Issue N41, 2009
October 28, 2009
CEO Switch for Scientific Games
New York public trading gaming group, Scientific Games Corporation has announced that it will be appointing a new Chief Executive Officer in place of the retiring Joe Wright. Mike Chambrello will step into Wright’s shoes, after spending several years as the group’s President and Chief Operation Officer. Chambrello said he was looking forward to working with the board and the management team in his new capacity as Scientific Games continues to expand its global product and service offerings and enhance shareholder value.
Scientific Games, which faces growing problems such as declining income and tough trading conditions, has created a new Office of the Chairman which will provide strategic guidance to the group.
“Joe Wright has done an impressive job in leading the company through a difficult economic environment and we believe that he has set the stage for future growth,” said A. Lorne Weil, the Chairman of the Board at Scientific Games. “It's time to pass the torch to Mike Chambrello, who has been running the day to day operations for many years and has been instrumental in our international growth efforts, particularly in China and Italy. Mike has a deep knowledge of Scientific Games and the industry and we believe that he will continue to provide the company with outstanding leadership in his new role.”
Jackpot Pays Out Big Time at Slotland
There have been rumblings for several weeks in the industry recently that the famous Slotland progressive jackpot is about to hit, and this week one lucky player took home $175,000 after landing a windfall on the popular Jacks or Better video poker game. The retired grandmother was stunned by her victory and said that she had felt lucky from the first minute that she signed on to the Slotland site and made her first $200 deposit.
She recalled how her very first hand was a Full House and then described how she went on to win the jackpot. “In the next five hands, I ended up with a straight, 3 of a kind (twice), a dead hand and a beautiful four of a kind,” she said. “With some nice music in the background, and my drink on my desk, and breathing smoke free air, who wouldn't be happier?”
“I honestly lost track of time with the best winning streak I ever had at Slotland but by the time I was dealt out the ultimate hand (I got the Ace, Queen, Jack and 10 of Spades and pulled up the King of Spades), I was almost at $1,300,” she said. “With the $175,000 jackpot, I ended up with over $177,000!”
G2 Announces Casino Software Update
G2, the e-gambling arm of giant lottery group, GTech, has announced an update of its casino software. Casino 4.1 will be introduced to the gambling industry through Gaming VC and Sportingbet in November, 2009 and will include several new games and features that are sure to make an impact.
No less than seven new games will be incorporated on the platform, including five slots titles and two video poker games. The games, that include titles such as Luxor Temple, Hells Bells and Spot of Luck, should complement Boss Media’s core gaming platform.
The Head of Casino at G2, Dominic Mansour said that the group’s acquisition of Finsoft, St. Miniver and Boss Meida “have added a group of stand alone games to the existing Boss Media core casino products.”
The new software also boasts more currency options and the option to play in more languages that are currently offered.
Greece Divided on Game Taxation
The Greek government is undecided about whether or not to go ahead and introduce a controversial new gaming tax that will take a 10% portion of all winnings. Those objecting to the tax scheme include sales agents of the monopoly betting group, OPAP, which runs sports betting, casino games and lottery in the country on an exclusive basis.
The implementation of the tax, which should have been formally introduced in Greece on October 21, has now been suspended until the government is able to reach a compromise. “The finance minster will as soon as possible submit to parliament an amendment to suspend the problematic clauses on the taxation of gaming winnings,” said a statement issued by authorities.
A mild change to the new law seems unacceptable to OPAP’s sales agents, who are insisting that the government do away with taxes on game winnings altogether. They fear that if players know they will be taxed, they will take their gaming elsewhere, such as to offshore sites. OPAP jealously guards its monopoly on the local Greek market and has been behind several attempts to stop foreign companies such as Stanley Bet from entering the Greek market.