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While you’ve been doing work at the poker tables, others have been busy at the boardroom table. Good thing PokerNews is skilled at multi-tabling. We’ll get you up to speed on what’s new in the gaming business. This week, a new casino opened as…
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03 4th, 2010
As most companies in the online gaming world continue to roll out their 2009 fiscal reports, many have reflected last year’s softer economy in their revenues. On Wednesday, PartyGaming PLC was the latest to announce its 2009 fiscal reports and demonstrated that the company was affected by the fiscal roller coaster of 2009.
For the year that ended on December 31st, 2009, PartyGaming showed a slight decline in overall net revenues for the year. In 2009, PartyGaming was able to show a net revenue of $446.2 million, a 5.7% decline from $472.9 million in 2008. What was intriguing about the breakdown of revenues is that the online poker room was nearly eclipsed by the online casino operation.
What is considered the linchpin of PartyGaming, the highly popular online poker operation showed a significant decline in net profits for the year. In 2009, PartyPoker drew net revenues of $196.7 million, which is a 28.3% decline from $274 million in 2008. Other gaming options were able to make up for this drop, however.
The online casino arm of the company, PartyCasino saw net revenues of $196.2 million, a 12.1% increase over its 2008 net revenues of $175 million. Two other areas of the PartyGaming operation, PartyBingo and the online sports book, each outpaced 2008 earnings by bringing in $32.8 million (an astounding 555% increase over the $5.9 million earned in 2008) and $19 million (a slight increase of 5% over its $18 million in 2008), respectively.
Two actions by PartyGaming during 2009 had a noticeable effect on the bottom line of the company. In April 2009, PartyGaming resolved its dispute with the U.S. Department of Justice as to its online gaming activities in the United States prior to the enactment of the Unlawful Internet Gambling Enforcement Act () of 2006. In that settlement, PartyGaming agreed to pay $105 million over the next 3½ years in semi-annual payments. Over the remainder of 2009, PartyGaming held to the settlement and issued $15 million in payments to the U.S. government.
The second action that influenced the PartyGaming was their acquisition of two components that should have a tremendous influence on the company’s future. In July, PartyGaming was able to acquire Cashcade, a successful online bingo and casino operator, for a reported £95.9 million. This acquisition made an immediate impact on the 2009 fortunes of PartyGaming, as reflected by the year-end results of PartyBingo. The second acquisition, the purchase of the venerable for $12.3 million at the end of 2009, has not yet had a significant impact on PartyGaming’s bottom line, but the future of the long-running poker tournament series seems secure in the hands of PartyGaming.
Jim Ryan, PartyGaming’s Chief Executive Officer, stated during the announcement, “We delivered a solid performance during 2009, which demonstrated the resilience of our business model that continues to generate strong cash flow, even in the most challenging of circumstances.” As to the businesses that PartyGaming acquired in 2009 and the outlook for 2010, Ryan said, “With some acquisitions and major B2B (business-to-business) deals already under our belt, we plan to do more in 2010 and I believe we are on course to meet our objective of becoming the world’s most valuable online gaming company.” Reuters reports that PartyGaming is still looking for other companies to either acquire or merge with to continue to drive their impact in the online gaming market.
Following the announcement of PartyGaming’s 2009 performance, the company’s stock price rose nicely. Traded on the London Stock Exchange under the prefix “PRTY.L,” thee stock closed at 303 pence on Wednesday. At the open of trading today, PartyGaming’s stock started at 300.5 pence and rose to 310.1 pence by the close of trading on Thursday evening in London.
Ryan is extremely confident about the outlook for PartyGaming in 2010, stating, “While the macroeconomic environment remains uncertain, we remain focused on executing our stated strategy and are confident about the Group’s prospects.”
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The first quarter of 2010 traditionally brings the announcements of 2009 yearly earnings from online gaming and poker outlets that are traded on various stock exchanges around the world. The gaming corporation PLC announced its 2009 Fiscal Report late last week; the online gaming sector helped to drive the company through a difficult year.
While overall net profits for William Hill rose by 4% in 2009 to £997.9 million versus £963.7 million in 2008, the online arm of the company was able to offset a decrease in retail betting shops. William Hill is one of the preeminent bookmaking and slot operations in the United Kingdom and Ireland, but was affected by the difficult economic situation that many companies had to contend with in 2009. The net revenues from retail outlets decreased by 4% to £757.5 million (from £790.7 million in 2008).
