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Wynn Resorts Ltd Announces Q1 2020 Results

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Wynn Resorts Ltd has announced its Q1 2020 results. Operating revenues were $953.7 million during Q1 2020, a decrease of 42.3% from $1.65 billion during Q1 2019.

Net loss attributable to Wynn Resorts, Limited was $402.0 million, or $3.77 per diluted share, for the first quarter of 2020, compared to net income attributable to Wynn Resorts, Limited of $104.9 million, or $0.98 per diluted share, in the first quarter of 2019.

“Our leadership team has been working side-by-side with our host communities, fellow industry leaders and world-class medical experts to identify and implement strategies to mitigate the impact of the virus on our team members, our guests and our broader communities. In mid-March we led the industry by identifying the need for short-term closure in Las Vegas and Boston, thereby doing our part to ‘flatten the curve.’ Concurrently, we decided to invest in the health and safety of our approximately 30,000 team members globally by committing to pay their full wages and benefits through May. We continue to play a leadership role in the industry’s re-emergence, most recently producing a detailed reopening plan on April 19, developed in consultation with medical experts from Georgetown and Johns Hopkins Universities, which we believe will be the gold standard for sanitization and customer safety,” Matt Maddox, CEO of Wynn Resorts, said.

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“At the same time, we have also been focused on our long-term business prospects, taking steps to bolster our already strong liquidity position by opportunistically issuing $600 million of unsecured notes and increasing our financial flexibility. While the current environment is clearly challenging, we are confident that travel and tourism will recover in both the U.S. and China, and our industry leading assets, fortress balance sheet and talented team members position the Company to thrive in the years ahead,” Matt Maddox added.

The Company announced that it has suspended its quarterly dividend programme due to the financial impact of the Coronavirus pandemic.

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Hub88 partners with LiveGames to enhance content offering

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Hub88 has partnered with live casino supplier LiveGames, further strengthening its product offering by adding a unique range of content to its platform.

LiveGames provides fully customisable online live dealer games and branded tables including the first vertical roulette table in the sector, along with crash games and the widely played Tombola.

The supplier delivers experiences with a player-focused design, easy to use mobile interface, and high-resolution broadcasts.

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The partnership will support LiveGames’ goal to further expand in international markets, including Africa, Asia, and Latin America where Hub88 has a strong presence.

The deal showcases Hub88’s commitment to grow its ecosystem of partners, offering a diverse portfolio of products and content.

Ollie Castleman, Head of Hub88, said: “We’re thrilled to unveil this strategic partnership with LiveGames which sees us add a great provider to our platform, one that utilises modern technology to offer bespoke and personalised gaming experiences to players.

“We are looking forward to collaborating and strengthening our content library with their diverse games.”

The LiveGames Team said: “Our journey started in a small studio and as a team, we are excited about now expanding to every corner of the world together with Hub88 and their extensive operator network.

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“We are committed to promoting innovation in the industry and this partnership will support us on that mission.”

The post Hub88 partners with LiveGames to enhance content offering appeared first on European Gaming Industry News.

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Indonesian Govt to Form Task Force to Tackle Online Gambling

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Indonesian President Joko Widodo has chaired a limited meeting which discussed the efforts taken to eradicate online gambling in the country on Thursday 18 April, at Merdeka Palace in Jakarta. Minister for Communication and Information Technology Budi Arie Setiadi, in his press statement after the limited meeting, said that the Government will form a task force to counter online gambling.

“It has been decided that within a week, we will formulate measures to form an integrated task force in order to eradicate online gambling,” Budi said.

Minister for Communication and Information Technology mentioned that forming a cross-ministries/institutions task force is aimed to handle online gambling more thoroughly, collaboratively and efficiently.

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“Gambling is an illegal act based on regulations. So, we need to impose measures effectively to settle it,” Budi stated, adding that his ministry will focus on handling online gambling websites and contents, while the law enforcement officers will enforce the law.

“Our authority is only to take down the websites, while the Financial Services Authority (OJK) blocks their financial accounts, and then followed by law enforcement officers, police officers, and the public prosecution service officers,” he remarked.

Similarly, OJK’s Chairperson of Commissioner Board Mahendra Siregar also highlighted the importance of holistic measures in eradicating online gambling in Indonesia.

“Some online gambling activities are not conducted in Indonesia, some are cross-borders, some do not use bank accounts, some needs to be tracked and traced through bank accounts, including transfers and so on. So, the next layers must also be addressed, and that way it leaves no empty rooms,” Mahendra explained.

Mahendra said that according to the institution’s authority, from the end of 2023 to March 2024, OJK has blocked around 5000 bank accounts that indicate its relation to online gambling.

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“So far, we have cooperated closely with Communications and Information Technology Ministry. So, if we receive a list of bank accounts suspected to be used or are being used in online gambling activities, we immediately block them, and it has reached up to 5000 bank accounts,” Mahendra mentioned.

The post Indonesian Govt to Form Task Force to Tackle Online Gambling appeared first on European Gaming Industry News.

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China’s CBA League Extends Global Broadcast and Integrity Partnership with Sportradar

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The Chinese Men’s Professional Basketball League (CBA League) and Sportradar announced a strategic extension of their partnership aimed at growing the league’s global presence and ensuring integrity within Chinese basketball.

This extension will leverage Sportradar’s expansive network to distribute more than 550 games, including highlights and short form video, through the regular and post-season. Through international broadcast and audio-visual distribution channels, including leading broadcasters, streaming services and over-the-top (OTT) platforms, the collaboration seeks to enhance fan engagement and broaden the league’s viewership in international markets.

CBA League will also continue to receive Sportradar’s market-leading integrity services, with its suite of technological solutions and products deployed to safeguard CBA League competitions against a range of integrity threats.

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Shirley Lv, who led the broadcast rights negotiation at CBA League, said: “We are delighted to extend our partnership with Sportradar and believe it will provide enriched possibilities and further awareness for CBA League, given the company’s extensive experience and recent track record. By building up opportunities globally in this long-term partnership, we look forward to developing the continued growth of the CBA League and reaching out to new audiences around the world.”

Ben Turner, Head of Sports Content and Partnerships, APAC and Head of Global Basketball, Sportradar said: “Sportradar is the unparalleled partner to propel CBA League towards previously untapped levels of global visibility. Basketball is one of only a few sports with significant global appeal, and Sportradar is committed to maximizing this potential for both the CBA League and our clients. Together, we will continue to unlock immense value through our content offering, fostering growth and engagements across diverse markets.”

The 2023/24 season is the CBA league’s 29th edition, with 20 teams vying for top honours.

The post China’s CBA League Extends Global Broadcast and Integrity Partnership with Sportradar appeared first on European Gaming Industry News.

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