Almost nine months have gone by since the Pitbull Poker scandal was blown wide open and to date, justice has yet to be served. The small poker site, formerly part of the Flash Poker Network, was first put under investigation by members of the TwoPlusTwo forum community. Many of these members suspected the site had players that had access to see all hole cards at a table, also known as superusers. During the scandal, the two owners of the site closed up shop in the middle of the night, sticking players with bankrolls at Pitbull Poker. We caught up with former room manager Dave Brenes, who stated that he was simply in the wrong place at the wrong time and has not heard from either of the owners. As of now there have been no updates and no resolutions in the matter leading many to believe that nothing will ever be resolved in the case.

Representatives for Poker News Daily were able to reach the embattled former poker room manager for Pitbull Poker, Dave Brenes earlier this week. Brenes told PND that he has moved on from Pitbull Poker and is holding down a temporary job and looking for something long-term. To his knowledge, no employees or customers have recovered any funds since the owners closed the company doors and disappeared. Message boards for casino and poker site affiliates confirm that all of those that are owed funds through business dealings with the company have yet to be compensated.

Brenes concluded the conversation by stating on the record he has not heard anything from either of the owners, Kevin Baronowski and another identified in an earlier article as “Justin.” He claims that he is just as much a victim as anyone else in the matter and was simply in the wrong place at the wrong time. His tone was much more upbeat and hopeful now that, in his mind, the controversy is behind him.

The controversy first started back in July of 2009 as “chesterboy” from the TwoPlusTwo forums posted that he suspected that there were superusers on Pitbull Poker. Most posts like these are ignored for the most part by the community, but this player was actually a prop player and a respected long-time member of the community. Others stepped forward once he broke his silence and the site was suddenly placed under the microscope of intense scrutiny. While representatives for Pitbull Poker said there were no shady dealings at the site and that they were working to produce hand history files to back up their claims, players demanded their funds en masse.

Pitbull Poker closed their doors in the middle of the night, without even informing the company’s employees. On-site staff called police, who did not stop owners from disconnecting and removing computer equipment. The next day the poker room was down and all players with any account balances in the cashier were suddenly left in the dark. Scores of players called for justice, with some losing hundreds while others lost tens of thousands.

Players on the site weren’t the only big losers thanks to the shocking actions of the site owners. Affiliates stepped up to say that they hadn’t been paid either, with one “JC Hawk” leading the charge, claiming he was owed well over $100,000 from his poker site NLPT.tv on top of cash investments he made into the site directly. Hawk gathered as many individuals as he could to join his caused and worked with the Costa Rican government to help bring the owners of Pitbull Poker to justice.

Some players, including “chesterboy”, decided that they could no longer be part of the world of online poker. In an announcement on the forums, he announced that he would be leaving poker for good and joining the United States Army. In December of 2009, Hawk continued to state that he was pursuing legal matters against Kevin Baronowski. It was Hawk’s guess that Baronowski had fled Costa Rica and was in hiding in his native homeland of Canada.

Since the turn of the new year, there have been no new developments in the case and at this point, the prospects of affiliates and players recouping any owed funds is low. Many in the industry have claimed that this story is a perfect example of why international regulation and legalization is vital to protect consumers from this type of apparent fraud.

Poker News Daily will continue to monitor the on-going saga involving Pitbull Poker and report any new updates as they become available.

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Hellmuth has made three final tables on the WPT circuit. He finished fourth in the Gold Rush event during Season 1 for $34,000 and took third at Foxwoods during Season 2 for $281,000. Hellmuth returned to the WPT spotlight during Season 6, when he made the feature table of the L.A. Poker Classic, finishing sixth for $229,000. All told, the 11-time World Series of Poker (WSOP) bracelet winner has $836,000 in career WPT earnings; he’s poised to double that total if he wins at Bay 101.

Hellmuth told WPT Live Updates Hostess Jacque, “The guy on my left, Andy, is a very good player. I’ve had a read on him for two straight days, so that’s been helpful, but he still has the chip lead. If I can get a read on him tomorrow, I have a good chance to win.” On what it would mean to take down his first WPT title in four tries, Hellmuth remarked, “It would mean a lot. I really want to win. It’s what I do. I’ve been working really hard.” Hellmuth alludes to online poker legend Andy “BKiCe” Seth, the Bay 101 Shooting Star’s chip leader.