William Hill was able to offset the retail decrease through revitalized online operations. In late 2008, William Hill announced a joint venture with the gaming software company Playtech that had a significant effect on its online operations that include online casinos, poker, and sports books. For the year, online net revenues for William Hill rose an astounding 63% to £203.5 million versus the £125.1 million earned in 2008.
In the online end of the William Hill operations, the full integration of Playtech into the company made excellent inroads. The growth of the customer base during 2009, with new accounts increasing by 28%, portends future success with the company. The sports book showed a steady revenue, but there were increases in the amounts that customers wagered and a 30% increase in customer accounts.
Ralph Topping, who started at William Hill in a Glasgow betting shop in 1973 and became the company’s Chief Executive Officer in 2008, commented during the fiscal year announcement, “In terms of 2009, the scale and breadth of our business ensured that we were well-placed to ride out the extra volatility in sporting results and the areas affected by the economy were counteracted by good growth in gaming machines and our improving online performance.”
“We have transformed key parts of William Hill in the last year,” Topping continued. “William Hill Online is almost unrecognizable from a year ago, with highly competitive gaming products, proven marketing expertise and a sports book that has more pre-match and live betting products.” Topping also noted that William Hill has been able to move forward with new technologies in their retail outlets that will improve the quality of the gaming experience for customers.
William Hill’s poker outlet is a part of the iPoker Network, which currently ranks as the fourth largest in the industry according to PokerScout.com. Behind only U.S. facing sites and Poker, the iPoker Network consistently battles for the third place slot on the PokerScout traffic counts. Unlike the two industry leaders, however, PartyPoker and the iPoker Network do not allow American action.
With the announcement of the company’s fiscal year 2009 reports, William Hill’s stock prices have been on the rise. Trading on the London Stock Exchange under the stock code “WMH,” the stock price dipped as low as 192.5 pence during trading on Friday. Monday saw a drop in the stock to just over 191 pence, but it has rebounded noticeably since then. By the close of business on the London Stock Exchange on Tuesday, William Hill stock was trading at 200.9 pence, making the company’s estimated value approximately £1.4 billion.
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The landscape of the European online poker and casino gaming world continues to get murkier as two recent opinions announced today from the European Court of Justice question the legalities of the Austrian and Swedish gaming laws.
In the first opinion, Advocate General Jan Mazak ruled on a case regarding Ernst Engelmann, a German citizen who operates two online casinos in Austria. Engelmann was found guilty of unlawfully organizing games of chance in Austria and the case was appealed to the regional court of Linz, Austria. This regional court sought the opinion of the ECJ on three points of Austrian gaming laws and whether they violated the European Union treaty that allows for freedom of trade across national boundaries.
AG Mazak, after reviewing the case history, ruled on the three points that the regional court had requested clarification for. AG Mazak stated that the requirement that companies must have their company physically located in Austria involves a restriction on freedom of establishment and is a violation of the EU treaty. Mazak ruled that this direct discrimination prohibits companies with their seat in another Member State from being holders of a license to operate a casino.
Part of the reason for that segment of the Austrian law – that Austria was looking to protect its citizens through having the gaming operations located in the country and bound by its laws – was unfounded in Mazak’s opinion. AG Mazak ruled that companies that are a part of the EU are bound by the laws of the EU treaty. In his decision, AG Mazak stated, “In fact, any undertaking established in a Member State can be supervised and penalties imposed on it, regardless of the place of residence of its managers.” Thus, AG Mazak ruled against the location of operations argument used by the Austrian government.
In the other opinion, Advocate General Yves Bot was asked by the Stockholm Court of Appeals to rule on the case of two editors of national newspapers. Otto Sjöberg and Anders Gerdin were the editors-in-chief and publishers of two Swedish newspapers who accepted advertising from gaming companies located outside of Sweden. In late 2003 and 2004, they published advertisements for lotteries offered on such gaming sites as Expekt, , and Centrebet, all which are established in Malta and the United Kingdom. They were convicted of violating the Swedish gaming laws through promotion of companies not located in Sweden and were fined SEK 1000 (approximately $137).
While AG Bot opinion stated that the punishment for the violation was appropriate as to the Swedish law, he did question the decision in the Swedish courts. At issue is a question of discrimination, according to AG Bot. In his opinion, AG Bot stated, “In the present case, although Swedish legislation prohibits, without distinction, the promotion of gambling organized abroad and the promotion of gambling organized in Sweden without a license, the penalties laid down for infringement of that prohibition are different. Thus, whereas penalties of a fine and imprisonment for up to six months are laid down for persons who advertise gaming organized abroad, those who advertise gaming organized in Sweden without a license do not incur equivalent criminal penalties, but only administrative penalties.”
