), which climbed from 236m to 292m, a 6% year-on-year increase.


Speculation that Zynga was in talks with Wynn Resorts followed not long afterwards after Pincus name-checked the land-based operator at the Morgan Stanley Technology, Media & Telecom Conference in March, during which he described real-money gambling as “the perfect fit with virtual goods and social games.”

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