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Saturday, June 30, 2018

Mike Takayama Wins 2018 WSOP $1,000 No-Limit Hold’em Super Turbo Bounty

Casino News Daily
Mike Takayama Wins 2018 WSOP $1,000 No-Limit Hold’em Super Turbo Bounty

Mike Takayama became the Philippines’ first WSOP gold bracelet winner after outlasting the massive field of this year’s $1,000 No-Limit Hold’em Super Turbo Bounty. Aside from the gold piece, which Takayama said he had always dreamt about, the player also collected $198,568 in prize money.

The $1,000 buy-in event was played on Friday at Rio All-Suite Hotel & Casino. There were over 1,400 players to have registered when cards were thrown in the air and by the time registration closed, the field counted 2,065 persons to improve from last year’s 1,867-strong field.

A prize pool of $1,858,500 was generated and the top 310 runners left with a share of it. It is also important to note that being a bounty, the tournament awarded $300 to players for each fellow competitor they eliminated over the course of action.

The turbo format provided for quick action and great poker thrill. It took just a few hours for the 2,000-plus-person field to be reduced to the final nine who comprised the official final table. The final table itself was not a long ordeal. And it looked as if Takayama was very comfortable playing that final stage of the event.

Final Table and Heads-Up

Of all nine players left at the table, there were just two who had previously won gold bracelets from the series, with Jack Duong and Steve Jelinek being those two. Duong was eventually eliminated in eighth place, while Jelinek busted in fourth.

As for Takayama, the eventual winner was a fierce contender, playing aggressively and putting quite some pressure on his fellow final tablists. It really looked as if the player went all in more frequently than folding hands.

On two of these occasions, odds were all against him until the very last moment possible. Yet, despite all the dangerous situations Takayama put himself into, the player was the last man standing after the final hand of the day was dealt and after surviving his last all in confrontation against his Italian heads-up opponent, Lorenc Puka.

The final table lasted 49 hands, while Takayama took just ten hands to finish off Puka in their two-handed duel, despite the latter’s efforts. Puka manged to double through the eventual champion early in the match. However, he was offered no more chances to reduce the huge gap between him and his opponent.

Hand #49 of the final table turned out to be the tournament’s final one dealt, Takayama challenged Puka by moving all in and the Italian called. Takayama tabled [Kd][Jc] to Puka’s [Ad][4d]. The board ran out [5h][4h][Kh][10c][Jd] to deny the Italian player his first-ever title from the series. Puka collected $122,627 for his efforts that brought him that deep into the tournament. As for Takayama, he was ready to pose for a victory picture, celebrating his triumph and his homeland’s first WSOP gold bracelet.

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Chinese Police Nab Another Illegal Gambling Ring

Casino News Daily
Chinese Police Nab Another Illegal Gambling Ring

Chinese police busted an illegal online gambling ring in the city of Shenzhen, local news outlets report citing information provided by local authorities earlier today.

The Nanshan District police carried out on June 21 a raid that concluded with the arrest of seven individuals suspected to have conducted illegal sports betting services on the territory of China as the World Cup is in full swing in Russia.

Police seized computers and mobile phones believed to have been used by the illegal gambling ring to operate betting services. Local media reported that further probes will be carried out in relation to the latest detention of people suspected to be providing online betting services in a manner that breaches local regulations. It is believed that bettors serviced by the ring had managed to stake around CNY100 million (approximately $15.1 million) on World Cup matches.

This was not the first time raids were carried out in Shenzhen City in relation to the ongoing major sports event since it began on June 14 and even prior to that, as local police are stepping up efforts to prevent the illegal provision of gambling services across the nation.

Series of Raids

Earlier this month, a joint operation of Hong Kong and Mainland China police saw multiple raids taking place in a number of cities across China, including Shenzhen, to uncover illegal sports betting operations ahead of this year’s edition of the World Cup.

More than 20 locations were raided and 45 individuals aged between 24 and 62 were detained as they were suspected of offering illegal betting and gaming services. Police confiscated betting records for football and horse racing with a total value of HK$32 million (approximately $4.1 million).

To prevent illegal gambling operations from taking place during the World Cup, Hong Kong police and other law enforcement agencies announced earlier this year that bars and games centers across the city would be raided constantly during the major sports event and that there would be enhanced inspection across various control points. Most of the city’s anti-gambling operations kicked off about two months ahead of the World Cup in Russia.

Unlike other major markets across Asia, including Thailand and Malaysia, where online sports betting is illegal, Hong Kong has a framework regulating activities of this type. However, regulated betting entities in the special administrative region have long been complaining that their unlicensed rivals have been stealing customers creating a behemoth unsupervised market.

According to recent information provided by the Hong Kong Jockey Club, the amount of $68 billion could be staked illegally in the city during the World Cup. This is expected to cost Hong Kong more than $1.7 billion in betting revenue this year. The Jockey Club is among the entities to receive revenue contributions from licensed betting activities conducted on the city’s territory.

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Friday, June 29, 2018

Casino City's Friday Five: Atlantic City grand opening edition

Casino City Times
Casino City's Friday Five: Atlantic City grand opening edition
There were new slot games that came out and jackpot winners left and right, but no story was bigger than two Atlantic City casinos celebrating their grand opening on Thursday.

Imperial Pacific to miss August deadline of Saipan casino

Casino – CalvinAyre.com
Imperial Pacific to miss August deadline of Saipan casino

Saipan casino operator Imperial Pacific International Holdings (IPI) continues to struggle with the construction of its US$7 billion integrated resort, and is likely to miss its August 31 deadline.

Imperial Pacific to miss August deadline of Saipan casinoThe Hong Kong-listed casino operator have asked the Commonwealth Casino Commission (CCC) to extend the time frame for the completion of Imperial Pacific Resort until the end of December 2018, according to the Saipan Tribune report.

In a meeting with the CCC members on Thursday, IPI Vice President for Construction Eric Poon conceded that the casino operator may not be able to finish the construction of Imperial Palace by the end of August. Currently, the site is only 68 percent complete, according to the casino operator.

Failure of IPI to finish the construction on August 31 would mean another amendment of the casino operator’s license agreement. CCC chair Juan Sablan pointed out that it will be the sixth amendment to the license agreement if IPI misses the deadline.

“The development of the resort hotel experienced a big jump and we are trying to [do] everything and get ready for the inspection by the end of the year,” Poon said, according to the news outlet.

Poon said construction work is currently focused on the resort hotel, the hotel tower (including the building facade and roof), and the external works particularly in front of the hotel lobby. He added that they’re now working closely with the Development Planning Advisory Council to craft their extension package.

However, patience of CCC members is running thin due to the nitty-gritty paperwork that the amendment would entail as result of the construction delay. They pointed out that the IPI’s construction might see more delays since getting a government approval on casino operator’s extension request will take quite some time.

Sablan pointed out that IPI should have given a more realistic date on the integrated resort’s completion at the very start.

“Before it was manpower, then issue with the materials, but now you have materials here on Saipan… ask for a date that’s realistic…because if you pick a date that is unrealistic that would require another extension… violations in the agreement require sanctions,” Sablan said.

In February 2017, IPI asked for a construction extension citing delays caused by 2015’s Typhoon Soudelor and a shortage of trained workers.

Two months later, the Commonwealth of the Northern Mariana Islands (CNMI) Lottery Commission granted IPI extension request for completing the casino portion of its in-development Imperial Pacific Resort in Saipan’s Garapan region.

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Amax International net loss narrows to $6.5M

Casino – CalvinAyre.com
Amax International net loss narrows to $6.5M

Macau junket operator Amax International Holdings has manage to slash its net loss by as much as 94.87 percent in the financial year that ended March 2018, thanks to its “flourishing” business operations in Vanuatu and Cambodia.

Amax International net loss narrows to $6.5MIn a disclosure to the Hong Kong Stock Exchange, Amax announced that it brought down its net loss to HKD50.7 million (US$6.5 million) in the 12 months ending March 2018, from HKD988.5 million (US$125.97 million) in previous financial year.

Meanwhile, the company’s loss per share amounted to approximately HKD0.07 (US$0.0089) compared to approximately HKD1.96 (US$0.25) in the last financial year.

The decrease of its net loss was a result of the firm’s continued streamlining efforts and the reduction of the recognition of its impairment losses during the year, according to Amax.

The company also did quite well on the financial front with revenues for April 2017 to March 2018 period growing more than four-fold to HKD62.2 million (US$7.93 million) from HKD11.4 million (US$1.45 million) recorded in the same period last year.

Amax’s VIP room operations in Cambodia provided the most revenue for the company with HKD34.1 million (US$4.35 million).

“The increase in revenue was mainly attributable to the revenue derived from the gaming business in Vanuatu which has continued to achieve progress after its operation commenced in July 2016 and the stable revenue contributed by the business in Cambodia,” the firm said.

The company’s business revolves around investment holdings, operating gaming business in Vanuatu and Cambodia, and the development of innovative intellectual properties and technological solutions.

In December 2017, Amax announced that its wholly-owned subsidiary Victor Mind Global Ltd. has signed a three-year license agreement to rent the Target VIP room in the Genting Crown Casino in Poipet, Cambodia.

Genting Crown Casinos, which is not connected to either Australia’s Crown Resorts Ltd or Malaysian gaming operator Genting Bhd and its units, is one of the first licensed casinos in Cambodia.

Amax outsourced the operation of the VIP room’s 13 VIP baccarat gaming tables to an undisclosed third-party junket operator. The junket operator was said to run VIP rooms at Sands in Singapore and Imperial Pacific Resort Hotel in Saipan.

On the other hand, the Hong Kong-listed firm disclosed that the financial information of Greek Mythology, which remained to be a subject of a grueling litigation, was still unavailable when it was preparing the consolidated financial statements.

The company, however, estimated that the impairment losses on the interest in Greek Mythology and the amount due from Greek Mythology was now at HKD901.2 million (US$114.85 million).

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Ocean Resort Casino celebrates grand opening

Casino City Times
Ocean Resort Casino celebrates grand opening
The ceremonial ribbon cutting took place today to celebrate the official opening of the 1,399-room Ocean Resort Casino, located directly on the Atlantic City Boardwalk.

Thursday, June 28, 2018

Caesars fined $1m for threatening Indiana gaming regulators

Casino – CalvinAyre.com
Caesars fined $1m for threatening Indiana gaming regulators

caesars-centaur-indiana-casinosCasino operator Caesars Entertainment has finally managed to make nice with Indiana gaming regulators, but this peace came at a seven-figure cost.

Last November, Caesars announced a $1.7b deal to acquire Centaur Entertainment’s two Indiana racinos – the Hoosier Park in Anderson and the Indiana Grand in Shelbyville. But the company pitched a fit when the Indiana Gaming Commission (IGC) demanded a $50m fee for the transfer of ownership.

Under Indiana gaming law, the initial owner of a gaming venue must pay a transfer fee when a controlling interest in the property is sold. Caesars argued that Centaur had acquired the two venues after their original owners declared bankruptcy, a condition that allows the transfer fee to be waived. The IGC respectfully disagreed with Caesars’ read of the rules, leaving the acquisition in doubt.

On Tuesday, the Indianapolis Business Journal reported that the parties involved had worked out a deal under which Hoosier Park or its affiliates would pay the transfer fee before or at the deal’s closing. On Thursday, the IGC formally signed off on Caesars’ acquisition of the two gaming venues.

However, back when Caesars was still objecting to the fee, it had warned the IGC that the company might be — hint, hint — forced to scrap its planned $90m construction of a land-based facility to which it hoped to relocate the gaming operations of its Horseshoe Southern Indiana riverboat casino.

The IGC didn’t appreciate Caesars’ not-so-veiled threats but went ahead and approved the relocation plan in April. However, on Thursday the IGC announced that it had imposed a $1m fine on Caesars for engaging in “an inappropriate effort to influence commission action by leveraging the Southern Indiana project.”

Clearly anxious to put the whole mess behind them, Caesars chief regulatory compliance officer Sue Carletta said the company “recognize[d] and accept[s] full responsibility for the matters that led to the settlement.” Carletta added that Caesars just wanted to “move forward in a positive manner.”

The Centaur acquisition brings Caesars’ total Indiana footprint to four venues, including the aforementioned Southern Indiana casino and the Horseshoe Hammond.

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Mohegan Sun hosts SNL stand-up night

Casino City Times
Mohegan Sun hosts SNL stand-up night
Veterans of SNL: Jon Lovitz, Darrell Hammond, Chris Kattan & Finesse Mitchell bring an evening of stand-up to Mohegan Sun Arena on Saturday 28 July.

This is Spinal Tap online slot game -- BLUEPRINT GAMING

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This is Spinal Tap online slot game -- BLUEPRINT GAMING

UK-based game studio Blueprint Gaming is turning excitement levels up to 11 with its latest release, This is Spinal Tap.

Wednesday, June 27, 2018

Genting HK signs million-dollar deal with Finnish firm for ship fixtures

Casino – CalvinAyre.com
Genting HK signs million-dollar deal with Finnish firm for ship fixtures

Genting Hong Kong, the casino cruise arm of Genting Bhd, is improving its fleet of casino vessels. Through its German subsidiary, MV Werften Wismar GmBH, the company has reached an agreement with a Finnish marine engineering company that will be responsible for outfitting the ships with fixtures and equipment. The deal will see Genting pay the company, Almaco Group Genting Hong Kong signs million-dollar deal with Finnish engineering companyOy, approximately $97.1 million to outfit the ships that are scheduled to be complete between now and 2021.

