Mitsubishi plans cost cuts

first_img whatsapp Show Comments ▼ Mitsubishi Motors said it would count on rapid expansion in emerging markets and big cost cuts to double its operating profit in three years, anticipating a resumption of dividends in the year to March 2014. Announcing a new three-year business plan yesterday, Mitsubishi Motors, one of Japan’s smallest automakers, said it would target a 37 per cent jump in sales of Mitsubishi-brand vehicles to 1.37m vehicles by 2013/14. The figure is lower than the 1.5m vehicles flagged by president Osamu Masuko last June. whatsapp KCS-content Thursday 20 January 2011 7:17 pm Sharecenter_img More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com Tags: NULL Mitsubishi plans cost cuts by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search Adslast_img read more

Inflation expectations surge to highest ever level, poll reveals

first_img whatsapp KCS-content Sunday 23 January 2011 10:41 pm Tags: NULL whatsapp Inflation expectations surge to highest ever level, poll reveals INFLATION expectations have soared to a record high this month, as rising prices add to the squeeze on household spending, a survey said today.With 89 per cent of respondents expecting the cost of their purchases to rise this year, the Markit household finance index dropped to its lowest level since April 2009.“The recent VAT increase, higher inflation and squeezed incomes mean that households are once again running just to stand still,” said Tim Moore, senior economist at Markit.Over one third of households reported a recent deterioration in their finances, while almost half of mortgage holders reported a negative outlook for their finances.Mortgage holders may be wary of impending interest rate hikes, the report said, as inflation stubbornly climbs upwards.And with interest rates at a historical low, savings continued to fall, as households “sought to offset a fall in employment income,” Markit said.Consumer price index (CPI) inflation hit 3.7 per cent in December, official data revealed last week.There was more worrying news for the high street, as over half those surveyed indicated a fall in their willingness to make major purchases. Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Sharelast_img read more

Ireland must erase uncertainty over its banks

first_img KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com Show Comments ▼ Sunday 23 January 2011 11:01 pm Ireland must erase uncertainty over its banks whatsappcenter_img whatsapp Share The next couple of weeks, ahead of the upcoming Irish general election, are going to be crucial for Fianna Fail, the ruling Irish party. Prime Minister Brian Cowen may have received a vote of confidence from his fellow party members last week, but over the weekend he resigned from his leadership post. What happens next, and who steps in to lead Ireland through its recovery phase will be crucial.Cowen has been under increasing pressure since seeking an EU/IMF bailout of €85bn (£72.4bn) last year. It was recently revealed that he played golf with the former chairman of Anglo Irish Bank just two months before the bailout was announced. With an expected taxpayer bill of €34bn, Anglo Irish is the Irish bank perceived to be the most toxic. While Cowen denied banking matters were discussed during this meeting, it still left a bad taste in the mouths of the general public.But after this weekend’s news, it is no longer about Cowen’s unpopularity, nor is it about the dramatic drop in Fianna Fail opinion polls. Instead, it is about damage limitation. Nobody expects the ruling party to do well in the general election.Brenda Kelly, an analyst from CMC Markets, says that had there been a vote of no confidence ahead of the bailout, things may have been different. But the terms of the bailout are in motion now, although the opposition still wants to make senior bondholders accept a larger portion of the debt. However, this has been a no-go area, as Ireland is so dependent on foreign investment. According to Kelly, the next round of EU stress tests will be crucial, as we get more clues about liquidity and whether Ireland will need to use more than the €10bn already earmarked for the banks from the EU/IMF bailout.The crucial issue is that uncertainty regarding the Irish banks is eliminated. We have seen an exodus of investors over the last year; Bank of Ireland may have to sell off parts of the group, and debt restructuring could be necessary. Allied Irish Bank passed the last tests with flying colours – but it still needed an injection of €3bn, effectively nationalising the bank.While Kelly thinks the current Irish government’s four-year plan appears to be working, she underlines the growing problem of negative equity that exists in the housing market – an issue that also affects the banks. The Irish housing market is now down 41 per cent from peak 2002 levels.One thing is sure: whoever becomes the next Irish prime minister has a humongous job ahead.Louisa Bojesen is a co-anchor of CNBC’s European Closing Bell. Tags: NULLlast_img read more

