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America First in Canadian Fallsview Casino and Casino Niagara Bid

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Under, Ontario Lottery and Gaming Corporation’s new plans, Fallsview Casino and Casino Niagara’s leases are up for grabs. Both casinos will be bundled together for a 20-year lease deal. Originally five companies expressed their interest in taking over the lease. Out of the five bidding companies, only two were Canadian. These two companies, are the Great Canadian Gaming Corp and Gateway Casinos and Entertainment Ltd.  Heading up the American charge is Hard Rock Café International Inc., Caesars Entertainment Corp. and Mohegan Sun Inc. However, despite strong bids it was reported by Globe and Mail that only the US companies remain in the running. Meaning that for at least the next 20 years Fallsview Casino and Casino Niagara will be under US management.

What does this mean for the city of Niagara?

Currently, both casinos are owned by the government of Ontario. Through the government, they are both run by the Ontario Lottery and Gaming Corporation. This means that the government have a say in the day to day running of the casino. It also means that they are responsible for the future planning and costs associated. In the past, this has been a very profitable relationship. Not only for the government, but also for the city.

Since December 1996, the OLG netted revenue of $124.7 million for the city of Niagara. Revenues which of course were raised from payments. These payments are made to “thank” the city of Niagara for being the host city. Currently, payments to the city from the OLG are made quarterly. In June 2018, the city of Niagara received $7,393,429 in hosting payments. In addition to these payments, the casinos are also the largest employer in the city. This provides further revenue to the city. Although, no new lease-holder deal is finalised it is likely that the ‘host’ payments will continue.

However, just as the two casinos bring money, they also cost money. This is because as government operations, the government is liable for costs. As you can imagine, the running and upkeep of a casino is not cheap. This means dipping into tax payer money. Speaking about this in an interview OLG President Stephen Rigby said the lease sale ““Will make future capital costs of developing, expanding, improving and maintaining the Niagara casinos the responsibility of a service provider — so public money is no longer used to cover these costs.”

What does the future hold for Fallsview Casino and Casino Niagara?

Despite, being the prize at the end of a bidding war the future of both casinos is assured. One thing that is for sure is that they will no longer be Canadian run. That privilege will now pass to one of the three remaining US bidders. According to sources the OLG will base their final decision on the bidders’ experience in gaming development. Of which, all of the three remaining contenders have plenty. Especially, when it comes to online gaming operations. Online gaming in Canada is a strong and fast growing industry. Figures on Canadian casino review website Casinos.co suggest that over 70% of Canadians have gambled online in the last year. It is highly likely that all three companies will be looking to negotiate on online gaming.

Another area of the casinos, all bidders will be looking to expand and build upon is loyalty schemes. Something, which Hard Rock and Caesars Entertainment Corp can easily incorporate into their existing schemes. This has raised some concerns with the OLG, who fear that both casinos will lose their high-rollers to Las Vegas. Something, which would have a seriously negative effect on Fallsview Casino and Casino Niagara.

Unfortunately, as no deal has been reached there is no concrete plan for either casino. Nobody, besides the OLG knows for sure what terms and conditions will be attached. For Fallsview Casino, and Casino Niagara any future without Canadian ownership will be bittersweet.

Source: Latest News on European Gaming Media Network

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Gaming and Leisure Properties, Inc. Declares Third Quarter 2019 Cash Dividend of $0.68 per Share

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9-13 Gaming and Leisure Properties, Inc. Declares Third Quarter 2019 Cash Dividend of $0.68 per ShareReading Time: 1 minute

Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (the “Company”), announced today that at its meeting yesterday, the Company’s Board of Directors declared the third quarter 2019 cash dividend of $0.68 per share of its common stock.  The dividend is payable on September 20, 2019 to shareholders of record on September 6, 2019.

While the Company intends to pay regular quarterly cash dividends for the foreseeable future, all subsequent dividends will be reviewed quarterly and declared by the Board of Directors at its discretion.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Gaming and Leisure Properties, Inc. Declares Third Quarter 2019 Cash Dividend of {$permalink}.68 per Share

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PR – NSoft at Entertainment Arena Expo 2019

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8-14 PR – NSoft at Entertainment Arena Expo 2019Reading Time: 1 minute

 

NSoft is going to exhibit at the Entertainment Arena Expo and enable operators to discover the rich one-to-one customized experience of NSoft’s products – Sportsbook, Virtual Sports Betting, Draw Based Games and NSoft Vision.

 

Entertainment Arena Expo (EAE) is the biggest exhibition for the casino and betting industry in Central and Eastern Europe. The event will take place from September 3rd-5th, at Romexpo Exhibition Center Bucharest.

 

Entertainment Arena Expo 2019 is the spot where exhibitors and visitors will extend their businesses and materialize their growth plans. NSoft, taking part in this premium event will present its complete solutions aiming to meet the customer’s uppermost requests.

 

In order to obtain in-depth and comprehensive information about the latest NSoft’s innovations and products, feel free to book a meeting with our representatives at sales@nsoft.com, or simply meet them at Stand 523 during the event, they will be happy to share NSoft’s know-how with you.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: PR – NSoft at Entertainment Arena Expo 2019

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Guardia di Finanza Accuses SKS365 for Tax Evasion

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1-15 Guardia di Finanza Accuses SKS365 for Tax EvasionReading Time: 1 minute

Guardia di Finanza, the financial police in Italy, has accused SKS365, the Malta-based gambling operator, for tax evasion.

The fiscal probe conducted by the Guardia di Finanza law enforcement agency in the coastal city of Reggio Calabria concluded that SKS365 had failed to declare about 4 billion euros in taxable income between 2015 and 2016. Investigators said the company made the money by “carrying out gambling activities illegally in Italy.”

Ramphastos Investments acquired SKS365 for 158 million euros in August 2016 and November 2017. During the police sweep in 2018, the prosecutor’s office clarified that “no claims of responsibility” emerged against the company’s new owners.

SKS365 told that its current management has no links to the company’s previous activities and that it is now suing the company’s previous owners and seeking compensation.

Colonel Cesare Antuofermo, a Guardia di Finanza officer involved in the case, told that the legal entity liable for the tax offenses remains the same, even if the corporate structure — and its shareholders — have changed.

Antuofermo added that the latest allegations are “the largest ever tax evasion claim issued against an online gambling company in Italy.”

SKS365 will now have 60 days to make its case to the Italian Revenue Agency, which has taken over the tax evasion case from the Guardia di Finanza. The tax authority will then issue a notice that formally certifies the amount of taxes owed by SKS365 and the payment deadline.

In a statement, SKS365 told OCCRP it “reserves the right to take legal action aimed at protecting its interests and those of its investors. The company does not provide comments or specific information on its legal actions.”


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Guardia di Finanza Accuses SKS365 for Tax Evasion

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