Thursday, September 22, 2022

Blog: Casino, Gaming, Sports Betting and Business News via Media Man

Casino, Gaming, Sports Betting and Business News via Media Man


The United States Igaming Revenue Report - August 2022

National (igaming/results) - Deke Castleman, CDC Gaming Reports - Total igaming revenue for August 2022 in the six igaming states totaled $394.7 million, up 22.9% from August 2021…New Jersey was $131.4 million, reflecting growth of 16.1%...Michigan produced $130.9 million in revenue, up 34.2% higher. Pennsylvania online gaming revenue was, $107.2 million, 17.3% higher than August 2021…Connecticut operators, DraftKings and FanDuel won $13.1 million and $8.8 million…West Virginia igaming revenue was $10.8 million, more than double the $4.5 million result from August 2022…Delaware’s internet casinos essentially tied their record igaming revenue of $1.3 million, a 30% leap over August 2021.


Nebraska’s first casino to open Saturday

Nebraska (Lincoln) - Paul Hammel, Nebraska Examiner - Nebraska’s first casino is expected to open Saturday morning in the Capital City, pending approval by the state gaming commission. A temporary casino, located at the Lincoln Racecourse Thoroughbred track, is scheduled to open at 10:30 a.m. Saturday, with more than 400 slot machines ready to go. “We have every expectation that we’ll get a license,” said Lance Morgan, president and CEO of Ho-Chunk Inc., the economic wing of the Winnebago Tribe of Nebraska and operator of WarHorse.


Prop 27 Campaign Switching Tactics in CA Sports Betting Push

California (sports) - Matthew Waters, Legal Sports Report - The campaign behind Prop 27, the push for legal online CA sports betting, is changing its tactics with just six weeks to go. Yes on 27 pulled all of its TV ad buys in major California markets this week, the San Francisco Chronicle reported…the campaign is only advertising on broadcast spots in the Los Angeles market. A spokesperson from the campaign said the standard TV ads from both sides are “not benefiting anyone.” Instead, funding will be used for direct mail and digital advertising.


Chinese Ambassador warns crimes harmful to relations

Asia (China/Philippines) - Inside Asian Gaming - China’s Ambassador to the Philippines, Huang Xilian, has warned that the proliferation of crime linked to the country’s Philippine Offshore Gaming Operators (POGO) industry are harmful to relations between the two nations. Philippine News Agency reports that Huang issued a statement on Wednesday in which he reiterated that China firmly opposes all forms of gambling and will continue to take strong measures against it. 


MGM CFO talks acquisitions, divestitures, and strength of Las Vegas

Nevada (Las Vegas) - Buck Wargo, CDC Gaming Reports - Speaking to the Deutsche Bank Leveraged Finance Conference on Tuesday, MGM Resorts International CFO Jonathan Halkyard touted the strength of the Las Vegas Strip, especially convention business, and spoke glowingly about the casino-giant’s property and company transactions. Halkyard also discussed the second quarter and closing on the sale of its REIT to VICI Properties for $4.5 billion. He cited MGM’s acquisition of the Cosmopolitan of Las Vegas and paired that with the $1 billion sale of the operation of the Mirage to Hard Rock International. “Together, these two transactions have materially improved the portfolio in Las Vegas,” Halkyard said.


Nevada esports-wagering expansion moving forward

Nevada (esports) - Buck Wargo, CDC Gaming Reports - Nevada’s Esports Technical Advisory Committee asked the state’s Attorney General’s office Wednesday to draw up regulations that would permit widespread esports betting on tournaments and championships starting in 2023. The committee will meet on Oct. 24 to review and finalize the regulations and forward the package to the Nevada Gaming Control Board and eventually the Nevada Gaming Commission.


‘We’re just getting started’: Las Vegas gets its parade

Nevada (Las Vegas) - Mike Grimala, The Sun - On Sunday, the Las Vegas Aces delivered the city its first major league sports championship. On Tuesday, the city delivered for the Aces, as several thousand fans packed the area around the Bellagio fountains for the team’s historic title celebration. The atmosphere was one of triumph as the Aces rallied to commemorate the franchise’s victory against the Connecticut Sun in the WNBA Finals.


Famed Israeli chef opening 2 restaurants in The Venetian

Nevada (Las Vegas) - Johnathan L. Wright, Review-Journal - Eyal Shani — the celebrated chef with restaurants in the U.S., Europe, Asia, Oceania and his native Israel — is bringing his take on Mediterranean cooking to the Las Vegas Strip with the debut of two restaurants at The Venetian. Miznon, serving fast-casual Israeli street food, is planned to open in late 2022. HaSalon, offering seasonal ingredients and a menu with nightly changes, is scheduled to launch in 2023. Both will be in the Palazzo Tower of The Venetian.


