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Luckity bingo Closing
Thursday October 30,2014 : CHURCHILL DOWNS TO SHUTTER LUCKITY BINGO
Failed to meet financial expectations
Louisville gambling firm Churchill Downs Incorporated (CDI) will reportedly shutter its two-year-old Luckity bingo operation according to a filing with the Securities and Exchange Commission.
"Management determined that Luckity did not achieve the expected financial returns and was unlikely to significantly improve its results," the filing said.
In its most recent report CDI reported a decrease in third quarter revenues for its Online Business of $2.2 million which it attributed to the loss of Texas resident wagering which began September 25, 2013.
However, the company said excluding Texas resident wagering from the prior year, Online Business handle had increased 3 percent compared to a total industry handle decline of 4.2 percent, thereby outpacing industry growth by 7.2 percent.
CDI's online business comprises internet wagering business, TwinSpires.com, United Tote, a totalisator systems supplier, an interest in horse racing television network HRTV and its Bloodstock Research and Information Services business.
"Online Business Adjusted EBITDA decreased $1.9 million due to the loss of Texas resident wagering, which resulted in a handle decline of $13.2 million and a corresponding Adjusted EBITDA decline of $1.7 million," the company said. "Additionally, new online pari-mutuel taxes in New York and Pennsylvania reduced Adjusted EBITDA by $0.7 million during the quarter."
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The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.
Chinese Gambling crackdown could damage high roller revenue -
Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.
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2016 EPT Malta -
The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.
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