Genting made the announcement through a filing with the Hong Kong Stock Exchange. It added that the price was agreed upon after “arm’s length negotiations between the parties with reference to, among others, the market value of similar systems for installation onto, and use by, comparable cruises at the time of negotiation.”

Almaco is a full service engineering contractor that provides new ship construction, as well as renovations of areas such as cabins, public spaces, galleys, wet units, machinery and refrigeration spaces, living quarters and store rooms. The two companies had previously reached an agreement for Almaco to supply MV Weften with equipment worth around $30 million.

Genting operates cruise ships under three brands—Crystal Cruises, which it acquired in 2015, Dream Cruises and Star Cruises. The company has positioned each for a specific market, with Crystal geared for the ultra-luxury segment, Dream for the premium segment and Star for the contemporary segment.

The company indicated two years ago that it would be spending over $115 million to upgrade its German-based shipyards, which it had acquired starting the year before. Genting acquired three shipyards in April 2016 that would be used for building larger ships. Another shipyard, which it purchased a year earlier is used for repairs and conversions, as well as the construction of mega yachts.

Almaco Group was founded in 1998 in Finland. It has since expanded to open offices around the world, including in Brazil, the U.S., France, Germany, Italy, China and Singapore. While its main focus has almost always been shipbuilding, it has branched out from time to time. In 2014, the company was awarded a contract to build the rooms, suites and common areas for Resorts World Bimini in the Bahamas.

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Atlantic City’s two new casinos jump the gun on opening day

Casino – CalvinAyre.com
Atlantic City’s two new casinos jump the gun on opening day

atlantic-city-hard-rock-ocean-resort-casinos-openLike kids demanding to open their presents on Christmas Eve instead of Christmas morning, Atlantic City’s two new/old casinos opened their doors to the public one day ahead of schedule.

Both the Hard Rock Atlantic City and the Ocean Resort Casino were scheduled to open to the public by mid-day Thursday but both venues decided to throw caution to the wind after the New Jersey Division of Gaming Enforcement authorized their launch by mid-afternoon Wednesday.

The Hard Rock (the revamped Trump Taj Mahal) began welcoming gamblers around 3pm, while the Ocean Resort (the de-mothballed Revel) followed suit less than an hour later. Both properties insist their scheduled grand openings will go ahead as planned although the allure of these events has obviously been muted somewhat.

Todd Moyer, the Hard Rock venue’s senior VP of marketing, told the Associated Press that last-minute preparations for the grand opening were still underway, “but the heavy lifting has been done.”

The music-themed Hard Rock is planning a celebrity-filled launch party complete with a ceremonial mass guitar smashing on the Boardwalk at 11am to officially christen the venue. Carrie Underwood and Pitbull are slated to perform at the venue this weekend, while Thursday’s opening will culminate in a fireworks show on the Boardwalk at 9pm.

The Ocean Resort might not have plans to dynamite any sousaphones in the offing, but they will have an amenity that the Hard Rock won’t: sports betting. Work is still ongoing on the Ocean Resort’s 7,500-square-foot permanent sportsbook but the property’s sports betting partner William Hill US will have a temporary book open for wagering on day one.

The Hard Rock has said it’s leaning towards opening its own sports book and Hard Rock International CEO Jim Allen said this week that the company was preparing to announce its own betting partnership, but offered no timeline for when wagering might commence.

The excitement over this week’s opening celebrations, which will include a beach concert on Sunday, is expected to draw up to 1m tourists to Atlantic City over the four-day stretch. It’s the kind of hubbub that AC hasn’t enjoyed all that often in recent years, which saw the original 12 casinos dwindle to seven before new operators breathed life back into two of the shuttered venues.

Not everyone is celebrating the new arrivals. AC’s seven surviving venues had enjoyed a surge in profitability in the downsized (some say right-sized) market, and it remains to be seen if the market can support two more properties.

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Malta Pushes New Gambling Law’s Implementation Back by a Month

Casino News Daily
Malta Pushes New Gambling Law’s Implementation Back by a Month

Malta is set to postpone the implementation of its new gambling law to August 1, 2018, the Malta Gaming Authority (MGA) said in a statement from earlier today.

The gambling regulator further pointed out that a recently issued Detailed Opinion by the European Commission (EC) as well as comments by the EC and by another EU Member State have necessitated the delay in the finalization of the new regulatory framework’s implementation process. It is understood that the Detailed Opinion has extended the standstill period during which the new law cannot take effect to July 16, 2018.

The MGA’s statement further reads that the Maltese government and the regulator itself will need time to review and address the comments and recommendations made by the EC and the Member State to ensure the smooth implementation of the nation’s new Gaming Act.

Malta’s new gaming regulatory framework was tabled in the country’s Parliament earlier this year and was sent for review by the EC on March 14. It was previously expected that the new regime would take effect on July 1, provided that it survives the three-month standstill period.

New Licensing System

Generally speaking, the new Gaming Act aims to replace Malta’s current legislation and is particularly focused on the licensing and provision of gambling services. Once it takes effect, the new law would simplify the current gambling licensing system by introducing just two categories of licenses – a B2B one and a B2C one. Gambling companies are currently required to obtain different licenses for the different types of services and products they are providing.

Malta’s new Gaming Act represents the first revision of the nation’s gaming law in fourteen years. The amendments were initiated by former MGA Executive Chairman Joseph Cuschieri, who assumed the post of CEO of the Malta Financial Authority earlier this year. Mr. Cuschieri’s vacated spot at the gambling regulator was later on assumed by MGA Chief Operations Officer Heathcliff Farrugia.

Aside from the new licensing system, the new gambling law also aims to extend MGA’s powers over the regulation of the nation’s rapidly growing online gambling sector. The regulatory body will thus be able to roll out stricter regulations and tools for combating money laundering, terrorism financing, and other financial crimes often associated with the gaming and sports betting industry.

The newly set August 1 date for the implementation of Malta’s new Gaming Act will affect remote gambling operations. It was previously announced that the portion of the new law that concerns land-based businesses would take effect on January 1, 2019. It is yet to be seen whether that date would remain unchanged.

Another important provision in the new regulatory regime would exempt B2B gambling service providers from taxes. That particular language aims to further cement Malta’s already established reputation of a major tech hub and a nation that is open to new technologies and innovation.

The post Malta Pushes New Gambling Law’s Implementation Back by a Month appeared first on Casino News Daily.

Confetti Casino mobile app -- FORT MASON GAMES

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Confetti Casino mobile app -- FORT MASON GAMES

Fort Mason Games' new mobile app Confetti Casino offers free to play Vegas-style slots games.

Tuesday, June 26, 2018

Indian Gaming revenues increase

Casino City Times
Indian Gaming revenues increase
National Indian Gaming Commission released the Fiscal Year 2017 Gross Gaming Revenue amount, which saw an increase of 3.9% over 2016, totaling $32.4 billion.