Regulators consider $100K fine against William Hill

Nevada (regulation) - Richard N. Velotta, Review-Journal - The Nevada Gaming Commission on Thursday will consider slapping the Caesars Entertainment Inc.-owned William Hill sportsbook with a $100,000 fine, following a four-count complaint filed in August by the Nevada Gaming Control Board. The Control Board accused William Hill of violating gaming regulations by failing to promptly resolve a system failure that affected more than 50,000 bettors since 2015.


Wynn Resorts seeks dismissal of lawsuit from massage therapist

Nevada (Las Vegas) - Richard N. Velotta, Review-Journal - Attorneys for Wynn Resorts Ltd. are seeking the dismissal of a lawsuit filed by a Wynn Resorts massage therapist earlier this month, and a hearing has been scheduled in October. Attorneys Robert Eglet, Tracy Eglet and Danielle Miller filed a lawsuit on Sept. 1 in Clark County District Court on behalf of Brenna Schrader, who alleges the company continues to create a hostile work environment and retaliate against her years after then-CEO Steve Wynn forced her to act as an “on-call sexual servant.”


Newest casino is nearly set to open in Newburgh Mall

New York (Newburgh) - Chris McKenna, Times Herald-Record - Hundreds of black slot machines and table games are in place and waiting to be fed cash, spread across a couple acres of blue and orange carpeting where the Bon Ton department store used to be. Within the next three months, New York's newest casino is expected to open its doors, a playground of electronic gambling devices inside the Newburgh Mall that will operate 20 hours a day. Resorts World Hudson Valley will feature 1,200 machines in all, most of them slots, but also 82 unmanned imitations of typical casino offerings like craps, roulette and blackjack.


Pennsylvania GCB issues fines for underage gambling

Pennsylvania (regulation) - Rege Behe, CDC Gaming Reports - The Pennsylvania Gaming Control Board Wednesday approved three consent agreements during a public meeting resulting in $280,825 in fines for two gaming operators. Two approved consent agreements, producing fines of $160,000 and $100,825, Mount Airy Casino Resort in Monroe County. The third fine of $20,000 resulted from negotiations between the OEC and Pilot Travel Centers and PJF Southeast, operator of two Video Gaming Terminal establishments.


BetMGM announces partnership deal with NBC Sports, replacing PointsBet

National (sports) - Rege Behe, CDC Gaming Reports - BetMGM, and NBC Sports Wednesday announced a new partnership for the 2022 NFL season highlighted by weekly integrations on Football Night in America and content across other NBC Sports platforms. BetMGM replaces PointsBet, which had signed a similar integration deal with NBC last year, but recently opted out. “It is a tremendous opportunity to partner with the talented team at NBC Sports and have the ability to engage with football fans nationwide,” said BetMGM Chief Revenue Officer Matt Prevost.


ESPN Updating, Expanding, Prioritizing Sports Wagering Content

National (sports) - Chris Altruda, Sports Handle - ESPN may still not know its sports wagering end game with regard to whether it will have its own sportsbook or partner with one, but the Disney-owned network and multimedia platform is definitely making the commitment to content as betting continues to expand across the United States. ESPN recently announced an expansion of programming that includes new shows across multiple platforms and expanded roles for on-air talent. The moves, which coincided with the start of the NFL season — the primary driver of sports betting in the U.S. — are designed to keep ESPN front and center in a rapidly changing landscape where content is available at every turn.


Cavaliers, Bengals, Guardians, racinos and more approved for sports betting

Ohio (sports) - Donald Emmons, OH Bets - The Ohio Casino Control Commission (OCCC) approved sports betting licenses for 10 sports gaming proprietor and four sports gaming supplier applicants during its Wednesday morning meeting in Columbus. The Cleveland Cavaliers, Cincinnati Bengals, Cleveland Guardians, Columbus Blue Jackets, and the Football Club of Cincinnati were among those approved for sports gaming proprietor licenses. Also approved for the same type of license were MGM Northfield Park, Eldorado Gaming at Scioto Downs, Hollywood Casino Columbus, Hollywood Gaming at Dayton Raceway, and Belterra Park in Cincinnati.


Tulalip Casinos Celebrate Opening of New Retail Sportsbooks

Washington (Indian gaming) - Indian Gaming Magazine - Tulalip Resort Casino and Quil Ceda Creek Casino have celebrated the opening of two retail sportsbooks. The events featured Seattle Mariners great and Baseball Hall of Fame member Randy Johnson at Tulalip Resort Casino, and Seattle Seahawks legend and Pro Football Hall of Fame inductee Steve Largent at Quil Ceda Creek Casino. “Like all of us at Tulalip Resort Casino and Quil Ceda Creek Casino, the DraftKings team is committed to excellence, and we intend to give local sports fans an experience that can’t be beat,” said Brandon Jones, Sportsbook Manager at Tulalip Resort Casino.


