Casino News Media Blog
Casino News Media offer online casino news, land based casino news, game reviews, casino gossip, gaming news, online gaming, online poker, interviews, articles, press releases, event news, multimedia and more.
Tuesday, January 31, 2023
Monday, January 30, 2023
Casino News Media Blog: “At gambling, the deadly sin is to mistake bad play for bad luck.”
Casino News Media Blog
“At gambling, the deadly sin is to mistake bad play for bad luck.”
Saturday, January 28, 2023
Casino News Media Blog: “There is a very easy way to return from a casino with a small fortune; go there with a large one.”
Casino News Media Blog
“There is a very easy way to return from a casino with a small fortune; go there with a large one.”
Friday, January 27, 2023
Casino News Media Blog: If you're playing a poker game and you look around the table and and can't tell who the sucker is, it's you. - Paul Newman
Casino News Media Blog
If you're playing a poker game and you look around the table and and can't tell who the sucker is, it's you. - Paul Newman
Thursday, January 26, 2023
Casino News Media Blog: Bet with your head, not over it.
Casino News Media Blog
Bet with your head, not over it.
Tuesday, January 24, 2023
Friday, January 20, 2023
Casino News Media Blog: SEO, Search Engines, Hunt Machine, Casino Machine...
Casino New Media Blog
SEO, Search Engines, Hunt Machine on the web and more; Gonzo news for business
SEO or Hunt Machine Optimisation is the process of perfecting the website’s visibility to have applicable quests on hunt machines. More visibility in hunt results makes the point attract the attention of the druggies.
Search Machines similar as Google, Yahoo, Bing use technology to bottleneck on the web on different spots. They collect information about each point and also put them in an indicator. Further, the algorithm analyses the runners in the indicator grounded upon numerous different factors to determine the applicable spots that appear in a hunt result. The ranking factors for seo toronto can be keywords, unique content, applicable length of content, image attributes, etc. Optimizing the point with SEO factors can grease crawling and indexing and help the point rank advanced in hunt results. Unlike paid hunt advertisements, organic rankings on point can’t be achieved on hunt machines. thus, it becomes important to optimize websites to rank advanced in hunt results.
When it comes to Statistics, The first five Google quests on the first runner account for 67.60, while only 0.78 of Google quest click on the alternate runner. 70 of the marketers consider SEO more effective than PPC for generating deals. 51 of shoppers surveyed say they use Google to probe a purchase they plan to make online. These are a many statistics to punctuate the significance of SEO in 2021.
An effective SEO strategy can help the runner rank advanced and reach the right followership and increase website business when it comes to businesses. It can also help in getting transformations. Readout why SEO is important for businesses in 2021.
1. Increases visibility of a website
SEO, when done right, can help businesses increase their visibility on the website. It’s the direct motorist of bettered visibility and prints in the hunt results. Using the right keywords, adding backlinks from high sphere authority websites, optimizing metadata on the point, and participating unique content are among the many factors that can help the point increase visibility. SEO facilitates crawling and indexing, which helps in adding the visibility of a website.
2. Increases website business
Organic hunt is pivotal to a business. Search Machines contribute to a business’s visibility, and SEO can help druggies land to the point. SEO builds an online presence, increases website business, and helps the business to grow. The advanced the website ranks, the further business the business shall admit. The first Google hunt result has a28.5 click- through rate which falls down to2.5 for the tenth hunt result.
3. Enhances stoner trust on website
SEO establishes the authority of content on the hunt machine by admitting parameters like unique content, quality backlinks, advanced runner ranking, and stoner geste, which enhances stoner trust in the website. spots that are listed on the hunt machine are considered believable than the runners that are n’t. Quality SEO helps establish business credibility, gives exposure, and enhances its character.
Tuesday, January 17, 2023
Monday, January 16, 2023
Casino News Media Blog: Biden Docs Scandal Moving Election Odds
Casino News Media Blog
Biden Docs Scandal Moving Election Odds
Political betting markets are moving as the documents scandal surrounding President Joe Biden escalates.