US tribal casinos set another new gaming revenue record

Casino – CalvinAyre.com
US tribal casinos set another new gaming revenue record

tribal-casino-gaming-revenueUS tribal gaming operators reported revenue rising nearly 4% in their most recent fiscal year, pushing the sector to yet another record result.

Figures released Tuesday by the National Indian Gaming Commission (NIGC) show that the 494 gaming venues operated by 242 federally recognized tribes generated gross gaming revenue of $32.4b in fiscal 2017, 3.9% higher than the fiscal 2016 result, which featured 10 fewer gaming venues.

The FY17 sum marks the seventh consecutive year of annual growth after flatlining at $26.5b in 2010. There were 33 venues earning over $250m in FY17, unchanged from FY16, while the number of venues earning between $100m and $250m rose by five to 56.

The 74 tribal casinos in the Sacramento region (California and Northern Nevada) claimed the largest slice of FY17 revenue at just under $9b, followed by $7.3b generated by the 37 venues in the Washington DC category (Alabama, Connecticut, Florida, Louisiana, Mississippi, North Carolina and New York).

The Sacramento region also claimed the largest year-on-year gain in percentage terms (7.3%), followed by the Portland region (Alaska, Idaho, Oregon and Washington), which grew by 6.5%. The Rapid City region (the Dakotas, Montana and Wyoming) was the only one on a negative revenue trajectory, falling 2.7% from FY16.

2018 marks the 30th anniversary of the Indian Gaming Regulatory Act (IGRA), and NIGC chair Jonodev O. Chaudhuri said the success of the tribal gaming sector over that span proves that “the foundational principles of federal Indian law should remain at the forefront of any future public policy discussions.”

Future annual reports will likely get a shot in the arm from sports betting, an activity that the NIGC fully intends to incorporate into the tribal gaming mix. Following the US Supreme Court ruling in May that struck down the federal betting ban, the NIGC issued a statement noting that tribes should be given “a seat at the table to voice their positions, bring their perspectives and collective expertise, and maintain regulatory and operational control over all the gaming that occurs on their lands.”

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Brandon Shack-Harris Leads 6 Into 2018 WSOP $10,000 Pot-Limit Omaha 8-Handed Championship Finale

Casino News Daily
Brandon Shack-Harris Leads 6 Into 2018 WSOP $10,000 Pot-Limit Omaha 8-Handed Championship Finale

The $10,000 Pot-Limit Omaha 8-Handed Championship or Event #49 on the schedule of this year’s WSOP is just a day away from crowning a victor and there are six players left in contention for the title, the gold bracelet, and the first-place prize of $1,018,336.

The event was originally scheduled as a three-day one, but with six players still playing the final table, organizers extended action into an additional fourth day. The final six are set to return today at the host venue, Rio All-Suite Hotel & Casino in Las Vegas, to play down to a champ.

There are five former gold bracelet winners still in the mix for the prestigious title. The six hopefuls will be led by one such former gold bracelet winner. Brandon Shack-Harris, who had previously captured two gold pieces, one of which from the same event back in 2016, bagged and tagged 7.73 million in chips last night to find himself atop the Day 3 end-of-the-day chip counts chart.

Shack-Harris already has 30 WSOP in-the-money finishes under his name. The player has collected more than $2.8 million in those. Being one of the final six in the Pot-Limit Omaha Championship means that he would cash no less than $157,097 from the tournament.

Winning the largest pot of the event so far really helped Shack-Harris rocket himself to the top. The player won a hand against Canada’s Mike Leah that secured him with a massive double in the final level played on Day 3.

The Final Pack

As mentioned above, Shack-Harris is not the only former gold bracelet winner that is vying for the Pot-Limit Omaha 8-Handed Championship as there are four more such players still in contention. And six-handed play will be rounded out today by a WSOP Main Event finalist.

Two-time gold bracelet winner Ryan Hughes collected the second largest stack last night. The player will thus enter the final day of action with 5.14 million.

Loren Klein, yet another two-time gold bracelet winner, ranked third in chips last night with a stack of 4.24 million. Rep Porter will be seeking to win his fourth gold piece from the WSOP later today. The player will enter the final stage of the tournament with a stack of 2.68 million.

Jerry Wong, who finished 8th in the 2016 WSOP World Championship for over $1.1 million, will be aiming for his first gold bracelet with a start-of-the-day stack of 2.15 million. The final table will be rounded out by one-time gold bracelet winner Scott Bohlman with 1.855 million.

Final day action is set to resume today at 2 pm Las Vegas time at the host casino. The six finalists will play down to a champion.

Overall, the Omaha championship event attracted 476 entries who generated a prize pool of $4,474,400. The top 72 places pay, with min-cashes starting from $14,969. As mentioned above, each of the six finalists is guaranteed a minimum payout of $157,097.

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Fontainebleau Casino Owner Throws Light and Optimism about Planned 2020 Launch

Casino News Daily
Fontainebleau Casino Owner Throws Light and Optimism about Planned 2020 Launch

A poster child of the Las Vegas Great Recession crash and burn, the unfinished Fontainebleau casino resort is now expected to bring life to an underdeveloped but what investors consider a very promising section of the Strip.

The property’s owner, real estate developer Steven Witkoff, provided this weekend updates on the ambitious project for the completion and planned 2020 launch of the complex. Mr. Witkoff participated in an event at the Southpoint Casino over the weekend. Tax reform was the main focus of the event, which was also attended by US President Donald Trump, a former casino owner himself.

Mr. Witkoff said that the Trump administration’s tax incentives were one of the factors that contributed to his decision to purchase Fontainebleau and hopefully turn it into a successful operation.

Construction work on the property is planned to begin next July. It is believed that the hotel and casino resort will be ready to swing its doors open in 2020 after more than 13 years of on-and-off planning about its eventual launch.

The plan for Fontainebleau Las Vegas was originally announced in the spring of 2005 and construction was expected to begin in 2006. The property was supposed to become operational by 2008. After certain delays, construction eventually began in February 2007 but was stopped two years later. The property has remained unfinished since then.

Mr. Witkoff and his Witkoff Group bought Fontainebleau last summer together with investment firm New Valley LLC for $600 million. The businessman has previously said that the property was so well-conceived that they would be able to both materialize its original concept and place their own imprint from a design point of view.

The Drew Las Vegas

Mr. Witkoff announced earlier this year that Fontainebleau will be renamed as The Drew Las Vegas. The property is located in the northern end of the Las Vegas Strip. The area had not seen that much of casino resort development activity in the past, but that has changed rapidly as, aside from the Fontainebleau project, Malaysia casino and hospitality giant Genting Group is building its Asia-themed Resorts World Las Vegas not far from Mr. Witkoff’s property. Genting’s own resort is, too, slated to open doors in 2020.

