Poker News Media: Modest growth expected for gaming
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Australian gambling companies are expected to report modest growth in earnings this reporting season as consumers rein in their discretionary spending and casino operators face tough competition from overseas.
"Gambling is part of discretionary expenditure, so I'm anticipating that gambling expenditure will be down," Morningstar gaming analyst Ross MacMillan said.
Earnings in the gambling sector may grow two or three per cent, but "It's going to be very subdued earnings growth if we see any at all," Mr MacMillan said.
The outlook for the current financial year was expected to be very cautious and limited in detail.
Mr MacMillan anticipated most companies would hold off providing guidance until their annual general meetings when they would have at least three months of performance under the belt.
The big issue for Tatts Group and Tabcorp would be the source of future growth, he said.
Tatts and Tabcorp hold a duopoly over poker machines in Victoria outside of the Crown casino in Melbourne. The Victorian poker machine licence expires in 2012.
Tabcorp was recently awarded a new wagering and betting licence in Victoria, winning it over Tatts. The wagering licence allows Tabcorp to offer wagering on thoroughbred, harness and greyhound racing and other sporting events.
Lower gambling expenditure would affect revenues, so gambling companies would have to look at cutting costs, Mr MacMillan said.
He said Tatts would be looking to strip out as many costs as possible from the NSW lottery business it acquired in March 2010.
Tatts also would think carefully about the South Australian lottery business, which is likely to come up for sale in the next 18 months.
Mr MacMillan said the main issue affecting the Tabcorp results would be the recent demerger of its casino operations - now known as Echo Entertainment Group - which would make Tabcorp's accounts "messy".
An issue facing casino operators Crown and Echo was the size of the capital expenditure needed to revamp their casinos so they could compete with big new casino-resorts in Singapore and attract more VIP gamblers (high rollers) from China.
"This is a real issue: whether it (capital expenditure) will continue in the future," Mr MacMillan said.
Fat Prophets gaming analyst Greg Fraser said consumer spending had been weak and was likely to be reflected in gaming results at the "grind end" of the market.
Mr Fraser said he expected a reasonable result from Tatts Group.
Although a larger proportion of Tatts' earnings now came from lotteries, gaming operations were likely to attract attention because that's where uncertainty lay.
"Having missed out on the Victorian wagering licence, it'll be interesting to see what they (Tatts) say about their future now and what their plans might be," Mr Fraser said.
Tabcorp also needed to detail its plans for the new Victorian wagering licence and explain how the company would replace gaming machine earnings once they disappear in 2012, he said.
Among the casino operators, Crown's result was likely to be stronger than that of Echo Entertainment, largely because Crown had spent its money on refurbishments and re-organising its gaming floors sooner and, arguably, more effectively than Echo.
Much of the Star City refurbishment was aimed at non-gaming activities, so the casino's success over the next year should be measured by the increase in visitation numbers.
"In that sense, it's the outlook statement for Echo this time that is perhaps more important than this year's financial result," Mr Fraser said.
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Tuesday, August 09, 2011
Casino News Media - Media Man: Online Promotions, Land Based Developments, Bwin.Party Digital Entertainment, MGM, Crown Casino VS The Star... - 9th August 2011
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Bwin.Party. Digital Entertainment Shares Dip To Record Low; Online Players Up...
The global economic slump has once again impacted the share price of Bwin.Party, as share prices of the parent company that owns PartyCasino.com World Poker Tour and PartyPoker.com reached a record low less than 48 hours ago.
Bwin.Party share prices dropped as low as 113.8p prior to closing at 116.9p - a 5.7% decline in one day. Experts are investigating what may have caused a sudden decline in the share prices of the gaming giant.
There is an overall downward trend of the market. Bwin also has an increased reliance on Euro-zone troubled markets. Before merger of PartyGaming and Bwin, the latter showed that 11% of its revenue is generated from Greece.
The European Commission’s president Jose Manuel Barroso is warning European governments that the financial troubles of Greece, Portugal and Ireland could spread to Italy and Spain. Italy alone represents 10% of Bwin’s revenues.
Bwin.Party's online arm is business usual. PartyCasino.com and PartyPoker.com is continuing to run a number of attractive promotions, and the company looks like a safe bet to retain it's #1 position as the world's leading online gambling firm.
Party Poker Sending Players to Oktoberfest...
Starting this coming Friday, PartyPoker players will be able to take the first step on a possible trip to Germany to join in one of the world’s most famous parties. Through the first week of September, PartyPoker will award 16 packages to the 201-year old Oktoberfest, held annually in Munich, Bavaria, Germany.
Beginning at the stroke of midnight on August 12th, PartyPoker will hold a VIP Oktoberfest Race, in which players can try to earn as many PartyPoints as possible at real money tables through August 21st. When the Race period is complete, the top seven points earners will each win Oktoberfest prize packages. In addition to those winners, players who finish from 8th to 25th will receive $250, 26th through 75th place will win $100, and places 76 through 400 will all receive a seat in September’s VIP Oktoberfest and Super Gadget Freeroll.
There will then be a second VIP Oktoberfest Race starting immediately after the first one ends, at midnight on August 22nd, and running through 11:59pm on August 31st. All of the prizes are exactly the same for Race number two.