After further classified documents were found at Biden’s home, in addition to the appointment of a new Special Prosecutor to investigate, the President’s recent forward moves in the betting markets are being rapidly reversed. Here’s the latest from BetOnline.ag:
2024 Election Odds Movements
RON DESANTIS +175 (PREVIOUSLY +165)
JOE BIDEN +300 (PREVIOUSLY +250)
DONALD TRUMP +500 (PREVIOUSLY +600)
KAMALA HARRIS +1200 (PREVIOUSLY +1400)
GAVIN NEWSOM +1600 (PREVIOUSLY +2000)
GRETCHEN WHITMER +2500 (PREVIOUSLY +4000)
PETE BUTTIGIEG +2800 (PREVIOUSLY +3500)
Democratic Nominee Odds Movements
JOE BIDEN -200 (PREVIOUSLY -300)
KAMALA HARRIS +450 (PREVIOUSLY +550)
GAVIN NEWSOM +700 (PREVIOUSLY +800)
PETE BUTTIGIEG +1200 (PREVIOUSLY +1600)
GRETCHEN WHITMER +1200 (PREVIOUSLY +2000)
Republican Nominee Odds Movements
RON DE SANTIS -120 (PREVIOUSLY -150)
DONALD TRUMP +200 (PREVIOUSLY +230)
“While Biden remains very much the man to beat on the Democrat side, because it is unlikely that any heavyweight challenger would primary him, this scandal must cast doubt on his ability to last the distance,” BetOnline political analyst Paul Krishnamurty said. “Republican committees in the House are guaranteed to investigate these classified documents, in addition to Hunter Biden’s activities, to the deepest possible extent.
“Regardless of whether any legal threat actually materializes, the process seems likely to damage the Biden brand. There is a long way to go before primary season and the chances have definitely risen that Biden – who it is assumed was planning to run – will think again. Also, in expectation of his approval ratings taking a hit, we’ve adjusted our end of month odds accordingly.
“Regarding Donald Trump’s own legal peril for improperly taking classified documents, we’ve seen money across the industry for him since this story broke on Monday night. His odds for both the nomination and presidency have shortened”
BIDEN APPROVAL RATING ON JAN 31 (According to FiveThirtyEight)
45% OR HIGHER +1200
44.0-44.99% +350
43.0- 43.99% +225
42.0- 42.99% +225
41.0- 41.99% +500
40.0- 40.99% +1200
UNDER 40% +2000
Saturday, January 14, 2023
Casino News Media Blog: Sam Bankman-Fried: ‘I didn’t steal funds’
Casino News Media Blog
Sam Bankman-Fried: ‘I didn’t steal funds’
Casino News Media Blog: “Gambling is not about how well you play the games, it’s really about how well you handle your money.”
Casino News Media Blog
“Gambling is not about how well you play the games, it’s really about how well you handle your money.”
Thursday, January 12, 2023
Casino News Media Blog: Revenue roundup: News media claims a stake in sports betting More than a popular service for readers, it’s showing promise for new revenue.
Casino News Media Blog
Revenue roundup: News media claims a stake in sports betting. More than a popular service for readers, it’s showing promise for new revenue.
Casino News Media Blog: Gracián y Morales: "If you can learn to quit when you are ahead, then you have an excellent chance of being a successful gambler."
Casino News Media Blog
Gracián y Morales: "If you can learn to quit when you are ahead, then you have an excellent chance of being a successful gambler."
Tuesday, January 10, 2023
Casino News Media Blog: Life is a gamble and everything is a risk!
Casino News Media Blog
Life is a gamble and everything is a risk!
Sunday, January 8, 2023
Casino News Media Blog: World Series of Poker (WSOP) has announced dates for its 54th annual tournament, May 30 to July 18, 2023
Casino News Media Blog
World Series of Poker (WSOP) has announced dates for its 54th annual tournament, May 30 to July 18, 2023.