American jobless claims drop

first_img whatsapp KCS-content whatsapp Thursday 24 February 2011 8:32 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org American jobless claims drop center_img Share New unemployment benefit claims in the US dropped to 391,000 in the week ending 19 February, while continuing jobless claims fell below 3.8m. “The continued improvement in this week’s report signals that the weather-related spikes in January did not alter the downward trend in claims, and we take this as evidence that the labour market recovery has not lost momentum,” said Nicholas Tenev of Barclays Capital. Tags: NULL Show Comments ▼last_img read more

RAJARATNAM TRIAL BEGINS

first_img whatsapp whatsapp Share Show Comments ▼ Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap RAJARATNAM TRIAL BEGINS center_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryJournalPregnant Woman Takes a Nap – You Won’t Believe What She Discovered When She WokeJournalMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNight DailyHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeNight DailyThe Sports DropForgotten College Basketball Stars: Where Are They Now?The Sports DropPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayNews SharperGrab A Tissue Before You See Richard Simmons At 72News SharperBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times Tags: NULL KCS-content THE CRIMINAL trial of hedge fund founder Raj Rajaratnam, at the centre of the biggest US insider trading probe in decades, began yesterday in New York.One-time billionaire Rajaratnam, 53, whose Galleon Group hedge funds managed $7bn at their peak, is charged with insider trading that netted him $45m in illegal profit. Tuesday 8 March 2011 9:14 pmlast_img read more

Rio Tinto gains 41.5 per cent of Riversdale

first_img Rio Tinto gains 41.5 per cent of Riversdale Tags: NULL More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com Show Comments ▼ whatsapp alison.lock Share Mining giant Rio Tinto has marginally raised its stake in its takeover target, coking coal miner Riversdale Mining, to 41.5 per cent.Rio Tinto changed its offer for shares to unconditional yesterday amid last-ditch talks with key Riversdale shareholder CSN, but has been unable to raise its stake much beyond the 41 per cent it held on Monday.Brazilian CSN has said it wants to keep its stake in Mozambique-focused Riversdale as a coal hedge, leaving Rio Tinto with just 98.25m shares.Rio Tinto has effectively doubled its stake from the 50m shares or 21 per cent stake it owned before the offer but remains short of a controlling stake in the company. Its offer was originally conditional on it receiving 50 per cent of the shares.Its offer values Riversdale at A$3.9bn (£2.5bn). Rio Tinto will pay $16 per share for all offers up to a 47 per cent shareholding and $16.50 per share for any shares that take its stake above that.The offer will close at 7pm on 6 April 2011. Wednesday 30 March 2011 3:19 am whatsapplast_img read more

Minmetals out of Equinox race

first_img Tags: NULL Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof KCS-content whatsapp CHINA’S Minmetals Resources bowed out of the battle for copper miner Equinox Minerals yesterday, saying Barrick Gold’s C$7.3bn (£4.65bn) bid was too rich to justify a counter-offer.Canada’s Barrick, the world’s largest gold miner, announced its agreed deal for Equinox on Monday, seeking to tap surging demand from China and other developing economies that has pushed copper prices up more than sevenfold in the past eight years. Minmetals, a government-backed unit of China’s largest metals trader, said in a statement it would not top Barrick’s offer and would seek other opportunities.While China’s outbound acquisition machine has gained in strength, Beijing follows a strict and price sensitive policy when it comes to doing deals.“Competing with Barrick at these prices would, in our view, be value destructive for (our) shareholders,” Andrew Michelmore, Minmetals’ chief executive, said in a statement.Investors punished Minmetals’ cautious approach. It shares plunged as much as 13 per cent in Hong Kong on concerns it had missed out on a rare, sizeable copper deal.Barrick’s offer values Equinox at a hefty 14 times its 2010 earnings before tax. Show Comments ▼ Minmetals out of Equinox race center_img whatsapp Share Tuesday 26 April 2011 7:45 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsMoneyPailShe Was An Actress, Now She Works In ScottsdaleMoneyPailDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeSenior Living | Search AdsNew Senior Apartments Coming Nearby Scottsdale (Take a Look at The Prices)Senior Living | Search Adsautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldlast_img read more

