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Posted by Victor on Aug 16, 2018
Mecca Bingo Hall Owner See Revenues Drop By 41 Percent Following Challenging Year
Revenues for Mecca Bingo owned Rank Group have plummeted by no less than 41 percent in the year to 30 June. The main reason for this drastic decline was less bingo and casino customers attending venues as well as tighter regulatory controls which are being imposed on the sectors. Revenues for the Group’s Grosvenor Casino business also saw a 6.1 percent drop for the same period with visitors to Mecca Bingo falling by 7.9 percent. In light of the poor results Rank’s share price dropped by over 3% to 170.50p after plummeting over 6% earlier on in the day. The Rank Group said that operating profit for Mecca Bingo fell 4.3 percent this was actually a smaller decline than expected. The positive news is that digital revenues increased by 9 percent to £122.5m. This however could not make up for the falling numbers of players attending the bingo halls. Rank CEO John O’Reilly was quick to reassure investors that they were set to implement a plan to turnaround the poor performance, He said,” We are taking steps to increase our focus on the customer, to accelerate growth in the digital business, to drive cost efficiencies across the business and to strengthen our organizational capabilities. This will be delivered within a transformational programme framework, which will ensure that we deliver a growing Rank Group that is fit for the...
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Posted by Victor on Aug 15, 2018
FanDuel Co-Founder To Sue After Not Receiving a Penny From Paddy Power Betfair Merger
The acquisition of daily fantasy sports company FanDuel by Paddy Power Betfair for $465m this year should have translated into major money going to the founders. This however was not the case and FanDuel founder Nigel Eccles who founded the company in 2009 is seeking legal action to remedy this. Eccles who stepped down as CEO about six months before the acquisition did not get a single penny from the deal. In terms of the acquisition there was some creative “financial arrangements” in place which resulted people who owned non-preferred shares like regular employees and founders not getting any financial benefits from the acquisition. Eccles understandably believes that this arrangement was unfair and goes on to claim that FanDuel was purposely undervalued in the deal in order to cut him and other employees out of the money. Eccles filed a petition in the Scottish Civil Court in conjunction with FanDuel’s other three co-founders demanding that the company be revalued. He believes that the three founding members cumulative shares are worth over $120m. To add insult to injury, the current CEO of FanDuel Matt King is expected to cash in on the merger deal. The petition goes on to say that,” The decision of the board (whose interests are aligned with preference shareholders), not to seek and act upon a new market valuation in the face of a material event, which is likely to have significantly increased the market valuation of FanDuel, is a breach of its fiduciary duties.” Unsurprising...
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Posted by Victor on Aug 14, 2018
Online Gambling Revenues In New Jersey Reach Record Highs For Month of July
New Jersey’s online gambling revenues have been soaring for many months and new records are being set. The New Jersey Division of Gaming Enforcement (DGE) released figures on Tuesday which show a record generating month for the Garden State. Online gambling revenues recorded $25.9m for the month of July which is a $5.3m increase year-on-year and beats the previous highest revenue month in March this year by $300k. Once again the star performer is...
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Posted by Victor on Aug 13, 2018
Problem Aboriginal Gambling To Be Addressed In Victoria Meeting
The negative impact of gambling on vulnerable communities is a common accusation of gambling opponents. We have seen this in the UK with fixed odds betting terminals and in the US where many casinos are located in Native American tribal lands. The location of casinos in vulnerable and lower socio economical areas is no coincidence and many believe that this reality has a devastating effect on the local community. The aboriginal community in Australia...
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