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Casino –
India’s Delta Corp posts gains as Goa casino rivals falter

delta-corp-india-casino-revenueIndia’s leading casino operator Delta Corp managed to post double-digit profit growth despite stiff increases in fees and taxes on its Goa casino operations.

On Monday, the Bombay-listed Delta Corp reported fiscal Q2 net revenue of just over Rs2b (US$27.4m) in the three months ending September 30, a 39% improvement over the same period last year. Earnings were up 16.4% to Rs760m while net profit after taxes rose 11% year-on-year to Rs481m ($6.54m).

Delta operates four casinos in the state of Goa (three floating, one land-based), plus the Casino Deltin Denzong in the state of Sikkim, and an online ‘skill gaming’ segment that includes the country’s largest poker site, Delta also operates an integrated resort in Daman that has yet to be granted a gaming license.

Delta’s casino gaming operations generated gross revenue of Rs2.03b, nearly 15% higher than the fiscal Q1 result. The rise is partially due to the disruption in the Goa casino market after the state government dramatically hiked gaming fees and taxes this April. Delta said its Goa fees and taxes would rise to Rs650m in the current fiscal year from Rs260m the previous year.

The increased cost of doing business led some operators to shut down temporarily this spring while at least two smaller operators chose to permanently shut their doors. Emkay Research analysts suggested that Delta’s Q2 results indicated that it was “gaining market share from smaller land-based casinos post-disruption.”

Delta’s online gambling operations remain something of an afterthought, generating revenue of only Rs351.6m in Q2, a 10% decline from Q1, although up 46% from the same period last year. The sequential decline was reportedly due to heavier marketing expenses.

Delta investors cheered the company’s report card, pushing the shares up 5.7% by the close of Tuesday’s trading.

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PointsBet Ready To Make Its Mark In The Crowded NJ Sports Betting Online Market
pointsbet NJ

The crowded NJ sports betting market will expand by one in November. If all goes to plan, PointsBet will launch thanks to a partnership with Meadowlands.

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Casino News Daily
Sports Betting Debate Gains Momentum in Illinois

Adding sports betting to the mix of gambling expansion opportunities makes sense, says Illinois legislator

Gambling expansion is once again on the discussion table in Illinois as the second of two hearings on the matter is set to take place later this week. This time, state lawmakers are set to discuss the potential legalization of sports betting, online gambling, and daily fantasy sports.

Sports betting has been creating the biggest buzz within the US gambling industry this year, following the May 14 ruling of the US Supreme Court that effectively lifted a long-standing federal ban on the provision of wagering services and left it to individual states to decide whether they want to legalize the activity or to stray from the sports betting bandwagon.

Efforts for the potential expansion of Illinois’ gambling industry have emerged on several occasions in recent years but without much success as bills on the matter have never survived committee consideration.

It was not any different this year, except for the fact that a gambling expansion bill (SB 7) presented earlier in 2018 by Rep. Bob Rita has turned into the basis for the ongoing discussions. A previous hearing was held in August when state lawmakers sought input from stakeholders during a four-hour event in Chicago.

That hearing considered the potential construction of more casinos around the state as well as the addition of slot machines and similar gaming devices at the state’s struggling horse racing tracks, among other things.

The upcoming hearing, scheduled to take place on Wednesday in the state’s capital Springfield, will be primarily concerned with sports betting, online gambling, and daily fantasy sports.

Sports Betting Makes Sense

According to State Rep. Mike Zalewski, who recently spoke with local news outlet the Herald & Review, the addition of sports betting in the gambling expansion mix only makes sense. Rep. Zalewski currently chairs the House Revenue Committee. The lawmaker has further pointed out that wagering could be “the tie than binds the different industries” and the “bricks and mortar” that would form a “unifying approach going forward”.

A recent report on gambling in the state compiled by the Commission on Government Forecasting and Accountability dwelt briefly on the potential legalization of sports betting in the state. The report reads that “it is difficult to predict the revenue potential” of the gaming services discussed by the Legislature as the final product and its taxation are not determined. However, “each of [the] formats would create a new revenue source for the state.”

Additional revenue is certainly something Illinois needs as it once again struggled to create a spending plan for the next financial year and close a deficit of more than $1 billion.

New Jersey reported last week that it has recorded sports betting revenue of nearly $24 million in September and has handled around $184 million in wagers. According to Rep. Zalewski, $184 million in betting handle “in a state like New Jersey” presents real opportunity for Illinois. The lawmaker added that if mobile betting is added to the mix, “then you would talk about a real opportunity to have revenue affect the state.” Of the $184 million wagered in New Jersey last month, a total of $104 million was bet online or via mobile devices.

The Illinois sports betting hearing is scheduled for noon local time on Wednesday in the capital Springfield. While the hearing is an important step, a sports betting legislation will not be presented and potentially voted on before January 2019 when the new legislative session of the state Legislature is set to commence.

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Casino –
Universal Entertainment planning stock repurchase

Universal Entertainment Corp. is going to buy back some of its issued stock. According to a filing with the Jasdaq Securities Exchange last Friday, the gaming company will spend about $17.8 million to purchase the shares in order to convert them into treasure shares. The buyback is scheduled to take place between yesterday and December 28.

Universal Entertainment planning stock repurchaseUniversal will purchase 600,000 common stock shares, or about 0.75% of the outstanding amount. The action will “enable the execution of flexible capital policies that accommodate the reinforcement of the return of profits to shareholders and changes in the company’s operating environment.”

According to the filing, the initial buyback will be followed by “active, ongoing implementation of measures for the return of profits to shareholders based on its financial status and trends in securities markets.” Continued expansion of the company’s treasury stock holdings will take place as executives see fit.

As of September 30, Universal had 79,247,284 common shares still outstanding. Stocks in treasury shares were reportedly 947,716.

Universal was founded by Kazuo Okada, the embattled casino tycoon who was ousted from the company last year. In an interview with GGRAsia this past August, he predicted that the company would go belly up unless he was given back control of the operations.

Okada was ousted after reports began surfacing last year that he had misappropriated company funds. He was removed as the chairman and a member of the board of Universal in June 2017 and subsequently lost possession of Tiger Resort, Leisure and Entertainment, Inc., which is promoting the Okada Manila resort in the Philippines.

Okada has repeatedly said that he did nothing wrong. He accuses the company’s current management of defamation and of smearing his name in order to push him out.

Despite the denials, Okada’s problems persist. He was detained by police in Hong Kong this past August on corruption charges, but was subsequently released. He said at the time, “I have not been charged with any crime. ICAC’s investigation was from one of many, false allegations based on the groundless Universal Entertainment Corp special investigation report…”

As Universal struggles to separate itself from Okada, it is turning to different methods to strengthen its financial position. Offloading a small percentage of shares will hopefully allow it to find its footing without impacting the long-term value of the shares.

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BankrollMob News - Poker / Casino / Betting
Triton Poker Releases Episode 3 of SHR Short Deck Cash Game - Tom Dwan Loses Big Once More
It seems like Tom Dwan is having the worst luck ever at the Triton Poker Super High Roller cash game in Jeju, South Korea. Triton Poker Super High Roller Series 2018 Event info:Short Deck Cash Game 36 cards (2's thru 5's removed).Flush beats a full house.Ace acts as high (TJQKA) and low (A6789) for making straight (so acts as A and as 5).BUY-IN: ₩ 300,000,000 (≈$300,000) for 300,000,000 chips - unlimited re-entry On Episode 1, he lost a $2.3 million pot to Malaysian high roller P[...]