Tulalip To Host Hiring Fair for Over 100 Job Openings

Washington (Indian gaming) - Indian Gaming Magazine - Tulalip Resort Casino, Quil Ceda Creek Casino and Tulalip Bingo & Slots will offer starting hourly wages ranging between $16 and $31.64 at the “Tulalip Hiring Fair” Thursday, Sept. 22, between 9am and noon. There will be on-the-spot hiring for more than 100 job openings, including scores of newly created positions. Offer bonuses for select positions will be offered ranging between $250 and $1,000, and application assistance will be available starting at 9am. The event will be held at the Tulalip Hiring and Training Center.


Arizona reports $41.6 million in contributions

Arizona (Indian gaming) - KECY - The Arizona Department of Gaming (ADG) reports of $41.6 million in tribal gaming contributions. Furthermore, this amount represents an increase of 2.1 percent when compared to first quarter of Fiscal Year (FY) 2022. “Arizona’s tribal gaming industry continues to impress, with a quarterly contribution record of $41.6 million to the Arizona Benefits Fund,” said Ted Vogt, Director, ADG.


Gila River Branding Entitlement on Arizona Coyotes Home Jerseys

Arizona (Indian gaming) - Indian Gaming Magazine - The Arizona Coyotes and Gila River Resorts & Casinos have announced a multi-year partnership extension agreement that provides Gila River with the branding entitlement on the Arizona Coyotes official home jerseys. The announcement marks the first time in NHL history that a Native American-owned gaming enterprise will have its logo on an NHL team jersey. The Gila River Resorts & Casinos logo will be on the Coyotes’ black Kachina jerseys for all home games played at Arizona State University’s Mullett Arena beginning in October for the 2022-23 season. Additionally, Gila River will be the season-long presenting sponsor and participate in a variety of community activations throughout the season.


Casinos, retailers, other employers host job fairs in metro Phoenix

Arizona (Indian gaming) - Russ Wiles, Arizona Republic - Many employers remain in a hiring mode, although a recession might be looming. In fact, 85% of businesses say they’re actively hiring, according to a national survey by Challenger, Gray & Christmas. That’s up from 81% in the spring. Many Phoenix area employers are turning to job fairs and special promotions to lure applicants. Talking Stick Resort will host a job fair Sept. 27 for hospitality positions there and at sister property Casino Arizona…Some positions will pay a $1,500 signing bonus. Benefits include a 401(k) retirement-plan company match, education assistance and medical, dental and life insurance. Paid time off is available for full- and part-time employees.


Echo Zulu Swings Back into Action in Dogwood

Kentucky (racing) - Byron King, Blood-Horse News - Last year's champion 2-year-old filly, Echo Zulu , scratched moments before the start of the June 11 Acorn Stakes (G1) at Belmont Park due to perceived unsoundness when headed to the starting gate, regroups under the evening lights at Churchill Downs in the $275,000 Dogwood Stakes (G3) Sept. 24. After the L and N Racing and Winchell Thoroughbreds-owned filly received a subsequent clean bill of health…She walked for a few weeks and didn't resume a workout schedule until mid-August at Saratoga Racecourse for Steve Asmussen.


Rich Strike Breezes at Churchill Ahead of Lukas Classic

Kentucky (racing) - Corrie McCroskey, Blood-Horse News - Kentucky Derby Presented by Woodford Reserve (G1) winner Rich Strike worked at Churchill Downs Sept. 21 in preparation for the Oct. 1 Lukas Classic (G2), according to trainer Eric Reed. The son of Keen Ice  breezed five furlongs in 1:01.40 with regular exercise rider Gabriel Lagunes aboard. He ranked ninth fastest out of 19 horses who worked Wednesday. "He worked very relaxed, I couldn't have been happier with the way he finished up, that's what we wanted," Reed said.


12-Year-Old Racehorse Retires as Winner in 100th Start

Kentucky (racing) - Byron King, Blood-Horse News - On a day when owners began plotting the careers of million-dollar horses purchased at the start of the Keeneland September Yearling Sale Sept. 12, the connections of a $3,000, 12-year-old claiming horse celebrated an auspicious conclusion to his career in a lower-level race at Arizona Downs .In his 100th race, a milestone start his connections had targeted for the veteran campaigner to wrap up his racing career, Joe Wheeler and Curt Ferguson's Success Rate bowed out a winner, scoring by 1 3/4 lengths in a six-furlong race with a $9,525 purse.


DAZN, LiveScore and WSC debate betting and media

Europe (SBC Summit) - Ted Orme-Claye, SBC News - The third panel of day one on the SBC Leaders track at this week’s Barcelona Summit dived into a topic that has been on the minds of many over the past year – the convergence of media and betting. Appearing on the discussion were three speakers with extensive experience of this field – DAZN CEO Shay Segev, LiveScore Group CEO Sam Sadi and WSC Sports CEO and Co-Founder Daniel Shichman… Returning to the media-betting perspective, he added: “Even if you’re in the media space, you can’t be satisfied with delivering sports and taking advertising and subscription revenues.


