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Scientific Games Venture with GTech results in $19.7 million write-off
Friday October 31,2014 : FAILED ILLINOIS PROJECT COSTS SCIENTIFIC GAMES
JV with GTech results in $19.7 million write-off.
The release by Scientific Games this week of its Q3-2014 results gave industry observers a glimpse of the costs of the failed joint venture Northstar which the company entered into with GTech to run the Illinois State Lottery.
State governor Pat Quinn axed the project last summer, using the failure of the Northstar Lottery Group to deliver on agreed targets as justification and - as the results this week illustrate - creating a $19.7 million loss for Scientific Games, which had a 20 percent interest in the JV.
Illinois lottery officials plan to replace Northstar by next June, re-triggering political debate on the issue that has raged for several years
The gambling supply company also disclosed that during its third quarter it had paid $8 million for its share of penalties due to Illinois for falling short of revenue targets Northstar contracted to reach four years ago as the first private manager of the state lottery.
Gtech Group will no doubt also reflect the cost of Northstar's failure when it posts its third quarter results.
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.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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