Websites
World Series of Poker: (upcoming tournaments)
Saturday, January 7, 2023
Casino News Media Blog: Flashback - Australian Gambling News
Casino News Media Blog
Australian Gambling News - 2011
G'day punters, journos, high rollers, politicians, insiders, outsiders... one and all. Today we cover a bit of the gossip going around Aussie gambling, casino and media circles. There's a bit of something for everyone. Media Man and Gambling911 with another great news roundup for you from the land down under... Crown Casino: Melbourne Gets Casino Babes Sort Of: Burlesque Royale - 28th January Starring for the first time in Australia, UK burlesque sensation Immodesty Blaize, Burlesque Royale is a never before seen spectacular of old fashioned showgirl glamour. Featuring for the first time in Australia, International stars Kalani Kokonuts (US), Michelle L'amour (US), and Perle Noire (US). Also performing are Australian artists Danica Lee, Holly J'aDoll, Kelly Ann Doll, and Lauren La Rouge with a special performance by Mada Vs Vegas - The Duelling Magicians. Hosted by the enigmatic Supergirly, Burlesque Royale is set to take its audience on a wild ride with tongues set firmly in cheek. VIP tickets will include a complimentary drink, gift bag and access to the after party. Date: Friday 28 January, 2011 2 shows. 8pm and 11.30pm Crown Casino, Melbourne: 2011 Aussie Millions Poker Championship Starts Thursday... Australia's biggest, best and richest poker tournament is back with a blast. Aussie Millions commences this Thursday at James Packers' Crown Casino in beautiful Melbourne, home to the original 'Underbelly' TV series which featured gambling themes. We understand that the $10,600 AUD no-limit hold’em main event will snatch the attention of the poker players and commentators when it fires off on January 23rd. An deep field of 746 punters participated in the 2010 main event, with our own Tyron Krost being crowned champion, picking up $2 million, and soon after being signed up by xxx.
Many other players (and brands) and keen to knock him off as you might expect. The field is expected to be one of the greatest ever, if not the best. High-stakes events include the $100,000 Challenge that commences on January 22, as well as the Aussie Millions high stakes cash game featuring a $200,000 minimum buy-in on Jan 24th. Last year the $100,000 Challenge attracted 24 players for a prize pool of $2.4 million, and it was Dan Shak who bested Phil Ivey heads up to earn a cool $1.2 million. Other substantial buy-in events this year include the $10,500 Australia no-limit hold’em heads-up championship and a $10,500 eight-game mixed event. Stay glued to this dial for more coverage, and don't be surprised if Fox Sports and or / ESPN give it a bit of TV coverage. Poker is big business in Australia and around the world, and media companies are keen to cash in too. Good luck to all players, and on James Packer for your commitment to the "sport". Crown Casino: Elvis Lives With Elvis To The Max - 11th March 2011... Elvis to the Max has successfully toured Australia for over a decade, always to sell out crowds. Max goes beyond impersonation. His re-creation of The King's looks, moves, vocal style, impressions and humour is so accurate, its awe inspiring. Date: Friday 11 March, 2011 Doors open: 7:15pm Real Life Underbelly: John Hopoate To Face More Charges Of Brawl At The Cross; Sin City Sydney... John Hopoate is a name well known the the Underbelly, sports and media world down under in Australia. Hopotate used to be a great NRL player and he did pretty well in the boxing ring also. For those who don't know Hop has been playing bouncer at the doors of Kings Cross nightclubs. Yesterday he had a date at the Downing Central Local Court in Sydney. He's been charged over an altercation between bouncers and 3 men outside the Trademark Hotel on December 18. Media turned up to catch the action in court. At one stage he asked a radio reporter why he had taken notes during the hearing. Hopoate has been charged with assaulting Wilmer Duque Castillo, 27, during the scuffle. Duque Castillo's brother, Wilson, 33, passed away last week from the injuries he endured that fateful night after he, his bro and another man were refused entry to the popular nightclub. Coppers say some members of the group became aggressive when they were turned away. It is believed a knife was pulled on the bouncers that night. For the record there is no suggestion that Hopoate was involved in the death of Duque Castillo. Hopoate, already facing charges of "common assault and affray", was yesterday charged with another..."assault occasioning actual bodily harm in company". Hopoate's legal