ECA Casino Industry Forum heads to Baden

Europe (Austria) - Phil, G3 Newswire - The ECA Casino Industry Forum takes place in the picturesque Austrian town of Baden from September 27-30, 2022. It is the gathering place for Europe’s leading casino operators to discuss the challenges, opportunities, trends, and developments in land-based and online casino gaming. Casino Baden plays host to over 60 guests at this year’s event, marking the return of the ECA Casino Industry Forum after a two-year absence due to the pandemic.


Government continues crackdown on illegal gambling

Americas (Columbia) - James, G3 Newswire - Coljuegos, reported that it carried out 41 inspections in the department of Córdoba and that it removed 544 gaming machines that were operating illegally. Coljuegos added that if the machines had been operating legally, then they would have generated 8,182 million Colombian pesos (about US$1.84 million) in operator fees plus VAT of 3,157 million pesos (about US$ 712,000). At the same time the board reported that the 30 municipalities of Córdoba, between 2020 and so far this year received about 50,089 million pesos, (US$11.3 million), from the legal gaming sector, in fees and taxes.


Delaware breaks igaming record again in August

Delaware saw both revenue and handle rise in August. Igaming revenue hit $1.3m (£1.14m/€1.3m), up 37.2% from $945,512 at the same point last year. It was also marginally higher than the previous record of $1.25m that was set in July 2022. Players spent $36.8m on igaming in August, up 69.6% year-on-year, but down 6.6% from $39.4m during the July 2022 peak. Retail sports betting generated $354,444 during August, which was up 439.7% from $65,678 at the same time last year, but 7.5% lower than the $383,249 recorded in July this year. Bettors wagered $2.9m on sports in August, which was down 40.8% from $4.9m at the same time last year and up by 7.4% on $2.7m in July. (HGS)


Truist Securities praise southern California tribal casinos

The analysts at Truist Securities have pointed to the “amazing” depth and size of the southern California tribal casino market. After visiting six casinos between Los Angeles and San Diego, the Truist team said the properties had “fresher, more diverse” slot floors compared with comparable regional market properties, and that the tribes tend to refresh 10-25% of the slot floor annually (versus 5-10% for commercial casinos). With regard to sports betting, financial expectations were “modest,” but the key issue was about tribal sovereignty and the fact that Prop 26 would give the tribes full control of further regulations such as online casino. (JP)


Bally’s applies to offer mobile sports wagering in Illinois

Bally’s has applied for a Management Services Provider license from the Illinois Gaming Board. Bally’s plans to operate as Bally Bet, but it is unclear whether it would do so as part of its casino in Chicago or its Rock Island casino near the Iowa border. The application follows BetMGM’s entry to the state in March. Barstool Sports also received its license in March. Bally Bet launched mobile betting in Iowa in July 2021, clocking up $4.3m, of which $2.3m was recorded in the first eight months of this year. FanDuel and DraftKings account for roughly 65% of Illinois’ $496.1m mobile handle, according to data from July. The state launched mobile betting in June 2020. (HGS)


Disney CEO continues to create confusion about ESPN’s sports betting plans

Having told a conference that it was “working hard” on a sports betting app, Disney CEO Bob Chapek had to row back on his comments when he then told CNBC that ESPN “was never going to be a book” and was instead seeking a sports betting partner because ESPN was able to provide “frictionless sports betting” to fans. Chapek’s comments echoed those of ESPN president Jimmy Pitaro, who told The Athletic in June that the company “can be doing more. We need to be serving the sports fan with what they’re expecting, and taking the friction out of the process.” (JP)


Nevada esports-wagering expansion moving forward

Nevada’s Esports Technical Advisory Committee asked the state’s Attorney General’s office Wednesday to draw up regulations that would permit widespread esports betting on tournaments and championships starting in 2023. The committee will meet on Oct. 24 to review and finalize the regulations and forward the package to the Nevada Gaming Control Board and eventually the Nevada Gaming Commission.


Pennsylvania Gaming Control Board issues fines for underage gambling, licensing issues

The Pennsylvania Gaming Control Board Wednesday approved three consent agreements during a public meeting resulting in $280,825 in fines for two gaming operators. Two approved consent agreements, producing fines of $160,000 and $100,825, stemmed from negotiations between the Office of Enforcement Counsel and Mount Airy Casino Resort in Monroe County.


Cavaliers, Bengals, Guardians, racinos and more approved for Ohio sports betting licenses

The Ohio Casino Control Commission (OCCC) approved sports betting licenses for 10 sports gaming proprietor and four sports gaming supplier applicants during its Wednesday morning meeting in Columbus. The Cleveland Cavaliers, Cincinnati Bengals, Cleveland Guardians, Columbus Blue Jackets, and the Football Club of Cincinnati were among those approved for sports gaming proprietor licenses.


Nebraska’s first casino to open Saturday, pending OK of license; state launches self-exclusion program

Nebraska’s first casino is expected to open Saturday morning in the Capital City, pending approval by the state gaming commission. A temporary casino, located at the Lincoln Race Course Thoroughbred track, is scheduled to open at 10:30 a.m. Saturday, with more than 400 slot machines ready to go... In preparation for the opening, problem gamblers are being urged to file a “voluntary self-exclusion form” to bar their admission to the casino and the temptation to gamble.


