Retail

Caesars Entertainment in danger of bankruptcy

SBC News Caesars Entertainment in danger of bankruptcy

Casino and leisure operator Caesars Entertainment has entered talks with creditors to create a financial restructuring plan in order to ease its debt burdens which exceed $24 billion (£15.4 billion). In its last quarter financial earnings report the casino operator recorded net losses of $900 million (£570 million), even though it had managed to grow revenues 6% to $2.21 billion. …

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SA National Gambling Board to be scrapped

SBC News SA National Gambling Board to be scrapped

South Africa’s National Gambling Board is to be scrapped after controversy surrounding international expenses, according to Trade and Industry Minister Rob Davies. The minister said that the National Gambling Board – which spent R4.1m (£230,000) on travel in the last three years, including a trip to Las Vegas which cost over R1m (£56,000) – told Parliament that the organisation would …

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Sportech optimistic despite US wagering decline

SBC News Sportech optimistic despite US wagering decline

Betting pools and horseracing operator Sportech said its profits should fall within corporate forecasts following its trading update for the period from 22 August to 10 November 2014. The operator has been hit a 2% fall in bet wagering generated from its US racing operations, Sportech commented that the decline had been caused by changes made to the racing calendar. …

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Gala Coral ‘expects Q4 profits increase of 20%’

SBC News Gala Coral 'expects Q4 profits increase of 20%'

Gala Coral has released its preliminary unaudited 2014 Q4 and full year performance results (period ending 27 September). The operator recorded an increased Q4 2014 revenues of £288.3 million up 21% on Q4 2013 £238.6 million.  Increased gaming revenues were supported by improved Q4 gross profits of £211.7 million up 20% on Q4 £175.8 million. Gala Coral expects to post …

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Melbourne Cup cruelty accusations dismissed by horse racing industry

Two horses, Admire Rakti and Araldo, died at the recent Melbourne Cup which has led to campaigners heavily criticising the event and racing industry as a whole. The horse racing industry has swiftly rebuked these criticisms, and stated that those making them have no idea how the horses are treated. Admire Rakti, a Japanese stallion, had been amongst the favourites …

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GTECH confident of hitting 2014 targets after Q3 income increase

SBC News GTECH confident of hitting 2014 targets after Q3 income increase

Italian lottery and gambling technology provider GTECH SpA reported an increased operating income of €133.2 million (£104 million) up 30% on Q3 2013 €102.3 million (£80 million). GTECH senior management confirmed that the company was on course  to meet its full year targets, however it expressed concern regarding its decline in Q3 revenues €727.8 million (Q3 2013 – €730.2 million) …

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Gauselmann Group targets UK expansion with Betcom acquisition

SBC News Gauselmann Group targets UK expansion with Betcom acquisition

German slot machine manufacturer and land based gambling provisions supplier Gauselmann Group has set out to expand its presence within the UK gambling market. The German casino slots operator has completed its acquisition of Birmingham based software company Betcom limited, which it believes will play a key role in extending Gauselmann Group presence and profile within the UK land based …

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EveryMatrix launches Japan Gambling White Paper

SBC News EveryMatrix launches Japan Gambling White Paper

Igaming technology and services provider EveryMatrix has published an industry white paper on the proposed casino gambling bill for Japan – ‘Integrated Resort Promotion Bill’. EveryMatrix gives readers insight into current market conditions, and regulatory/political landscape of Japanese gambling. The white paper further asserts a number of market blocks and intricacies that potential Japanese license holders may have to anticipate …

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