eagle, Stephen Alexander, told the court the former footy player would plead not guilty to the common assault charge but did not enter pleas on the other two. Police haven't charged anyone over the death of Duque Castillo as we go to press, and ar asking for witnesses. Hop's bail was continued, and the matter is due in court on March 8. We hope that justice is served, whatever that judgement may be. Unfortunately Kings Cross got a bit more of its old reputation back, but its not too late to try to make people feel a big safer again when they wish to enjoy a night out at The Cross. Cricket And Casinos Don't Always Mix; Ask Graeme Swann... England's triumphant Test players have been telling their Twitter followers about how they celebrated the team's 3-1 win - and for Swann the festivities involved alcohol and gambling. The champion spinner tweeted 'I seem to remember losing all my money magnificently quickly playing 'cards' in the casino last night. Shades of Prince George in Blackadder.' Cairns, Queensland: Pullman Reef Hotel Casino Responds To Aussie Casino Wars With Promo For Punters, Tourists... Cairns has let it be known they are are still competing in the Australian Casino Wars, even if they are getting a "wet wet wet" wet season. Of course, south of them in Brisbane is flooding, but that's another story. It's the wettest season Queensland has seen in years. Fortunately, Cairns in the state’s north is still enjoying some fine weather. "I think we can say that living with the wet is now part of the Queensland and TNQ lifestyle, so we might as well embrace it the best way we can" says Pullman Cairns General Manager Adrian Williams. The Pullman Reef Hotel Casino in Cairns is offering a big Wet, Wet, Wet holiday package for those who want a more friendly and fun water-themed adventure this summer. Pullman is helping its guests make the most of the region’s rivers being in full flow, offering an extreme white water rafting experience in the tropical rainforest surrounds of Barron River. After all the roaring rapids excitement, Pullman invites its guests to stay wet. Relax (get sexy and in the mood?) via the in-room spa bath at the hotel and bottle of sparkling wine to have a great time. Use your imagination punters! The package comes from A$359** which includes: Overnight accommodation in a Superior Room with full breakfast daily at Pullman Reef Hotel Casino, A half day Barron River water rafting experience and a bottle of Australian sparkling wine. The offer is subject to availability and valid for sale and travel until 31 March 2011. Maybe some Aussie Millions folks might like to fly up to Queensland to check it out, as long as the still have money left. Let us know if your visit Cairns. We'ld love to hear if you got lucky or double lucky! Casino Canberra: Throws Hat Into Aussie Casino Wars; Plays Entertainment And Gambling Cards... Thursday Night Poker - Every Thursday night, commencing at 7.45pm, you can try your poker skills out playing Hold-em Poker in Casino Canberra's poker pit. Buy-in is just $85 bucks. Your Private Gaming Table - If you want to try your hand at Blackjack, or become an ace poker player, you can do it all in your own private gaming pit at the Casino. At Casino Canberra's Fun Nights, you'll play on real tables, from as little as $1 a bet, enjoy a drink or two, plus gourmet nibbles and take a spin around your own private nightclub. It's exclusive, it's private, it's like nothing else that's out there. Call 62577074 and ask for the Functions Department who will organize an event for you. Coming up in 2011 - Chinese New Year 'Year of the Rabbit'...Don't miss out on your chance to win with 'The Lucky Rabbit' promotion. Enjoy our table games to gain entries into this awesome promotion. Commencing on Friday 25 January 2011 you can start to get your entry tickets into eight draws for a chance to win up to $2,700 instantly. Eight draws, eight chances for you to walk away with over two and a half GRAND! Lifeline 13 11 14. TP 10/05472 Keep your eyes peeled for the Golden Rabbit coin give away that we hope to launch in The Grill Restaurant on Friday 25 January 2011. Subject to government approval. South Australia: Reminders About Problem Gambling Get Strong Media Coverage... Councils across regional South Australia are taking a stand as part of an independent review of the social effects of gambling after figures from the past quarter have shown punters have returned to the pokies with hellfire and brimstone. Data obtained by MM shows punters in Mount Gambier and Grant District councils are down a massive $17.1m to the pokies in the 2009/10 financial year after a short gambling slump connected to