The two opinions laid out by AGs Mazak and Bot are not binding, however. They are simply the AGs opinions and must go in front of the full European Court of Justice before a decision is rendered on either case. At this time, there has been no date set for a final decision on the two cases.
The European Betting and Gaming Association, which has been battling the movement towards the nationalization of online gaming in Europe, has hailed the opinions of the two Advocates General as potentially groundbreaking in the online gaming industry. Sigrid Ligné, the Secretary General of the EGBA, was especially pleased with the Austrian ruling when she said, “(With AG Mazak’s opinion) In this context, there is no acceptable justification to prevent reputable European competitors from offering online poker and casino games to Austrian players.”
Ligné appealed to free market economic theory when she said about the Swedish opinion, “It is remarkable that leading national newspapers, which are financed through and very much dependent on the sale of advertising, are unfairly deprived of substantial sources of revenue.” Ligné also noted that the two Swedish companies who conduct the country’s online gaming operations, Svenska Spel and ATG, advertise heavily inside Swedish borders and also use other European Union Member States in advertising on television to draw customers.
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02 18th, 2010
Poker News Daily can confirm that () Hostess Amanda Leatherman is parting ways with the brand. Unconfirmed reports have her joining the -backed North American Poker Tour (NAPT).
The WPT is in the midst of filming its eighth season and will hold the Celebrity Invitational over the weekend at the Commerce Casino in Los Angeles. On February 26th, the annual $10,000 buy-in L.A. Poker Classic will begin and crown a champion on March 4th. Two days after the Main Event begins, the Commerce Casino will host the series’ High Roller tournament, which features a sizable $25,000 price tag. The WPT’s seventh and eighth seasons have aired on Fox Sports Net, which also carries the UB.com poker news show “Poker2Nite.”
Leatherman has been a staple of online video updates with some of the greats of the game and has interviewed a large chunk of players who have taken to the WPT’s felts. A representative of the roving tournament series confirmed to Poker News Daily that Leatherman was on her way out: “Amanda is well-known in the industry for her work across a variety of live reporting and poker news outlets. She was a great addition to the WPT Live Updates team for two seasons and now she’s moving on to her next adventure. We wish her all the best and look forward to seeing her on the poker circuit.”
Her future destination has not been formally announced. On the TwoPlusTwo forums, speculation had the fiery female heading to the NAPT, which kicks off on Saturday from the Venetian in Las Vegas with its first U.S. event. TwoPlusTwo poster Allen “doublejoker” Kessler asserted, “Amanda Leatherman out as Hostess of WPT, and the new hostess for Pokerstars NAPT on ESPN2. I confirmed this with sources from Pokerstars as well as the WPT.” Leatherman could reprise her role as a Live Updates Hostess, as model Joanna Krupa will serve as the on-air face of the NAPT on ESPN.
Poker News Daily can also confirm that a new WPT Live Updates Hostess will likely be hired in time for the L.A. Poker Classic. We expect to have an exclusive interview with the newest member of the WPT broadcast team after the final paperwork has been submitted. In the meantime, TwoPlusTwo fans are clamoring for the WPT to bring back Kimberly Lansing, who worked with the brand prior to Leatherman. Christian “charder30” Harder remained supportive of the departing Leatherman: “congrats amanda, good stuff and good luck!”
ESPN will air 16 hours of original NAPT programming beginning in April, with Krupa serving as its on-air face. Among those looking forward to watching the action unfold both in person and on television is Team PokerStars Pro member , who commented in a press release distributed by the world’s largest online poker site on Thursday, “Having the North American Poker Tour on ESPN2 is going to take poker on this continent to a different level. With some of the most important gaming venues in the U.S. onboard and the reach of ESPN2, the NAPT is set to bring the excitement of world-class tournament poker to millions who love this game as much as I do.”
Party Gaming, the parent company of , recently purchased the rights to the WPT and may soon greatly expand the brand outside of the United States. During its eighth season, WPT stops were scheduled for Venice, Bratislava, Cyprus, Marrakech, Bucharest, Paris, and Barcelona. In addition to Fox Sports Net in the United States, its past seasons can be found on The Travel Channel and GSN. Poker sponsors the eighth season of the WPT and 13 final tables will air on the cable station over 26 episodes. The first occurred on January 24th with action from the 2009 Bellagio Cup.
Stay tuned to Poker News Daily for the latest on this breaking story.
