MGM Resorts Misses Fourth-Quarter Projections, but Springfield Casino Construction Ahead of Schedule

MGM Resorts Misses Fourth-Quarter Projections, but Springfield Casino Construction Ahead of Schedule

MGM Resorts posted improved fourth-quarter revenues in 2016 compared to the previous year, but the generated income fell far short of projections.

MGM Resorts CEO Jim Murren is encouraged heading in 2017 despite a disappointing fourth quarter for his company.

The Las Vegas-headquartered gaming and hospitality company reported net income of nearly $70 million for the final three months of the year. That translates to four cents per share, a far cry from the analysts’ consensus estimate of 21 cents for the quarter.

Though the company’s new property in Washington, DC, appropriately named National Harbor, brought in big money for MGM, and performance improved at the conglomerate’s 10 venues in Las Vegas and Atlantic City’s Borgata, the convention space underperformed.

Regardless of coming in well under fiscal expectations, CEO Jim Murren painted the earnings data in a rosy light.

‘The achievement of key financial and strategic milestones demonstrates our continued focus on driving profitability,’ Murren said in a release. ‘We are excited about the outlook for 2017.’

Investors on Wall Street don’t normally take the bait, and value numbers over words. Traded on the New York Stock Exchange, shares of MGM Resorts fell as much as nine percent following the financial announcement.

For the complete year, MGM generated a net income of $1.24 billion, or $1.94 per share. That’s a substantial im Continue reading “MGM Resorts Misses Fourth-Quarter Projections, but Springfield Casino Construction Ahead of Schedule”

FantasyDraft Bails Out Fantasy Aces, Will Spend Player Balances

FantasyDraft Bails Out Fantasy Aces, Will Spend Player Balances

FantasyDraft will rescue the client balances of the stricken and bankrupt Fantasy Aces site, its CEO announced on Monday on the RotoGrinders DFS forum.

FantasyDraft CEO Steve Krombolz said his company is stepping in so that they can save the ‘lifeblood associated with industry.’ The vast majority of Fantasy Aces clients will be paid in cash, while larger balances will be topped up with FantasyCash.

FantasyDraft was in the verge of acquiring the website month that is last it pulled out of the deal citing ‘issues identified during our homework.’ It was a move that quickly propelled Fantasy Aces towards chapter 5 bankruptcy.

Bankruptcy filings soon revealed the messy truth behind Fantasy Aces’ situation: the organization had unsuccessful to segregate player funds from the operational costs and owed its customers $1.3 million.

An account listed in the filings as ‘Players Account’ included just $2,419. As the company listed free pokies no download assets of $1.8 million, that may be liquidated to pay creditors, it said it had liabilities of $2.96 million.

In brief, Fantasy Aces could not pay its customers.

99.6 Percent to Get Money

‘As members of this DFS community devoted to doing things the correct way, we feel you, the players,’ wrote Steve Krombolz, CEO and Co-Founder of FantasyDraft that we need to do our part to protect the lifeblood of the industry.

‘So, we have determined to obtain involved. Today, we have entered into an agreemen Continue reading “FantasyDraft Bails Out Fantasy Aces, Will Spend Player Balances”

Minnesota Charitable Games Charitable to State Coffers, Not Actual Nonprofits

Minnesota Charitable Games Charitable to State Coffers, Not Actual Nonprofits

Minnesota charitable games are used by roughly 1,200 nonprofits across the Gopher State as a way to grow revenue for the missions of their respective organizations.

But the latest fiscal report on the legalized gambling sector shows that state tax coffers are getting rich, while the actual groups themselves are barely pulling in more money than they deliver to St. Paul.

The Irving Community Club supports youth programs, but their website makes no secret about how they raise money. A Minnesota charitable games bill seeks to help lessen the organization’s tax burden.

The Star Tribune, the largest circulated newspaper in Minnesota, published a story this week showing that nonprofits paid $60.6 million in state taxes last year, while spending $62 million on their charitable work. And while overall the nonprofits engaged in charitable games still came out on top, that wasn’t the case for some groups.

For example, the Irving Community Association was on the hook for $733,000 in state taxes i n2016. But the 501(c)(3) group that supports youth organizations around the Duluth area spent just $306,000 on actual mission programs.

Tax rates vary depending on an organization’s total gambling revenue and which games they offer. Groups pay between 8.5 and 36 percent of their gross receipts on games like pull-tabs and electronic bingo to the state.

Some observers blame the nonprofits for having too much overhead, whil Continue reading “Minnesota Charitable Games Charitable to State Coffers, Not Actual Nonprofits”

Brand Free Games Pokies New Hampshire Casino Effort Sees Help from Full Senate

It is still too soon to predict how House pokies free spins Representatives would respond to this new casino bill, but the legislative piece may possibly get some time that is hard. Galaxy Macau was gracing the region that is administrative skyline since 2011, when its very first phase had been finally launched after numerous delays. The bill ended up being considered into the Senate the week before and had been then known the Finance Committee where it got a number that is equal of and negative votes. New Hampshire free online pokies with features may expand its gambling industry an additional direction, as three House of Representatives users introduced an online gambling bill early this present year.

GEG unveiled it plans to spend up to $5 billion on the development of this two phases that are new. Sponsored by Sen. The $80 million is usually to be dedicated to the casino that is first while the second is expected to price around $40 million. The move arrived after city officials needed the six casino concessionaires and sub-concessionaires casino that is operating in the hub to reduce their reliance on gambling providing. The operator will therefore avert the course further of its Macau operations away from gambling.

The integrated resort was free full pokies games download expanded considerably in 2015, whenever GEG slice the ribbon in the lavish Phase At present, the house offers a lot more than 3,600 luxury resort rooms along with other accommodation choices, more than a million square legs of retail area, more than 120 restaurants and meals outlets, and numerous gambling choices, among many others play free pokies online no registration no download. Brand New Hampshire Casino Effort Sees Help from Full Senate

The New Hampshire Senate authorized week that is last bill that if signed into legislation, would authorize the construction of two casinos inside the state’s edges. Const Continue reading “Brand Free Games Pokies New Hampshire Casino Effort Sees Help from Full Senate”