introduction of smoking bans in hotels. Mount Gambier and Grant district council residents spent more on pokie machines than most regional areas in South Australia, with Whyalla not far behind at $15.7m in 2009/10. Statewide figures for the past quarter showed a 12% increase, indicating the loss will be even greater this financial year — by around $70m across South Australia if current trends continue. In response to the situation, councils included in the Provincial Cities Association (PCA), which includes Mount Gambier City Council, will put their heads together to tackle the rising trend in regional areas. The association has resolved to be involved in the Independent Gambling Authority’s "Social Effect Inquiry" relating to the processes of applying for and the granting of gaming machine licences. PCA executive officer Ian McSporran said $70m of the $200m poker machine revenue for the past quarter came from provincial cities of South Australia. "Gambling problems are a major concern in regional areas," McSporran said. "It is a fact that the number of gaming machines per head in regional areas is incredibly disproportionate, even more so than Adelaide — we are seeking to be a major part of the body that will assess the social effects that gaming machines have." But Australian Hotels Association Limestone Coast representative Guy Matthews said the 12pc increase only brought figures back to where they were before the smoking ban, with added natural inflation. "It’s nothing out of the ordinary — people have got used to the smoking ban now and a few more of the smokers have come back and are playing the machines again,” Matthews said. Lifeline Mount Gambier’s Eve Barret has warned poker machine players to seek help if facing problems with gambling. She said while the ban was effective in deterring smokers from using poker machines, there was always a time after the initial reaction for adjustment and levelling out. "Maybe some of those people (who returned to the poker machines) gave up smoking," she said. "If people have any concerns about their gambling they should come and talk to someone." The general belief about gambling is that if it stops being fun and becomes a problem, its time to stop. We wish good fortune to anyone who wants to try their luck. Media Art Of War Continues Down Under; CVC Preps For Listing Nine On ASX... Nine Entertainment's private equity owners will assess the general condition of the local equity and advertising markets this month. After which, they will decide when the time is right for a $5 billion listing of the television, magazine and digital group. According to market leaks and sources, Nine's current owner, CVC Asia Pacific, is yet to decide on the listing date although most observers expect the group to test things as soon as this April if global equity markets remain relatively strong. Management, including newly installed chief executive David 'Gyng' Gyngell, will journey to the US next month to gauge the interest of potential offshore investors. CVC, which has appointed Goldman Sachs, Credit Suisse and UBS to advise on the potential float, will be closely watching the local advertising market after a soft December for the television and magazine sectors. December was expected to be slow, but leaks say it was even worse that they thought it would be. Gyngell held preliminary talks with local fund managers before Xmas. It is believed CVC will retain up to 30% of Nine, the outfit previously known as PBL Media and purchased from James Packer, in an art of war move that would reduce the stock to be issued and ease investor fears raised during the listing of retail group Myer in 2009. Myer had a poor sharemarket debut and is yet to trade above its $4.10 issue price. US private equity owners TPG and Blum Capital were subsequently criticised for holding on to a portion of its shareholding. Nine execs told fund managers late last year that they expected the media group behind the Nine Network, ACP Magazines, Ticketek and a share of Carsales and NineMSN to post earnings before interest, tax, depreciation and amortisation of at least $550 million this financial year. This compares with the $405.9m EBITDA generated for the 12 months to June 30. This represents strong 35% growth but potential investors are going to be interested in the 2010-11 numbers if the business comes to market. It is way too soon to forecast the next financial year but CVC is expected to have a better idea of the earnings outlook by say mid next month. Nine's TV business was the big gainer last year. The network's overall media agency bookings were up 18% to $59.6m compared with December 2009, according to research