Those who finish in the top 25 in both races will be gifted a 16 GB Apple iPad2, while anyone who finishes in the top 75 in both races will win a 64 GB iPod Touch.
The VIP Oktoberfest and Super Gadget Freeroll will be held on September 4th at 2:00pm ET. An Oktoberfest prize package will be handed out to the top two finishers in the tournament, while the remainder of the top 30 will receive Apple electronics. Those who round out the top five will win 4 GB Apple iPhones, 6th through 10th will get the 16 GB Apple iPad2, and 11th through 30th will win a 64 GB iPod Touch.
Players are allowed to win a maximum of one Oktoberfest prize package and one Apple electronic gadget.
The Oktoberfest prize package includes two night’s accommodation for two, with breakfast, at the Le Meridien hotel in Munich, dinner and drinks at the Hippodrom Oktoberfest tent, dinner and poker at the Olympic Tower restaurant, access to a reserved area and drinks at the P1 nightclub, daytime activities, all transportation in Munich, VIP hospitality, and $600 spending money. Travel to and from Munich is the responsibility of the winner, which is why the $600 is included.
Keep in mind that, like most of PartyPoker’s promotions, players must opt-in in order to participate. The option to opt-in can be found on players’ PartyPoker account pages. In addition, prizes cannot be transferred or exchanged for cash, so if you win a trip to Germany, you are going or you get nothing. For the rest of the terms and conditions, including how to claim prizes (yes, players must claim their Apple gadget prizes – they are not mailed automatically), visit PartyPoker’s web page.
PartyPoker is currently the third largest online poker room or network in terms of cash game traffic, according to PokerScout.com. With a seven day average of 4,200 cash game players, it is neck-and-neck with the iPoker Network, which has 4,250 cash game players. (Credit: Poker News Daily)
$35M renovations to downtown Plaza in Las Vegas nearly done; Hotel reopens Sept. 1...
LAS VEGAS — A roughly $35 million overhaul of the downtown Plaza Las Vegas hotel-casino is ahead of schedule, keeping the property on track for a Sept. 1 reopening, the chief executive of its operator tells The Associated Press.
CEO Tony Santo of Play LV said buying furniture, fixtures, wallpaper and other items at a discount from the shuttered Fontainebleau project on the Las Vegas Strip helped stretch the Plaza’s renovation budget.
“It elevated what we were originally thinking about doing here,” he said.
The Plaza will reopen with a new casino floor, lounges, entertainment and several restaurants, including a steakhouse named for former Las Vegas Mayor Oscar Goodman.
Santo said he expects the hotel to compete with top hotels downtown, including the Golden Nugget, and others citywide during a time when Sin City is hoping for an overall rebound in tourism and hoteliers are battling one another for gamblers to patronize their properties.
Gambling revenues in downtown Las Vegas have remained essentially flat through the first five months of 2011, ticking up less than 1 percent compared with the first five months of 2010, according to the Las Vegas Convention and Visitors Authority. The number of visitors citywide went up 4.7 percent over the same period.
The Plaza closed in November as owner Tamares Group started the renovations, opting to make most of its changes all at once rather than keeping open and changing little by little.
“Our existing product was so bad, it wasn’t worth it to struggle and keep it open,” Santo said.
Roughly one month before the reopening, the Plaza’s rooms look like they’re from a completely different hotel, while construction crews have pulled the carpeting, light fixtures and other elements of the casino floor and are starting anew.
“There’s really nothing on the casino floor that hasn’t been touched,” Santo said.
He said the Plaza plans to target typical Sin City customers, including Las Vegas locals and people from the Midwest and West Coast.
He said success will come by convincing gamblers and others that the Plaza has truly changed.
“You have to start somewhere,” he said.
MGM Resorts posts 2Q profit, aided by MGM China...
NEW YORK (AP) — Casino operator MGM Resorts International said Monday it swung to a profit in the second quarter as the company benefited from taking a controlling stake in its China venture. The company's adjusted net loss was narrower than analysts expected as both gambling and hotel room revenue increased.
The positive results, which came after the market closed, were largely overshadowed on a day when the stock market swooned as anxiety overtook investors on the first trading day since Standard & Poor's downgraded American debt. The Dow Jones industrials fell 634.76 points, the worst one-day drop since December 2008.
MGM shares fell 24 cents, or 2.1 percent, to $11.30 in aftermarket trading, after closing the day down nearly 9 percent at $11.54.
Still, MGM's results mark the first two consecutive sequential quarters of operational improvement since the downturn, said CEO Jim Murren in a call with investors.
"This, combined with very positive forward trends that we are currently seeing, leads us to believe that the signs of the recovery" in Las Vegas are consistent, he said. "We are going to see continued improvement as we move into the back half of this year and into 2012."
Net income totaled $3.44 billion, or $6.22 per share during the three months ended June 30. That compares with a net loss of $883.5 million, or $2 per share last year, which included a charge of $1.12 billion for impairment of the company's investment in the CityCenter joint venture.
The latest results benefited from a hefty $3.5 billion gain, or $6.30 per share, related to acquiring a controlling interest in MGM China Holdings Ltd.
MGM China Holdings Ltd. operates a profitable casino in Macau, which is the only place in China where casino gambling is legal. MGM took a controlling 51 percent stake in MGM China Holdings when it went public on the Hong Kong stock exchange in June. Before that it had a 50 percent stake.