The businessman said during this weekend’s event that construction on The Drew would create 3,500 jobs. More than 7,000 jobs are expected to be generated once construction is complete, he added, receiving applause for his ambitious plan.

Under original ideas, the property was also planned to feature a massive convention facility, which analysts believe is part of Mr. Witkoff’s plan, as well. The Drew is expected to offer several dozens of food and beverage and retail facilities, among others, once fully operational. The amount of $3 billion will be invested in the project, The Drew’s owner pointed out this weekend.

International hospitality powerhouse Marriott will operate all three hotels at the property. The Drew will have a total of nearly 4,000 hotel rooms.

President Trump said he believed in the project’s success under Mr. Witkoff’s leadership. The nation’s top official himself said that he had once considered buying Fontainebleau.

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Monday, June 25, 2018

Timur Margolin Tops 1,248-Strong Field to Claim Gold in 2018 WSOP $2,500 No-Limit Hold’em

Casino News Daily
Timur Margolin Tops 1,248-Strong Field to Claim Gold in 2018 WSOP $2,500 No-Limit Hold’em

Timur Margolin from Israel became the latest member of the WSOP’s club of gold bracelet winners. The player bested a pack of 1,248 tournament entries in the $2,500 No-Limit Hold’em or Event #43 on the schedule of this year’s edition of the series.

Margolin collected a hefty payout of $507,274 in addition to his first shiny WSOP gold bracelet. The player emerged as the victor after roller coaster four days and after clashing against some of poker’s big names, including six-time WSOP bracelet winner Chris Ferguson who has been making quite a comeback on the live tournament scene after a five-year hiatus.

The player disappeared from the felt after being indicted for his involvement with the Full Tilt Poker and for allegedly running a Ponzi scheme that saw nearly $450 million in customer money being paid out to directors and owners of the poker room. It took seven years before Ferguson finally addressed the issue and offered an apology to those affected.

In the $2,500 No-Limit Hold’em tournament, Ferguson finished fourth for $161,371. The player was denied a seventh WSOP gold piece namely by the event’s eventual winner. Margolin won a massive pot against Ferguson during four-handed play. It took the Israeli poker pro just a few more hands to send Ferguson to the rail.

Final Day of Play

Margolin’s road to victory was quite bumpy, particularly on the final day of play. Action was supposed to take place over three days, but was extended into an additional fourth one. That last day of play started with six remaining hopefuls. They were led by Ferguson who held 5.68 million in chips when cards were thrown in the air. Margolin was second in chips at the time with 3.52 million.

Ismael Bojang with 2.61 million, Michael Marder with 1.765 million, Dylan Linde with 1.33 million, and Ryan Laplante with 700,000 were the other four players still in contention.

Day 4 action saw the chip lead exchange hands on multiple occasions. The start-of-the-day field ultimately got whittled down to just two survivors, Margolin and Bojang. The duel began with the former holding a massive chip advantage over the latter. Margolin had accumulated a stack of nearly 12 million by that point to his last opponent’s 3.68 million.

Bojang did not waste time once the match began and quickly doubled up to reduce his disadvantage. He then emerged as the chip leader just as quickly and extended his lead methodically.

However, Margolin regained his momentum and retook the lead within the span of just a couple of hands. The player’s hardships were far from over, though, as Bojang scooped the lead once again a few hands later. It seemed that the mad race would never end.

The chip lead was swinging back and forth and then again, until Margolin reclaimed it one final time to never look back. Hand #158 was the final one to be played at the final table and the 23rd to be played within the heads-up match between Margolin and Bojang.

It saw Bojang shove for 4.41 million pre-flop with [Ac][2c] and Margolin snap-call with [Kc][Qs]. The board ran out [Ks][5s][4s][Qh][8d] to help Margolin claim the title and send his final opponent to the rail for a consolation prize of $313,444.

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Polish casino license derbies encourage revenue tall tales

Casino – CalvinAyre.com
Polish casino license derbies encourage revenue tall tales

poland-casino-license-revenue-liesPoland’s casino license derbies have turned nasty as two competitors accuse each other of making wildly outlandish revenue claims to boost their chances of winning new licenses.

Last week, Polish business news outlet Puls Biznesu reported on the rather fanciful claims made about the revenue potential of certain casino operations by Zbigniew Benbenek’s ZPR group, which operates 28 of the country’s 40 casinos.

Polish law allows for a maximum of 52 casino licenses and new casino licenses must be issued via public tender. The Ministry of Finance judges license applications by a point system predicated on, amongst other criteria, their expected revenue projections. But only the projections for the first three years of operations are subject to verification, meaning operators can promise the moon without fear of blowback.

In the case of an April 2018 tender for casino licenses in the Lodz region, ZPR’s application estimated that gaming revenue would total PLN38m (US$10.2m) in each of the first three years. But ZPR claims revenue will leap to PLN409m ($110m) in year four, rising to PLN4.6b ($1.24b) in year five and hitting just under PLN23b ($6.2b) in year six.

ZPR has submitted other applications for casino licenses in the Mazovia and Wielkopolska areas, claiming even wilder revenue predictions of PNL61b ($16.4b) and PLN100b ($26.9b), respectively, in the years outside the verification window.

According to official data, Poland’s entire casino market enjoyed turnover of PLN4.82b in 2017, from which the casinos earned revenue of just under PLN745m ($200.6m). The government claimed 50% of this revenue as its own.

ZPR’s revenue claims have been challenged by rival operator Casinos Poland as having no basis in reality. Casinos Poland, which operates six gaming venues, wrote a letter to the Ministry of Finance arguing that the license derby shouldn’t depend on “the auction of absurdities.”

ZPR president Tomasz Szakiel responded to Casinos Poland’s objections by noting that his company was simply adapting better to the rules of the tender than its rivals. Szakiel also noted that ZPR was merely responding in kind to Casinos Poland’s successful 2017 bid for a casino license in Silesia, which saw Casinos Poland claim that its Bielsko Biala casino would generate revenue of over PLN5b in six years.

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Xavier Mortimer's Magical Dream to celebrate Fourth of July

Casino City Times
Xavier Mortimer's Magical Dream to celebrate Fourth of July
Planet Hollywood Resort & Casino's Sin City Theatre will celebrate the land of the free with an enchanting VIP experience for Independence Day at 7 p.m. on Wednesday, 4 July.

Philippine audit agency flags Landing International casino land lease deal

Casino – CalvinAyre.com
Philippine audit agency flags Landing International casino land lease deal

The Philippine Commission on Audit (COA) has questioned the legality of a casino land lease deal between Hong Kong-listed casino investor Landing International Development Ltd. (LIDL) and state-run Nayong Pilipino Foundation (NPF).

Philippine audit agency flags Landing International casino land lease dealPolitiko reported that the COA ordered NPF to cancel the contract it entered with LIDL’s subsidiary Landing Resorts Philippines Development Corp. (LRPDC) on grounds that it was detrimental to the government.