Bragg Gaming, Bally’s Interactive, enter igaming content development partnership

Bragg Gaming Group Wednesday announced that it has entered an igaming content development partnership with Bally’s Interactive, the digital arm of Bally’s Corporation. Per the agreement, Bally’s Interactive online brands including Virgin Casino, JackpotJoy and Vera&John, will launch content from Bragg’s proprietary slots studios, including Atomic Slot Lab and Indigo Magic.


Great Canadian Gaming: Next year looks great

Fitch Ratings recent B+ rating on Great Canadian Gaming Corp.’s long-term debt reflected optimism in the company, which is owned by Apollo Management. Senior secured debt got a B+, unsecured debt a B-. According to Fitch, the ratings reflect healthy generation of discretionary free cash flow and a recovering Canadian casino economy.


California: YouTube slots influencer Brian Christopher hosts first group slot pull on his Pop’N Pays More game

Live online slots player and YouTube star Brian Christopher visited Jamul Casino in the San Diego area over the weekend to launch three of his own branded slot machines. The new Pop’N Pays More slot machines were installed on Sept. 14 with many guests rushing to play them immediately.


Washington: Tulalip Resort, Quil Ceda Creek casinos open DraftKings Sportsbooks

Tulalip Resort Casino and Quil Ceda Creek Casino each opened a DraftKings Sportsbook [Tuesday] with celebratory appearances by two Seattle sports legends.


France: FDJ enters ‘exclusive negotiations’ to acquire horse betting operator ZEturf

La Française des Jeux (FDJ) is apparently seeking an expansion of its standing in the French betting space, targeting an acquisition of ZEturf Group...a horse racing betting operator as well as the company behind the ZEbet brand.


Relax Gaming debuts in Colombian igaming market via MegApuestas deal

Relax Gaming has marked its entry into the Colombian igaming market through a deal with operator MegApuestas, which sees the supplier make its tier one games available to Colombian players.

Tuesday, September 13, 2022

Blog: Paid Content Subscription Platforms Market Top Leading Players with Strategies: Substack, Revue, Mailchimp, Medium, Stratechery.

Paid Content Subscription Platforms Market Top Leading Players with Strategies: Substack, Revue, Mailchimp, Medium, Stratechery.



The recent Paid Content Subscription Platforms study covers the global market value, segmentation, sales, share, and expansion. This study research looks at historical evidence as well as current technology to assess the primary driving forces impacting the global Paid Content Subscription Platforms market’s growth. The study also covers expert advice to help consumers in reflecting on their growth objectives and building smarter decisions. The opportunities and restrictions that will virtually surely affect demand development are frequently considered in Paid Content Subscription Platforms business research.

The research also includes a cross-sectional assessment of the global Paid Content Subscription Platforms field, which includes demand estimates and predictions for all industries across various geographic areas. The study examines new technologies as well as recent breakthroughs that are projected to promote market growth in the next years. The study’s purpose is to give detailed market segmentation by products, end-user, application, and regions, and a thorough study of the global Paid Content Subscription Platforms market. In the following years, the global Paid Content Subscription Platforms industry is predicted to explode.

Key Players in the Paid Content Subscription Platforms market:

Substack

Revue

Mailchimp

Medium

Stratechery

Power+

OnlyFans

Patreon

Chargebee

Pico

Recurly

Beijing Logicreation Information & Technology ( iget )

Shenzhen xiaoe-tech

Beijing Zhizhe world Technology Co., Ltd.

Sspai


Accessing official documents, blogs, and press releases of businesses participating in the Paid Content Subscription Platforms business, as well as interviewing business executives and authorities, are all important sources. This market research report gives actionable insight into important players. According to the study, the market and industry are characterized by a variety of in-depth, influential, and stimulating effects. The Paid Content Subscription Platforms industry analysis goes into great length about industry definitions, classifications, requirements, and market overviews, as well as product features, manufacturing processes, cost structures, and raw materials. The report is designed to understand key manufacturers to examine the value, sales, market share, and future development plans. It also defines, analyzes, and characterizes the market competitive landscape, Paid Content Subscription Platforms market trends, growth factors, and SWOT analysis.

Paid Content Subscription Platforms Market Types:

Annual Subscription

Quarterly Subscription

Monthly Subscription


Paid Content Subscription Platforms Market Applications:

Companies

Individuals

Others


This market report provides detailed information to help in the interpretation, scope, and applicability of this analysis. It contains a market overview for Paid Content Subscription Platforms as well as growth analysis and projected and historical cost, demand, revenue, and supply data. A thorough review and assessment were carried out during the report’s development. Customers will benefit from the report’s extensive insights into the sector. This research also examines a variety of market prospects, including benefit, productivity, product pricing, capacity, supply, demand, growth rate, and forecasting, among other things. PESTEL and SWOT analysis of a new proposal, as well as an investment return analysis, were included in the report’s conclusion. The global Paid Content Subscription Platforms Market document provides a variety of financial words such as shares; expense, sales, and profit margin to help you better comprehend the many economic aspects of the firms.


