Connect with us

News

Below-par performance by Melco’s Cyprus casino

Published

on

Below-par performance by Melco’s Cyprus casinoReading Time: 2 minutes

Melco International Development started a temporary Cyprus casino last week. However, it is so far performing “below expectations,” according to its property president.

Around 2000 customers visited the facility per day during the first week. There have been 7000 unique visitors so far, and about 4000 users joined the casino’s reward club. Bulk of the visitors were local residents, with Greece, Ukraine and Russia providing the most foreign guests.

But Craig Ballantyne, president of the Cyprus Casino aka C2, told the Cyprus Mail that, while the launch had been “a real rollercoaster ride,” the reaction had been “below expectations.” Ballantyne referenced the roughly 30 casinos in the Turkish-controlled northern half of Cyprus, saying “we’re not the only game in town.”

Ballantyne added that those northern casinos had an operational advantage over C2 because their comparatively lax regulatory oversight meant they could “give everything free” to customers, including alcohol, tobacco, “just about everything and anything … it’s not a level playing field.”

Ballantyne said Melco was discussing potential remedies with Cypriot regulators, including relaxing rules that prevent C2 from promoting gambling as a potential source of financial gain. Ballantyne noted that it was somewhat “discriminatory” that the lottery operations of the OPAP monopoly were allowed to hype multi-million euro jackpots “on every shop window in every street and every corner.”

So far, Ballantyne said C2’s slot machines were proving the most popular form of gambling with local punters, although the roulette, blackjack, poker and Russian poker tables were also doing well. However, Ballantyne said the property may “swap around” some tables, including adding some high-end baccarat, based on customer feedback.

Melco Int’l broke ground last month on its permanent €550m City of Dreams Mediterranean integrated resort, which is projected to open its first phase by 2021. Melco’s deal with the Republic of Cyprus allows it to open multiple ‘satellite’ slots-only facilities in addition to the C2 venue while its main venue is under construction.

 

Source: CalvinAyre.com


Source: European Gaming Media Latest News

News

Mobile Betting Bill Fails to Progress Through New York Assembly

Published

on

Mobile Betting Bill Fails to Progress Through New York AssemblyReading Time: 1 minute

 

Senator Joseph Addabbo’s mobile betting bill has failed to progress through the New York Assembly. The legislative session saw S17 fail to progress beyond the Assembly Standing Committee on Codes.

Addabbo tweeted that he saw no clear reason why the state could not implement mobile sports betting in 2019. Failure to do so would see the state miss out on around $75m in revenue, funding for education, and both job creation and retention.

“NY will be stuck like a disabled car on the shoulder, while we allow an illegal sports betting business in our state thrive and idly watch other neighboring states pass us up with enormous revenue gains from mobile sports betting,” Addabbo said.


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Mobile Betting Bill Fails to Progress Through New York Assembly

Continue Reading

News

Eldorado Resorts to Buy Caesars Entertainment Corp

Published

on

Eldorado Resorts to Buy Caesars Entertainment CorpReading Time: 1 minute

 

Eldorado Resorts Inc., the US based casino operator, has agreed to merge with Caesars Entertainment Corp through a $17.3 billion cash and stock deal.

The deal, which is expected to be announced soon, values Caesars at close to $13 a share. The combined company’s ownership would be split roughly between Eldorado and Caesars shareholders.

An Eldorado spokesman said the company did not comment on rumours or speculation. Caesars did not immediately respond to requests for comment.

The combination of the two companies would create a serious competitor to larger casino industry players, such as Las Vegas Sands Corp, Wynn Resorts Ltd and MGM Resorts International.


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Eldorado Resorts to Buy Caesars Entertainment Corp

Continue Reading

News

Nagasaki Governor Reaffirms His Support for Sasebo IR Bid

Published

on

Nagasaki Governor Reaffirms His Support for Sasebo IR BidReading Time: 1 minute

 

Nagasaki Governor Hodo Nakamura has reaffirmed his support for the Sasebo IR bid and urged the national government not to delay too much in issuing its IR regulations and establishing the national regulatory framework.

While Sasebo’s bid is not linked to a specific timeline, the local government does wish to move forward quickly, especially now that other competing bids could emerge from the Kyushu region.

In related news, Nagasaki IR Business Connect Seminar is going to be held with the participation of international operators and investment groups.


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Nagasaki Governor Reaffirms His Support for Sasebo IR Bid

Continue Reading

Trending

%d bloggers like this: