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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.
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Yahoo Launches Texas Hold’em portal -
The online search giant Yahoo! has seized the initiative and launched a Texas Hold’em portal on its website, according to a report in the business publication Forbes.
GalaCoral and Inspired Extend Deal -
UK online and land gambling firm Gala Coral has confirmed that it has extended its licensing provision for virtual sports betting to its mobile offering following an agreement with Inspired Group.
Mega Gems Slot Launches -
Both Bejeweled and slot fans will be attracted to BetSoft Gaming's new 3D online slot, a five reel, 10 pay-line aesthetically appealing game they have titled Mega Gems.
Adam Silver speaks out About Online Betting -
Whilst most US national sports leagues appear to have their heads buried firmly in the sand when it comes to recognising the public appeal of online gambling and sports betting outside the restrictive Professional and Amateur Sports Protection Act, one executive stands out as a realist....Adam Silver of the National Basketball Association.
Pokerstars Fucking Over Players With Increased Fees -
#pokerstars #poker Further revving up players already concerned about the imposition of margins on foreign exchange financial transactions , online poker giant Pokerstars announced hikes in rake and tournament fees Thursday.
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