Based on its estimates, COA warned that the Philippine government will lose as much as PHP26 billion ($486.2 million) from the deal since LIDL will be underpaying the lease relative to the market value of the land at the nearby Solaire Resort and Casino.

COA pointed out that the monthly lease rate on the NPF land that both parties agreed upon was a PHP150 ($2.81) per square meter or PHP14.36 million ($268,532), way below Solaire lot’s value of PHP600 ($11.22) per square meter.

The commission noted that the NPF approved the agreement “without conducting an independent appraisal and advertisement to the public to solicit offers from other interested parties to ensure that the proposal is the most advantageous to the government.”

It added that the agreement was made without the approval from the Philippine National Economic Development Authority (NEDA) and state regulator Philippine Amusement and Gaming Corporation (PAGCOR).

The issue on the casino land lease stemmed from the complaint of President Rodrigo Duterte’s niece Maria Fema Duterte, who happens to be a member of NPF board. She claimed that the deal was anomalous since the lease contract favored the foreign group.

Reacting on the issue, LIDL contends that the casino land-deal was completely open and above board. The casino investor said they were not informed that the deal was already cancelled as reported by the local media last week.

“Our agreement to lease a parcel of land of approximately 9.5 hectares [23.5 acres] in size located in Parañaque City, Philippines, from Nayong Pilipino Foundation is a legally binding contract,” LIDL said, according to GGRAsia. “We are not informed that the land lease contract is cancelled, and we are not aware of any reason or ground for cancellation of the lease contract.”

Last year, LIDL announced that its plans to develop a family-oriented resort, which consists of a casino, an indoor cultural theme park featuring the Philippines’ rich history, culture and heritage, an indoor themed waterpark, Asia’s first indoor movie-based theme park, a world-class state-of-the-art convention center, luxury hotels, and international retail and dining.

LRPDC is waiting for approvals from other relevant authorities to develop and operate the integrated resort.

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Sunday, June 24, 2018

Timothy Bruce named GM for City of Dreams’ Grand Hyatt

Casino – CalvinAyre.com
Timothy Bruce named GM for City of Dreams’ Grand Hyatt

Timothy Bruce has been appointed as the new general manager for the Grand Hyatt Macau. The announcement was made last Thursday, effective immediately. The Grand Hyatt is located in the City of Dreams Macau casino resort in Cotai.

Timothy Bruce named GM for City of Dreams' Grand HyattBruce is an executive with global experience. He has been in the hospitality industry for more than 30 years, having held a variety of culinary positions in Australia, Malaysia, Japan, Belgium, Britain and the United Arab Emirates. He began working for the Hyatt company in 1999 as the Food & Beverage Director for Hyatt Hotel Canberra in Australia, and has been with them ever since.

After his stint in Australia, Bruce was sent to India, where he was appointed as the GM for the Hyatt Regency Kolkatta. From there, he moved to the Hyatt Regency Delhi, serving in the same role. Most recently, he was tasked with opening the Grand Hyatt Sanya Haitang Bay Resort and Spa in China.

Hyatt’s Cotai property offers 791 guest rooms and 15 multi-purpose areas that cover a total of 26,247 square feet. It occupies two towers of Melco Resorts’ City of Dreams, which just saw the completion of the Morpheus, a $1.1-billion hotel located at the northern end of the property. The Morpheus was designed by the late architect Zaha Hadid and has around 770 hotel rooms, high-end eateries and gaming.

Also located at the City of Dreams are two other hotel properties. One is the Countdown Hotel, which was previously the Hard Rock Hotel. The other is NĂŒwa, which was known as Crown Towers until earlier this year. In total, there are over 1,400 hotel rooms and suites in the City of Dreams, as well as a 420,000 square-foot casino with 450 gaming tables and 1,512 gaming machines. Melco is also behind the City of Dreams complex in Manila, Philippines.

The Hyatt Hotels Corporation has its start in California in 1957. It has since grown to operate in 54 different countries and has 777 properties. Last year, its net income was $249 million with revenue of $4.68 billion. Thomas J. Pritzker serves as the executive chairman and Mark S. Hoplamazian, the president and CEO.

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Nicholas Seiken Claims Gold in 2018 WSOP $10,000 Limit 2-7 Lowball Triple Draw Championship

Casino News Daily
Nicholas Seiken Claims Gold in 2018 WSOP $10,000 Limit 2-7 Lowball Triple Draw Championship

Three days ago, Nicholas Seiken, a real estate broker from Texas, entered his first-ever standalone 2-7 Triple Draw event to eventually take it down, battling and outlasting a pack of seasoned pros. Late last night, the player joined the club of WSOP gold bracelet winners as he remained the last man standing in this year’s $10,000 Limit 2-7 Lowball Triple Draw Championship.

Seiken also collected $287,987 for outstanding performance in a game he did not have that much experience.

The tournament drew 109 entries, including a number of Triple Draw experts. Farzad Bonyadi, a three-time gold bracelet winner, was among the notables to enter the tournament. It is interesting to note that Bonyadi’s mother, Farhintaj, became the first female winner of this year’s edition of the series just a couple of days ago. She bested the field of the $1,000 Super Seniors.

Despite his effort, Bonyadi could not claim the Triple Draw Championship title last night and add another gold bracelet to his already impressive collection.

Aside from Seiken and Bonyadi, the final day of the tournament kicked off with 11 more survivors. Quite some of the remaining players struggled quite a bit throughout the day. But it looked as if Seiken, a player with significantly less experience than some of his remaining opponents, navigated through that final stage of the game very successfully.

Final Table and Heads-Up Play

By the time the official six-handed final table was set, Seiken had already built quite a stack. The player entered that final stage of the game as the chip leader with a significant lead over the next in line, who happened to be Bonyadi.

The eventual winner had 1.661 million in chips at that point to Bonyadi’s 943,000. Seiken seemingly had an easy run at the final table. In his post-victory interview, the player said that being the chip leader helped him a lot against the plethora of experienced players he was facing and he did not take much risk that would have cost him that advantage.

The only time the player lost the lead for a very short while was during three-handed play, when Randy Ohel replaced him at the top of the chip counts chart. Seiken himself admitted that he got a bit worried by Ohel’s short momentum.

Eventually, the player regained the lead, eliminated Kristijonas Andrulis in third place to cement his leading position and headed into heads-up against Ohel with a 3-2 advantage. The structure of the tournament allowed for a longer heads-up, but Seiken finished off his final opponent relatively quickly over the span of a 45-minute duel, which concluded with Ohel heading to the payout desk for a second-place prize of $177,992.

The 109-strong field of the championship tournament generated a prize pool of $1,024,600. The money was split into portions for the top 17 finishers, min-cashes starting from $14,864.