house SMI. The overall market was down 3% to $143.3m. Nine lost to Channel Seven last year for total people but has a solid to strong position in the key viewer demographics. ACP Magazines, which accounts for about $150m of Nine Entertainment's total EBITDA, remains a point of debate. Industry-wide magazine bookings were down 13% compared with the previous December, according to SMI. The SMI data does not include direct booking from clients such as Harvey Norman, but serves as a useful guide for television market trends. Although there are signs demand this month for ads has improved, a weak performance from ACP could throw off much of the gains made by Nine and trim growth rates this financial year. Analysts such as Commonwealth Bank's Alice Bennett estimate that Nine Entertainment could be floated at a forward multiple of about nine times 2010-11 EBITDA but do warn that a poor earning outlook for ACP will act as a drag on the sale price. Gyngell nominated improving the performance of ACP as one of his main priorities after taking over the ship from Ian Law in early November. Stay tuned to this space for more on the Australian media and gambling wars, and expect Nine, Ten an Foxtel to remain the players most likely to mix up the media and gaming and gambling. Will all current TV networks remain in the game, or will it been soon "GAME OVER" for others. Keep tuning in daily to find out. Gillard, Packer, Leckie, Ball, Murdoch (both of you sirs), Branson, Ryan, Trump, Gyngell and Turnbull - you're throw of the dice! Online Casinos, Online Poker and Sports Betting... Ok readers, we hear you... you also want to know some of the best places to play online (that accept Aussies) if your in or around the Asia Pacific - Australia (including Tassie) and New Zealand, so here it is...
Friday, January 6, 2023
Casino News Media: Winning is largely in the mind
Casino News Media Blog
Winning is largely in the mind
Thursday, January 5, 2023
Casino News Media Blog: Casino bosses, directors brace for another tough year
Casino News Media Blog
Casino bosses, directors brace for another tough year
From punitive pokie taxes to new regulatory actions and the high cost of reform, casinos are not the lucrative businesses (or easy directorships) they once were.
As 2022 drew to a close, staff (and shareholders) of Star Entertainment were probably breathing a sigh of relief that their annus horribilis, with its damning regulatory inquiries, cancelled casino licences and more than a dozen senior departures, was nearly over.
But Australian Securities and Investments Commission chairman Joe Longo and NSW Treasurer Matt Kean still had two Christmas surprises in store.
First, on the evening of December 12, Longo lodged a landmark Federal Court civil action alleging that 11 Star directors and executives had failed to exercise due care and diligence when making a slew of decisions related to anti-money laundering measures and high roller junkets at the casino.
Five days later, Kean announced a new pokie tax that will cost Star and rival Crown Resorts about $120 million annually. It triggered a near-instant 18 per cent drop in the former’s share price, feeding into a 44 per cent drop for the year.
It sets the scene for a 2023 that could be as grim for the casino industry as the three scandal-ridden years preceding it, with questions over the appeal of governance roles, given directors’ responsibilities will become more onerous, the viability of casinos’ reform agendas, and just how profitable they can be.
From a governance perspective, gambling company boards, along with the rest of Australia’s director class, are facing an uncertain future. ASIC clearly has higher standards of them now.
The upshot will be more work, increased accountability and higher expectations with what they do with their 10 days of board meetings a year.
“The signal [from ASIC] is pretty clear – if you want to be on the board of a large gambling concern, then you need to be around all the regulatory concerns of the industry, which are many and varied,” Monash University gambling regulation expert Dr Charles Livingstone says.
“You can’t just sit there and have lunch once a month and rake in the big dollars any more – you need to be more curious now and make sure you show that you’re doing that. You can’t just say ‘well they [management] didn’t tell us’, you have to make them tell you.”
This means proactively ensuring the casinos’ anti-money laundering and counter-terrorism financing policies are up to scratch, he says, and that board members are updated on this monthly. It includes ensuring companies investigate and report potentially problematic sources of patrons’ funds.
