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Boyd Gaming Corporation announced that its Board of Directors has increased the Company’s quarterly cash dividend to $0.06 per share, up from the prior quarterly dividend of $0.05 per share. The dividend is payable on July 15, 2018, to shareholders of record at the close of business on June 29, 2018.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said, “Thanks to our strong and growing free cash flow, we are able to strengthen our ongoing capital return program through a 20% increase in our cash dividend. We remain committed to a well-balanced approach to creating shareholder value through investing in accretive growth opportunities, continued deleveraging, and returning capital to shareholders through a combination of share repurchases and dividend payments.”
Forward-looking Statements and Company Information
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as “may,” “will,” “might,” “expect,” “believe,” “anticipate,” “could,” “would,” “estimate,” “continue,” “pursue,” or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company’s expectations, goals or intentions regarding future performance. In addition, forward-looking statements in this press release include statements regarding: the Company’s strong and growing free cash flow, the Company’s ability to strengthen its ongoing capital return program, and its commitment to a well-balanced approach to creating shareholder value through growth opportunities, deleveraging, share repurchases and dividends. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. These risks and uncertainties include, but are not limited to: fluctuations in the Company’s operating results; recovery of its properties in various markets; the political climate and its effects on consumer spending and its impact on the travel industry; the state of the economy and its effect on consumer spending and the Company’s results of operations, including its effect on the Company’s business and the local economies where the Company’s properties are located; the receipt of legislative, and other state, federal and local approvals for the Company’s development projects; whether online gaming will become legalized in various states, the Company’s ability to operate online gaming profitably, or otherwise; consumer reaction to fluctuations in the stock market and economic factors; the fact that the Company’s expansion, development and renovation projects (including enhancements to improve property performance) are subject to many risks inherent in expansion, development or construction of a new or existing project; the effects of events adversely impacting the economy or the regions from which the Company draws a significant percentage of its customers; competition; litigation; financial community and rating agency perceptions of the Company and its subsidiaries; changes in laws and regulations, including increased taxes; the availability and price of energy, weather, regulation, economic, credit and capital market conditions; and the effects of war, terrorist or similar activity. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” and in other sections of the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and in the Company’s other current and periodic reports filed from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.
About Boyd Gaming
Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 24 gaming entertainment properties in seven states. The Company currently operates nearly 1.4 million square feet of casino space, more than 31,000 gaming machines, 630 table games, 9,400 hotel rooms and more than 280 food and beverage outlets. With one of the most experienced leadership teams in the casino industry, Boyd Gaming prides itself on offering its guests an outstanding entertainment experience, delivered with unwavering attention to customer service.
Source: Boyd Gaming Corporation
Source: European Gaming Media…
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Dr Joseph F. Borg, an advocate and partner at WH Partners, talks through the history of Blockchain and highlights its potential path for the future.
There is an absolute buzz about cryptocurrencies at the moment, as well as whether to invest in them, or to put them down to a scam. Either way, the business world is fascinated.
One expert on the subject is Dr Joseph F. Borg, an advocate and partner at WH Partners, who heads the Blockchain Advisory and the Gaming and Gambling Advisory sections of the firm. On top of that, he is the Vice-President and Co-Founder of BitMalta, which is a non-profit organisation that promotes and stimulates discussion about Blockchain technology and cryptocurrencies in Malta.
“Let’s begin by explaining what a cryptocurrency actually is,” Dr Borg says. “Essentially, it is a type of convertible virtual currency secured by cryptography that is built on top of the Blockchain – a type of distributed ledger technology which does away with the need for a third-party clearinghouse and central issuer. As a result of their underlying decentralised technology, cryptocurrencies have introduced much-needed competition in the digital payments industry and have the potential to contribute positively to citizens’ welfare and economic development, including in the financial sector. Some of the most popular touted benefits of cryptocurrencies are their ability to lower transaction and operational costs, to promote financial inclusion, to enhance the resilience and speed of payment systems, and to increase users’ security and privacy, among others.”
