Brazil President Rousseff is facing impeachment as her country falls into economic despair, but gambling could arrive at her rescue.
Brazil is as soon as gambling that is again mulling, lawmakers in the cash-strapped country within the midst of economic devastation scrambling to find ways to finance the federal government without putting extra tariffs on residents.
The Senate that is brazilian Commission Regional Development and Tourism voted this week in favor of Bill 186 of 2014, legislation that would authorize up to 35 land-based gambling enterprises and enable gambling enterprises to commence operations online.
Gambling enterprises were banned in the national country since 1946.
Illegal gambling in Brazil is estimated become a nearly $5 billion annual industry, and legislators affirm tapping into that market is required to offset a dismal financial year for the country. Moody Investors Service recently downgraded Brazil to ‘Junk Status’ citing a rapidly deteriorating economy and ‘worsening governability.’
Legalizing gambling and Web casinos appears to be a viable solution to make up at least part of the mounting budget deficit. Persuading residents to get behind gambling might be a more task that is difficult in other countries.
Brazilians associate gambling with corruption, many thinking the venues become nothing significantly more than resources from criminal syndicates to meet and exchange mo Continue reading “Brazil Special Senate Committee Recommends Legalizing Gambling”
World Series of Poker champ Joe McKeehen had a $7.68 million payday this week, the WSOP also helping the third-quarter financials for Caesars.
Caesars Acquisition Company (CAC), the investment arm in Caesars Growth Partners (CGP), released its third quarter revenues for 2015 and the total results are mixed.
The moms and dad business to Caesars Interactive Entertainment, the planet number of Poker and a few casinos Planet that is including Hollywood Harrah’s New Orleans, and also the Horseshoe Baltimore, CAC reported total new revenues jumped to $601.2 million in the three months ended September 30, an increase of nearly 24 per cent.
Not all the news had been positive, CAC also revealing that its web income from continuing operations ended up being simply $20.5 million, a 71 per cent drop year-on-year.
Caesars Acquisition’s CEO Mitch Garber had no qualms rotating the negatives into positives, saying their company remains ‘encouraged by the performance that is strong of assets.’
Interactive Stays Active
The highlight of Q3 filing by CAC was once again its Caesars Interactive Entertainment (CIE) arm, the division reporting $194.5 million in net revenues, a 20.4 percent yield compared to Q3 2014.
CIE is responsible for the WSOP brand along with Caesars Palace Las Vegas and lots of social gaming websites including Bingo Blitz, Slotomania, and Caesars Bingo.
‘Our Interactive Entertainment business continues to c Continue reading “Caesars Reports Mixed Third Quarter Results, WSOP TV Ratings Also Mixed”