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02 13th, 2010
Recently, casino megalith Harrah’s received the green light from the Nevada Gaming Control Board to acquire the Planet Hollywood Resort and Casino. The move would boost the number of Harrah’s Las Vegas Strip area properties to nine.
In addition to its flagship property, Harrah’s already owns Caesars Palace, Paris, Flamingo, Imperial Palace, Bally’s, Bill’s Gambling Hall, and the Rio, home of the annual (). Planet Hollywood towers high above the Las Vegas Strip and was formerly dubbed the Aladdin. For poker players, Planet Hollywood offers a 15-table room with cash games that include $2/$4, $4/$8, and $5/$10 Texas Hold’em, Omaha, and Pineapple. The poker mill also offers four daily tournaments with buy-ins ranging between $50 and $70. The poker room is located on the main level next to the Miracle Mile mall entrance.
Nevada Gaming Control Board Chairman Dennis Neilander commented in the , “The existing Planet Hollywood was headed for some type of restructuring, perhaps a bankruptcy. We have some 40 properties that are in our bankruptcy group right now. This will offer a smooth transition for employees that are there and operating the business.” Next Thursday, February 18th, the Nevada Gaming Commission will formally approve or deny the Planet Hollywood sale to Harrah’s. If the Commission returns a positive result, ownership could change hands the next day.
According to the Review-Journal, Harrah’s acquired $306 million of Planet Hollywood’s debt for $70 million. In exchange, Planet Hollywood forked over 100% ownership of the Las Vegas Strip casino. The new ownership group will pump $30 million in working capital into the property and the news outlet expects that a $554 million mortgage loan “will remain leveraged against Planet Hollywood Resort after the deal is completed.” Planet Hollywood employs about 2,300 people, a staff that will allegedly be shaved by less than 5% as a result of the acquisition.
On January 16th, Harrah’s assumed the food and beverage operations of Planet Hollywood. Now, Harrah’s will be able to take the Planet Hollywood name and license it to other casinos around the world. Planet Hollywood - the restaurant - was formerly located in a multitude of cities across the United States including Atlanta, Nashville, and Reno. However, a series of bankruptcies and stiff competition led to only a handful of locations remaining in operation, including Honolulu, Myrtle Beach, New York City, and Las Vegas. Planet Hollywood also operates dining establishments in Cancun, Dubai, Jakarta, and Riyadh.
Harrah’s Chief Financial Officer Jonathan Halkyard told the Review-Journal, “We began to [buy the debt] because we felt Planet Hollywood would be a very complementary addition to our portfolio in Las Vegas.” In 2004, Harrah’s purchased the rights to the WSOP, ultimately moving the annual tournament series from the Horseshoe in Downtown Las Vegas to the Rio, just off the Strip. In 2005, the final days of the Main Event were held at the Horseshoe before the annual spectacle played out entirely at the Rio in 2006.
The WSOP Circuit brings the action of a major series to Harrah’s properties around the United States, including Harrah’s Tunica, Harvey’s Lake Tahoe, and Caesars Atlantic City.
Opening across the street from Planet Hollywood in Las Vegas in recent months was CityCenter, which consists of the Aria Casino, Mandalay Oriental, Veer Towers, and Crystals. The latter features upscale restaurants such as Eva Longoria Parker’s Beso, Mastro’s Ocean Club, and Brasserie Puck. Its posh retailers include Tiffany and Company, Prada, and Porsche. A walkway connecting this bustling area to Planet Hollywood may be extended, according to the Review-Journal, which would allow the fledgling casino to capitalize on foot traffic across the street.
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While you’ve been doing work at the poker tables, others have been busy at the boardroom table. Good thing PokerNews is skilled at multitabling. Every Friday, we’ll get you up to speed on what’s new in the gaming business.
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02 12th, 2010
British poker pro Ian Frazer was the last man standing after three tough days of PartyPoker Premier League Playoffs. Frazer defeated Mike Sexton and four other members of Team PartyPoker to earn a $100,000 seat in the elite Premier League IV Main…
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The New Jersey State Senate Committee on Government, Wagering, Tourism, and Historic Preservation approved a bill calling for a referendum on sports wagering by a 4-0 margin on Monday. A measure authorizing intrastate internet gambling may be next on the docket.
