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Friday August 1,2014 : BOYD GAMING CHIEF BULLISH ON INTERNET OPERATIONS
But lacklustre overall results for US gaming giant.
Continued weakness in casual play was the root cause for the weak performance of the Boyd Gaming group, said CEO Kevin Smith this week as he revealed that the US gambling group had suffered a decline in profit and revenue in the second quarter.
Group profits were significantly down, declining from $11.6 million in Q2-2013 to only $700,000 this year.
Revenue for the three months to end June was down 2 percent at $722.5 million, with adjusted earnings up at $160.2 million, thanks to an $11 million tax settlement from its Atlantic City joint interests with MGM, where Boyd has a 50 percent stake in the Borgata.
Boyd’s share of the Borgata in New Jersey delivered just under $182 million, rising by $9 million from the preceding year.
Online gambling operations contributed a useful $6.7 million to that amount, helping adjusted earnings for Borgata to reach $30,8 million - a 11 percent increase.
Smith took a positive outlook on the company's online gambling activities in New Jersey, where its partnership with MGM has seen the market-leading Borgata brand break even in July, an occurrence which Smith characterised as a key milestone in the continued development of the internet enterprise.
Despite lower than expected results for the genre, which lost $1.8 million in the quarter, Smith remains confident, saying that he expects online gambling revenues to start picking up in New Jersey as the weather cools.
Philly.com reports that Borgata's share of online gaming revenues in New Jersey was 29 percent.
Smith revealed that Boyd's future plans include the launch of a mobile sports book in Nevada in the near future.
Recent Gambling News :
NFL Odds: Super Bowl XLIX Pits Champions Against Each Other -
#superbowl #superbowlXLIX : The sportsbook lists the New England Patriots as the early 2-point favorites to beat the Seattle Seahawks for the upcoming match. The last time the Seahawks and Patriots played each other was in Seattle in 2012, where Russell Wilson and company took home a one-point win.
Dangerous Odds New SportsBetting Movie -
Titled "Dangerous Odds" the movie is based on the memoirs of Marisa J. Lankester, a model and award winning author who became embroiled in the billion dollar US and Dominican Republic-based illegal sports betting activities of Ron 'The Cigar' Sacco, and felt the weight of Justice Department enforcement actions.
Alex Trevallion wins A$25,000 buy-in Challenge in Melbourne -
The entry field represented a 60 percent increase over the same event last year, with aces like Erik Seidel, Patrik Antonius and Phil Ivey among the starters, although none of these top players made the final table, and Ivey and Antonius failed to cash.
Proposed Law SB40 Bad For Poker Player Stakers -
The watchdog has recently issued warnings to American gambling companies regarding the dangers of money laundering and the concealment of sources of gambling money, and in response Nevada lawmakers have crafted an amendment to state law in bill SB40 that will specifically ban "messenger betting" - the placing of bets through a third party resident in Nevada.
BID TO LEGALISE FANTASY SPORTS BETTING IN WASHINGTON STATE -
Washington is one of the few states that regards even online fantasy sports betting as illegal despite federal exemptions, but Roach and other lawmakers feel it's time to recognise that skill dominates chance in the genre, and it should therefore be permitted.
MULTI-MILLION DOLLAR ONLINE GAMBLING RING BUSTED IN VIETNAM -
Tuoi Tre News in Vietnam reports that the police have dismantled an illegal online gambling ring and arrested ten individuals involved in the enterprise, including the ringleader, 33-year-old To Cong Hung, a gay magazine owner based in Ho Chi Minh City.
Wisconsin poker players ask judge to declare poker a game predominently of skill -
The player initiative, backed by the Poker Players Alliance, has filed a Plaintiffs' Expert Witness Affidavit featuring testimony from the widely experienced professor, who has given expert evidence in a number of major court cases, consulted for state and other authorities and participated in numerous reviews on the legality of poker based on skill rather than chance.
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