Nevertheless, the idea presented by cryptocurrencies – the first of which was Bitcoin – was not in fact new. A number of similar virtual currency systems including e-Cash, Bit Gold and RPOW, were introduced in the 1990s.
“The true innovation of cryptocurrencies following the ‘Bitcoin model’ is their innovative approach to addressing the ‘double spending problem’,” Dr Borg continues. “This refers to the inherent difficulty of sending money or anything valuable over the internet since a digital asset essentially comprises a digital file that can be duplicated or falsified.”
Pre-Bitcoin, existing virtual currency systems required the use of an intermediary or clearinghouse to manage and verify the transaction (and ensure that the same money was not spent twice). The Blockchain, which underlies cryptocurrencies, does away with the need for such an intermediary by keeping a record of every transaction on a time-stamped database that is dispersed among the different users of the network. “Blockchain’s solution to the ‘double spending problem’ has been described as its ‘revolutionary promise’ and the hype factor surrounding the technology has now led multiple companies to unveil a multitude of Blockchain initiatives,” the advocate continues.
“The hype is really about Blockchain and not cryptocurrencies per se. Cryptocurrencies are really the very first application of Blockchain technology, and which have the potential to disrupt the payments industry, once they have achieved the level of mainstream use.”
On the other hand, Blockchain has more widespread potential applications, in myriad industries, including but not limited to the spheres of finance, healthcare, energy and entertainment. “The buzz surrounding Blockchain technologies continues to grow, and this is most evidently illustrated by the rapid increase in the creation of not only new cryptocurrencies (the so-called ‘altcoins’), but also by the creation of self-executing digital contracts (smart contracts), intelligent assets which may be controlled over the Internet (smart property), and decentralised autonomous organisations (DAOs) which can operate over a network of computers without human intervention, among many other applications,” Dr Borg says.
Locally, Government approved its National Blockchain Strategy in April 2017 and, just a few months later, launched a Blockchain Taskforce with a view to establish the Maltese legal system as the leading international hub for digital technology innovation.
“Currently, the only concrete step undertaken by Government towards achieving a comprehensive regulatory framework for operators wishing to provide services incorporating Blockchain technology is the Supplementary Rules for Collective Investment Schemes Investing in Virtual Currencies, issued by the local financial regulator, the Malta Financial Services Authority (MFSA),” Dr Borg says.
Following on from this, a consultation document was published on 16th February 2018 proposing three legislative instruments: the Malta Digital Innovation Authority (MDIA) Bill, the Technology Arrangements (TAs) Bill and the Virtual Currency (VC) Bill. The MDIA Act is envisaged to provide for the establishment of a national regulatory body that will oversee the voluntary certification of TAs such as smart contracts and cryptocurrency platforms, and the registration of Technology Service Providers (TSPs) including the auditors and administrators of TAs. The MDIA will be responsible, inter alia, for the protection of users and consumers which interface or use DLT, the harmonisation of practices and the adoption of standards in the Maltese sector, and the promotion of legal certainty in the application of laws to DLT businesses, in both a national and a cross-border context.
“Mindful that the disruptive nature of Blockchain technology renders it apt to have spill-over effects in an array of sectors, the MDIA Act is proposed to prescribe a Joint Coordination Board with the responsibility of fostering effective cooperation between National Competent Authorities like the MFSA and the Malta Gaming Authority (MGA),” Dr Borg continues. “The consultation document also proposes a VC Act which will largely follow the principles laid down in the MFSA’s discussion paper on ICOs, virtual currencies and related service providers. It is projected that the VC Act will provide for a Financial Instruments Test which will determine whether a particular cryptocurrency, within the context of an ICO or on a stand-alone basis, constitutes a ‘financial instrument’ which must comply with applicable local and EU investment services legislation.