Why Invest In the Report?

•This report elaborates the collected data, statistical analysis, strategies on development and sustainability, planning, and investment.

• The key stakeholders that have played an important role in mobilizing the Paid Content Subscription Platforms industry’s economic growth are intensively studied in this report.

• The activities pertinent to the trade of goods and services, and investment and exchange experiences in the market are summarized.

• The report focuses on the nature of work in the segments of the Paid Content Subscription Platforms market, employability, financial inclusion, climate change impact, and more.

• The report has also touched upon the legal and policy frameworks in the Paid Content Subscription Platforms market.

• The investment opportunities for the market players in near term and in future are given in the report.


References:

Orbis Research

Wikipedia

Google

Wednesday, August 31, 2022

News: Lachlan Murdoch sues Australian website alleging it claimed he was complicit in Jan 6 riots - 24th August 2022

Lachlan Murdoch sues Australian website alleging it claimed he was complicit in Jan 6 riots - 24th August 2022


Crikey’s original article was removed when Murdoch’s lawyer wrote to the news outlet in June but was republished last week.

Rupert Murdoch’s son is suing an Australian website for defamation in a Sydney court over an opinion piece about last year’s Jan 6 Jan insurrection in the US Capitol building.

Fox Corp chief executive Lachlan Murdoch accused Crikey of defamation after the website, he said, accused him of being complicit in the riots last year.

Meanwhile, Crikey publisher Private Media on Wednesday “welcomed” Federal Court proceedings filed this week by Mr Murdoch.

Mr Murdoch’s lawyers claim Crikey published an article in June this year that implied he “illegally conspired with Donald Trump to incite an armed mob to march on the Capitol to physically prevent confirmation of the outcome of the 2020 presidential election”.

In the article that ran on 29 June, lawyers claimed it described Mr Murdoch as an “unindicted co-conspirator” in the effort by Trump supporters to overturn his 2020 election loss to president Joe Biden, stated the lawsuit.

“Murdoch has been gravely injured in his character, his personal reputation, and his professional reputation,” the lawsuit added.

Crikey’s editor Peter Fray, and Eric Beecher, the chairman of its publisher Private Media, said, “we are determined to fight for the integrity and importance of diverse independent media in Australian democracy”.

This week, Crikey’s Murdoch letters series revealed how media power works in the country. Private Media chief Will Hayward said: “We welcome Lachlan Murdoch’s writ. We believe that coverage of the events of 6 January at the US Capitol, and the role of Fox News in those events, is absolutely legitimate.”

Sydney Morning Herald quoted Mr Hayward as saying that “the best way to support our case is to subscribe to Crikey”.

He posted a series of tweets with a link to subscribe and said: “Here in Australia, if we lose the case in court, the cost to Crikey could be millions in damages and legal costs.”

Crikey’s original article was removed from the website along with a Facebook post and tweet when Mr Murdoch’s lawyer John Churchill wrote to the news outlet in June. Local media reported it was republished last week, triggering moves to file proceedings.

Monday, August 22, 2022

Blog: Star posts FY loss after Sydney casino hit

Star posts FY loss after Sydney casino hit

Casino operator Star Entertainment Group has swung to an annual loss, weighed down by extended COVID-related closures and a hefty writedown at its flagship Sydney casino amid regulatory troubles.

Australia's second-biggest casino operator on Monday posted a full year loss of $198.6 million for the year to June 30, compared to a $57.9 million profit a year earlier.

The company said it took a financial hit after its three properties on the east coast were collectively closed for 125 days in the first half of the year due to pandemic restrictions.

It also slashed the value of goodwill for its main Star Sydney property by $162.5 million "due to regulatory and other uncertainties".

Star said normalised net loss, excluding the significant items, was $32 million. Revenue for the year to June 30 dipped 1.2 per cent to $1.53 billion.

"Clearly, in the regulatory environment we're working our way through it was appropriate to consider a higher level of risk and so we effected that through the weighted average cost of capital. The consequence of that was an impairment on the Sydney property," interim Chairman Ben Heap told AAP. 

By 1415 AEST, shares in the company were down 1.7 per cent to $2.86, adding to the nearly 20 per cent drop in value so far in 2022.

Star's fortunes have sagged in recent months amid regulatory scrutiny after hearings at an NSW inquiry unearthed allegations about money laundering, fraud and links to organised crime at its Sydney casino.

The company is now awaiting the outcome of that review into its suitability to hold a NSW casino licence by the end of this month. 

It faces a separate investigation from the financial crimes regulator, as well as an inquiry on its suitability to hold a casino licence in Queensland, which is set to hear from witnesses from Tuesday. 

