Monthly Archives: October 2016

DraftKings, FanDuel merger rumors heat up, management roles reportedly sorted

Rumors of a merger between daily fantasy sports operators DraftKings and FanDuel are heating up, including a reported decision on the combined entity’s management structure.

On Friday, ESPN reported that the merger of the two companies was “imminent,” with public confirmation expected as early as this week. The merger reportedly gained new momentum following the two companies’ dual $6m settlements last week with New York’s Attorney General over deceptive marketing practices.

On Monday, Bloomberg reported that the parties had decided that DraftKings CEO Jason Robins (pictured far right) would lead the merged entity, with FanDuel CEO Nigel Eccles (on the left) acting as chairman, while the company’s board would be drawn equally from both companies. However, the companies apparently haven’t ruled out bringing in an outside exec to serve as CEO.

Other details, such as what name the new company will operate under, or where the corporate HQ will be based, are reportedly still being decided. Neither company is commenting on the rumors.

Report: Vietnam to allow local entry to two casinos for three-year trial

Vietnam will allow local residents to gamble in two casinos as part of a three-year trial, according to a local industry watcher.

Vietnam has been tinkering with its new gambling legislation for years now, and the most recent updates showed the Ministry of Finance reversing course on its earlier plans to relax the longstanding ban on local residents entering gaming establishments.

But in a recent interview with Yogonet, Stellar Management CEO Augustine Ha Ton Vinh claimed that the government had “decided to allow Vietnamese to enter two designated integrated resorts, one on the Van Don Island, Ha Long Bay, in the North and the other on Phu Quoc island in the South.” Vinh said this experiment would run for three years in order to gauge the impact on society.

According to Vinh, the most recent draft of Vietnam’s gaming legislation will restrict casino entry to local residents over 21 years of age with no criminal record and who can prove a monthly salary over US $500. However, family members can complicate this process if they can demonstrate that the individual’s gambling would pose potential harm to the family.

Former Baha Mar director says CTFE “unsuited to invest in the Bahamas”

A former director of the unfinished $3.5b Baha Mar resort casino in the Bahamas says the project’s would-be buyer should be rejected due to its alleged ties to Asian crime groups.

In August, Baha Mar’s principal creditor, the Export-Import Bank of China (EXIM), sold the project to a wholly owned shell company (Perfect Luck Holdings) in August with the expectation that Baha Mar would eventually be sold to an independent Chinese company. Late last week, word broke that Chinese conglomerate Chow Tai Fook Enterprises (CTFE) had been identified as the prospective ultimate purchaser of the Baha Mar project.

On Sunday, Dionisio D’Aguilar, a former director of the resort’s original developer Baha Mar Ltd, issued a statement claiming that CTFE is “unsuited to invest in the Bahamas.” D’Aguilar said he based this assessment on CTFE’s owners – the family of the late Cheng Yu Tung – having a “well-documented connection to organized crime in Asia.”

CTFE’s holdings include a 10% stake in the parent company of Macau casino operator SJM Holdings. The Cheng family also owns Macau’s largest junket operator Suncity Group, with which CTFE has partnered on a prospective Vietnam resort casino project.

WSOP Main Event Final Table Day One Recap:  Players Don’t Get Out of Line, Tanking at a Minimum, Five Players Remain

The 2016 World Series of Poker (WSOP) Main Event final table kicked off from the Rio in Las Vegas on Sunday evening. Nine players, dubbed the “November Nine,” took a […]

The post WSOP Main Event Final Table Day One Recap:  Players Don’t Get Out of Line, Tanking at a Minimum, Five Players Remain appeared first on .

Italy seeks to ban anonymous digital currencies

Cryptocurrency is of great concern to Italy, so much so that lawmakers in the country have filed a bill that could pave the way towards banning “fully anonymous cryptocurrencies” in the European nation.

Stefano Quintarelli, IT expert and a member of the Italian Parliament, tweeted last week that “in 14 MPs we proposed a bill in Italy to ban fully anonymous cryptocurrencies.”