At one point during play on Thursday, Lon Diamond was down to just 17,000 in chips before mounting the comeback of a lifetime. With a stack equivalent to one big blind when play wrapped up on Thursday, Diamond tripled up and then doubled twice more to stay alive. Ultimately, Diamond was the final table bubble boy at Bay 101, finishing in seventh place for $58,000. Diamond called all-in pre-flop with A-Q, but ran into the pocket queens of Seth. The board came 10-9-6-6-8 and the six-handed final table was determined.

Former WSOP Main Event winner Scotty Nguyen hit the rails in eighth place for the same $58,000, baby. Nguyen shoved pre-flop under-the-gun with J-8 of hearts and ran into Seth’s K-Q. The flop came queen-high, keeping Seth out in front, and no help came for the five-time bracelet winner on the turn or river. Nguyen has made a colossal eight WPT final tables, emerging as the champ once.

Poker fans will also recognize Hasan Habib, who owns the second shortest stack entering the Bay 101 final table. Habib finished second in the WPT Championship during Season 2 for $1.3 million and promptly took third the following season for another $896,000. Making his first WPT final table is Matt Keikoan, who took seventh in last season’s Legends of Poker for $140,000.

To go from 11-handed to 10-handed action took five hours. Here are the six players remaining in the 2010 WPT Bay 101 Shooting Star event:

1. Andy “BKiCe” Seth – 2,164,000
2. Phil Hellmuth – 1,433,000
3. Dan O’Brien – 1,129,000
4. Mclean Karr – 1,112,000
5. Hasan Habib – 455,000
6. Matt Keikoan – 371,000

When play resumes in San Jose, California, the blinds will be 8,000-16,000 with an ante of 2,000. Nearly two hours will be played at this level before the price of poker increases. Players who found the exit on Thursday were:

7. Lon Diamond – $58,600
8. Scotty Nguyen – $58,600
9. Brian “tsarrast” Rast – $38,000
10. David Forster – $38,000
11. “Miami” John Cernuto – $29,300
12. Dan Gamon – $29,300
13. Nick Schulman – $23,400
14. Chau Giang – $23,400
15. Joseph “BigEgypt” Elpayaa – $23,400
16. Tim McDermott – $23,400
17. Lars Elmoe – $23,400
18. Faraz “The-Toilet” Jaka – $23,400
19. Vanna Tea – $20,500
20. John Monnette – $20,500
21. Jonathan “driverseati” Tamayo – $20,500
22. Jonathan “FieryJustice” Little – $20,500
23. Taylor Raines – $20,500
24. Tom Marchese – $20,500
25. Thuy Phan – $17,600
26. Ted Jivkov – $17,600
27. Kafir Nahum – $17,600

Each of the six players remaining is assured a payday of $117,000, twice what the tournament’s seventh and eighth place finishers received. Stay tuned to Poker News Daily for the latest WPT results.

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Nevada may clamp relationships between casinos and Net

12 March 2010

By Howard Stutz

LAS VEGAS, Nevada — Nevada gaming regulators may clamp down on contractual relationships between the state’s casino operators and nongambling arms of the Internet gaming industry.

The move, which the Gaming Control Board is exploring, could shut off revenue streams for the World Series of Poker and other similar events.

Several years ago, the World Series Poker, which is owned by Harrah’s Entertainment, set self-imposed guidelines prohibiting online gamblers from qualifying to the tournament through the Internet. The move reduced the number of entries into the tournament’s $10,000 buy-in main event by more than 27 percent from its peak year.

The World Series of Poker, which is televised throughout the year by ESPN, is in the second year of a sponsorship deal with Everest Poker, an online gaming site whose logo is placed on tournament gaming tables. Everest Poker, which is based in Malta, does not accept wagers from Americans.

Last month, The Venetian held the inaugural event of the newly created North American Poker Tour, which is sponsored by PokerStars.net. In the $5,000 buy-in event that was taped for airing on ESPN2 next month, 872 players entered, including 25 who qualified through PokerStars.net.

Taping concluded last weekend at Caesars Palace for the National Heads-Up Poker Championship, which will air on NBC next month. The event did not have an online poker sponsor but a related televised poker event, Face the Ace, which aired in August, was filmed in several Las Vegas casinos and sponsored by FullTilt.net.

Gaming Control Board member Randall Sayre said he is drafting a letter to the casino industry that sets guidelines for entering into deals with Internet gaming businesses.