Star is also facing competition from bigger rival Crown, which opened the doors of its Sydney casino earlier this month following the long-delayed green light from the NSW watchdog, after recently emerging from its own regulatory troubles. 

Star, currently the dominant casino operator in Sydney, says it's too early to form a view on the impact of Crown, but added that "it recognises that it will be operating in a competitive marketplace".

While domestic gaming demand has picked up, international business is still down significantly as Australian casinos steer clear of junket operators, which previously contributed significant numbers.

They have also been affected by the slow recovery of the international tourism market, which is likely to rebound to pre-COVID levels only over the next couple of years.

Still, the group says it's seeing the positive revenue trends from the fourth quarter of FY22 continuing into the current financial year.

Domestic revenue for the period from July 1 to August 18 rose 9 per cent on the comparative pre-COVID period of 2019, largely thanks to a 26 per cent recovery in the Gold Coast's domestic revenue.

Domestic revenue at the Star Sydney was in line with pre-COVID levels.

"That sort of run rate is very encouraging. It indicates our growth sits above pre-COVID numbers, and given all the factors that we're facing at the moment, the underlying performance of the business has been terrific," Mr Heap said. 

Star will not pay any final dividend, meaning it has not paid any dividend for the FY22 year.

Wednesday, August 17, 2022

Blog: NJ gambling revenue up 6.7% in July, but 5 casinos still lag

NJ gambling revenue up 6.7% in July, but 5 casinos still lag


ATLANTIC CITY, N.J. (AP) — New Jersey’s casinos, horse tracks that offer sports betting and the online partners of both types of gambling outlets won $480.7 million in July, an increase of 6.7% from a year ago.

But the resorts nine casinos continue to struggle to return to pre-pandemic levels in terms of the amount won from in-person gamblers, with five of them winning less in July 2022 than they did in July 2019, before the coronavirus pandemic began.

Figures released Tuesday by the New Jersey Division of Gaming Enforcement show that the casinos collectively won just under $299 million from in-person gamblers. That’s more than the $277 million they collectively won in July 2019.

But five casinos — Bally’s, Borgata, Golden Nugget, Harrah’s and the Tropicana — won less from in-person gamblers last month than they did in July 2019.

Nonetheless, Atlantic City’s performance in July “showed indications of a strong summer season fueled by a return to normal operations and consumer behavior,” said Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University.

“Unlike last summer, Atlantic City casinos in 2022 are operating without official public health restrictions, which were still in place at the start of summer 2021,” she said. “There also isn’t the COVID-19 drag of persisting public health concerns that kept some visitors from returning to pre-pandemic behaviors even after an end to the COVID-19 public health emergency in New Jersey.”

James Plousis, chairman of the New Jersey Casino Control Commission, said the resort is off to a good start to the crucial summer season.

“Casino win reached its highest level for the month of July in a decade, reflecting the strength of Atlantic City as a gaming and leisure destination,” he said. “Year-to-date, every casino hotel has surpassed its casino win, internet gaming win, and total gaming revenue compared to the same period last year.”

While internet gambling and sports betting add to the revenue totals reported by the state for each casino, gambling executives say those figures are misleading because substantial portions of such revenue are kept by third-party providers such as tech platforms.

Because of that reason, they say in-person gambling revenue is a more accurate measure of how well the casinos are doing.

The Borgata won $124 million from in-person gamblers, sports bettors and internet gambling in July, up 16.4% from a year earlier. Hard Rock won $59.8 million, up nearly 8%; Golden Nugget won $49.1 million, virtually flat from a year earlier; and Ocean won $43.3 million, up 29.5% from a year ago.

Tropicana won $35.8 million, down 2.5% from a year ago; Harrah’s won $26.3%, down 10%; Caesars won $25.5 million, down 3.2%; Bally’s won $20.7 million, up 28.4%, and Resorts won $18.3 million down nearly 3%. (Resorts Digital, the company’s online arm, won nearly $39 million, an increase of nearly 15% from a year earlier.)

Among racetracks that offer sports betting, the Meadowlands in East Rutherford won $25.2 million in July, down from $31.7 million a year earlier. Monmouth Park in Oceanport won $1.6 million, down from $2.4 million a year earlier, and Freehold won $675,089, up from $165,792 last year.

All told, gamblers wagered $531.8 million on sports in July, down from $578.7 million a year ago.

New Jersey’s sports betting market is facing a new challenge from New York, which began offering mobile sports betting earlier this year and quickly seized the nationwide lead in terms of the amount of sports bets taken.

Sunday, August 14, 2022

Blog news: High rollers still on the menu as Crown and Star lock horns

High rollers still on the menu as Crown and Star lock horns

After a decade of drama, Sydney finally has two casinos vying for its gambling dollar - separated by the barest sliver of a harbour.

Crown Resorts and Star Entertainment Group have been put through the regulatory ringer, many would say belatedly, for their shoddy approach to compliance. But suitably chastened, both are now ready to go toe-to-toe in their pursuit for punters.