Following his latest triumph, Seiken told WSOP staff that while he is completely done with No-Limit Hold’em, we will be seeing more of him at the tables of mixed-game tournaments.

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Betfred Founder Gets £10.2 Million Dividend as Company Faces Shop Closures and Lay-Offs

Casino News Daily
Betfred Founder Gets £10.2 Million Dividend as Company Faces Shop Closures and Lay-Offs

Betfred founder Fred Done received a £10.2 million dividend, as the company is gearing up for massive lay-offs and betting shop closures following the UK government’s recent announcement that it intends to crack down on the nation’s gambling machines sector.

Betfred reported a pre-tax loss of £18.1 million for the year ended September 24, 2017, down from a £32.4 million pre-tax profit from the previous year. Despite the decline, Mr. Done, whose net worth is estimated to be around £1.4 billion, received the same dividend as he did a year earlier.

Mr. Done and his brother, Peter, founded Betfred back in the 1960s. The bookmaker has grown into one of UK’s largest privately-owned gambling companies since then. It currently operates the nation’s third largest chain of betting shops with a total of 1,666 facilities.

The UK government confirmed last month that it would crack down on the highly controversial fixed-odds betting terminals by cutting the maximum stake the machines accept to just £2 from £100. The announcement caused a wave of protests from industry stakeholders as the maximum stake reduction would cost operators of such devices, Betfred included, hundreds of millions of pounds of gross gambling yield.

Mr. Done said last month that the crackdown could force them to close around 900 of their high street betting shops and lay off up to 4,500 workers. Reports emerged last month that the businessman was considering a judicial review in a bid to overturn the government’s decision to roll out a clampdown on the machines that campaigners have been describing as the “crack cocaine of gambling”.

Following last month’s announcement, Betfred Managing Director sent an email to staff, urging them to lobby MPs to oppose the crackdown, as the reduced stake would have a major impact “on the viability of a number of [the company’s] shops”.

It was understood earlier in June that under a reported agreement between the UK government and bookmakers, the FOBTs stakes might not be reduced before 2020.

Tote Sale

Betfred’s operations also include an online gambling platform, which the company will probably seek to boost in an attempt to offset the losses incurred by the FOBTs clampdown, as well as the Tote racing pool business.

The bookmaker acquired that latter business in 2011. The deal came with a seven-year monopoly over the provision of pool betting services across British racecourses. The monopoly expires this year and another operator, Britbet, is expected to assume control of racecourse pools across 55 major courses.

Reports surfaced earlier this year that Mr. Done was looking to sell the business and a deal was announced earlier this month. Betfred agreed to sell its pool betting operation to the Alizeti consortium, which includes racecourse owner and breeder Alex Frost. The consortium took an initial 25% share in the business with an option to buy the remaining 75% within the next three to five years. The deal could be worth around £150 million.

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Saturday, June 23, 2018

Robert Nehorayan Takes Down 2018 WSOP $1,500 Limit Hold’em

Casino News Daily
Robert Nehorayan Takes Down 2018 WSOP $1,500 Limit Hold’em

Robert Nehorayan is known by many as Rec Rob, his nickname derived from him identifying himself as a recreational player. However, he outlasted last night a field that included seasoned poker pros like Daniel Negreanu, Chris Ferguson, and Ari Engel to win his first gold bracelet from the WSOP and his largest cash of $173,568.

The player topped the 596-strong field of Event #41: $1,500 Limit Hold’em. As mentioned above, some of poker’s top players entered the tournament to pursue another great accomplishment in the game. Of all fellow participants, Nehorayan had special praise for Terricita Gutierrez, a Limit Hold’em specialist whom the eventual champ considered his toughest opponent.

Terri, as Nehorayan called her, has been playing Limit Hold’em cash games every single day for years now to accumulate knowledge and experience that many other fellow players at the table lacked. She was ultimately eliminated in fourth place, good for $51,733.

The $1,500 event was played over three days through June 22. It saw 596 entries generate a prize pool of a little over $800,000. The top 90 places paid.

Day 3 Action Highlights

Day 3 of the tournament kicked off with 19 survivors in contention but seven of them quickly headed to the payout desk within the first 90 minutes of play. Action slowed up a bit afterward, as finalists became more aware of the event’s approaching end.

Chips swung back and forth throughout the day and the chip lead went from one player to another. Many of the remaining hopefuls had many ups and downs, but it can be said that Nehorayan managed to maintain a good stack and momentum throughout that final stage of the event. The brand new WSOP champion admitted that he had really good cards running his way, as well.

David Gee was the last player to be eliminated before the heads-up duel. That final duel took place between Nehorayan and one-time gold bracelet winner Kevin Song. Song won his piece 21 years ago for topping the field of a Limit Hold’em event. A second piece eluded him last night, unfortunately, although he fought really fiercely for it.

The match between the final two men standing began with Nehorayan holding a 3-1 advantage to Song. However, the latter quickly caught up and took the lead for a little while, putting great pressure on his opponent.

Nehorayan eventually regained his momentum and retook the chip lead to never look back. On Hand #286 of the final table, the player won a key pot that secured him with 3.9 million, while leaving Song with just 475,000.

The final hand of the tournament was dealt shortly after. On Hand #289, Nehorayan called from the button and Song raised. Nehorayan asked his opponent how much he had left and put him all in. Song tabled [8s][6s] to clash into Nehorayan’s [10s][7d]. The board landed [2c][Qh][9h][4h][Jh] to end Song’s participation in the tournament and seal the victory for Nehorayan.

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Friday, June 22, 2018

Amax trumps Suncity in court fight over Imperial Palace Hotel

Casino – CalvinAyre.com
Amax trumps Suncity in court fight over Imperial Palace Hotel

amax-holdings-imperial-palace-hotelMacau junket operator Amax International Holdings has won a court case over the disputed ownership of the Beijing Imperial Palace Hotel.

On Friday, Macau Business reported that Macau’s Court of First Instance had ruled on June 15 that Amax subsidiary Empresa Hoteleria de Macau was the rightful owner of the Imperial Palace property, dealing a blow to Victory Success Holdings Ltd, an offshoot of Macau’s largest junket operator, Suncity Group Holdings Ltd.

The fight for control of the Imperial Palace, formerly known as the New Century Hotel, dates back to 2012, when a former paramour of Amax chairman Ng Man Sun claimed the property as her own after the couple split up. Ng had transferred 80% of his stake in Empresa Hoteleria to his ex before they split up but always insisted this transfer was ‘temporary.’

In 2016, Empresa Hoteleria announced that it had transferred the ownership stake to Victory Success the year before, purportedly as the settlement of a debt. This March, the Macau court ruled that Victory Success had “pretended” to hold a general assembly meeting, which in the court’s view invalidated the ownership transfer.

