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Lawrence Ho unloads $21.3M shares in Summit Ascent

Lawrence Ho unloads $21.3M shares in Summit Ascent

Chinese casino mogul Lawrence Ho has reduced his stake in the company that runs the Tigre de Cristal casino resort in Russia’s Far East.

In a regulatory filing, Ho informed the Hong Kong Stock Exchange last week that he is unloading 8.31 percent of his shares in Summit Ascent Holdings Ltd. The move reduced his direct holding in Summit Ascent from 27.06 percent to 18.75 percent.

The shares that Ho sold were worth HKD166.7 million (US$21.3 million).

Ho didn’t offer any explanation on why he decided to cut his stake in Summit Ascent. Even his company declined to comment on the matter since the issue was about the casino mogul’s personal investment.

Aside from Ho, the billionaire’s wife Sharen Lo Sau Yan disposed nearly 123.5 million shares in Summit Ascent for an aggregate amount of HKD151.3 million (US$19.36 million). Her total stake in the company dwindled to 18.75 percent.

The Ho-owned Quick Glitter entity also trimmed its stake in Summit Ascent by 8.31 percent to 133.1 million shares. From 24.37 percent, Quick Glitter’s share is now down to 16.06.

The sudden disposal of Summit Ascent shares comes after the casino developer announced that VIP gambling activity has skyrocketed at Russia’s Tigre de Cristal casino following new deals with junket operators.

Tigre de Cristal officially opened its doors last November, and recorded HKD 258m ($33.2m) in VIP turnover that month. By June, VIP turnover had nearly tripled. But July’s unaudited figure shows VIP turnover hitting HKD 2b, rising again to HKD 2.2b in the first 30 days of August.

In an interview with GGRAsia, Summit Ascent executive director Eric Landheer said that “none of the executive directors or senior management of the company were made aware of our chairman’s intent to sell Summit Ascent shares into the market at any time prior to the public disclosure, nor did they sell any shares in Summit Ascent prior to this disclosure.”

September 19, 2017: posted in News And Reviews No Comments

DraftKings, FanDuel face $2.6m bill to settle consumer issues in Massachusetts

DraftKings, FanDuel face $2.6m bill to settle consumer issues in Massachusetts8 September 2017

DraftKings and FanDuel have each agreed to pay more than $1m (€830,000) to resolve allegations of consumer-unfriendly practices in the US state of Massachusetts.

Coinciding with the start of the new NFL American football season, both daily fantasy sports (DFS) operators are to pay $1.3m in a deal announced by Massachusetts Attorney General Maura Healey.

The authorities in the state last year proposed a raft of consumer protection regulations, including restrictions on advertising that reflected the average DFS player’s slim chances of winning anything.

The amount is considerably less than the $6m which DraftKings and FanDuel were each forced to pay in New York last year.

Healey said the deal with the operators was made “to address various consumer issues that existed at the early stages of this new industry.”

Massachusetts, Boston-headquartered DraftKings’ home state, formally introduced laws to regulate DFS in August 2016.

September 12, 2017: posted in News And Reviews No Comments

Nevada casinos earn just shy of $1b revenue in July

nevada-casinos-gaming-revenueNevada casino gaming revenue fell just shy of that magical monthly benchmark of $1b in July, despite double-digit declines in some major table games.

Figures released Wednesday by the Nevada Gaming Control Board (NGCB) showed statewide casino gaming revenue hitting just under $998m, a 1.7% decline from the same month last year but over $100k more than the casinos earned in June 2017.

The gains came despite casinos on the Las Vegas Strip reporting revenue falling 7.7% year-on-year to $565.6m. Virtually the entire rest of the state was in positive territory, led by the Boulder Strip, which reported revenue up nearly one-fifth to $66.4m.

Slot machine revenue did its part to boost July’s numbers, rising 5.1% to $632.1m. But table games played spoiler, falling 11.7% to $365.8m, led by double-digit declines at baccarat ($120.9m, -19.6%), blackjack ($100m, -12.2%) and roulette ($32.4m, -14.3%). Craps played contrarian, rising 19% to $40.4m, while the second half of the World Series of Poker gave poker revenue a modest 1% bump to $12.4m.

Total sportsbook revenue fell 95.3% to just $524k – their lowest monthly profit since July 2014 – as betting hold fell to a pitiful 0.24%. The only net positive for the books in July was football, which shot up 368% to $627k, while the pari-mutuel fantasy operations of US Fantasy Sports generated a mere $9k.

That piddling fantasy result was infinitely preferable to what happened to basketball, which produced a net loss of nearly $4m as laggard bettors cashed outstanding tickets. All other categories were also down year-on-year, led by ‘other’ sports ($2.1m, -10%), baseball ($1.7m, -85.7%) and parlay cards ($36k, -61.7%).

Next month will reveal just how much the sportsbooks earned from the Mayweather-McGregor tilt. While the fight will almost certainly top Nevada records for boxing betting handle, anecdotal reports suggest that handle may have topped $100m, putting it on par with the past four Super Bowls as the only sporting events to have eclipsed that mark in Nevada. The books have also suggested they held a healthy percentage of that handle, meaning August’s revenue number could be one for the record books.

 

September 11, 2017: posted in News And Reviews No Comments

New Jersey Gamblers Hit Huge Progressive Jackpot

A casino player in New Jersey will be celebrating after winning a life-changing jackpot at the Golden Nugget Casino, the second huge New Jersey win of the summer.

At the end of June a player of the Wonderland slot at the Tropicana Casino won a jackpot of $192,139 and at that point it was the largest win in a New Jersey casino this year. However, last week a player at the Golden Nugget Casio won a huge $271.268.06 jackpot playing the popular Divine Fortune slot.

Not only did this set the record for the largest jackpot win of the year, but it was also the second time that the Golden Nugget casino has paid out a six figure sum on this game since May.

Divine Fortune is a game made by the highly respected Net Entertainment and is one of the most popular progressive jackpot slot machines around. Furthermore, the Golden Nugget Casino has a reputation of offering rapidly growing jackpots as it is one of the most popular online casinos in the country.

Considering how popular the online casino is and how popular the game is it seems likely that there will be more six-figure wins before the end of the year.

Online players are particularly fond of Divine Fortune as it has a base return-to-player (RTP) of 96.6%, a high rate for a progressive slot. Furthermore, as the jackpot grows the return grows with it and it eventually exceeds the 100% mark making it an extremely player friendly game.

The jackpot is currently worth close to $84,000 and it is once again rapidly growing.

September 4, 2017: posted in News And Reviews No Comments
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