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SERIOUS PROFIT DIVE AT GENTING INTERNATIONAL
The Malaysian gaming group Genting International, which has European interests, had bad news for investors this week with Q1 2008 profits dipping 91 percent to $4.4 million (Q1 2007: 49 million) as a consquence of reduced action in its British land casinos, and a higher incidence of bad debts.
Genting entered the UK gaming market in 2005 with its acquisition of Maxims casino, followed by that of Stanley Leisure in 2006. The group operates some 41 terrestrial casinos in Britain under the Circus, Mint and Maxims brands, and has also acquired a 10 percent shareholding in Rank Group plc (see previous InfoPowa report), sparking speculation of a bidding war for the UK bingo and casino operator whose share value has declined since an earnings warning in October 2007.
The light at the end of the tunnel may lie in one paragraph of the company's extensive financial report, which notes that the group
received approval from the Singapore Exchange Securities Trading Limited earlier this year for it to undertake online gambling operations in Alderney and the United Kingdom.
Subsequent to that approval, Genting Stanley Alderney Limited, a wholly owned subsidiary of the group, received its online gaming licence from the Alderney Gambling Control Commission in March 2008.
The permission to go live is subject to the AGCC’s approval of the new operation's Internal Control System and Gambling [software] equipment, but GSAL anticipates that its online gaming businesses will commence during the later part of the second quarter of 2008. It is not presently known which gambling software will power the new venture.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
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