“With this in mind, Government evidently looks favourably upon Blockchain-based businesses and is actively seeking to create a workable regulatory framework to further promote this nascent industry and to become a pioneer in regulating DLT and Blockchain technology. While other jurisdictions have chosen to regulate Blockchain-related operations in a piecemeal fashion, focusing only on the areas that the respective governments/states consider to be of importance (such as issues of taxation or money laundering), the Maltese Government is considering a holistic, all-encompassing regulatory approach to creating the most attractive environment for Blockchain start-ups to choose Malta as their base. Evidently, the recent announcement by cryptocurrency exchange Binance (the largest cryptocurrency in the world in terms of volume) is proof that Malta is indeed becoming a melting pot for Blockchain businesses, start-ups and industry giants alike.”
Finally, Dr Borg assesses the main challenges that lie ahead of making Malta the jurisdiction of choice for companies engaged in Blockchain technology and cryptocurrencies.
“While the debate surrounding the possibility for centralised rules to regulate decentralised technologies remains unsettled, there seems to be consensus by the stakeholders and market players of the Blockchain and cryptocurrency industry that some form of regulation (especially in the form of guidance) is important,” he says.
“The greatest challenge to make Malta the jurisdiction of choice for Blockchain-based businesses therefore rests in any proposed regulatory framework not falling prey to over-regulation. The test for local policymakers and regulators will be the development of a regulatory system which addresses the primary policy concerns of Blockchain technologies (such as money laundering and illicit activities), without smothering the benefits which the new technology and its various applications are poised to provide to legitimate users, including companies.”
Source: The Commercial Courier
Source: European Gaming Media…
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Budapest – 11 June 2018 – The third edition of Central and Eastern European Gaming Conference is gearing up with an impressive lineup of speakers and the team promises a unique opportunity for delegates to harvest quality content.
The agenda of the event will also include a market update of the Polish market has been criticized lately for delay in simplified online betting sign-ups. A Polish trade association has criticized the government severely for making the registration process with Polish-licensed online sports betting operators too difficult.
Late last month, Pracodawcy RP (Employers of the Republic of Poland) sent a letter blaming the Ministry of Finance of “making it difficult to develop the bookmaking market” and “hindering” local operators’ ability to compete with internationally licensed gambling sites.
Specifically, the group accused the Ministry of dragging its feet on allowing locally licensed online bookmakers to offer simplified account registration for new customers.
Under this process, customers could fill in minimal data, make a deposit and place a wager before the impulse escapes them. Full registration would have to be completed within 30 days, and withdrawals would be impossible until full registration was done.
As the story develops further, there is so much to learn about the entanglements of the Polish gambling industry.
Bartosz Andruszaniec (RM Legal Kancelaria Radców Prawnych) will join the “Focus on Central Europe” panel discussion and share the insights about the gambling industry in Poland.
About Bartosz Andruszaniec
Graduate of the Faculty of Law and Administration of the University of Warsaw and a member of the District Chamber of Legal Advisers. Specializes in gambling law and provides advisory services to leading international gambling operators. Works in a wide range of cases regarding the gambling sector, provides advisory services within the scope pf regulatory and consumer issues, advertising and promotion law, and conducts administrative and court proceedings. Participates in procedures for the license to organize mutual bets.
Has extensive expertise in transactions covering the participation in the biggest transactions on the Polish market. Gained qualifications working for leading international law firms. Provided advisory services to one of the biggest UK real estate funds in the process of assets sale (including real estate and shopping centers). Conducted transactions of banks merges, sale of shares of a mobile telephony operator, and sale of a cinema network. Acquired practice in current corporate service, law of contracts, and real estate law.
To hear more about the topic make sure you attend the third edition of CEEGC Budapest.
The 2018 edition of the “bombastic gaming seminar” will be held at The Ritz-Carlton on the 25th of September and the event promises to once again bring the quality content and networking opportunities for attending delegates.
The subtitle of the 2018 event is “The age of Machine Intelligence and how regulators must keep up with technology” and the agenda is full of high quality content. CEEGC 2018 will once again feature regulatory and compliance related panel discussions about Romania, Bulgaria, Ukraine, Belarus, Slovakia, Czech Republic, Hungary and Poland, but will also focus on Responsible Gambling, AML, Licensing Procedures in the European Union, Innovation and will feature a special IMGL MasterClass
.
