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SCIENTIFIC GAMES NAME NEW CEO
2014-06-11

Gavin Isaacs has been named president and chief executive officer of Scientific Games Corporation (SGC) succeeding David L. Kennedy with immediate effect.
Issacs most recently served as chief executive officer of SHFL Entertainment when the company was bought by Bally Technologies. Previously he served as executive vice president and chief operating officer of Bally Technologies. Prior to that, he has held numerous senior positions with Aristocrat Leisure Limited as head of global marketing and business development, managing director of Aristocrat's London-based European subsidiary and president of Aristocrat's Las Vegas-based subsidiary Aristocrat Technologies Inc.
He is also a Trustee and former president of the International Association of Gaming Advisors.
"Gavin is a very talented and seasoned gaming industry executive with the necessary skills to lead our Company to the next level of growth and performance," commented Ronald O. Perelman, Chairman of the Board of Scientific Games. "He has an impressive track record of success and is recognized for his dynamic leadership. We believe his focus on customer relationships, strategic thinking and expertise in growing innovation-focused businesses make him the ideal choice to lead our efforts to achieve greater profitability and increased cash flow."
Perelman thanked David L. Kennedy for stepping up to lead the Company during the last six months and working with the Board to facilitate the CEO succession. We were fortunate to have a leader of David's stature and experience at such an important time, and we are pleased that he will continue to serve the Company and our stockholders as Executive Vice Chairman."




ONLINE GAMBLING SHOULD PROVIDE SOLID TAX REVENUES FOR NEW JERSEY (Update)
2013-04-24

Answering an enquiry from New nfl football betting Online Bingo Play Slots Online in US NFL Odds Jersey legislative budget chief David Rosen this week, the state treasurer reiterated his assessment that the legalisation of online gambling will generate $225 million in state taxes, and that the New Jersey Division of Gaming Enforcement is tasked with delivering and implementing online gambling regulations sometime between late May and late November 2013.

New Jersey treasurer Andrew Sidamon-Eristoff responded this week to the enquiry, writing that his estimates were based on a report from a Wells Fargo analyst who projected New Jerseys Internet gambling potential could grow to $1.5 billion over the next five years. The Treasurer had opted for a more conservative estimate of $1.2 million in overall revenues.

At a 15 percent tax rate, this would yield $225 million in revenue to the state, Sidamon-Eristoff explained, adding that he expected $180 million in tax revenues would be generated during the first fiscal year of implementation in Atlantic City.

The budget boss had asked for clarity on the issue, expressing some scepticism on the state government's budgeting projections,

New Jersey has legalised online gambling, which is to be licensed to existing New Jersey land gambling licence holders and strictly controlled (see previous InfoPowa reports).

The publication Press of Atlantic City reports that Sidamon-Eristoff feels the Wells Fargo study may have underestimated the potential of Atlantic City-based online gambling, commenting in his response to Rosen:

Wells Fargo estimated an initial impact, which did not benefit from a specific knowledge of the final legislation or our ultimate plans governing how quickly we would be able to roll out a fully functional system.

We also feel that Wells Fargos analysis underestimated the level of excitement, novelty and publicity that such a rare opportunity would create.

Dennis Farrell Jr., the Wells Fargo senior analyst who issued the original estimates, told the Press of Atlantic City that it was possible Internet gambling could gross $1.2 billion in the first year, but that there were many unknowns, including when the regulations would be published and when companies are ready to go online.

Maybe they have an aggressive timeline, he said. The sooner, the better.

Meanwhile, the UK-based consultancy GamblingData has published its own estimate on New Jersey's potential for online gambling, projecting gross gambling revenues of $262 million in the first year (see previous InfoPowa report).

Gambling Data says it bases its forecast on data from the Italian market - a country chosen because its tax rate also is 15 percent, and that it shares other comparable factors.



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2015-02-15

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