Ultimate Gaming Closes Nevada Online Poker Site
LAS VEGAS — Nov 14, 2014
By KIMBERLY PIERCEALL Associated Press
Ultimate Gaming's gamble on online poker in Nevada didn't pay off.
After shutting down its operations in New Jersey, the company announced Friday that it had closed its Ultimate Poker online business in Nevada, too, citing trouble making a profit as long as online gambling is limited to a pool of players in single states, so far just three nationwide.
http://winsgame.com/poker
The company, owned by Las Vegas-based neighborhood casino-hotel company Station Casinos LLC, was the first to launch a legal online poker site in Nevada in early 2013.
State regulators will be monitoring the closure to assure that all customers receive everything they're owed and the state gets its tax revenue, said A.G. Burnett, chairman of the Nevada Gaming Control Board.
The board approved the company's closure plan and will be working with officials on a close-of-business audit, he said.
The company didn't mention how many employees might be affected by the closure.
Ultimate Gaming chairman Tom Breitling said in a statement Friday that online poker revenue fell short of expectations. Operating the sites in just the three states where it's legal — Nevada, New Jersey and Delaware + made the business costly.
Players in one state can only go head-to-head with other players also physically in that same state.
"These factors have combined to make the path to profitability very difficult and uncertain," Breitling said in the statement.
David Schwartz, director of the University of Nevada, Las Vegas' Center for Gaming Research, said the closure was surprising considering the investment the company made to do business in Nevada. He said he didn't believe anyone who entered the marketplace expected that legal online poker would be limited to three states.
"I think the future has got to be a bigger market than Nevada," he said. "In the big picture, Americans have shown they like playing poker online."
A few unlicensed sites gained huge followings for years until what many professional players refer to as "Black Friday" in 2011 when the federal government shut them down and seized player accounts.
Players can still access unregulated poker sites based off-shore.
Schwartz says it still behooves companies like Ultimate Gaming and other to play by the rules, "because there's going to be consequences when they don't," he said
Ultimate Gaming was the first of three companies to offer legal online poker in Nevada starting in early 2013.
Real Gaming from South Point Casino and the World Series of Poker via Caesars Entertainment remain.
Ultimate Gaming shut down its operations in New Jersey in September after it ended its agreement with Trump Taj Mahal which filed for bankruptcy. It didn't operate in Delaware.
Monday, November 17, 2014
Monday, June 30, 2014
Amaya to Acquire PokerStars and Full Tilt for $4.9 Billion
Amaya to Acquire PokerStars and Full Tilt for $4.9 Billion
June 13, 2014
http://winsgame.com/poker
Amaya and PokerStars come to terms in the late hours on Thursday June 12, Amaya Gaming publicly announced that they would agree to terms to buy-out 100% of Oldford Group’s Rational Group, which includes PokerStars and Full Tilt Poker (including issued and outstanding shares) for $4.9 billion.
As part of the deal, PokerStars CEO Mark Scheinberg and Isai Scheinberg will no longer be associated with the company.
The structure of global poker as we know it will surely be altered thanks to this major acquisition.
Major Details about the Acquisition
Amaya will become world’s largest publicly traded online gaming company, according to the press release (Amaya + Oldford pro forma revenue of $1.3 billion combined in 2013)
Amaya and Rational will combine as complimentary businesses
Rational Group will keep all executive management pieces the same, but all shareholders (Rational and Oldford Groups) must relinquish all shares to Amaya
Reaction
Amaya CEO David Baazov, clearly excited about the aquistion, had kind words for Oldford Group CEO and Founder Mark Scheinberg: “[He] pioneered the online gaming industry, building a remarkable business and earning the trust of millions of poker players by delivering the industry’s best game experiences…”
Scheinberg responded to these comments by reminiscing on the success his company brought: “I am incredibly proud of the business… creating the world’s biggest poker company and a leader in the iGaming space.”
Scheinberg also expressed his best wishes to the company as well as saying that the company is in good hands with a CEO like Baazov at the helm.
Additionally, Executive Director of the Poker Player’s Alliance John Pappas called the acquisition encouraging news for American iGamer’s who have been eagerly anticipating the return of PokerStars to the US Market. He also believes the move will unite many parties of the industry together (tribes, casinos, card rooms, etc.).
New Jersey Online Poker
The impact of the move will surely create a wide-open opportunity for New Jersey Online Poker to make strides in the iGaming industry. Complications with DGE requirements in New Jersey hindered the growth for the Oldford Group’s PokerStars campaign to be at its best. With new ownership, the sky it the limit for PokerStars in New Jersey and rest of the U.S. markets as they open up.
More Info to Come
Amaya Gaming is soon to come out with more details as they finished a conference call early in the morning on June 13.
You can also monitor updates from NJPokerOnline, which will be providing breaking news and updates on these developments.
June 13, 2014
http://winsgame.com/poker
Amaya and PokerStars come to terms in the late hours on Thursday June 12, Amaya Gaming publicly announced that they would agree to terms to buy-out 100% of Oldford Group’s Rational Group, which includes PokerStars and Full Tilt Poker (including issued and outstanding shares) for $4.9 billion.
As part of the deal, PokerStars CEO Mark Scheinberg and Isai Scheinberg will no longer be associated with the company.
The structure of global poker as we know it will surely be altered thanks to this major acquisition.
Major Details about the Acquisition
Amaya will become world’s largest publicly traded online gaming company, according to the press release (Amaya + Oldford pro forma revenue of $1.3 billion combined in 2013)
Amaya and Rational will combine as complimentary businesses
Rational Group will keep all executive management pieces the same, but all shareholders (Rational and Oldford Groups) must relinquish all shares to Amaya
Reaction
Amaya CEO David Baazov, clearly excited about the aquistion, had kind words for Oldford Group CEO and Founder Mark Scheinberg: “[He] pioneered the online gaming industry, building a remarkable business and earning the trust of millions of poker players by delivering the industry’s best game experiences…”
Scheinberg responded to these comments by reminiscing on the success his company brought: “I am incredibly proud of the business… creating the world’s biggest poker company and a leader in the iGaming space.”
Scheinberg also expressed his best wishes to the company as well as saying that the company is in good hands with a CEO like Baazov at the helm.
Additionally, Executive Director of the Poker Player’s Alliance John Pappas called the acquisition encouraging news for American iGamer’s who have been eagerly anticipating the return of PokerStars to the US Market. He also believes the move will unite many parties of the industry together (tribes, casinos, card rooms, etc.).
New Jersey Online Poker
The impact of the move will surely create a wide-open opportunity for New Jersey Online Poker to make strides in the iGaming industry. Complications with DGE requirements in New Jersey hindered the growth for the Oldford Group’s PokerStars campaign to be at its best. With new ownership, the sky it the limit for PokerStars in New Jersey and rest of the U.S. markets as they open up.
More Info to Come
Amaya Gaming is soon to come out with more details as they finished a conference call early in the morning on June 13.
You can also monitor updates from NJPokerOnline, which will be providing breaking news and updates on these developments.
Subscribe to:
Posts (Atom)