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Macau Earnings For February Worse Then First Thought
Tuesday March 3,2015 : MACAU FEBRUARY NUMBERS WORSE THAN EXPECTED
Revenues plunge to worst levels in history.
Analysts were expecting weak numbers from Macau for February, but not as bad as those released Monday by the Gaming Inspection and Coordination Bureau. Instead of a 45 percent decline, revenues plummeted 48.6 percent - the worst on record.
Revenue fell to 19.5 billion patacas ($2.44 billion), from 38 billion patacas a year earlier, a consequence attributed to the fierce Chinese government clampdown on corruption, and a slowdown in the Chinese economy.
The Reuters news agency reports that February's dismal results were the ninth consecutive monthly fall in Macau gambling revenue.
In related news, the Chinese news agency Xinhua reports that mainland police in the Hunan province have detained 19 people after busting a cross-border gang running an Internet gambling operation.
A police spokesman told the agency that the gang operated the "Shenbo Sun City" website using overseas servers, and made a profit of 1.4 billion yuan ($223 million) between May 2013 and October 2014.
The investigation has so far uncovered over a thousand bank accounts containing only a fraction of the profits at 200 million yuan, which have been frozen as enquiries continue.
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Gambling News :
Phil Ivey Loses Borgata Casino -
Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.
NYX Gaming in deal with Endemol -
"Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”
NEW CAMBODIAN GAMBLING LAWS -
After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.
Playtech Acquires ECM Systems -
Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.
Marks and Spencer store Manager steals to Gamblie Online -
The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.
Chinese Gambling crackdown could damage high roller revenue -
Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.
EvenBet Open Face Chinese Poker -
Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.
2016 EPT Malta -
The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.
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