Connect with us
SIS

Gambling in the USA

Caesars Entertainment CEO steps down

Niji Narayan

Published

on

Caesars Entertainment CEO steps down
Photo Source: reviewjournal.com
Reading Time: < 1 minute

 

Mark Frissora, the CEO of Caesars Entertainment, has decided to step down after leading the company for three years. He would stay in the position till February 2019. The company has not announced any immediate replacement.

Frissora, who assumed the current role in February 2015, had served as CEO of car rental company Hertz and auto parts manufacturer Tenneco prior to that.

Meanwhile, Caesars published its third-quarter earnings. The company reported earnings of 14 cents per share. The company performed slightly below revenue expectations, reporting $2.19 billion in revenue compared to the $2.21 billion analysts expected.

Under Frissora, Caesars shares fell more than 20 per cent. The company successfully emerged from bankruptcy last year after a restructuring process.

Gambling in the USA

GAN’s Online Gambling Revenue in Pennsylvania Rises in February 2020

Niji Narayan

Published

on

GAN’s Online Gambling Revenue in Pennsylvania Rises in February 2020
Reading Time: < 1 minute

 

GAN plc has updated the market following the publication of Internet gaming and Internet sports betting financial information for the calendar month of February 2020 in Pennsylvania, by the Pennsylvania Gaming Control Board (PGCB).

Internet Gaming Win was $19.5 million in February, reflecting an increase of 39.6% from the prior sequential month. Total Internet Sports Wagering Handle was approximately $294.1 million in February, compared to $308.6 million in January. Internet Sports Wagering Gross Revenues (after payouts) for the month of February were $10.8 million, compared to$26.7 million in January.

Internet Sports Wagering Gross Revenues may vary from month to month due to the payouts for future events occurring months after the original wager was made and unredeemed winning wagers from prior months will become deductible upon redemption in future months.

Continue Reading

Gambling in the USA

Scientific Games Statement on COVID-19 Response

George Miller

Published

on

Scientific Games Statement on COVID-19 Response
Reading Time: 2 minutes

 

Scientific Games Corporation is taking essential actions to respond to the global COVID-19 crisis.

Scientific Games CEO Barry Cottle said: “Like many others, our industry is facing unprecedented challenges from the widespread impact of the COVID-19 outbreak. We are working around the clock to take care of our employees, customers, shareholders and other key stakeholders in these difficult times, while providing uninterrupted products and services to those customers who continue to operate. Thankfully, we came into this year with a very strong liquidity position, including substantial capacity under our revolver, and also refinanced our debt, extended our major maturities and lowered our interest expense. We have a diverse portfolio of assets, product and services that uniquely position us to weather this crisis.

We are taking a variety of actions to help ensure that we meet the demands of this outbreak and are ready when the industry begins to recover. I am confident that the measures we are taking now will prepare us to come out of the crisis even stronger than before. And, I have never been prouder to lead a team where everyone is stepping up to help each other, our partners and our Company.”

The Company is instituting a number of cost-savings measures to ensure stability for team members and protect the operations of the Company. Some of these measures include workforce hour and pay reductions to preserve as many jobs as possible and furloughs for those support roles that have seen a decrease in industry work. During this challenging time, the executive leadership team has committed to a voluntary 50% salary reduction while Chief Executive Officer Barry Cottle has volunteered a 100% reduction in pay.

We recognize that the temporary furloughs that are made necessary by the impact of COVID-19 on our Company create substantial hardship for the furloughed employees and their families. We are establishing a Hardship Relief Fund to provide short-term assistance to those employees and their immediate families who incur unexpected and onerous personal, family, or living expenses as a result of the COVID-19 crisis. The Company, Barry Cottle and several other senior executives will be making contributions to the fund.

Scientific Games is committed to supporting our customers in this crisis by continuing to provide quality, secure products and services to partners across lottery, iGaming, sports betting and land-based casinos. In addition, SciPlay continues to publish free-to-play apps for players to enjoy.

Scientific Games leadership will continue to evaluate this rapidly-evolving situation and assess the duration of cost-savings measures based on the continuing impact of COVID-19.

© 2020 Scientific Games Corporation. All rights reserved.

 

About Scientific Games:
Scientific Games Corporation (NASDAQ: SGMS) is a world leader in entertainment offering dynamic games, systems and services for casino, lottery, social gaming, online gaming and sports betting. Scientific Games offers the gaming industry’s broadest and most integrated portfolio of game content, advanced systems, cutting-edge platforms and professional services. Committed to responsible gaming, Scientific Games delivers what customers and players value most: trusted security, engaging entertainment content, operating efficiencies and innovative technology. For more information, please visit scientificgames.com.

SOURCE Scientific Games Corporation

Continue Reading

Gambling in the USA

Oklahoma Indian Gaming Association Chairman Rejects Governor’s Offer

Niji Narayan

Published

on

Oklahoma Indian Gaming Association Chairman Rejects Governor’s Offer
Reading Time: < 1 minute

 

Matthew Morgan, chairman of the Oklahoma Indian Gaming Association, has rejected Gov. Kevin Stitt’s latest casino gambling offer and accused the governor of attempting to take advantage of the tribes during the COVID-19 outbreak.

Morgan termed the governor’s offer as “yet another unsuccessful attempt to divide the tribes.”

“The letter confirms the real intent of Governor Stitt is to destroy the tribal interest outlined in the existing compacts. The tribal leaders who received the letter reject the proposal as disrespectful and disingenuous,” Morgan said.

Steve Mullins, one of Stitt’s outside attorneys, wrote in a letter to the tribal leaders that the Corona pandemic has changed the landscape for tribal and non-tribal governments.

“Now more than ever is the time for us to stand together,” Mullins wrote.

Included with the letter is the proposed new compact, which would require tribes to pay a flat 5% fee on gambling revenue and authorise both the tribe and the state to offer sports gambling, Morgan said.

The compact would also vest more power with the state to interfere in tribal casino operations, such as approval of casino vendors and installation of a minimum number of electronic machines in casino floor.

“This compact is a huge power grab for his office,” Morgan said.

Continue Reading
Advertisement
NSoft

Global Gaming Industry Newsletter – Weekly Digest (sent every Wednesday)

Please select all the ways you would like to hear from European Gaming Media and Events:

You can unsubscribe at any time by clicking the link in the footer of our emails. For information about our privacy practices, please visit our website.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here. Read more about European Gaming Media and Event's Privacy Policy and Terms of Service.

Subscribe to our News via Email

Enter your email address to subscribe to our news and receive notifications of new posts by email.

Trending

Notice for AdBlock users

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.