Archive for the ‘Casino Room Casino’ Category

Video Gaming Scandals and Bankruptcies in 2015: Sports and Gambling’s Megastories of the Year

Wednesday, February 26th, 2020

 Video Gaming Scandals and Bankruptcies in 2015: Sports and Gambling’s Megastories of the Year

Ah yes, gaming scandals and bankruptcies. Why must this be a category in gambling news at the end of each and every year?

Of all the video gaming scandals and bankruptcy news in 2015, perhaps the biggest story of most had been the arrest and indictment of 14 FIFA executives, but not President Sepp Blatter.

Because, unfortunately, bankruptcies and scandals are seemingly inescapable in a world that is high-stakes fortunes are won and lost in a matter of seconds.

2015 was not resistant to news that is scandalous including a whopper involving widespread corruption at FIFA; a multi-million dollar lawsuit against a star poker player who was accused of cheating; a longtime poker magazine closing up shop; one of golf’s best players accused of participation in an illegal gambling ring; and an alleged insider trading instance that may alter the landscape of day-to-day dream activities forever.

But let’s start at the very top.

FIFA Gets Kicked

Match-fixing in soccer during the ground level takes place on a regular basis. But so-called fixing of World Cups is definitely an ball game that is entirely different.

This summer, key officials within FIFA, professional soccer’s governing body, were rounded up by the Department of Justice (DoJ) and charged with widespread, systemic corruption. The charges included fraud, money laundering, and bribery. All while FIFA’s President Sepp Blatter somehow av (more…)

Florida Agrees $3.1 Billion Contract with Seminoles

Wednesday, February 26th, 2020

Florida Agrees $3.1 Billion Contract with Seminoles

Florida governor Rick Scott hails the biggest tribal rev-sharing in history as dispute with Seminoles is put to bed.

The Seminole Tribe’s political standoff with Florida governor Rick Scott was finally resolved this following a deal which will see the Seminoles pay $3.1 billion to the state over seven years in return for the right to offer craps and roulette week.

It is believed to be the biggest tribal rev-share agreement in the usa, dwarfing the cut received by the state underneath the terms of the agreement that is previous.

Florida inked a deal aided by the Seminoles in 2010 which offered the tribe exclusivity on blackjack in the state inturn for $1 billion, spread over five years.

The deal also prevented the expansion of slots gambling beyond that which already existed at a few of pari-mutuel racetracks, offering the Seminoles a stranglehold on the slots market.

This contract expired on August 1 in 2010, and the two parties have been negotiating ever since.

No Expansion for 20 Years

The Seminoles, who own seven properties within the Sunshine State, will be prohibited from expanding their operations for an interval of two decades. Even though gaining the right to offer craps and roulette, the operator that is tribal relinquish its monopoly on blackjack and slots.

This allows the expansion of blackjack into the Miami-Dade and Broward racinos and up to 750 slots at other venues such since the Palm Beach Kennel Club.

‘The l (more…)

Caesars Reports Mixed Third Quarter Results, WSOP TV Ratings Also Mixed

Wednesday, February 26th, 2020

Caesars Reports Mixed Third Quarter Results, WSOP TV Ratings Also Mixed

World Series of Poker champ Joe McKeehen had a $7.68 million payday this week, the WSOP additionally helping the third-quarter financials for Caesars.

Caesars Acquisition Company (CAC), the investment arm in Caesars Growth Partners (CGP), released its third quarter profits for 2015 and the results are mixed.

The moms and dad business to Caesars Interactive Entertainment, the planet number of Poker and several casinos including Planet Hollywood, Harrah’s New Orleans, as well as the Horseshoe Baltimore, CAC reported total new revenues jumped to $601.2 million into the three months finished September 30, an increase of almost 24 percent.

Not most of the news was good, CAC also revealing that its net income from continuing operations had been just $20.5 million, a 71 percent drop year-on-year.

Caesars Acquisition’s CEO Mitch Garber had no qualms spinning the negatives into positives, saying their organization remains ‘encouraged by the performance that is strong of assets.’

Interactive Stays Active

The highlight of Q3 filing by CAC was yet again its Caesars Interactive Entertainment (CIE) supply, the division reporting $194.5 million in net revenues, a 20.4 percent yield compared to Q3 2014.

CIE is responsible for the WSOP brand along with Caesars Palace Las Vegas and lots of social video gaming websites including Bingo Blitz, Slotomania, and Caesars Bingo.

‘Our Interactive Entertainment business continues to (more…)