• July 30, 2021

Online Casino Gaming News

In 2007, a government study projected that the country of Cyprus could collect 67 million dollars annually from a casino industry, The country as a whole only has a GDP of 23 billion dollars, and needed a 13.9 billion dollar bailout to keep afloat last year.
The government cabinet has approved a plan to build a super casino on the island, and two smaller venues elsewhere. This is scheduled to happen within 12 months. The license will be for 30 years. 15 years will have to go by before a second license will be issued. The casinos will operate 24-7, and will have a 21 and over clientele. There is no projected opening date for the casinos.
Since 2006, the Chinese territory of Macau surpassed Las Vegas as the world’s largest gambling venue. But for the second month revenue is down for the country’s 35 casinos. The 3.56 billion dollars taken in was down 3.6% compared to the same month last year.
Some of the credit for the drop off can be attributed to the 2014 World Cup, which diverted betting interest from casinos. Yet, there was no significant rebound once the tournament ended. Also a factor, China’s slowing economy, and the government cracking down on money laundering.
Despite the slow down, long range prospects seem to be fine. The head of the Asian Equities at AMP Capital had this to say:
“China will continue to have a supportive policy towards Macau. However, China’s new administration also wants to emphasize that it is serious about cracking down on corruption. What they are trying to do is make the revenues as clean as possible.”
Amaya Gaming’s acquisition of Rational Group for 4.9 billion dollars has moved another step. This would be finalizing the deal at a share holders meeting. A company that wishes to take control of an internet gambling business must receive approval by industry regulators. The correct financial details have to pass regulators’ requirements.
Also, Amaya has announced that the Toronto Stock Exchange has granted approval of the sale, and a listing of the new shares on the TSX. September is the target month for Amaya’s takeover of the PokerStars and Full Tilt online casinos.
Amaya deems the European market as very important to their online casino holdings. However, they are seeking inroads into the potentially lucrative US market. They hope to seek poker licenses in the states of New Jersey and California.

Steve Carr

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