Make sure you grab your seat in time and attend the most prestigious boutique style gaming event which gather C-level executives yearly in one of Europe’s most visited city.
Source: European Gaming Media…
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Grant Bowie, CEO and executive director of the Macau-based casino operator MGM China said the group would be “happy” for any opportunity for talks to obtain a two-year extension of the Macau gaming rights, which is currently held by its Macau operating unit.
He said: “We would be happy to work through with the [Macau] government for any opportunity which would lead us to an extension for two years or for however long the government would see fit and appropriate.”
MGM China’s current Macau casino license will expire in 2020.
In February this year, MGM China opened the HKD27-billion (US$3.4-billion) MGM Cotai casino resort in the city, which analysts say should take beyond 2020 to achieve payback.
MGM China’s Macau gaming permit technically stems from a sub-concession spun off from the rights of fellow Macau operator SJM Holdings Ltd. Those current concession rights expire in 2020.
On Wednesday Ambrose So Shu Fai, CEO of the latter firm, told media that it would like to get a two-year extension for its current Macau gaming concession, to put it on the same starting line for a fresh concession tender process as four other Macau operators, that see their current respective gaming rights expire in 2022. SJM Holdings’ first Cotai resort, the HKD36-billion Grand Lisboa Palace, is not expected to open until the second half of 2019, according to Mr So.
On Friday, GGRAsia asked MGM China’s Mr Bowie whether it would automatically follow legally that if SJM Holdings got a Macau extension, MGM China too would get one.
He told us only: “We believe we have language in our concession consistent with the other concessions and sub-concessionaires.”
Mr Bowie further noted: “We continue to work with the government, and are hopeful that we would have a positive outcome with an extension of our concession.”
Macau gaming law states that the licences of the existing holders can be extended for a maximum of up to five years from their original expiry dates. But once a gaming concession contract expires, any new concession would have to be granted via a public tender. In that sense, say gaming lawyers familiar with the matter, there is no such thing in the Macau context as a “concession renewal.”
Regarding the MGM brand in China, Mr Bowie also told GGRAsia on Friday that he was in Shanghai in mainland China for the opening that night of the Bellagio Shanghai hotel located on the city’s waterside thoroughfare the Bund. The new non-gaming property is named after the Bellagio Las Vegas casino resort.
The Shanghai version has 162 luxury rooms and suites and is a product of the joint venture between the operating company of Diaoyutai State Guesthouse – the Chinese Foreign Ministry’s venue for hosting heads of state – and MGM China’s parent, U.S. casino operator MGM Resorts International.
GGRAsia asked Mr Bowie whether the hotel could act as a feeder facility for MGM China’s resorts in Macau.
Mr Bowie told us: “The Diaoyutai MGM joint venture has always been seen as a positive opportunity to get the brand out, and provide opportunities to extend the reach.”
Source: GGRAsia
Source: European Gaming Media…
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Tabcorp, the Australia-based gaming operator is in talks with News Corp’s UK subsidiary as it wants to come out of Sun Bets online gambling venture.
Tabcorp has attributed its latest decision to the poor performance by Sun Bets. Last year, Sun Bets’ profit has fallen by 58 per cent. The company is still in discussion with News UK but it has already warned its staff about possible job cut.
The Australian company is just two-and-a-half years into a 10-year deal with News UK to operate the online bookmaker, which is linked to The Sun tabloid newspaper.
The agreement was only announced in December 2015, but Tabcorp acknowledged in October 2017 that Sun Bets had been performing below expectation and signalled a review of the business.
Sun Bets recorded a first-half earnings loss of $22.5 million, and Tabcorp chief executive David Attenborough in February said the unit had not been able to differentiate itself in a crowded marketplace of more than 400 operators.
Source: 5StarMedia
Source: European Gaming Media…
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