That move is "an important step in expanding our global operations and profitability," said Murren in a statement.
Excluding that as well as a 3 cents per share impairment charge, MGM Resorts' net loss totaled 5 cents per share. Analysts expected a loss of 14 cents per share, according to FactSet.
Revenue rose nearly 17 percent to $1.81 billion from $1.55 billion last year. That beat analysts' expectations of $1.58 billion.
Revenue from the company's domestic results totaled $1.5 billion, up 4 percent compared with the prior year quarter as room prices and occupancy rates increased.
Domestically, casino revenue rose 1 percent, including a 4 percent increase in slots revenue.
Billionaire Kirk Kerkorian is a major investor in MGM Resorts International, which is based in Las Vegas. (Credit: Google News, Wires, AP)
Sands China Signs Deal With Hilton, IHG for Cotai Project...
HONG KONG—Sands China Ltd. has signed franchise agreements with Hilton Worldwide and InterContinental Hotels Group PLC. for hotels at the casino operator's $4 billion-plus resort in Macau's Cotai area, Sands said Friday, solidifying plans for the long-delayed expansion project.
Hilton's five-star Conrad is expected to open at the Sands Cotai Central property in the first quarter of 2012 with more than 600 rooms, Las Vegas Sands Corp. unit said in a statement.
A four-star Holiday Inn by InterContinental is also scheduled to open late in first quarter 2012 with more than 1,200 rooms, it added. Dow Jones in March reported Sands China was in talks with the hotelier amid a failed agreement with Shangri-La Asia Ltd.
In July Las Vegas Sands Chief Operating Officer Mike Leven said Sands China plans to launch nearly 2,000 Sheraton-branded hotel rooms at the Cotai property in the third quarter, and that in early 2013 it should open an additional 2,000 rooms under the Sheraton Towers brand of Starwood Hotels & Resorts Worldwide Inc.
Construction of the project, which Sands China has said will have 6,000 hotel rooms in total, has been slowed at least in part by government restrictions on how many foreign workers companies in the labor-starved territory can hire.
The number of gaming tables at the resort has been a thorny issue as well since the government imposed a cap on tables until 2013. Mr. Leven last week said Sands Cotai Central will have as many as 530 tables versus the 670 the company was planning previously. (Credit: The Wall Street Journal)
New casino opens on NY Mohawk reservation...
ALBANY, N.Y. — A group of Mohawks has quietly opened a casino on the tribe's reservation along New York's northern border with some 400 electronic gambling machines and plans to expand and host poker games, drawing criticism from tribal leaders responsible for the established casino and bingo hall located nearby.
The Three Feathers Casino operates in a commercial building six miles down Route 37 from the Akwesasne Mohawk Casino, which has electronic slot machines and table games under a state compact. The new venture is separate and has no similar state or federal approvals.
Three Feathers organizers, from the Men's Council of the People of the Way of the Long House, say they established their own gaming commission last year that set regulations. "By no means is anyone looking for any confrontation," spokesman Chaz Kader said, adding that would be negative for everyone on the reservation.
Kader cited economic development efforts and plans to use 20 to 25 percent of revenue to support the Long House, including help for elders in the community, as reasons for opening Three Feathers.
"It's employing over 100 of our local people," he said.
Open daily from 11 a.m. to midnight, it began operating July 13, has had incremental increases in customers and had 500 visitors its second Sunday, Kader said. There's no alcohol, but smoking is allowed.
The Akwesasne casino, with some 1,600 Las Vegas-style slot machines and 22 table games including blackjack, craps, roulette and poker, is operated around the clock by the St. Regis Mohawk Tribe under a New York compact that calls for sharing 25 percent of profits from the electronic slot machines with the state. St. Regis tribal officials said the only two "legitimate" gaming properties in Akwesasne are their casino and their Mohawk Bingo Palace, noting regulatory oversight by the New York State Racing and Wagering Board and the St. Regis Mohawk Tribal Gaming Commission along with the National Indian Gaming Commission.
On a reservation with factions and some history of tensions, including over whether the original casino should have opened in 1999, the new enterprise drew criticism from the tribal government responsible for the first casino and bingo hall, saying their profits already support programs for tribal members.
"The unlicensed gaming facility cannot compare to our legal casinos in terms of safety, gaming integrity and regulatory oversight," St. Regis Tribal Chief Mark Garrow said. In a statement, the St. Regis tribal government said the new casino's suppliers, operators and financiers had not undergone background checks in accordance with the federal law and they are all under investigation.
Men's Council members told KahnawakeNews.Com that their gaming regulations meet or exceed the others and they'd like to see all casinos on Mohawk territory follow them. Kader said the regulations are based on the foundational great law of peace, considered a superseding document to the St. Regis Mohawk Tribal Charter, that can apply to other areas and that specifies revenue sharing and doesn't include the state compact.
"As the public becomes more confident with this extra venue, we've seen word of mouth and satisfied gaming players liked what they saw and would be back," Kader said.
According to state gambling officials, Congress in 1988 permitted federally recognized tribes to regulate traditional forms of Indian gaming in conjunction with the federal commission or by themselves. They include bingo, pull tabs, lotto, punch boards, tip jars and certain card games, with all other gaming subject to regulation set under state-tribal compacts.