The announcement coincided with the launch of a new digital currency called Zcash, which promises a “strong focus on anonymity,” making it a strong contender for older and established alternative coins.

Italy isn’t the first country who is not overly keen on the idea of digital currency. The Italian government allows bitcoin use without a specific regulation, but they frown upon other currencies that could gain mainstream popularity, like in the case of Zcash.

Chow Tai Fook Enterprises eyes buying stalled Baha Mar resort

Casino resorts investor Chow Tai Fook Enterprise (CTFE) announced that it is in talks to acquire the Baha Mar resort casino in the Caribbean archipelago of the Bahamas.

In a statement, the developer—owned by the family of tycoon Henry Cheng Kar-shun—said it has applied to the government of the Bahamas for the approval to become an investor and acquirer of the stalled $3.5 billion holiday resort.

“CTFE is looking forward to having Baha Mar join its portfolio of world-class integrated resort development projects,” CTFE chairman Henry Cheng said in a statement. “We are fully committed to this project and plan to hire as many Bahamians as possible to work at the property.”

CTFE, which did not provide any financial details on the negotiations, said it would invest heavily in pre-opening activities ahead of the official deal completion which would help boost local employment.

China lottery sales leap to $43B in September

Sales from official lottery products in China are up in the first nine months of 2016, according to the country’s Ministry of Finance.

Official data from the finance ministry indicated that total lottery sales in the January to September period reached RMB289.74 billion (USD42.74 billion), a 6.6 percent increase compared to the same period in 2015.

Sales of welfare lottery products contributed RMB151.34 billion—a 1.6 percent jump year-on-year, according to the Ministry of Finance. Sports lottery sales also jumped 12.6 percent year-on-year to RMB138.40 billion. Combined sales for the two systems in September totaled RMB32.07 billion, a 10.3 percent increase year-on-year.

The ministry said sales were up in most of the 31 provinces and cities of mainland China that were authorized to sell lottery tickets, including Shandong (RMB5.1 billion), Hunan (RMB4.03 billion), Shaanxi (RMB3.94 billion), Gunagdong (RMB3.69 billion) and Hubei (RMB3.52 billion). Tibet also recorded a 42.6 percent year-on-year increase, while sales in Qinghai province and in Hubei province were up by 2.5 percent and 31.4 percent year-on-year, respectively.

US election 2016 faces longest odds of presidential candidates

With the presidential debates over and the Election Day a mere eight days away, both the Republicans and the Democrats are pulling out all the stops in their campaign to become the next president of the United States.

The race for the White House—dubbed as the “unpopularity contest”—narrowed on Sunday as Hillary Clinton, who holds an early lead in some key swing states, sought to shake off the renewed FBI probe of her emails, according to an ABC News-Washington Post poll. Meanwhile, Donald Trump, who blitzed western states in the last days of the campaign season, faces a series of accusations that he had sexually assaulted the several women.

According to sportsbook Pinnacle, the 2016 US presidential race has the longest odds of candidates.

During the 2008 and 2012 elections, Barack Obama faced John McCain and Mitt Romney, respectively in his quest for the US presidency. During both clashes, the Pinnacle politics market saw the Democratic winner’s odds only marginally above even money at its longest.

Wynn Palace – Leighton dispute ends in settlement

Casino mogul Steve Wynn may have saved himself some litigation time after Wynn Resorts reached a settlement with Leighton Contractors (Asia) over the disputed Wynn Palace Macau luxury resort project but he sure have lots of explaining to do to his investors

Wynn will shell out US$121 million in fees to pay Leighton Contractors (Asia) while associated companies of the casino operator are expected to pay US$200 million to the construction firm.

In a filing to the Australian Securities Exchange, construction and engineering contractor CIMIC Group Ltd. announced that its subsidiary Leighton and Wynn Resorts amicably resolved their claims and cross claims against each other about the hotel.

It would be recalled that Wynn had earlier accused Leighton of failing to deliver the property on time under a guaranteed price arrangement the sides made.