The following month, Victory Success sent around 40 staffers to forcibly take over the hotel and change all the locks. In May, the court issued an injunction ordering Victory Success to vacate the building. Victory Success challenged this injunction but its arguments were swatted down by the June 15 ruling.

The Imperial Palace hasn’t welcomed any guests since 2016, when the Macau Government Tourist Office ordered the property closed due to the ownership squabble having contributed to the general demise of the property.

Amax had also waged a long-running war regarding the property’s Greek Mythology Casino, which operated under an SJM Holdings license until it shut down in December 2015. Amax held a nearly one-quarter stake in the company that ran Greek Mythology, but claimed it hadn’t received any payments or proper accounting of gaming revenue for years.

In June 2012, Amax chairman Ng was viciously attacked by a gang of thugs while he was visiting the then New Century Hotel. Conflicting reports claimed the six attackers were armed with either hammers or razors, and speculation was that the attack was meant to ‘send a message’ from parties unknown.

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Bulgarian Oddity: Private Company Operates as the National Lottery, But No One Seems to Care

Casino News Daily
Bulgarian Oddity: Private Company Operates as the National Lottery, But No One Seems to Care

Bulgaria is one of the poorest countries in the European Union, but recent figures show that its gambling industry has been thriving, particularly over the past several years. And while that industry has been hopping from strength to strength, it is also understood that it has been contributing relatively small amounts of money in annual tax contributions and even smaller amounts of money for socially responsible causes.

According to multiple recent reports from local media outlets, citing official data, Bulgaria’s regulated gambling market was worth BGN3 billion (€1.5 billion) in terms of revenue generated in 2017. Scratchcards, known to be extremely popular among residents of the tiny Balkan nation, accounted for the greater portion of the revenue bulk last year.

In fact, saying that these products are extremely popular in Bulgaria is a mild representation of the nearly maniacal obsession with which hundreds of thousands of Bulgarians, mostly elderly people, are buying scratchcards, lured by the promise for a quick and easy win and a better life.

Several companies owned by Bulgarian businessman Vasil Bozhkov are known to be leaders of the local scratchcards sector. Mr. Bozhkov is one of Bulgaria’s richest people. His business interests spread across various industries and his alleged ties to the criminal underworld have long been part of media coverage focused on his curious persona.

The National Lottery and New Games are actually two of the leaders in the nation’s scratchcards sector and they are both owned by entities that are related to Mr. Bozhkov. Special attention needs to be paid to the choice of name of what has turned into the most popular seller of scratchcards in Bulgaria – the National Lottery.

In the most general case, National Lottery usually refers to a state-run entity that provides different lottery products and services and uses a portion of the money generated by the sales of those for good causes. In the case of Bulgaria’s National Lottery, we are speaking about a privately-run entity. And despite our team’s efforts, we could not find any information about how much of what it generates it has contributed to good causes.

Should a private company run an operation under the National Lottery brand? We believe that the answer to this question is quite clear and it is a bit too disturbing that this company has been allowed to conduct its activities for years, even though it has nothing to do with the state.

The National Lottery in Bulgaria vs. the National Lottery in UK/Ireland

Gambling services in the UK, including ones provided under the National Lottery brand, are regulated by the country’s Gambling Act 2005 and a companion piece from 2014. Bulgaria’s market was, too, regulated several years ago. And while Ireland’s gambling regulations are in a state of an extreme mess at the moment, there still is clarity over how the country’s National Lottery should function.

UK’s National Lottery was established in 1994 as a state-franchized entity operated by the Camelot Group. According to information from the lottery operator’s official website, it has contributed over £38 billion for good causes since it was founded more than two decades ago.

In Ireland, the National Lottery operates as a state-run entity that has been functioning since 1987. It has raised and donated more than €5 billion to good causes since established over three decades ago.

In Bulgaria, the National Lottery, as already mentioned, is a privately-run company, owned by a businessman who many would say has a rather questionable reputation, and it is quite unclear what contributions it has made to good causes, even though its official website states that it contributes funds to various education-related causes.

In other words, the National Lottery brand usually carries a connotation of an entity run by the state that offers lottery/gambling services but also considers it an important task to benefit communities by raising and distributing funds for good causes, unless you are in Bulgaria where the National Lottery does not really belong to the nation.

More Facts and Figures about Bulgaria’s Scratchcards/Gambling Industry

An economically struggling nation with a blossoming gambling industry is not something unheard of. However, when a considerable portion of an extremely poor nation resorts to buying scratchcards to the point of maniacal absurdity in hopes for a quick win, that means that there is something fundamentally wrong in the way that nation’s gambling industry functions, or rather in the way it is allowed to function by those who have control and responsibilities over those matters.

As mentioned above, Bulgaria’s gambling industry was worth around BGN3 billion last year. However, it is understood that licensed gambling operators, including those providing various lottery products, contributed just BGN177 million in tax revenue to the nation’s coffers. In comparison, Bulgaria’s tobacco industry was worth around BGN3.5 billion in 2017 and contributed BGN3 billion in excise duties and VAT.

As for Mr. Bozhkov’s lottery businesses – New Games and National Lottery – these were reported to have generated turnover of €88.5 million and €15.3 million, respectively, in 2017. The businessman’s overall gambling businesses reported turnover of nearly €300 million and profits of €76 million. Local media outlets also report that National Lottery was actually Bulgaria’s largest advertiser in 2017 with ad spending of over €23 million.

Ads promoting the operator’s scratchcard products can be spotted practically everywhere in the country and across different media outlets. In addition, scratchcards can be purchased across post offices, supermarkets, special points-of-sale, and a number of other facilities.

Meanwhile, according to the most recent information released, Bulgaria’s gambling industry contributed just around BGN2.2 million in 2016 and just around BGN2.4 million during the first three quarters of 2017 to responsible gambling causes. Licensed gambling companies are required to make such contributions under a provision in the nation’s gambling law.

Proposed Restrictions

Bulgaria clearly has a gambling problem as well as a problem with the protection of its gamblers. The country’s Deputy Prime Minister Valeri Simeonov and his party, the National Front for the Salvation of Bulgaria, has recently introduced a bill calling for certain restrictions within the country’s gambling industry. Most of the provisions in the legislative piece are concerned namely with the operations of the National Lottery and its likes.

If the bill succeeds in Bulgaria’s National Assembly, it would roll out curbs to the promotion and sale of scratchcards and related lottery products. For instance, lottery operators would not be able to show winners on television, a popular marketing approach to which the success of these products could be greatly attributed. In addition, scratchcards would only be sold at special points of sale. As mentioned above, products of this type are currently available practically everywhere.

While Minister Simeonov’s recently proposed curbs seem as if they might be a step in the right direction, Bulgaria still needs to do much more. The country does not have a dedicated organization that works with problem gamblers. And as it can be seen, nobody really finds it odd that a private company has named itself the National Lottery, while it does not really work for the nation, unlike state-run National Lotteries around the world.

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