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Borgata disappointing result for fiscal fourth quarter

Thursday March 6 ,2014 :  A DISAPPOINTING QUARTER FOR THE BORGATA
 
Q4 revenues up at $157 million, including $2.2 million from online gambling, but performance could have been better, say execs.
 
Boyd Gaming, the New Jersey company that owns the Borgata, has posted a disappointing result for the casino resort’s fiscal fourth quarter, reporting total revenues of $157 million, including $2.2 million from online gambling - a 6.5 percent increase on Q4:2012, although in the comparative period the casino had to contend with major interruptions from Hurricane Sandy.
 
The Press of Atlantic City reports that Borgata's hold percentage in December 2013 was 11 percent on nearly $103 million, compared to a 15 percent hold percentage in December 2012 on $113 million.
 
Boyd officials said the disparity equated to a $3.6 million loss in EBITDA.
 
Company executives said they were encouraged by the launch of Internet gambling with partner Bwin. Party Digital Entertainment, and estimated that the partnership currently commands over 40 percent of the New Jersey online gambling market.
 
Chief operating officer Paul Chakmak said the online business is primarily coming from new customers, despite suggestions that Internet gambling might cannibalise Atlantic City's brick-and-mortar casinos. 85 percent of those engaging in online gaming through Borgata have not had rated play at Borgata in the last two years, he disclosed.
 
"New Jersey is an important first step, but it won't be the last," Boyd president and CEO Keith Smith said, adding that the company intends to pursue Internet gambling ventures in other states if the practice is approved.
 
The group is awaiting a decision on a massive tax appeal settlement being challenged by the city, company officials said Wednesday.
 
In October, a tax court ruled that Borgata Hotel Casino & Spa was owed $48 million in overpaid taxes after the property was assessed at more than double its value in 2009 and 2010. The city has since appealed that ruling.
 
The casino's earnings before interest, taxes, depreciation and amortization would have been $2.1 million higher in the fourth quarter and $8.4 million higher across 2013 were it not for Atlantic City property taxes, said Chakmak.



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International Table Tennis Federation in deal with Sportradar. - The International Table Tennis Federation (ITTF) has today announced it has signed a brand-new integrity partnership with Sportradar utilising the organisation’s world-leading monitoring, intelligence and prevention solutions to help safeguard the sport against match fixing.

NBA odds on Thunder vs. Pacers Game? - This Wednesday night in Indianapolis, Paul George is due to play his first game at the Fieldhouse as a member of the Oklahoma City Thunder (12-13 SU, 8-17 ATS). But George might not face the Indiana Pacers (15-11 SU, 16-10 ATS); he’s listed as day-to-day with a right calf contusion. Tip-off is at 7 PM ET on ESPN.

2 New Christmas Slots For Microgaming - Microgaming’s jolly game additions this December. Microgaming adds two more games to kick off the festive season, in addition to its action-packed Highlander online slot.

SportsBetting Supreme Court Showdown - Sports Law, Betting and Integrity leaders convene to preview Supreme Court Showdown. Thought leaders weigh in on Christie vs. NCAA (which in January will shift to Murphy vs. NCAA)

Mega Moolah Progressive Slot Pays Again - On 15 November 2017, the Mega Moolah jackpot was won by a Grand Mondial Casino player. They took home €938,306.35.

Microgame S.p.A. in deal with Prima Networks - Prima Networks, powered by Microgaming, has signed a deal with Microgame S.p.A., the leading Italian gaming service provider.

NBA Odds: Heat Can Burn Cavaliers in Cleveland - The Cleveland Cavaliers (12-7 SU, 6-12-1 ATS) may have turned their season around, but they’ve got a challenging matchup this Tuesday against the Miami Heat (9-9 SU, 7-9-2 ATS), tipping off at 7 PM ET on NBA-TV. Miami is 7-4 SU and 6-5 ATS against the Cavs since LeBron James went back to Cleveland in 2014.

Games Concept Day in Malta - The Quickfire Games Concept Day is the second full-day workshop to date, the first being held in Gibraltar in July.

AFC’s fight against match-fixing - The Asian Football Confederation (AFC) has introduced a new AFC integrity mobile application, which will enable fans, players and officials to report possible suspicious activities or provide information concerning match-fixing or corruption to the AFC Integrity Unit.

PartyPoker Removes Dormant Account Fees - partypoker today announced that players will no longer be charged fees for inactivity on their online accounts.

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