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Seeking to soothe its fraught relationship with creditors, Caesars Entertainment Corp (CEC) is set to contribute approximately $4 billion to the restructure of the ‘Caesars Entertainment Operating Company’ (CEOC) unit. The move sees CEC governance up its original debt pledge from $1.5 billion to the $4 billion mark, with the contribution set to be financed through cash and new debt for equity …

Addressing executive remuneration at Paddy Power Betfair (PPB) first ever AGM, Chairman Gary McGann stated that the company had implemented a ‘fair, transparent and balanced’ policy. McGann noted concerns on the matter, following 32% of shareholders voting against PPB’s executive pay report at the meeting. PPB’s Chairman stated that the divide stemmed from a change in the new group’s long …

Åland licensed gambling operator Paf has confirmed the appointment of former Betting Promotion and Tain Networks Chief Executive Christer Fahlstedt as its new CEO. A Scandinavian igaming veteran Fahstedt replaces Ander Ingves, who stepped down as CEO of Paf last February following a dispute with governance regarding the operator’s corporate strategy.   Announcing Fahlstedt as its new CEO, Paf governance …

Manchester City defender Martin Demichelis has been fined £22,058 and warned over his future conduct after accepting an FA charge of betting misconduct. The Argentina international was found to have breached FA Rule E8, with 29 bets placed on matches between 22nd January and 15th February this year. There is no suspicion of any form of match fixing, and the …

Alan Jackson Chairman of Playtech Plc, has praised his firm’s strong opening to 2016, stating that the company’s commercial pipeline has continued its positive 2015 momentum. Updating investors at Playtech’s Annual General Meeting (AGM), Jackson detailed that the gambling technology provider had recoded improved core metrics maintaining growth in its average daily revenues. Playtech governance expects further corporate growth to …

Speaking to Bloomberg News Ladbrokes CEO Jim Mullen has detailed that his firm stands to lose £1 million per England win during Euro 2016 opening half (France June 10 – 10 July). Gearing up for a crucial period in bookmakers’ calendars, Mullen stated that England winning the Euro 2016 tournament would pose ‘the biggest single risk’ to Ladbrokes financial year …

In time for Euro 2016 (10 June – 10 July) Betradar has announced the launch of its ‘Euro Cup’ virtual sports product, ready for operators to add to their market inventories. Condensed into 70-minute cycles, Euro Cup enables bettors to back their favourite teams or test their analysis across a whole range of markets specific to this summer’s competition. Betrader’s …

Industry independent watchdog, The Senet Group has announced the appointment of Stephen Thornton and Richard Flint to its board. Former NHS executive Stephen Thornton will advise the industry body as an Independent Director. Thornton has over thirty years’ management experience working with political parties, charities and regulatory/policy organisations. Commenting on the appointment Wanda Goldwag, Chair of Senet Group, said: “It …

Updating the market ahead of its annual general meeting (AGM), betting technology provider Sportech Plc has stated that 2016 trading is in-line with management expectations as the company has undertaken a number of operational improvements which have gained new customer wins. Sportech governance was pleased to detail that the UK Court of Appeal had ruled unanimously in favour of its …

US business news sources have reported that embattled Caesars Entertainment Corp (CEC) are considering the potential sale of its ‘Caesars Interactive Entertainment’ (CIE) division. Investment bank Raine Group LLC have been appointed to lead the bid processes, with CEC governance targeting a reported $4 billion for its asset. Led by former Party Gaming PLC CEO Mitch Garber, CIE has become …