“We don’t have a policy and clearly the board needs to boil down exactly what that policy needs to be,” Sayre said. “Some gaming licensees play carefully by the rules and others do not. I do not believe the board can remain silent on this any longer.”

Veteran gaming attorney Frank Schreck agreed that the control board needs to set rules for dealing with Internet gaming businesses. He said responsibility for complying with regulations falls on the casinos.

“There is a lot of confusion right now in the industry and there needs to be some regulatory guidelines,” Schreck said. “All we’re asking is to tell us what is permissible.”

Technically, it is illegal for Internet gaming Web sites, which are incorporated and located outside of the borders of the United States, to accept wagers from Americans. In the 2006, the Unlawful Internet Gaming Enforcement Act became law which made it a crime for banks and other financial institutions to process transactions used in online gaming.

Several Web sites, including PokerStars and FullTilt, created two Internet portals. One location is designated as a .com and accepts wagers. The second site, designated by .net, does not accept wagers and serves as an introductory and tutoring location for potential gamblers.

However, the .com locations are easily accessed through the .nets.

“Oftentimes, there is very little difference between the dot-nets and dot-coms,” Sayre said. “This is something that has been tolerated but the board needs to ask itself if this relationship is reasonable.”

Use of the .net poker sites have become commonplace.

Players participating in televised poker events often sign sponsorship deals to wear hats and shirts with the logos advertising the .nets. Harrah’s set guidelines for players’ use of the logos worn during the World Series of Poker, such as size, frequency and prominence. Logos for the .coms are banned.

A television advertisement for PokerStars.net featuring professional poker player Daniel Negreanu, airs regularly during NBC’s coverage of the National Hockey League and appeared often during the network’s recent coverage of the Winter Olympics in Vancouver, British Columbia.

“The relationships between the dot-coms and dot-nets have migrated into something different,” Sayre said. “The board needs to take a hard stand as to what is suitable and what is not suitable.”

Harrah’s, through its interactive entertainment division, has business deals for three online gaming sites in the United Kingdom, including one for the World Series of Poker. None of sites can be accessed by Americans.

The company was unsure how the control board’s planned actions could affect that business.

“We don’t deal in hypotheticals or what-ifs so we won’t comment on anything that may or may not occur,” Harrah’s Interactive Division spokesman Seth Palansky said.

Internet poker is credited with fueling the growth in the World Series of Poker, which had 839 entries in the world championship main event in 2003 when Chris Moneymaker won the title. A year later, main-event entries grew to 2,576.

When Jamie Gold won a record $12 million prize in 2006, entries topped out at 8,773. In the past three years, since Harrah’s stopped players from gaining entry to the tournament online, the field for the world championship has averaged 6,500 players.

Copyright 2010 GamingWire. All rights reserved.

< Gaming News

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LAKES ENTERTAINMENT, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
                                                                                              January 3, 2010  December 28, 2008
Assets                                                                                        (In thousands)
Current assets:
                             Cash                                                             $       3,751    $        6,170
                             Accounts receivable                                                      1,457             2,407
                             Current portion of notes receivable from Indian casino projects          6,671             9,151
                             Investment securities, including rights                                  24,317            -
                             Other                                                                    2,478             1,232
Total current assets                                                                                  38,674            18,960
Property and equipment, net                                                                           5,334             5,585
Long-term assets related to Indian casino projects:
                             Notes receivable, net of current portion                                 46,100            44,002
                             Notes receivable at fair value                                           13,254            10,703
                             Intangible assets                                                        45,064            47,586
                             Other                                                                    6,137             6,591
Total long-term assets related to Indian casino projects                                              110,555           108,882
Other assets:
                             Investment securities, including rights                                  -                 26,544
                             Investment in unconsolidated investees                                   12,441            -
                             Land held for development                                                4,900             5,400
                             Deferred taxes and other                                                 1,833             73
Total other assets                                                                                    19,174            32,017
Total assets                                                                                  $       173,737  $        165,444
Liabilities and shareholders' equity
Current liabilities:
                             Line of credit payable                                           $       16,346   $        18,152
                             Non-revolving line of credit payable                                     2,000             -
                             Current portion of acquisition costs payable                             2,232             2,089
                             Income taxes payable                                                     17,069            16,241
                             Other                                                                    2,454             3,659
Total current liabilities                                                                             40,101            40,141
Long-term liabilities:
                             Non-revolving line of credit payable                                     -                 2,000
                             Contract acquisition costs payable, net of current portion               10,197            5,253
Long-term liabilities                                                                                 10,197            7,253
Total liabilities                                                                                     50,298            47,394
Total shareholders' equity                                                                            123,439           118,050
Total liabilities and shareholders' equity                                                    $       173,737  $        165,444