On the responsible gambling front, he says directors need to demand updates on what hours people are gambling and what actions casinos take against any potential problem gamblers.
While this would take a lot more work from directors and staff, it is not impossible, Livingstone says.
“It’s not unenforceable, but it becomes a much less profitable business if you do it properly, and that’s the issue.”
It was previously “very easy to cut corners at every level” from problem gamblers on pokies to high rollers bringing in bags of cash, he says, and cutting out these customers would lead to “really significant losses”.
The cost of developing and maintaining compliance measures is also steep. Crown reportedly spent about $150 million on outsourcing such work to lawyers and consultants in 2021-22, and Star predicted its remediation costs this financial year will range from $35 million to $45 million. Crown has also been hit with hundreds of millions of dollars in fines, and Star is facing similar penalties.
“But that just means you’re going to be looking at a business that’s getting more like normal levels of profit and return, whereas before they were recording these extraordinary returns on their investment. It will be more like a retail business than a licence to print money,” Livingstone says.
It also means the director class, famous for juggling several board gigs at once, and the generous payments that come with them, may consider giving up their other governance roles if they want to preside over casinos.
Star chairman Ben Heap, one of the directors sued by ASIC, currently holds two other directorships, for example. New director Anne Ward is also chairwoman of two other listed outfits, director David Foster is on the boards of four companies in addition to Star, and incoming director Toni Thornton holds four other directorships.
“But now you’ve got to be so on the ball that you probably wouldn’t be on many other directorships,” Livingstone says.
“There’s a lot more work in [casino director roles] now, and a lot more responsibility than they’ve accepted in the past because the potential for this to get on the wrong side of the law is massive.”
Morningstar analyst Angus Hewitt says it will be up to directors to decide on their workload, but they will need to be able to answer the question: Do I have a good understanding of what’s happening at this company?
“And if not, then, you know, there’s a problem,” he says.
The ASIC action means all directors, not just those at Star, will have to ask themselves this question.
“Will that require more meetings or will that require directors with fewer directorships? I don’t know. Presumably, that’s up to those people to decide. There’s a certain amount of work to be done in this job. And it is a job. And how many other directorships can you hold to be able to do that appropriately?” Hewitt says.
“I think with what’s been happening with ASIC they’ll all be having those thoughts.”
A spokesman for Star said the company’s directors were “highly experienced and appropriately skilled”. He said they were committed to restoring Star’s suitability to hold casino licences through a “comprehensive remediation plan … for enhancing our governance, culture and controls”.
Listed v unlisted
Of course, Star could go down the path that Crown did and turn to private equity, which would give Star’s directors a hefty payday and exempt them from the stringent listing rules and governance principles set by the Australian Securities Exchange.
But Star is not like Crown Resorts, which was bought out by US private equity firm Blackstone for $8.9 billion this year.
The first major difference is Crown had a private equity target on its back because the company knew major shareholder James Packer had to sell down his shareholding to show governments and regulators it was serious about change.
Second, Star’s assets are attractive but not valued as highly as Crown’s.
But Hewitt says Star, which is likely to keep its casino licences in NSW and Queensland, is still very cheap for what it is: effectively a money printing machine.
“As long as it has those licences, Star’s properties are cash-generating machines. This all provides an interesting opportunity for an investor – whether that investor is mum buying a handful of shares or whether it’s a PE firm buying the whole thing.”
A rocky year ahead
Whether listed or not, however, Australia’s casinos are in for another wild ride in 2023.
The NSW gambling regulator extended the reign of Nick Weeks, the special manager appointed to Star’s flagship casino in Sydney, until 2024 from an initial 90 days. Queensland authorities have also installed a manager to oversee Star’s Brisbane and Gold coast operations, reporting to Weeks.