Kader said the new casino's machines operate "in an electronic bingo environment," where they are operating on a single computer server that has different architecture and software than self-contained slot machines. He said long-term plans include adding more machines and that poker is being discussed and that's likely, but with players betting against each other and not against the house.
Gamblers will get individual financial statements about winnings, but any reporting for tax purposes will be up to them, he said.
Lee Park, spokesman for the Racing & Wagering Board, said there is no compact between the state and the Mohawk group that opened Three Feathers and so it is not under the board's regulatory oversight.
The state board regulates four other Indian casinos, including the Oneidas' Turning Stone in central New York at Verona and three Seneca casinos in western New York at Salamanca, Niagara Falls and Buffalo.
The St. Regis Mohawk Tribal Council last year stopped sharing Akwesasne Mohawk Casino revenue with the state, claiming the gambling compact provision that gave them exclusive seven-county rights to install and operate slot machines had been violated. Tribe spokesman David Staddon said the case is in mediation.
The Mohawks' outstanding state liability now is $17.7 million from a year of non-payments, said state Budget Division spokesman Morris Peters. The Senecas, who haven't made payments for more than two years, have a state liability of $288.3 million, he said. (Credit: Google News; Wires; AP)
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Bwin.Party. Digital Entertainment Shares Dip To Record Low; Online Players Up...
The global economic slump has once again impacted the share price of Bwin.Party, as share prices of the parent company that owns PartyCasino.com World Poker Tour and PartyPoker.com reached a record low less than 48 hours ago.
Bwin.Party share prices dropped as low as 113.8p prior to closing at 116.9p - a 5.7% decline in one day. Experts are investigating what may have caused a sudden decline in the share prices of the gaming giant.
There is an overall downward trend of the market. Bwin also has an increased reliance on Euro-zone troubled markets. Before merger of PartyGaming and Bwin, the latter showed that 11% of its revenue is generated from Greece.
The European Commission’s president Jose Manuel Barroso is warning European governments that the financial troubles of Greece, Portugal and Ireland could spread to Italy and Spain. Italy alone represents 10% of Bwin’s revenues.
Bwin.Party's online arm is business usual. PartyCasino.com and PartyPoker.com is continuing to run a number of attractive promotions, and the company looks like a safe bet to retain it's #1 position as the world's leading online gambling firm.
Party Poker Sending Players to Oktoberfest...
Starting this coming Friday, PartyPoker players will be able to take the first step on a possible trip to Germany to join in one of the world’s most famous parties. Through the first week of September, PartyPoker will award 16 packages to the 201-year old Oktoberfest, held annually in Munich, Bavaria, Germany.
Beginning at the stroke of midnight on August 12th, PartyPoker will hold a VIP Oktoberfest Race, in which players can try to earn as many PartyPoints as possible at real money tables through August 21st. When the Race period is complete, the top seven points earners will each win Oktoberfest prize packages. In addition to those winners, players who finish from 8th to 25th will receive $250, 26th through 75th place will win $100, and places 76 through 400 will all receive a seat in September’s VIP Oktoberfest and Super Gadget Freeroll.
There will then be a second VIP Oktoberfest Race starting immediately after the first one ends, at midnight on August 22nd, and running through 11:59pm on August 31st. All of the prizes are exactly the same for Race number two.
Those who finish in the top 25 in both races will be gifted a 16 GB Apple iPad2, while anyone who finishes in the top 75 in both races will win a 64 GB iPod Touch.
The VIP Oktoberfest and Super Gadget Freeroll will be held on September 4th at 2:00pm ET. An Oktoberfest prize package will be handed out to the top two finishers in the tournament, while the remainder of the top 30 will receive Apple electronics. Those who round out the top five will win 4 GB Apple iPhones, 6th through 10th will get the 16 GB Apple iPad2, and 11th through 30th will win a 64 GB iPod Touch.
Players are allowed to win a maximum of one Oktoberfest prize package and one Apple electronic gadget.
The Oktoberfest prize package includes two night’s accommodation for two, with breakfast, at the Le Meridien hotel in Munich, dinner and drinks at the Hippodrom Oktoberfest tent, dinner and poker at the Olympic Tower restaurant, access to a reserved area and drinks at the P1 nightclub, daytime activities, all transportation in Munich, VIP hospitality, and $600 spending money. Travel to and from Munich is the responsibility of the winner, which is why the $600 is included.
Keep in mind that, like most of PartyPoker’s promotions, players must opt-in in order to participate. The option to opt-in can be found on players’ PartyPoker account pages. In addition, prizes cannot be transferred or exchanged for cash, so if you win a trip to Germany, you are going or you get nothing. For the rest of the terms and conditions, including how to claim prizes (yes, players must claim their Apple gadget prizes – they are not mailed automatically), visit PartyPoker’s web page.
PartyPoker is currently the third largest online poker room or network in terms of cash game traffic, according to PokerScout.com. With a seven day average of 4,200 cash game players, it is neck-and-neck with the iPoker Network, which has 4,250 cash game players. (Credit: Poker News Daily)
$35M renovations to downtown Plaza in Las Vegas nearly done; Hotel reopens Sept. 1...
LAS VEGAS — A roughly $35 million overhaul of the downtown Plaza Las Vegas hotel-casino is ahead of schedule, keeping the property on track for a Sept. 1 reopening, the chief executive of its operator tells The Associated Press.