Digital expansion drives full-year growth for Aristocrat

first_imgCasino & games Huge increase in digital users and revenue for 2018 financial on back of social gaming acquisitions for 2018 The scale of Aristocrat’s rapid digital expansion has been revealed today (November 29) with a near-AUS$1bn increase in revenue, coupled with strong growth in North America, helping the supplier to a 47.7% rise in turnover for the 2018 financial year.With overall sales rising to $3.624bn (£2.08bn/€2.33bn/$2.65bn) for the 12 months ended September 30, digital revenue rocketed by 250% to $1.339bn. The division’s profits rose to $438.2m – up from $158.9 in the previous year.Aristocrat said that the digital segment’s strong results were “significantly enhanced” by the acquisitions of social gaming companies Plarium and Big Fish Games in October 2017 and January 2018 respectively.With Aristocrat also highlighting solid performances from the Cashman Casino and Heart of Vegas offerings, supplemented by the launches of FaFaFa Gold and Lightning Link in the 12-month period through to September 30, the company’s total daily active digital users increased almost five-fold to 8.1 million.Meanwhile the Americas segment – comprising the US, Canada, Mexico and Argentina – now represents 44.7% of Aristocrat’s total sales, in comparison with 12.5% from the company’s traditional home turf of Australia and New Zealand.A 13.7% rise in revenue for the Americas to $1.620bn generated a 16.7% increase in segment profit to $859.2m. Aristocrat said that a 25% expansion in North America of its Class III premium gaming operations – effectively its casino supply business – had resulted from “broadening product portfolios”.This was in contrast to the company’s international Class III segment, which reported a 2% fall in revenue to Aus$210.5m.Aristocrat also posted a big 54.1% increase in design and development (D&D) expenses to $413.6m, with the company’s D&D team now representing almost half of its global employee base.The company expects to increase D&D investment in the 2019 fiscal year, but said that such expenses would remain broadly in line with the 11.7% costs in relation to revenue reported for 2018.Aristocrat’s share price actually fell by nearly 9% on Thursday morning before recovering to close at $25.44 – a marginal 2.6% fall for the day – with analysts citing lower-than-anticipated 9.6% growth of total profit after tax to $542.6m.Bell Direct analyst Julia Lee, putting the market reaction into context, told Bloomberg: “The longer the stock is in an upgrade cycle, the bigger the expectations become. At some point, it just becomes too hard to meet those expectations.”Aristocrat anticipates further growth in its digital business in the 2019 fiscal year, supported by new game releases and a significant increase of about $100m in user acquisition investment. The company’s earnings are expected to be weighted towards the second half of the 2019 financial year due to the timing of digital game releases and corresponding user acquisition investment.“Recurring revenue, including gaming operations and digital social casino, accounted for 65% of group revenues, up from 52% in the prior year,” Aristocrat CEO and managing director Trevor Croker (pictured) said.“This highlights the progress Aristocrat has made in delivering sustainable earnings and cash flow growth over time, consistent with our strategy and shareholders’ interests.” Email Address Tags: Online Gambling Regions: Oceania US Australia Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Digital expansion drives full-year growth for Aristocrat Topics: Casino & games Finance Social gaming 29th November 2018 | By contenteditorlast_img read more

Slovakia moves closer to igaming market liberalisation

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Address Legal & compliance Regions: Europe Central and Eastern Europe Slovakia Amended Gambling Act awaiting presidential approval before licensing window for operators opens in March 2019 Slovakia is just one step away from opening its online gaming market to private operators after the Gambling Act drafted by the Ministry of Finance was approved by the country’s parliament.The legislation, which was submitted to the European Commission in July this year and subject to a three-month standstill period ended October 26, must now be ratified by the country’s president Andrej Kiska (pictured) to come into force.The amended Gambling Act has been designed to reflect regulation in other European Union markets such as Denmark, Sweden, Romania and the Czech Republic, with an emphasis of ramping up consumer protection measures.It proposes a window beginning March 1, 2019 from which operators can submit applications for online casino licences, with a view to launching the market on July 1 that same year. Fixed-odds betting licences, meanwhile, will be available from July 1, 2019, though successful applicants will not be able to offer their services in the country until July 2020. Each form of licence will be valid for 10 years.The market will be overseen by a new, dedicated regulatory body that will be funded in part from the tax levied on operators. This has been set at 23% of gross revenue for online casino, peer-to-peer online games and fixed-odds sports betting.The regulator will also have the power to block access to sites, continuing to use the blacklist, which has been in place since July 2017, and will maintain a national self-exclusion database.Similar to markets such as Denmark, the country’s state-owned gaming operator TIPOS will continue to hold a monopoly on lottery, bingo and instant win games, but will compete against private operators in other online verticals.Alongside the headline amendments, the Gambling Act also tightened up land-based gambling regulations. A proposal to have gaming halls located at least 200 metres apart was added to the Act, while the number of gaming machines permitted in the room of each gaming venue was increased from 12 to 15.The number of days on which gaming venues can open is also restricted, with each location required to shut for up to 12 days each year.Finally, the legislation also classes quiz machines, where players can win money by answering general knowledge questions, as a form of gambling. As a result only casinos will be permitted to host such machines, with bars and restaurants prohibited from doing so.Picture credit: EU2016 SK  Slovakia moves closer to igaming market liberalisation Tags: Online Gambling Topics: Legal & compliance 7th December 2018 | By contenteditor Subscribe to the iGaming newsletterlast_img read more

