888 Holdings Shares Plummet As Online Gambling Is Hit By Slowdown

hours. Though the casinos reopened more than a week ahead of other businesses, getting out of the slump will depend on Macau resuming quarantine-free travel from mainland China -- its largest source o

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Pre-tax profits at the Gibraltar-based business tumbled by two-thirds to £14.4million in the first half of 2022 as loosening Covid restrictions and stricter safety measures led to a decline in Britons gambling online.

The firm revealed total revenues fell by 13 per cent to £332.1million, with the largest fall occurring in the UK, where they plunged by a quarter after the group implemented lower affordability thresholds and caps on slots stakes.

888 had previously attempted to buy William Hill with Mecca Bingo owner Rank Group for £3.6billion in 2016 before abandoning the effort after being told their offer was too low and required massive debts to fund the purchase. 

The centrepiece of the reform will be the establishment of the NSW Independent Casino Commission, which will have enhanced and wide-ranging compliance and enforcement powers likely to extend beyond the existing powers of the existing authority.

"We are certainly willing to use capital for M&A if it's something that strategically fits with what we are trying to do. And there seem to be a lot of things around right now presenting themselves as possibilities," said Baker.

MGM Resorts announced plans last December to sell operations of The Mirage for nearly $1.1 billion to Hard Rock International, owned by the Seminole Tribe of Florida.
The new operator plans to replace it with a huge guitar-shaped hotel. The sale is pending regulatory approval.

"Crown Sydney is pitched as an 'exclusive high roller' venue, but with minimum table game bets starting from as low as $20, the casino will be accessible to many more people than they imply, increasing harm to the community," he said.

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More than 90% of Macau's residents are fully vaccinated against COVID-19 but authorities have closely followed China's zero-COVID mandate which seeks to curb all outbreaks at almost any cost, contrary to the rest of the world which is already living with the virus.

Chief executive Itai Pazner said: 'The combination with William Hill, which we completed soon after the period end, transformed the group and creates very strong foundations to support our ambitious growth plans.'

HONG KONG, Aug 1 (Reuters) - Macau will reopen public services and entertainment facilities, and allow dining-in at restaurants from Tuesday, authorities said, as the world's biggest gambling hub seeks a return to normalcy after finding no COVID-19 cases for nine straight days.
"With the opening of Crown Sydney, we hold deep concerns about the gambling harm its operations will cause, and we are fearful that the NSW government will not put in place strong enough measures to protect people, their families and communities across the state."

They are soaking up losses as they prepare to bid for new licenses in a business that generated $36 billion in revenue in 2019, the last year before COVID curbs slammed the sector. (Reporting by Farah Master and Twinnie Siu; Editing by Muralikumar Anantharaman)