However, as Crown Sydney’s marketing brochures highlight, the multibillion-dollar resort dreamed up by billionaire James Packer is staying true to its promise of focusing on high rollers. There is no enticement for the grind market, which is the staple of The Star and the poker machine dens across Sydney.

A $10,500 bar tab is the sort of spend needed to get a punter through Crown Sydney’s VIP gaming room doors at Barangaroo, which opened for the first time this week. This figure is based on Crown’s rewards program for Barangaroo which, ironically, does not specify how much gambling is needed to reach the Gold and Platinum status needed to gain entry to its gaming facilities.

One thing is clear, Crown clearly does not have to worry about the “RSL on steroids” tag, which dogged The Star for years.

Crown, under the new ownership of US private equity group Blackstone, has also remained faithful to Packer’s mantra that the gaming operation - which was originally due to open alongside the hotel in December 2020 - remains central to the economic feasibility of the entire resort.

“Crown Sydney is quite a unique facility and integrated resort. I think that integrated nature will also extend itself to the integrated nature of income,” Crown Sydney chief executive Simon McGrath said.

“It’s got a very good balance of gaming, hospitality, restaurants, bars and spas and other facilities. And I think that’s really important.”

Barangaroo needs to be firing on all cylinders. Blackstone paid $8.9 billion for the entire Crown operation in Australia, a price that took the casino operator back to a valuation that pre-dated the scandals and a regulatory nightmare that has seen it deemed unfit to hold a casino licence in all three states in which it operates.

The inquiries were triggered by a series of reports by The Sydney Morning Herald, The Age and 60 Minutes in 2019 that examined Crown’s irresponsible treatment of problem gamblers and its relationship with high-roller “junket” operators linked to powerful Asian criminal gangs.

The regulatory upheaval, which is still impacting both Crown and Star, is another unwelcome juggle for the newly opened facility.

“First, and foremost, we’ve got to make sure that we deliver safe and responsible gaming, and then we deliver the curated experience of luxury service,” McGrath says. “I think the combination of both those will give us a strong and sustainable business going forward.”

Also making life tougher is the fact that the disgraced junket operators, which did the dirty work of attracting Chinese high rollers, and extracting the cash when they lost - for a significant fee - have been banned.

But Crown’s new operation offered a not-so-subtle hint that Chinese gamblers are still on the radar with its opening date 08.08.22: eight is the luckiest number in Chinese culture with its traditional association with wealth.

Whether it succeeds in wooing them will be clearer in October when its exclusive high-roller floor opens.

To enter the hallways of Barangaroo’s Mahogany room - which houses 30 private salons for the serious high-rollers that Crown once enticed with its own private jets - a minimum spend of $45,000 across its bars, restaurants and hotel is needed to attain the Platinum status necessary for entry. Once again, Crown’s brochures do not specify the level of gambling spend needed for Platinum status.

Of course, the serious high rollers will be offered the Black tier membership which is by invite only.

Market analysts no longer track Crown as it is a private company, but in December last year, Macquarie forecast that Barangaroo could end up with 35 per cent of Sydney’s tables-based gambling market by the 2025 financial year. This is expected to be worth $923 million. Macquarie forecast VIP turnover of $10 billion by 2025.

Meanwhile, analyst reports focused on the ASX-listed Star following a July market update highlighted that poker machine and non-gambling revenue, across its Sydney and Queensland casinos, have soared above pre-COVID levels. Table gaming revenue, which is all Crown is relying on in Sydney, remains subdued.

Crown will have 160 tables, plus 66 electronic tables operating across the Crystal Room and 30 private salons on the Mahogany floor. While Crown Sydney will ensure Star’s table gaming revenue does not recover in Sydney, Star does have a secret weapon that Crown cannot rely on: the grind market.

“In NSW, we note that Club electronic gaming machine (EGM) data to May-22 is consistent with Queensland, with profit per EGM running at 129 per cent of pre-COVIDlevels,” a report from Goldman Sachs said last month.

And as JP Morgan analyst Don Carducci pointed out in a recent research note, The Star has a lot at stake as it extracts roughly $115 million in EGM, or slot, revenue from its top-tier gamblers on top of what it gets from their table-based gaming.

“The slot support for Star cannot be overstated; approximately one-third of Sydney (VIP) revenues are linked to slot play,” he said.

A fund manager who watches the casino market closely, says Crown has had the edge with high rollers in Melbourne due to the assets it had at its disposal including golf, horse racing and the Grand Prix.

“They always attracted that tier one player and probably didn’t have to do as much as what Star needed to do to attract those players to this market,” the fund manager, who did not wish to be identified due to the sensitivities of the high roller business, said.

But high roller rooms are not where the big money is made.

“Crown had the advantage on that part of the business, but it’s worth remembering. It’s not the best part of the business,” he said.

“The grind, that’s where you make your margin. That’s 80 per cent of your profit.”