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Numbers Down But Bwin/Party Boosting Pay

Monday February 3 ,2014 :  MASSIVE PAY BOOSTS FOR ONLINE GAMBLING EXECS
 
Bwin.Party may not be performing all that well, but its leaders could be in line for significant rewards.
 
The lacklustre performance of European online gambling group Bwin.Party Digital Entertainment, probably becasue of how they screwed marketing partners,  has paradoxically motivated the Board to suggest boosting the salaries of the executives running the ship.
 
The Telegraph newspaper reports that an extraordinary general meeting is to be called to approve massive increases in the CEO and CFO salaries because existing share incentive awards have become "worthless" due to the stock sinking more than 40 percent since 2011.
 
The proposals could see CEO Norbert Teufelberger received up to five-and-a-half-times his base annual salary of GBP 500,000, and CFO Martin Weigold up to 435 percent of his GBP 446,000 annual salary.
 
In a circular sent to investors last week, the company is seeking approval to introduce the executive rewards, and voting will take place online and at the EGM in Gibraltar on February 24.
 
The new incentive plan will replace two existing plans established in March 2011, when Bwin Interactive Entertainment merged with Party Gaming, and senior management shares were allocated for issue subject to performance of the share price, which was required to achieve the 202p level before the incentive awards kicked in.
 
That became a problem as the value of Bwin.Party shares declined 40 percent to around 111p following the 2011 merger.
 
Things have hardly improved in 2013, with the online gambling group reporting that during the first six months of 2013 online bets more than halved in Germany due to the introduction of a betting tax, and overall the company noted that the number of active daily players fell by 25 percent during the six months ended June 30.
 
The Bwin.Party board has apparently discussed the plan with 60 percent of its investors and seems confident in getting the proposal approved, but it will need support from more than 75 percent of votes cast at the February meeting to pass the new bonus plan.
 
The plans of Party Gaming founders Russ DeLeon and Ruth Parasol could also have an impact on the share price. Last October the duo announced that over the next three years they would be selling their combined 14 percent stake in the merged company as part of a divorce settlement.



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$400k Winner at Bodog Casino - To win, you need to get a pair of Tens or better. Jerry K., however, got a much higher hand than the minimum; he pocketed $397,879 after landing the game’s best possible hand: a royal flush.

NBA : Warriors Win the West; NBA Finals Next - The Golden State Warriors will play in their third-straight NBA Finals. They completed their sweep of the San Antonio Spurs Monday night, rolling to a 129-115 victory as 12-point road favourites; Golden State opened the season as a –250 chalk to win the Western Conference.

Iforium In Partnership With Booming Games - Iforium, the leading provider of casino aggregation software, are pleased to announce a new agreement with Booming Games

PartyPoker Rakebak - Partypoker brings back rake back for players. All new ‘partypoker weekly Cashback’ launches.

NHL Odds: Lone Canadian Team Plays on Friday - “Stingy” is a word that many have used to describe the Ottawa Senators in Round Three. The Sens know that they’re overmatched against a Pens lineup that features the likes of Sidney Crosby, Evengi Malkin and Phil Kessel, but with determined defensive play, Ottawa managed to frustrate the Penguins on their home ice, stealing one of two games.

NBA Odds: Will Cavaliers Be Rusty in Game 1? - The Boston Celtics needed seven games to get past the Washington Wizards, but they got the job done Monday night, winning 115-105 as 5.5-point home favourites. Next up: the defending champion Cleveland Cavaliers, who visit the Garden Wednesday night at 8:30 PM ET on TNT.

4 New Microgaming Releases in May 2017 - Candy Dreams is a 720 ways to win, variable reel game. Players spin on a colorful reel area filled with candy treats, as they play towards enticing bonus triggers.

PKR Company Statement Update - Microgaming can confirm that David R Taylor and Matthew R M Wild of RSM Restructuring Advisory LLP were appointed Joint Administrators of PKR Ltd and PKR Technologies Limited on 11 May 2017 by the High Court, Chancery Division.

Microgaming Wins The Spark Award 2017 - The Spark Award celebrates organisations that experiment with ways of working differently. Previous winners include GCHQ and Places for People. It’s a part of Spark the Change, a global movement dedicated to empowering people and building happier workplaces.

NHL Predators First Ever Conference Finals Appearance - With three of the team’s top four point scorers residing on the blueline, the Nashville Predators have found a strategy that frustrates even the best in the West. After qualifying as the lowest-seeded Western Conference team, the Predators made quick work of the Chicago Blackhawks (4-0) and St. Louis Blues (4-1) in the first two rounds.

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