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Weak Results For Boyd Gaming group
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.
ALBERTA STILL UNDECIDED ON INTERNET GAMBLING -
The Alberta Gaming and Liquor Commission continues to study the issue of online gambling legalisation and the experiences of British Columbia, Ontario, Mantitoba and Quebec, which have already regulated and licensed the pastime.
Caution against excessive tax For Pennsylvania online gambling -
The lively debate on internet gambling legalisation in Pennsylvania, and the legislative proposals currently on the table in that state, received the attention of two experienced industry executives over the weekend when Poker Players Alliance executive director John Pappas, and the CEO of the All American Poker Network, David Licht, spoke out in the publication TribLIVE.
2015 WSOP Event 68 -
In event 68, the $10,000 Dealer's Choice competition, El Monte, California professional player Quinn Do (39) adopted a singularly successful strategy of choosing not his own favourite games, but those in which his opponents seemed weaker, augmenting this with changing tactics that kept his opposition off-balance.
2015 WSOP Event 65 -
British property investor and part-time high stakes mixed game player Gerald Ringe claimed his first and the UK's third bracelet this season by winning event 65, and California pro Quinn Do crushed all in his path on the way to winning his second bracelet after an interval of ten years.
2015 WSOP Event 64 -
In Event 64, six online players who had earlier survived an internet field of 905 took their seats for the live finale in Las Vegas of the $1,000 buy-in WSOP.com NLHE, all with ambitions for the $859,750 prize pool.
2015 WSOP Event 62 -
The WSOP.com semi-online event was played at six-man live table in Las Vegas, and a New Jersey pro took down the inaugural Bounty NLHE competition.
2015 WSOP Main Event Starts Today -
Ten days have been set aside for the event, number 68 on the WSOP schedule, which is expected to attract thousands of players, among them the most accomplished in international competitive poker.
Bet365 betCall product alleged to be circumventing local betting law -
The Interactive Gambling Act 2001 prohibits the placing of bets on events that have started except via telephone," the newspaper explains, observing that the three UK-headquartered companies get around this requirement by only accepting bets if punters have their computer microphones turned on.
Romania Blacklists 50 Online Gambling Websites -
Oficiul National pentru Jocuri de Noroc (ONJN), the Romanian gambling authority, has announced the publication of a blacklist identifying 48 websites that have accessed Romanian online punters without the necessary licensing and have consequently been banned.
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