LAKES ENTERTAINMENT, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings (Loss)
(In thousands, except per share data)
                                                                                           Three months ended                 Twelve months ended
                                                                                           January 3, 2010 December 28, 2008  January 3, 2010 December 28, 2008
Revenues:
                      Management fees                                                      $     5,245     $     5,452        $     26,161    $     24,269
                      License fees                                                               16              10                 59              61
                                                        Total revenues                           5,261           5,462              26,220          24,330
Costs and expenses:
                      Selling, general and administrative                                        2,912           3,537              14,204          15,258
                      Ohio initiative costs                                                      3               18,366             28              28,749
                      Impairment losses                                                          1,289           23,962             4,166           23,962
                      Amortization of intangible assets related to Indian casino projects        2,787           1,814              10,417          6,856
                      Depreciation                                                               68              80                 279             336
                                                        Total costs and expenses                 7,059           47,759             29,094          75,161
Net unrealized gains (losses) on notes receivable                                                (1,372 )        (18,820 )          1,875           (17,836 )
Loss from operations                                                                             (3,170 )        (61,117 )          (999   )        (68,667 )
Other income (expense):
                      Interest income                                                            2,749           134                8,033           985
                      Equity in loss of unconsolidated investee                                  (231   )        -                  (248   )        -
                      Interest expense & other                                                   (322   )        (410    )          (1,663 )        (1,235  )
                                                        Total other income (expense), net        2,196           (276    )          6,122           (250    )
Earnings (loss) from continuing operations before income taxes                                   (974   )        (61,393 )          5,123           (68,917 )
                      Income taxes                                                               1,456           5,598              1,420           9,108
Earnings (loss) from continuing operations                                                       (2,430 )        (66,991 )          3,703           (78,025 )
                      Discontinued operations, net of tax (net of $5.2 million and $3.7          -               (1,519  )          -               (8,298  )
                      million allocated to the prior noncontrolling interest)
Net earnings (loss) applicable to Lakes Entertainment, Inc.                                $     (2,430 )  $     (68,510 )    $     3,703     $     (86,323 )
Earnings (loss) applicable to Lakes Entertainment, Inc. per share                          $     (0.09  )  $     (2.63   )    $     0.14      $     (3.43   )
- basic & diluted
Weighted-average common shares outstanding - basic                                               26,328          26,082             26,327          25,201
Dilutive effect of common stock equivalents                                                      N/A             N/A                84              N/A
Weighted-average common shares outstanding - diluted                                             N/A             N/A                26,411          N/A

Lakes Entertainment, Inc. 
Timothy Cope, 952-449-7030

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The 11-time World Series of Poker bracelet winner will be making his third WPT final table and a bit of a comeback of sorts, having admitted 2009 was his worst year in poker.

“I’ve been working really hard on my game,” Hellmuth told PokerListings. “It feels really good. I’m really happy and I’m pleased with the way I’m playing.”

Daniel Negreanu recently criticized Hellmuth, claiming the Poker Brat wasn’t taking the necessary steps to improve his game in an ever changing poker landscape.

However, Hellmuth now says he’s been working with players like Brandon Cantu, Ted Forrest and David “The Maven” Chicotsky to adjust.

A plan that appears to have worked out here at Bay 101.

“We’ve been talking about some of the Internet kids and their techniques and how they’re playing,” he said. “They seem to be very mathematical. Everything is about the math.

“And I’ve been learning because I have to figure out how their playing to devise a strategy to beat them.”

Armed with a better understanding of what the players around him are up to, Hellmuth will head into the final table confident and ready to get to work.

“I think I have a great chance if my reads stay strong,” he said. “But I’ve still got a lot of work left.”

Now, he says even his biggest critic has changed his tune.

“Daniel’s in my corner now,” he said. “He likes the fact that I’m trying some new school stuff.”

However, it’s still going to take all Hellmuth has to get past a final six with a combination of experience, youthful exuberance and poker skill.

Andy Seth, the runner-up in one of the many $1,500 events at the WSOP this past summer with a list of online poker accomplishments a mile long will come in with the chip lead and a reputation as the player whose been giving Hellmuth the most headaches thus far.

