Macau: $4.7 Billion Strong and Growing
The AP reports Macau's gambling revenue for the second quarter has jumped 50 percent to $2.45 billion compared to Q2 2006. During H1 2007, the special administrative territory's gambling revenue rose 47.5 percent to $4.7 billion from $3.2 billion in H1 2006, the Gaming Inspection and Coordination Bureau said. The former Portuguese enclave has seen marked growth in recent years as some of the Las Vegas gambling industry's most well-known names--Las Vegas Sands, MGM Mirage and Wynn Resorts--have broken ground on large casino and resort projects. Jorge Costa Oliveira, who oversees legal matters for the Macau Gaming Commission, said in February that the passage of I-gaming regulations could happen within the next year or two.
Sportech Announces New Board Appointee
Sportech has named former SFX Sports Group CEO Jon Holmes as a non-executive director of its board. "We are delighted that Jon is joining our board," said Sportech chairman Piers Pottinger. "He brings a wealth of experience of the sports business, in particular the football industry, and his knowledge and understanding of sports marketing and branding will be invaluable."
Scientific Games Acquires 50 Percent Stake in Guard Libang
Scientific Games has agreed to acquire a 50 percent stake in Guard Libang, the China-based instant lottery ticket cooperative services provider, for an estimated $27 million. Guard Libang is an indirect subsidiary of Hong Kong-listed Rex Capital Financial Holdings. Scientific Games said it expects the acquisition to be neutral to 2007 earnings though accretive in 2008.
Neteller Director Resigns
Gord Herman, director and executive chairman of Neteller, has resigned "to concentrate on personal matters." The company said non-executive director Dale Johnson will assume the role of non-executive chairman with immediate effect.
IGT Releases Positive Third-Quarter Results
International Gaming Technology has released third-quarter results, which show a 20 percent jump in profit, which the company attributed to strong product sales and growth in gambling operations. IGT saw earnings rise to $136.4 million, or $0.41 per share, compared to $114.1 million, or $0.33 per share, during Q3 2006. "IGT delivered another quarter of solid results with new records set on a number of fronts, despite lower replacement demand in Japan and a challenging domestic market," said IGT chairman and chief executive TJ Matthews. According to a survey conducted by Thomson Financial, analysts forecast a net income of $0.39 per share.
UKGC Releases Annual Report
The U.K. Gambling Commission has released its annual report, in which commission chairman Peter Dean extolled the progression of gambling-reform-related initiatives in the country. "It is a cause of great satisfaction that the reform has now been carried out and the [Gambling Act 2005] placed on the statute book, with the commission at the center of a new regulatory system," Dean said. In the year to March 2007, the commission reported an expenditure of £14.4 million and employed 218 staff. From Sept. 1, 2007, under the Gambling Act, the commission will assume "new, significant" legal powers to prosecute illegal gambling and to regulate the U.K.-based remote gambling and betting industry.