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Scientific Games Management Changes
SCIENTIFIC GAMES SHARES TANK ON NEWS OF MANAGEMENT CHANGES (Update)
Fridays news that Gavin Isaacs is to step down as CEO triggers a shareholder reaction.
The announcement Friday that the respected Scientific Games CEO Gavin Isaacs has handed the reins over to former Norwegian Cruise Lines chief executive Kevin Sheehan had an unintended and immediate consequence...the groups share price dived 16 percent in Friday trading.
Analysts attributed the plunge to investor concerns that Sheehan, whilst an accomplished businessman, has no experience in the gambling business, but also to what some described as the "almost cult status" that Isaacs enjoys in the industry as a skilled and experienced chief executive.
In fact Isaacs is not leaving the group, but takes up a post as vice chairman of the board, supporting owner and chairman billionaire Ron Perelman. Nevertheless, it appears that there are shareholders worried about the prospect of the business continuing to prosper without his direct oversight.
The decline in share price to $8.53 Friday was the biggest intraday loss experienced by the company since last November and followed the same-day posting of results that included quarterly revenue above expectations at $729.2 million and operating income up at $46.7 million compared to a loss of $800,000 in the corresponding quarter a year ago.
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Gambling News :
Amaya FY2016 Trading Update -
The Montreal-based Amaya online gambling group has issued a trading update covering FY 2016 and improving its forecast revenue and earnings numbers.
LeoVegas To Sponsor Leicester Tigers -
The agreement includes official partner accreditation, media space at Welford Road stadium and matchday tickets and VIP hospitality as well as two pitchside perimeter boards from the 2017/18 season and one for duration of the 2016/17 season.
Optima Information Services iShop -
Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.
CAGAYAN CHIEF MOVES TO REASSURE LICENSEES -
Apparently $4 million is going into improvements of the Authority’s data centre in the Freeport at Cagayan, whilst another $3 million has been earmarked for an upgrade to data infrastructure located outside the Freeport.
New Massachusetts Online Gambling Bill -
It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.
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