World Casino News
United States gambling market expected to continue growing
Tuesday, November 6, 2018
United States gambling market expected to continue growing
Delayed Action in Queensland Sets Back Launch of Australia’s Nationwide Gambling Self-Exclusion Scheme
Casino News Daily
Delayed Action in Queensland Sets Back Launch of Australia’s Nationwide Gambling Self-Exclusion Scheme
The rollout of a nationwide self-exclusion system for Australians trying to quit online gambling is set to be delayed because of Queensland, as the state has remained the only Australian jurisdiction that is yet to approve the proposed measures, news outlet the Sydney Morning Herald reports.
The self-exclusion scheme has been in the works for over three years and aims to help people with problem gambling behavior and gambling addicts quit gambling on the nation’s licensed betting websites.
All other Australian states and territories have officially agreed to introduce the self-exclusion system, but Queensland legislators are yet to vote on it which will imminently delay the introduction of the proposed reforms across the nation.
The scheme, known as the National Consumer Protection Framework, includes a new set of tools and standards intended to curb problem gambling and strengthen existing consumers protections within the online betting space. Aside from a self-exclusion tool allowing gamblers to ban themselves from gambling on licensed websites and apps, the framework also includes a voluntary pre-commitment system allowing bettors to set their own betting limits as well as a nationwide ban on bookmakers to provide “inducements” to lure customers into registering with their websites.
Queensland Delaying the Process
A spokeswoman for Ms. D’Ath has told the Sydney Morning Herald that the Queensland government has been working on its own problem gambling framework that will also be consistent with the nationwide scheme. State lawmakers have informed the Attorney General’s office that both frameworks will be finalized by the end of the year, the spokeswoman has added.
Lauren Levin, Policy Director at Financial Counselling Australia, has been among the most active lobbyists for the responsible gambling reforms. In recent comments, she has said that the implementation of the nationwide self-exclusion program is “desperately needed” and “urgent” and that the government should make it its priority.
The proposed measures have received support from Australia’s largest bookmakers, including Tabcorp, Sportsbet, BetEasy, bet365, Ladbrokes, and Unibet.
Lobbyists are pressing for urgent reforms in the nation’s responsible gambling policies at a time when studies are showing that Australians are the spendiest gamblers in the world. According to the latest data published by the Queensland Government Statistician’s Office, Australian gamblers wagered A$209 billion in 2016/2017, up 0.7% from the prior year. In addition, one of the latest snapshots of problem gambling in Australia, provided by the Australian Gambling Research Centre, shows that around 7.5% of the nation’s population, that is around 1.4 million people, are experiencing a low, moderate, or high level of gambling harm.
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Chinese Company Plans to Build Casino Resort in Cagayan, Despite President Duterte’s Gambling Ban
Casino News Daily
Chinese Company Plans to Build Casino Resort in Cagayan, Despite President Duterte’s Gambling Ban
A Chinese group has expressed interest in building a $100-million casino resort in the Philippines’ Cagayan Special Economic Zone, despite President Rodrigo Duterte’s veto on the construction of new gambling venues around the nation.
In a statement on its website, the Cagayan Economic Zone Authority (CEZA), the body overseeing the special economic zone, said that it has signed a memorandum of understanding with Shanghai Jucheng Supply Chain Management (Group) Co., Ltd. The company has revealed plans to build a Jeju Island-inspired resort with a gaming floor, theme parks, and a number of other facilities.
According to the Chinese group’s website, its activities include bulk commodity trade, logistics, and customers clearance services, among others. However, it is not clear whether the company is involved in any other tourism projects.
In its statement, CEZA said that the group has been looking into a tourism destination that matches the allure of South Korea’s Jeju Island, which is home to several integrated resorts, including ones that feature casino facilities.
As mentioned earlier, the latest wave of President Duterte’s crackdown on gambling includes a ban on the construction of new casinos in the country. However, the Cagayan Special Economic Zone is regulated under the Republic Act No. 7922, which authorizes CEZA to award a casino license to an interested party. It is yet to be seen how the Philippines’ top official will react to the news of a potential new casino project.
Previous Cagayan Casino Resort Reports
The executive also said that three of the companies had pitched $100-million projects, while the fourth had presented a plan for the development of a $500-million integrated resort in Cagayan. The names of the companies were not disclosed back then.
Mr. Lambino said in July that CEZA had 55,000 hectares of land available for development and that aside from a casino facility, any new resorts should also include hotels, entertainment facilities, and food and beverage options.
In its Monday statement, CEZA said that Jucheng has also expressed interest in expanding its footprint across the economic zone through multiple other, non-gambling, operations. For instance, the company has revealed plans to engage in Cagayan’s fintech industry through a trade and exchange operation using the rapidly growing blockchain technology.
