SkyCity’s revenue rises with moderate profit growth expectedOne News Now NZ · November 11, 2018 at 9:28 pmThe casino operator SkyCity has had a strong start to the financial year and expects to see moderate growth in its full year underlying profit. In an update to investors, SkyCity said the turnover in its high rollers business rose 36 percent to $4.5 billion in the first few months of the year to 7 November, over the same time last year, with an improved win rate. The group’s normalised revenue, which excluded the ups and down in the win rate, rose seven percent, with six percent growth in the New Zealand business. It said the flagship Auckland casino’s operations all delivered positive growth, particularly the electronic gaming machines.
South Africa’s recession sees increase in illegal gambling operationsBusiness Report · November 11, 2018 at 6:07 pmJOHANNESBURG – Despite the gaming or casino industry growing its gross gambling revenue (GGR) by 3.5% to R18.5 billion in the year to end March 2018, the recession in the first half of this year has increased the number of illegal gambling operations. A growing uncertainty regarding the gambling regulatory framework is making it harder for the industry to realise its full potential as a generator of jobs and tax revenue. This gaming industry provides roughly 38 000 jobs. The Casino Association of South Africa (Casa) warned this week that the challenges that led to the previous decline in GGR were worsening.
BC casino strike over; union members ratify new contractDoyle Potenteau, GlobalNews · November 9, 2018 at 4:07 pmUnionized casino employees in the Okanagan will be going back to work after ratifying a new contract on Friday, ending a lengthy strike that lasted 19 weeks. According to the B.C. Government Employees Union, the four-year deal includes improved benefits plus an average 23.5 per cent wage increase during the life of the contract. The BCGEU says nearly 700 unionized employees at Gateway Casino locations in Kelowna, Kamloops Vernon and Penticton will be going back to work this weekend. “I am so impressed by the solidarity and courage of our members,” Stephanie Smith, president of the BCGEU, said in a press release.
Toronto, not Ontario premier Doug Ford, should decide for itself whether it wants a casinoEstair Van Wagner and Alexandra Flynn, CityMetric · November 9, 2018 at 11:02 amAfter the Ontario Court of Appeal recently ruled that Toronto’s recent municipal election would go ahead with 25 wards instead of 47, the province turned its attention to the city’s waterfront. There’s speculation that Ontario premier Doug Ford has a personal interest in reviving the idea of a casino on the city’s waterfront. In 2013, when Ford was a councillor, Toronto city council rejected a downtown casino in a near-unanimous vote. Likewise, municipalities in the pre-amalgamated Toronto fiercely opposed the creation of a casino in 1997. Renewed provincial interest in pushing the deeply unpopular idea forward may give us a hint into why the Ford government was so determined to shrink Toronto city council.
Red Rake Gaming set to solidify multi-jurisdiction approach with debut showing at ICE LondonCDC Newswire · November 9, 2018 at 9:54 amThe international appeal of ICE London (5-7 February 2019, ExCeL London, UK), the industry’s largest gaming technology event, has been backed by casino game provider Red Rake Gaming as the company prepares to drive its ongoing European expansion strategy. 2019 will mark the Valencia-based company’s first time exhibiting at the world renowned event and, having just applied for licences in both the UK and Malta, it’s a decision Nick Barr, Managing Director of Maltese operations, believes is a must for Red Rake. Expanding on their decision to make the transition from visitor to exhibitor, Nick explained: “Our biggest goal for ICE 2019 is to keep increasing our brand awareness among the best operators in the world. When we entered the real money casino business in late 2015, we became aware from multiple sources that ICE London was the most important event in the world for this industry, so ICE 2016… [continue reading]
Ontario casino workers say they haven’t been paid in six weeks and are being forced to work part timeCasey Aonso, Narcity · November 9, 2018 at 8:14 amCanadian casinos have definitely found themselves in hot water more often than not when it comes to the media. From racially profiling Drake to money laundering, they definitely have been working through some tough press. Though the latest news from an employee who has been working at an Ontario casino has to be one of the weirdest and simultaneously frustrating stories we’ve heard all year. This time, Casino Woodbine is being criticized after an employee created a burner Reddit account in order to share his story on the platform anonymously.
Gibson Dunn Bets on Gambling Work With Launch of Global PracticeJohn Kang and Hannah Roberts , The American Lawyer · November 9, 2018 at 7:26 amGibson, Dunn & Crutcher has launched an international betting and gaming practice group amid a surge in activity in the sector spurred by the landmark U.S. Supreme Court decision opening up the market earlier this year. The group, which is co-led by corporate partners Jonathan Earle in London, Kevin Masuda in Los Angeles and Graham Winter in Hong Kong, will focus on complex litigation, regulation and compliance, and corporate and real estate transactions. The group launches just months after the firm successfully argued in the Supreme Court case that legalized sports betting in the country.
Bad luck at City of Dreams Macau hurts Melco’s 3Q18 earningsInside Asian Gaming · November 9, 2018 at 12:03 amMelco Resorts & Entertainment Limited saw its net revenue decline 11% to US$1.22 billion in the three months to 30 September 2018, its earnings impacted by bad luck in both the VIP and mass market segments at its flagship integrated resort, City of Dreams Macau. Melco’s revenue fall wasn’t quite as stark as it appears, with new revenue recognition standards affecting how results are reported: under the previous standard revenue would have declined just 5% to US$1.31 billion. However, it was the company’s poor run at City of Dreams that had the greatest impact with revenue under new standards down 16.1% to US$600.9 million and Adjusted EBITDA falling 40.3% to US$147.1 million.
Philip Bowcock – Global vision will reshape William HillTed Menmuir, SBC News · November 9, 2018 at 12:01 amWilliam Hill Chief Executive Philip Bowcock has stated to investors that his tenure will reshape the UK legacy bookmaker into a ‘digitally led and internationally diverse gambling business’. “We will meaningfully reshape William Hill over the coming years, moving from a business that is predominantly UK-centric and land-based to being a leading gambling business that is digitally led, internationally diverse and sustainable ” Bowcock states Bowcock is confident of William Hill securing its proposed £242 million acquisition of Stockholm-listed MRG Group, strengthening the firm’s European digital profile by acquiring a proven multi-market asset.
Casino group gets riverboat from Illinois to play substitute vesselNewton Sequeira, Times of India · November 8, 2018 at 11:10 pmPride Group of Casinos and Hotels on Thursday said that it has purchased the riverboat Argosy IV from Illinois, US, in order to facilitate dry dock repairs of its two off-shore casino vessels operating in the Mandovi. The group, which also runs the Neo Majestic casino in Porvorim, intends to use the Argosy IV as a spare vessel when Casino Pride I and Casino Pride II go in for repairs to Ratangiri later in 2019. Director, Pride Group of Casinos and Hotels, Shrinivas Nayak confirmed the arrival of the Argosy IV casino vessel at Mormugao Port Trust (MPT) from US. He also insisted that his company had no plans to operate another offshore casino in the Mandovi.