CEO Tony Santo of Play LV said buying furniture, fixtures, wallpaper and other items at a discount from the shuttered Fontainebleau project on the Las Vegas Strip helped stretch the Plaza’s renovation budget.
“It elevated what we were originally thinking about doing here,” he said.
The Plaza will reopen with a new casino floor, lounges, entertainment and several restaurants, including a steakhouse named for former Las Vegas Mayor Oscar Goodman.
Santo said he expects the hotel to compete with top hotels downtown, including the Golden Nugget, and others citywide during a time when Sin City is hoping for an overall rebound in tourism and hoteliers are battling one another for gamblers to patronize their properties.
Gambling revenues in downtown Las Vegas have remained essentially flat through the first five months of 2011, ticking up less than 1 percent compared with the first five months of 2010, according to the Las Vegas Convention and Visitors Authority. The number of visitors citywide went up 4.7 percent over the same period.
The Plaza closed in November as owner Tamares Group started the renovations, opting to make most of its changes all at once rather than keeping open and changing little by little.
“Our existing product was so bad, it wasn’t worth it to struggle and keep it open,” Santo said.
Roughly one month before the reopening, the Plaza’s rooms look like they’re from a completely different hotel, while construction crews have pulled the carpeting, light fixtures and other elements of the casino floor and are starting anew.
“There’s really nothing on the casino floor that hasn’t been touched,” Santo said.
He said the Plaza plans to target typical Sin City customers, including Las Vegas locals and people from the Midwest and West Coast.
He said success will come by convincing gamblers and others that the Plaza has truly changed.
“You have to start somewhere,” he said.
MGM Resorts posts 2Q profit, aided by MGM China...
NEW YORK (AP) — Casino operator MGM Resorts International said Monday it swung to a profit in the second quarter as the company benefited from taking a controlling stake in its China venture. The company's adjusted net loss was narrower than analysts expected as both gambling and hotel room revenue increased.
The positive results, which came after the market closed, were largely overshadowed on a day when the stock market swooned as anxiety overtook investors on the first trading day since Standard & Poor's downgraded American debt. The Dow Jones industrials fell 634.76 points, the worst one-day drop since December 2008.
MGM shares fell 24 cents, or 2.1 percent, to $11.30 in aftermarket trading, after closing the day down nearly 9 percent at $11.54.
Still, MGM's results mark the first two consecutive sequential quarters of operational improvement since the downturn, said CEO Jim Murren in a call with investors.
"This, combined with very positive forward trends that we are currently seeing, leads us to believe that the signs of the recovery" in Las Vegas are consistent, he said. "We are going to see continued improvement as we move into the back half of this year and into 2012."
Net income totaled $3.44 billion, or $6.22 per share during the three months ended June 30. That compares with a net loss of $883.5 million, or $2 per share last year, which included a charge of $1.12 billion for impairment of the company's investment in the CityCenter joint venture.
The latest results benefited from a hefty $3.5 billion gain, or $6.30 per share, related to acquiring a controlling interest in MGM China Holdings Ltd.
MGM China Holdings Ltd. operates a profitable casino in Macau, which is the only place in China where casino gambling is legal. MGM took a controlling 51 percent stake in MGM China Holdings when it went public on the Hong Kong stock exchange in June. Before that it had a 50 percent stake.
That move is "an important step in expanding our global operations and profitability," said Murren in a statement.
Excluding that as well as a 3 cents per share impairment charge, MGM Resorts' net loss totaled 5 cents per share. Analysts expected a loss of 14 cents per share, according to FactSet.
Revenue rose nearly 17 percent to $1.81 billion from $1.55 billion last year. That beat analysts' expectations of $1.58 billion.
Revenue from the company's domestic results totaled $1.5 billion, up 4 percent compared with the prior year quarter as room prices and occupancy rates increased.
Domestically, casino revenue rose 1 percent, including a 4 percent increase in slots revenue.
Billionaire Kirk Kerkorian is a major investor in MGM Resorts International, which is based in Las Vegas. (Credit: Google News, Wires, AP)
Sands China Signs Deal With Hilton, IHG for Cotai Project...
HONG KONG—Sands China Ltd. has signed franchise agreements with Hilton Worldwide and InterContinental Hotels Group PLC. for hotels at the casino operator's $4 billion-plus resort in Macau's Cotai area, Sands said Friday, solidifying plans for the long-delayed expansion project.
Hilton's five-star Conrad is expected to open at the Sands Cotai Central property in the first quarter of 2012 with more than 600 rooms, Las Vegas Sands Corp. unit said in a statement.
A four-star Holiday Inn by InterContinental is also scheduled to open late in first quarter 2012 with more than 1,200 rooms, it added. Dow Jones in March reported Sands China was in talks with the hotelier amid a failed agreement with Shangri-La Asia Ltd.
In July Las Vegas Sands Chief Operating Officer Mike Leven said Sands China plans to launch nearly 2,000 Sheraton-branded hotel rooms at the Cotai property in the third quarter, and that in early 2013 it should open an additional 2,000 rooms under the Sheraton Towers brand of Starwood Hotels & Resorts Worldwide Inc.