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Monday, November 5, 2018
George Lopez's Chingon Kitchen to open at Vee Quiva
Casino City Times
George Lopez's Chingon Kitchen to open at Vee Quiva
The fast-casual restaurant will pay homage to Lopez's heritage, feature authentic Mexican cuisine and open in early 2019.
California player wins big at Table Mountain Casino
World Casino News
California player wins big at Table Mountain Casino
Stephen Song Hops Into Final Day of WSOP Circuit Harveys Lake Tahoe Main Event as Chip Leader
Casino News Daily
Stephen Song Hops Into Final Day of WSOP Circuit Harveys Lake Tahoe Main Event as Chip Leader
The WSOP Circuit Harveys Lake Tahoe $1,700 Main Event is drawing to a close with just four players left in contention after Day 2 of the tournament. Stephen Song, a former gold ring winner, is leading the pack of four into the final day of action, which is set to start today at noon local time.
It was an action-packed Day 2 at the host casino. There were 54 players to start the day, with those being the survivors from the event’s two starting flights. Michael Hubbard was leading the remaining hopefuls. However, despite his initial advantage, the player eventually busted in 8th place.
The remaining contenders were just nine bustouts away from the money bubble when cards were thrown in the air for Day 2 action. Eight of those eliminations occurred quite quickly. However, players played for over 40 minutes before the unfortunate bubble boy was eliminated. And it was Frank Pezzullo who became the last player to leave empty-handed.
All in all, this year’s edition of the Main Event at Harveys Lake Tahoe drew 442 entries. They generated a prize pool of $669,630. The money was split into payouts for the top 45 finishers. Min-cashes were worth $3,027. Each of the remaining four survivors is guaranteed at least $49,392 from the prize pool. And the winner will go home with $147,314 and a shiny new ring.
Pack of Former Gold Ring Winners
Song is followed closely behind by three-time gold ring winner Brett Murray, who scooped 3.8 million in chips last night. Back in September, Murray took down the Main Event of the WSOP Circuit’s Thunder Valley stop.
The other two players who made it through Day 2 have, too, previously won gold rings from the series. Scott Sanders, who came into the Main Event fresh off a triumph in the $400 Monster Stack at Harveys Lake Tahoe, will start Day 3 play with 3.525 million in chips. Two-time gold ring winner Nick Pupillo rounds out the final four with a stack of 2.15 million.
Day 3 action begins today at noon local time at the host casino. The finalists will play down to a champion. As mentioned above, the winner will go home with a six-figure payout and a gold ring. In addition, he will secure a seat into the season-ending Global Casino Championship, which will be played next summer.
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Las Vegas Casino Giants MGM and Caesars Reportedly in Merger Talks
Casino News Daily
Las Vegas Casino Giants MGM and Caesars Reportedly in Merger Talks
Las Vegas casino giants MGM Resorts International and Caesars Entertainment Corp. are reportedly discussing a merger to create a behemoth company that would control about half of the Las Vegas and Atlantic City gaming and hospitality markets, the New York Post reported citing unnamed sources familiar with the ongoing talks.
News about a potential merger of the two operators arrive shortly after it became known that Caesars has rejected a reverse takeover offer from businessman Tilman Fertitta, owner of the smaller Golden Nugget hotel and casino chain. Caesars said during its Q3 financial results conference last week that Mr. Fertitta’s offer was “not consistent with [the company’s] plans to create and enhance shareholder value.”
According to NY Post sources, MGM has tapped investment bank Morgan Stanley and law firm Weil, Gotshal & Manges to study a potential merger with Caesars. However, there is still no offer on the table, sources have pointed out.
People familiar with the matter have also revealed that activist hedge funds, which collectively own about a quarter of Caesars, have been pushing for a MGM tie-up for some time now. A merger of the two operators would create a behemoth gambling giant with a market capitalization of more than $21 billion. According to the NY Post’s sources, Canyon Partners, which owns shares in both Caesars and MGM, is among the hedge funds supporting a deal between the two companies.
It is also important to note that in the case of a merger, MGM and Caesars will together own about a half of all Las Vegas and Atlantic City hotel rooms, which could result in competition authorities raising concerns over the impact of a potential tie-up.
Caesars Sacks CEO to Pave Way for Sale
Sources believe that Apollo Global Management, which together with TPG Global are currently Caesars’ largest shareholders, supports a sale. In addition, reports emerged not long ago that hedge fund HG Vora Capital Management has quietly built a nearly 5% stake in the Las Vegas casino giant and has been trying to persuade it to consider divestiture of assets or an outright sale.
According to the NY Post, Caesars might be having other suitors besides MGM. Sources believe that Wynn Resorts and Malaysia’s Genting Group could, too, be interested in a tie-up with the Las Vegas gambling giant. Private equity firms that hold licenses to operate casino might, too, be in the mix, according to sources. The Blackstone Group, which purchased Spanish gambling company Cirsa earlier this year, was mentioned as one such private equity firm that might be eying Caesars.
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