Playtech’s taxing times

first_img7th January 2019 | By Robin Harrison Finance Playtech’s taxing times AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter After a painful 2018 drew to a close with new taxes imposed in Italy and a €28m tax bill in Israel, Playtech may be forced to look across the pond for growth, writes Scott Longley Topics: Finance Subscribe to the iGaming newsletter It is to be hoped that Playtech’s management is not superstitious. After two tax-related hits either side of Christmas, those believing bad news comes in threes might suspect that another blow is just around the corner.The Yuletide double-whammy of a gaming tax hike in Italy and an agreement with the tax authorities in Israel that will cost Playtech €28m as a one-off exceptional charge are strictly unrelated.However, it shows how in gaming what has been viewed as the positive of multi-national operations utilising the best talent in the whichever location or domicile best suits can swiftly become the negative of multiple exposures to volatile tax and regulatory environments.Of the two slices of bad tidings, the first is more significant than the second to the long-term prospects for Playtech.The announcement from the Italian government that it would be seeking an additional €770m in taxes from the gaming sector as it attempts to balance its somewhat controversial budget didn’t come out of the blue.As part of a package of measures, the machine sector will be hit significantly with the turnover tax on AWPs rising by 1.35% to 20.6% and VLT turnover tax rising from 6.75% to 7.5%. This will be followed in May by a further increase as machine taxes will rise again up to 20.85% and 7.85% respectively. At the same time the Dignity Decree will come into force which will see a ban instituted on all forms of gambling marketing.The only mitigation for the gaming operators is that will be allowed to reduce their return-to-player in order to partially offset the tax hikes.Bad news for punters then, but ultimately the whole package is worse news for Playtech which in April last year became more fully immersed in the Italian gaming market via the €846m deal to acquire one of the biggest gaming operators in Italy, Snaitech.It remains Playtech’s most ambitious and largest acquisition – and arguably its most badly-timed deal. On Christmas Eve, the company was forced to issue a stock market statement which said the move would reduce the company’s 2019 adjusted EBITDA figure by between €20m-€25m.It set the seal on a dreadful 2018 for what remains one of the premier suppliers in the online gaming world. As Simon Davies, analyst at Canaccord Genuity said, it meant that Playtech ended the year as it started, with a profit downgrade.Make your own bed Though unfortunate, none of this is entirely unpredictable. As Davies pointed out, the Italian coalition government has made plenty of negative comments around the gambling industry and it is in “desperate need of incremental tax revenues.”Such is always the case. The modern history of Italian regulated gaming is littered with examples of opportunistic tax grabs in the wake of (seemingly ever-present) economic fragility. A quick online search will come up with numerous examples from the past 10 years of various gaming sectors either being hit with (or narrowly avoiding) new tax rises.None of this was mentioned in the acquisition document where Playtech extolled Italy “Europe’s largest and growing gaming market, a fragmented market which is relatively underdeveloped online.”As Davies said: “Playtech saw the Snaitech acquisition as a means of increasing its exposure to regulated markets, but in targeting an Italian land-based B2C operator, it has merely introduced a different set of risks. And the tax hikes will more than off-set likely synergies from the deal.”Off the back of the largely Asian and UK-related profit warning earlier in the year, Playtech had already been “materially de-rated” by the market and a lot now hinges on what happens in the US in the early part of 2019 if it is to regain ground.With Teddy Sagi having now departed the share register – pursued by activist investor Jason Ader at Spring Owl – the company will be hoping the way is now paved for Playtech to make a belated entry into New Jersey. Should it receive a B2B license there, Davies said it would be a “positive catalyst” for a business which is in need of some good news. Email Addresslast_img read more