The measure’s sponsor, Raymond Lesniak, “said legalized sports betting would raise $100 million in new state revenues and generate $500 million for the casinos and racetracks.” The figures are according to the , which is one of a tidal wave of media outlets trumpeting the bill’s passage out of committee. Speaking at a hearing on Monday was Interactive Media Entertainment and Gaming Association (iMEGA) Chairman Joe Brennan, who told Poker News Daily that legalized intrastate online gaming may soon follow: “If they’re moving sports betting, there will be much less resistance for internet gambling. Internet poker is expected to be relatively easier.” Lesniak also introduced an internet gambling bill.
Debate rages on in New Jersey as to where sports betting should be allowed and whether wagering on horse racing would be included. Another hurdle is the Professional and Amateur Sports Protection Act (PASPA), which iMEGA is seeking to overturn by proving that it is unconstitutional. Once PASPA is overturned, states around the country would be able to adopt sports betting, which is limited to only a handful of jurisdictions right now.
While Lesniak’s sports wagering bill requires a constitutional amendment in New Jersey, the internet gambling piece does not, according to Brennan: “Now, the plan is to move the internet bill. That one doesn’t require a constitutional amendment. With the sports one, even though it’s had a higher profile, it still has a long way to go.” The sports bill received the majority of the attention due to last weekend’s Super Bowl between the New Orleans Saints and Indianapolis Colts. Originally, officials were calling for a vote on the measure last week. However, new committee members asked for more time in order to digest the issue.
If successful, sports wagering would be put to a public referendum in November. Also possible is a review by the New Jersey Senate Budget Committee, although the likelihood of that happening is not yet clear. Brennan told Poker News Daily, “The Budget Committee may take a look at it since it would impact the budget. However, because that’s on the other side of the referendum and laws have to be crafted first, they might decline further action at this time.” Monday’s hearing that paved the way for a possible referendum lasted 90 minutes.
Casino giant Harrah’s opposes Lesniak’s sports betting and internet gambling bills, according to Brennan, and instead seeks a federal solution. The Press of Atlantic City notes that a version of the sports betting bill in the New Jersey Assembly was supposed to be discussed concurrently on Monday, “but was pulled from the agenda at the last minute.” Congressman Barney Frank (D-MA) has been championing a federal solution on Capitol Hill, as a bill to legalize and regulate the internet gambling industry in the United States (HR 2267) boasts 65 co-sponsors and may be marked up this month in the House Financial Services Committee.
In 2009, iMEGA was unsuccessful in overturning the Unlawful Internet Gambling Enforcement Act (). The Third Circuit Court of Appeals instead ruled that the legality of internet gambling depends on the jurisdictions of the customer and website. In addition, the Court noted that the UIGEA made no activity like online poker illegal. The bill’s passage in 2006 caused a multitude of publicly traded companies like Party Gaming, 888, and to vacate the U.S. market in deference to shareholder interests.
Stay tuned to Poker News Daily for the latest poker legislation headlines from New Jersey and around the world.
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02 9th, 2010
Lee, who has $1.4 million in career tournament earnings, is a Massachusetts resident, a Harvard University and Babson College graduate and finished 13th in the 2005 World Series of Poker Main Event, representing the top finish for a New Englander in WSOP history.
Lee’s history with Foxwoods goes back to when it opened in 1992. The southeastern Connecticut casino was the first place he played in a poker tournament, participated in a main event, and won a tournament.
“If there is such a thing as home-court advantage in poker, for me it’s at Foxwoods,” Lee said. “I’m proud and humbled that Foxwoods would choose me to be their official spokesperson among the millions of poker players in the world.”
Since turning pro, Lee has hosted shows on television, radio and the Internet and worked as a columnist, commentator and author.
He is currently co-host of ESPN.com’s weekly online poker show ESPN Inside Deal and is a poker columnist for the Boston Herald, ESPN.com and several other media outlets.
He has released two books, The Final Table, Volume I and Volume II, which are compilations of his columns. He is also an instructor for the WSOP Academy and a poker commentator for the WSOP and New England’s Eastern Poker Tour.
Lee will wear the Foxwoods logo at live tournaments and his Boston-area radio show, The Bernard Lee Poker Show, is now officially presented by Foxwoods Resort Casino.
“We’re thrilled to add Bernard Lee to the Foxwoods team,” said Mashantucket Pequot Gaming Enterprises president Michael Speller. “Bernard is such a compelling figure on the poker landscape, and we’re certain that his expertise and talent will bring even more excitement and energy to the poker experience at Foxwoods.”
Foxwoods is a charter member of the World Poker Tour and home to a WPT-branded poker room with 98 tables open around the clock.
To learn more about Foxwoods, visit . For more information about Bernard Lee, click through to .
Visit
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