Construction of the project, which Sands China has said will have 6,000 hotel rooms in total, has been slowed at least in part by government restrictions on how many foreign workers companies in the labor-starved territory can hire.
The number of gaming tables at the resort has been a thorny issue as well since the government imposed a cap on tables until 2013. Mr. Leven last week said Sands Cotai Central will have as many as 530 tables versus the 670 the company was planning previously. (Credit: The Wall Street Journal)
New casino opens on NY Mohawk reservation...
ALBANY, N.Y. — A group of Mohawks has quietly opened a casino on the tribe's reservation along New York's northern border with some 400 electronic gambling machines and plans to expand and host poker games, drawing criticism from tribal leaders responsible for the established casino and bingo hall located nearby.
The Three Feathers Casino operates in a commercial building six miles down Route 37 from the Akwesasne Mohawk Casino, which has electronic slot machines and table games under a state compact. The new venture is separate and has no similar state or federal approvals.
Three Feathers organizers, from the Men's Council of the People of the Way of the Long House, say they established their own gaming commission last year that set regulations. "By no means is anyone looking for any confrontation," spokesman Chaz Kader said, adding that would be negative for everyone on the reservation.
Kader cited economic development efforts and plans to use 20 to 25 percent of revenue to support the Long House, including help for elders in the community, as reasons for opening Three Feathers.
"It's employing over 100 of our local people," he said.
Open daily from 11 a.m. to midnight, it began operating July 13, has had incremental increases in customers and had 500 visitors its second Sunday, Kader said. There's no alcohol, but smoking is allowed.
The Akwesasne casino, with some 1,600 Las Vegas-style slot machines and 22 table games including blackjack, craps, roulette and poker, is operated around the clock by the St. Regis Mohawk Tribe under a New York compact that calls for sharing 25 percent of profits from the electronic slot machines with the state. St. Regis tribal officials said the only two "legitimate" gaming properties in Akwesasne are their casino and their Mohawk Bingo Palace, noting regulatory oversight by the New York State Racing and Wagering Board and the St. Regis Mohawk Tribal Gaming Commission along with the National Indian Gaming Commission.
On a reservation with factions and some history of tensions, including over whether the original casino should have opened in 1999, the new enterprise drew criticism from the tribal government responsible for the first casino and bingo hall, saying their profits already support programs for tribal members.
"The unlicensed gaming facility cannot compare to our legal casinos in terms of safety, gaming integrity and regulatory oversight," St. Regis Tribal Chief Mark Garrow said. In a statement, the St. Regis tribal government said the new casino's suppliers, operators and financiers had not undergone background checks in accordance with the federal law and they are all under investigation.
Men's Council members told KahnawakeNews.Com that their gaming regulations meet or exceed the others and they'd like to see all casinos on Mohawk territory follow them. Kader said the regulations are based on the foundational great law of peace, considered a superseding document to the St. Regis Mohawk Tribal Charter, that can apply to other areas and that specifies revenue sharing and doesn't include the state compact.
"As the public becomes more confident with this extra venue, we've seen word of mouth and satisfied gaming players liked what they saw and would be back," Kader said.
According to state gambling officials, Congress in 1988 permitted federally recognized tribes to regulate traditional forms of Indian gaming in conjunction with the federal commission or by themselves. They include bingo, pull tabs, lotto, punch boards, tip jars and certain card games, with all other gaming subject to regulation set under state-tribal compacts.
Kader said the new casino's machines operate "in an electronic bingo environment," where they are operating on a single computer server that has different architecture and software than self-contained slot machines. He said long-term plans include adding more machines and that poker is being discussed and that's likely, but with players betting against each other and not against the house.
Gamblers will get individual financial statements about winnings, but any reporting for tax purposes will be up to them, he said.
Lee Park, spokesman for the Racing & Wagering Board, said there is no compact between the state and the Mohawk group that opened Three Feathers and so it is not under the board's regulatory oversight.
The state board regulates four other Indian casinos, including the Oneidas' Turning Stone in central New York at Verona and three Seneca casinos in western New York at Salamanca, Niagara Falls and Buffalo.
The St. Regis Mohawk Tribal Council last year stopped sharing Akwesasne Mohawk Casino revenue with the state, claiming the gambling compact provision that gave them exclusive seven-county rights to install and operate slot machines had been violated. Tribe spokesman David Staddon said the case is in mediation.
The Mohawks' outstanding state liability now is $17.7 million from a year of non-payments, said state Budget Division spokesman Morris Peters. The Senecas, who haven't made payments for more than two years, have a state liability of $288.3 million, he said. (Credit: Google News; Wires; AP)
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Spider-Man Marvel News; Amazing Spider-Man, Spider-Man Poker Probe, Spider-Man Gaming, by Greg Tingle - 8th August 2011
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'Amazing Spider-Man' Sequel Release Set For May 2014...
"The Amazing Spider-Man" has already set the release date for its sequel.
Our friends at Sony Pictures must know something we here at Media Man do not.
The studio announced that "The Amazing Spider-Man 2" will be spinning into US theaters on May 2, 2014, to kick off that year's summer blockbuster season. So far, Sony is the only superhero-producing studio to plan that far ahead, as neither Marvel nor Warner Bros. has announced any of their upcoming comic book adaptations for three years down the road.
