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Cirsa Gaming Corp casts its spell over a throng of US hedge fund giants

Athira A

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As reported by multiple Spanish media, Cirsa Gaming Corp, one of the world leaders in gaming and leisure activities and the Spain’s largest casino and bingo hall operator casted a spell over several US hedge fund giants, like the Advent International, Apollo Global Management, Blackstone Group and Cerberus Capital Management who were all found to be swirling around Cirsa, competing for its fair hand.

Billionaire Manuel Lao Hernandez, Cirsa’s majority owner, disclosed last November that he had tapped financial advisory firm, Lazard to aid him in weighing several strategic options, including a potential initial public offering, the sale of a minority stake in the company or an outright transfer of ownership. Analysts have suggested that the company has a valuation that tops off around €2b.

None of the funds mentioned in the Spanish media reports deigned to comment on their potential interest in Cirsa. Unidentified gaming companies are also reportedly making tentative kicks at Cirsa’s tires. Lazard is requiring all interested parties to submit non-binding bids in the coming weeks.

While rumours circulated last November that Cirsa was contemplating a tie-up with its Spanish rival Codere, Codere’s new management dismissed the rumours, by affirming that they were more focused on righting Codere’s floundering ship. Not for nothing, but a Blackstone subsidiary was one of the private equity groups that bailed out Codere a few years ago.

Cirsa generates an annual revenue of roughly €1.6b and earnings of over €400m. The company’s most recent quarterly results showed record earnings of €108m in the three months ending, September 30.

In addition to its Spanish casino and bingo business, Cirsa is involved with UK bookmakers Ladbrokes on the Sportium sports betting joint venture. Cirsa also has land-based and online operations in multiple Latin American markets, including Mexico, Panama and (soon) Colombia.

Athira is a self-described “logophile” – a lover of words. She loves updating her vocabulary and playing around with words, to frame a sensible world of letters. Letters come alive when they become words and when words become sentences. And that’s her job, to put them together in a meaningful way without loosing its essence. She has written content for websites, articles and poems for an international magazine, and press releases as well. She also loves writing on social media. She holds a Masters degree in bio-technology, but she has always been interested in the organic farming of words. Besides writing content for our daily news feed, she is also working as staff writer/editor with Impressions Content Management, based in Kerala, India, which offers writing and editing services to clients around the world.

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Compliance Updates

California could legalise sports betting in 2020 ballot

Niji Ng

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California could legalise sports betting in 2020 ballot
Photo Credits: Robert F. Bukaty/Associated Press
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Alex Padilla, Secretary of State in California, has said that the processes to include sports betting legalisation on the 2020 ballot in California has been started. Russell Lowery, a political consultant, is pushing the proposal.

The proposal would require 585,407 signatures collected by February in order to get included on the 2020 election ballot. It would expand tribes’ rights over certain games but would also expand competition for them as it would clear nontribal cardclubs to take sports wagers.

“This proposed measure would bring Vegas-style gaming to nearly 100 locations and urban areas throughout California,” said Mark Macarro, chairman of the Pechanga Band of Luiseno Indians. “This is not in keeping with California’s longstanding policy of limited gaming, and we will vigorously oppose this measure.”

“The tribes are in no rush,” added lobbyist David Quintana, who represents tribal gaming groups such as the Viejas Band of Kumeyaay Indians near San Diego. “Our first priority with sports wagering is to ensure that brick-and-mortar casinos are protected,” he assured.

 

Source: focusgn.com

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Central Europe

AXES Network to supply products for Totalizator Sportowy

Niji Ng

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AXES Network to supply products for Totalizator Sportowy
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AXES Network, the Canadian company offering cloud technology in the field of information management, will supply its products, including 1200 gaming machines in 50 salons for Totalizator Sportowy to launch its new pilot package.

The products from AXES Network, including solutions and applications, are designed to improve security and integrity in the field of data collection and management. The company also offers tools that increase operational and organisational efficiency. The company provides support to the whole spectrum of betting and gambling businesses: government monopolists, casino network operators and slot game salons, manufacturers of gaming machines and AWP operators in over 20 countries.

The AXES platform offers native applications and solutions such as: jackpot system, loyalty system, reward generation but in particular non-cash and accounting operations necessary to improve network efficiency and customer profitability. The advantage of the AXES system is simple: you can connect to any type, number of machines at any time and location.

The AXES Information Management System (AIMS) is a cloud-based solution for managing all aspects of the game. AIMS performs analysis of players, can conduct marketing work, tracks all operations, ensures security and reporting to units with access and all other requirements regarding the performance of financial and accounting operations.

AXES Smart Card Cashless System is a chip-based transaction system that streamlines cash management in casinos and arcades, used in the Merkur Group machines currently in operation at Totalizator Sportowy in the newly opened slot game salons.

 

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Jiangsu Police cracks illegal online gambling racket

Niji Ng

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Jiangsu Police cracks illegal online gambling racket
Photo Credits: Reuters
Reading Time: 1 minute

Police in Jiangsu, China, has cracked a sophisticated gambling racket who were providing illegal online gambling services. The racket is believed to have dealt with a massive CNY7.8 billion (approximately $1.1 billion in wagers over the course of last few years.

The probe into this racket was launched more than two years ago, after receiving a tip-off. So far, the police have arrested 56 persons.

With very few exceptions, gambling is illegal across China. However, operators of illegal gambling operations have been circumventing existing prohibitions for years, becoming more and more resourceful in their approaches to Chinese customers.

In the case of the Jiangsu illegal gambling ring, those involved were found to have operated a betting website the servers of which were based in the Philippines. Locating an illegal operation abroad is a traditional practice among operators of illegal betting and gaming websites.

As mentioned above, as many as 56 individuals were arrested on illegal gambling charges over the course of the investigation. According to police records, the gambling ring earned more than CNY650 million in profits.

The betting website was based in the Philippines and had more than 114,000 registered customers. Four prime suspects were identified through bank card information, Xinhua reported yesterday.

 

Source: casinonewsdaily.com

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