Gambling regulators already have imposed more than $100 million in fines on Crown in Victoria and $200 million on Star in NSW and Queensland. That’s in addition to potentially hundreds of millions of dollars in fines for money laundering that AUSTRAC is seeking in separate Federal Court cases against both Crown and Star.
There’s the ASIC case against the Star directors, as well as continuing class actions from investors burned by the two companies’ tumbling share prices during media coverage of their misconduct.
The NSW tax reforms will also be costly. Star CEO Robbie Cooke has pushed back on the taxes, saying Star is “not sure how the government modelled its financials nor the basis for suggesting the Star does not pay its fair share of taxes”, and requesting urgent meetings with the government.
But as The Australian Financial Review’s Chanticleer column noted, Star has lost its social licence and should not expect much sympathy from politicians or voters.
The upshot of this is it’s going to be a tough year for those overseeing Australia’s biggest casinos.
Says Livingstone: “It doesn’t sound like a job I’d want, it sounds like a nightmare.”
(AFR)
Wednesday, January 4, 2023
Casino News Media Blog: In the United States, 'table game' is the term used for games of chance such as blackjack, craps, roulette and baccarat that are played against the casino and operated by one or more live croupiers...
Casino News Media Blog
In the United States, 'table game' is the term used for games of chance such as blackjack, craps, roulette and baccarat that are played against the casino and operated by one or more live croupiers, as opposed to those played on a mechanical device like a slot machine or against other players instead of the casino, such as standard poker.
Sunday, January 1, 2023
Casino News Media Blog: Seneca Nation president: Casino compact talks progressing
Casino News Media Blog
Seneca Nation president: Casino compact talks progressing
So what's the latest on negotiations over a new gaming compact between the state of New York and the Seneca Nation of Indians?
During a recent interview with the Niagara Gazette, Seneca Nation President Rickey Armstrong Sr. said, from his point of view, talks are progressing.
Armstrong said representatives from the Nation continue to meet regularly with state officials and he remains hopeful that a tentative deal will be in place for review by the federal government by the summer of 2023.
"We've made every effort to make progress," Armstrong said.
"We want to continue to work toward a new gaming compact that reflects the gaming landscape in Buffalo, Niagara Falls," he added.
The current gaming compact, which provides the Seneca Nation with exclusive rights to operate Class III casinos in Western New York, including Niagara Falls, Buffalo and Salamanca, is set to expire in December 2023.
Seneca officials have argued in the past that since the signing of the original compact, other gaming outlets, including so-called "racinos" in Hamburg and Batavia, cut into their exclusivity by offering video lottery terminals similar to slot machines.
Armstrong said the Nation has been working on its end of the proposed agreement for about two years and that he's confident the Nation has "covered all of our bases."
He maintains that the Seneca Gaming Corp.'s three local casinos have provided economic benefit to host communities like the Falls and Buffalo, in the form of jobs and spinoff from investments made by the companies with local vendors.
In addition, the compact has allowed the state of New York to collect a percentage of slot machine revenues from Seneca casinos, with 25% of those dollars being distributed to the Falls, Buffalo and Salamanca.
"I'm hopeful that the state recognizes the impact we've had on Western New York," Armstrong said.
In a statement in response to a request for comment, a spokesperson for Gov. Kathy Hochul's office said the executive chamber and the state gaming commission have been having "substantive negotiations" with the Seneca Nation for months.
"We are fully committed to continuing to meet, discuss, and negotiate a compact, and we are confident that the process will continue in a way that best serves New Yorkers," the spokesperson said.
Casino News Media Blog: Blackjack (formerly Black Jack and Vingt-Un) is a casino banking game. The most widely played casino banking game in the world...
Casino News Media Blog
Blackjack (formerly Black Jack and Vingt-Un) is a casino banking game. The most widely played casino banking game in the world, it uses decks of 52 cards and descends from a global family of casino banking games known as Twenty-One. This family of card games also includes the British game of Pontoon, the European game, Vingt-et-Un and the Russian game Ochko.[2] Blackjack players do not compete against each other. The game is a comparing card game where each player competes against the dealer.
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