In March, "The Amazing Spider-Man" screenwriter James Vanderbilt was hired to pen the sequel. It seems as though Sony is impressed with the drafts he has brought in, considering they green-lit his second "Spider-Man" film 11 months before "The Amazing Spider-Man" hits theaters.
"I think it speaks volumes about our confidence in what we are seeing on the new film and our desire to move quickly on the next installment," a Sony executive told Deadline Hollywood.
The trailer for "The Amazing Spider-Man" premiered on July 20 to mixed responses. One part in particular that had fans doubtful was a scene at the end of the teaser where the camera switches to a first-person, Spidey Vision perspective. But despite the skepticism, Sony seems confident that their reboot of the "Spider-Man" franchise will premiere as a success.
At San Diego Comic-Con, director Marc Webb explained to MTV News that the effect was an attempt to play around with the "experimental process of 3-D." While the movie itself features a lot of realistic stunt work that wasn't accomplished with CG trickery, Webb also explained that he wanted the 3-D element of the movie to be an integral part of it.
"We shot and conceived of this film in 3-D," he said, "and I wanted there to be moments where you really feel and see the world through Spider-Man's eyes. I wanted to get that visceral feeling. In 3-D, I thought there was something about the experiential process, in a big theatrical environment, that was really special that I had seen. I was like, 'If I'm going to do a movie in 3-D, I want to give the audience that experience.'"
Maguire’s poker suit heads to trial...
Hollywood actor Tobey Maguire’s legal battle against the bankrupt trustees of convicted conman Bradley Ruderman is heading to trial in January 2012.
The Spider-Man star is accused of beating Ruderman in a series of unlicensed poker games in California, taking more than $300,000 in winnings from the bankrupt hedge fund manager, who is currently serving time in prison after being convicted of operating a fraudulent Ponzi scheme.
Bankruptcy trustees filed suit against Maguire in June in a bid to recoup money that Ruderman claims to have lost in the illegal games.
The actor has fired back with a countersuit, insisting the card games were never controlled and did not feature a regular roster of celebrities - as initially reported. Maguire also argued that he should not have to hand back any winnings because he lost just as much money to Ruderman.
The case will go before a trial judge at the U.S. Bankruptcy Court in Los Angeles on the week of January 30, reports Eonline.com.
Ads and Fees Lift Viacom to a 37% Increase in Profit...
Viacom, the owner of MTV and Paramount Pictures, on Friday reported a 37 percent increase in profits for the quarter that ended in June.
The company’s net earnings of $574 million, or 97 cents a share, were up from $420 million, or 69 cents a share, in the same quarter last year. The company reported revenues of $3.77 billion, up from $3.27 billion.
Like the other major media companies that reported second-quarter earnings that exceeded expectations this week, Viacom credited a sturdy television advertising market, solid revenues from subscriber fees and emerging revenues from digital distributors like Netflix.
“We have always thrived on competition in the distribution arena, and there’s now more competition than there has ever been, and it’s growing,” said Philippe Dauman, the chief executive of Viacom. He added that there was increasing competition for digital distribution in international markets as well as in the United States.
Media companies like Viacom are increasingly accepting online distributors like Netflix, Amazon and Hulu as new bidders for their content — especially for the old content in their libraries that does not compete directly with what is currently on their television channels. Viacom already has licensing deals with Netflix and Hulu, and Mr. Dauman said Friday that discussions were under way with other potential licensees.
“As a result of these new deals, we have set a new higher base for our affiliate revenues this year and we expect to continue to increase those revenues from this higher base at a high single- to low double-digit annual rate every year for the foreseeable future,” Mr. Dauman said on a conference call with analysts.
In the quarter, Viacom’s cable networks had revenues of $2.39 billion, up 16 percent versus the same quarter last year, in large part because of the strength in advertising.
Mr. Dauman singled out several scripted television series for praise, like TV Land’s “Happily Divorced” and VH1’s “Single Ladies,” and he noted that the ratings at MTV had increased year-over-year even though new episodes of “Jersey Shore,” the channel’s biggest show, were not televised in the United States in the quarter. (Both this year and last year, the series skipped the spring quarter.)
Profit growth was up sharply in the cable division, but down in the Paramount filmed entertainment division, largely because of the “timing and mix of theatrical releases,” the company said in its earnings statement. Still, revenues for filmed entertainment were up 13 percent, to $1.4 billion.
Looking ahead, Mr. Dauman acknowledged that Viacom was preparing for an end to its film distribution deal with DreamWorks Animation, which started in 2006 and is expected to end in 2012. Last month, Viacom said it would start its own animation division. “We are proceeding on the operating assumption that we will not be extending the DreamWorks Animation deal beyond next year,” Mr. Dauman said Friday.
Asked about perceived friction with the DreamWorks chief executive Jeffrey Katzenberg, Mr. Dauman dismissed it: “The relationship is very good,” he said, “and the only issue is what DreamWorks Animation wants to do strategically as this deal expires, and how that fits in with our own strategic objectives.”
As Marvel living legend Stan Lee would say, Excelsior!
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'Amazing Spider-Man' Sequel Release Set For May 2014...
"The Amazing Spider-Man" has already set the release date for its sequel.
Our friends at Sony Pictures must know something we here at Media Man do not.
