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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.
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Fortuna Entertainment H1-2016 Numbers -
Fortuna Entertainment, the Central and Eastern Europe-facing gambling group in the news earlier today with its platform deal with Playtech has posted its H1-2016 numbers, claiming improvements across core metrics.
TOnyBet Launch In Lithuania going Well -
NYX Gaming Group Limited announced Thursday that it has launched its NYX Open Gaming System, or OGS, to TonyBet for the regulated markets of Lithuania, Estonia, Denmark and UK.
VGambling gets Licensed in Antigua -
Antigua-licensed VGambling Inc has reported that it is well advanced in its preparations to launch into the online gambling market with a dotbet website that will also offer eSports gambling internationally, with the exception of the United States.
Esports Fan Base Grows Faster then DFS -
The social following of eSports is now larger than the National Football League, National Hockey League, and Major League Baseball and trails behind only the National Basketball Association.
2 New PokerStars global live tours -
Amaya Inc’s PokerStars has announced sweeping changes to its live event sponsorship roster with the consolidation of all existing live tours in to two new PokerStars global live tours, the PokerStars Championship event and the PokerStars Festival event.
PariPlay third content supply deal in a week -
Under the terms of the deal, Omnislots will integrate a full suite of PariPlay casino games, across mobile and desktop, boosting an inventory that already carries Microgaming, NetEnt, Amatic, Endorphina and BetSoft Gaming titles.
Fortuna Entertainment In Deal With Playtech -
The Central and Eastern European online gambling group Fortuna Entertainment Group N.V. announced Thursday that it has signed a contract with online gambling software and games provider Playtech plc for the supply of a multi-channel betting and gaming platform.
2017 KPMG E-Gaming Summit -
Held at the Villa Marina in Douglas and beginning at 9am, the event will feature over 30 expert speakers and panellists from the world of eGaming.
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