IGT 4Q earnings missed estimates pulled down by lower gaming service revenue. Consolidated revenue declined 3 percent to $1.32 billion from $1.36 billion in the fourth quarter of 2015, which included approximately $20 million of revenue benefits related to the catch-up reclassification of Stability Law taxes on gaming machines in Italy. Lower revenue reflects global […]
Crown Resorts’ decision to halve its stake in its Melco Crown Entertainment venture is not a call on the Macau market, but rather a decision to refocus on Australia, analysts say. On Wednesday, Crown said it was cutting its 27.4 percent holding in Melco by selling 13.4 percent to partner Melco International. The Australian company […]
Shares in Macau’s casino operators started the year on a black note, with all recording sharp losses after weaker-than-expected Chinese economic data added to yet another month of steep declines in local gaming revenue. SJM Holdings was the biggest loser, closing the first trading day of the year down 4.5 percent, followed by Sands China, […]
The industry’s biggest gaming expo kicked off in Las Vegas, with experts leading discussions on some of the big topics shaping the business, such as regulation and compliance, and iGaming. Legal advisors and regulators gathered to speak on the trending topics of illegal gaming, including the overarching implications of global gaming issues and legal landscapes, […]
International Game Technology beat analysts’ expectations with its first full set of earnings in dollars after merging with Italy’s GTECH. Q2 adjusted EPS were $0.35, above the Capital IQ mean for $0.27. On a GAAP basis, it had a loss of $0.59 a share. Sales were $1.29 billion, up 36 percent from a year […]
Macau’s casino operators, who have put up a united front in opposing a proposed blanket ban on smoking, may have won a battle with signs the government is softening its stance, but have not yet won the war.After appearing firm in its resolve to make smoking in casinos a thing of the past, the government has mellowed its tone and says it will consider keeping the lounges. But the onus will be on the operators to prove they are not harmful to health and that may be a tough call.