The studio announced that "The Amazing Spider-Man 2" will be spinning into US theaters on May 2, 2014, to kick off that year's summer blockbuster season. So far, Sony is the only superhero-producing studio to plan that far ahead, as neither Marvel nor Warner Bros. has announced any of their upcoming comic book adaptations for three years down the road.
In March, "The Amazing Spider-Man" screenwriter James Vanderbilt was hired to pen the sequel. It seems as though Sony is impressed with the drafts he has brought in, considering they green-lit his second "Spider-Man" film 11 months before "The Amazing Spider-Man" hits theaters.
"I think it speaks volumes about our confidence in what we are seeing on the new film and our desire to move quickly on the next installment," a Sony executive told Deadline Hollywood.
The trailer for "The Amazing Spider-Man" premiered on July 20 to mixed responses. One part in particular that had fans doubtful was a scene at the end of the teaser where the camera switches to a first-person, Spidey Vision perspective. But despite the skepticism, Sony seems confident that their reboot of the "Spider-Man" franchise will premiere as a success.
At San Diego Comic-Con, director Marc Webb explained to MTV News that the effect was an attempt to play around with the "experimental process of 3-D." While the movie itself features a lot of realistic stunt work that wasn't accomplished with CG trickery, Webb also explained that he wanted the 3-D element of the movie to be an integral part of it.
"We shot and conceived of this film in 3-D," he said, "and I wanted there to be moments where you really feel and see the world through Spider-Man's eyes. I wanted to get that visceral feeling. In 3-D, I thought there was something about the experiential process, in a big theatrical environment, that was really special that I had seen. I was like, 'If I'm going to do a movie in 3-D, I want to give the audience that experience.'"
Maguire’s poker suit heads to trial...
Hollywood actor Tobey Maguire’s legal battle against the bankrupt trustees of convicted conman Bradley Ruderman is heading to trial in January 2012.
The Spider-Man star is accused of beating Ruderman in a series of unlicensed poker games in California, taking more than $300,000 in winnings from the bankrupt hedge fund manager, who is currently serving time in prison after being convicted of operating a fraudulent Ponzi scheme.
Bankruptcy trustees filed suit against Maguire in June in a bid to recoup money that Ruderman claims to have lost in the illegal games.
The actor has fired back with a countersuit, insisting the card games were never controlled and did not feature a regular roster of celebrities - as initially reported. Maguire also argued that he should not have to hand back any winnings because he lost just as much money to Ruderman.
The case will go before a trial judge at the U.S. Bankruptcy Court in Los Angeles on the week of January 30, reports Eonline.com.
Ads and Fees Lift Viacom to a 37% Increase in Profit...
Viacom, the owner of MTV and Paramount Pictures, on Friday reported a 37 percent increase in profits for the quarter that ended in June.
The company’s net earnings of $574 million, or 97 cents a share, were up from $420 million, or 69 cents a share, in the same quarter last year. The company reported revenues of $3.77 billion, up from $3.27 billion.
Like the other major media companies that reported second-quarter earnings that exceeded expectations this week, Viacom credited a sturdy television advertising market, solid revenues from subscriber fees and emerging revenues from digital distributors like Netflix.
“We have always thrived on competition in the distribution arena, and there’s now more competition than there has ever been, and it’s growing,” said Philippe Dauman, the chief executive of Viacom. He added that there was increasing competition for digital distribution in international markets as well as in the United States.
Media companies like Viacom are increasingly accepting online distributors like Netflix, Amazon and Hulu as new bidders for their content — especially for the old content in their libraries that does not compete directly with what is currently on their television channels. Viacom already has licensing deals with Netflix and Hulu, and Mr. Dauman said Friday that discussions were under way with other potential licensees.
“As a result of these new deals, we have set a new higher base for our affiliate revenues this year and we expect to continue to increase those revenues from this higher base at a high single- to low double-digit annual rate every year for the foreseeable future,” Mr. Dauman said on a conference call with analysts.
In the quarter, Viacom’s cable networks had revenues of $2.39 billion, up 16 percent versus the same quarter last year, in large part because of the strength in advertising.
Mr. Dauman singled out several scripted television series for praise, like TV Land’s “Happily Divorced” and VH1’s “Single Ladies,” and he noted that the ratings at MTV had increased year-over-year even though new episodes of “Jersey Shore,” the channel’s biggest show, were not televised in the United States in the quarter. (Both this year and last year, the series skipped the spring quarter.)
Profit growth was up sharply in the cable division, but down in the Paramount filmed entertainment division, largely because of the “timing and mix of theatrical releases,” the company said in its earnings statement. Still, revenues for filmed entertainment were up 13 percent, to $1.4 billion.
Looking ahead, Mr. Dauman acknowledged that Viacom was preparing for an end to its film distribution deal with DreamWorks Animation, which started in 2006 and is expected to end in 2012. Last month, Viacom said it would start its own animation division. “We are proceeding on the operating assumption that we will not be extending the DreamWorks Animation deal beyond next year,” Mr. Dauman said Friday.
Asked about perceived friction with the DreamWorks chief executive Jeffrey Katzenberg, Mr. Dauman dismissed it: “The relationship is very good,” he said, “and the only issue is what DreamWorks Animation wants to do strategically as this deal expires, and how that fits in with our own strategic objectives.”
As Marvel living legend Stan Lee would say, Excelsior!
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Sunday, August 07, 2011
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