Plus, after an 11th place finish here last year and a ninth in Biloxi earlier this season, Dan O’Brien will finally get a crack at a big score here and has the chips to make some real noise.

Despite having played with the poise of a veteran pro, turning his short stack at the start of the playdown to the final into a big one in the end, Mclean Karr has just a few preliminary cashes around the circuit on his resume.

However, a recent run all the way to 62nd at the inaugural PokerStars NAPT Las Vegas and a boatload of online experience have set the US Air Force Academy Applied Math and Statistics grad turned poker player on the edge of something rather large here in San Jose.

Hasan Habib will come in to his third WPT final table fifth in chips. He has yet to book a win, but does have five final tables at the WSOP and a bracelet there, proving he knows how to get it done.

Matt Keikoan has won at the WSOP before, and also took down the WSOP Circuit event in Lake Tahoe last year. After a seventh and a ninth on the WPT previously, he will enter his first final table as the short stack.

Known for the loudest fans on tour, San Jose will be treated to a final filled with big names and dramatic story lines destined to go down as one of the most exciting in World Poker Tour history.

Action will begin at 4 p.m. PT. For comprehensive coverage, tune in to PokerListings’ Live Updates and News.

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Comments:

</p> <p> <span>0</span><span>1400</span><br /> <span>characters remaining</span> </p> </p></div> <p><em><a href="http://fivefilters.org">Five Filters</a> featured article: <a href="http://medialens.org/alerts/09/091216_chilcot_inquiry_the.php">Chilcot Inquiry</a>. Available tools: <a href="http://fivefilters.org/pdf-newspaper/">PDF Newspaper</a>, <a href="http://fivefilters.org/content-only/">Full Text RSS</a>, <a href="http://fivefilters.org/term-extraction/">Term Extraction</a>.</em></p> <p><a title="free slot machines" href="http://slotsgalores.com"> Click here to play free slots and start winning cash today!</a></p> <p>Related posts:<ol><li><a href='http://poker.prosportsonline.net/2010/03/underage-gambling-violations-at-mount-airy-result-in-100000-fine-the-morning-call/' rel='bookmark' title='Permanent Link: Underage gambling violations at Mount Airy result in $100,000 fine (The Morning Call)'>Underage gambling violations at Mount Airy result in $100,000 fine (The Morning Call)</a></li> <li><a href='http://poker.prosportsonline.net/2010/02/hurdles-remain-for-table-games-in-pa-pittsburgh-tribune-review/' rel='bookmark' title='Permanent Link: Hurdles remain for table games in Pa. – Pittsburgh Tribune-Review'>Hurdles remain for table games in Pa. – Pittsburgh Tribune-Review</a></li> <li><a href='http://poker.prosportsonline.net/2010/02/pennsylvania-gambling-laws-updated-for-table-games-usa-online-gambling-news/' rel='bookmark' title='Permanent Link: Pennsylvania Gambling Laws Updated For Table Games – USA Online Gambling News'>Pennsylvania Gambling Laws Updated For Table Games – USA Online Gambling News</a></li> </ol></p>]]></content:encoded> <wfw:commentRss>http://poker.prosportsonline.net/2010/03/sands-eyes-july-1-for-table-games-allentown-morning-call/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>Operation 80</title> <link>http://poker.prosportsonline.net/2010/03/operation-80/</link> <comments>http://poker.prosportsonline.net/2010/03/operation-80/#comments</comments> <pubDate>Fri, 12 Mar 2010 00:20:10 +0000</pubDate> <dc:creator></dc:creator> <category><![CDATA[Poker Journal: Daniel Negreanu]]></category> <guid isPermaLink="false">http://poker.prosportsonline.net/2010/03/operation-80/</guid> <description><![CDATA[ Operation 80 11 Mar 2010 OK, so last May before the WSOP me, EDOG, Ivey, and Ted The Idiot, were all drinking and talkin’ golf. My game was coming around nicely at the time, so I made a bet with them that I would shoot 80 or better from the blue tees at TPC [...] Related posts:<ol><li><a href='http://poker.prosportsonline.net/2010/02/erick-lindgren-interview-with-poker-news-daily/' rel='bookmark' title='Permanent Link: Erick Lindgren Interview with Poker News Daily'>Erick Lindgren Interview with Poker News Daily</a></li> </ol>]]></description> <content:encoded><![CDATA[<div> <div> <a href="http://www.fullcontactpoker.com/daniel-negreanu-blog/rss.php" target="_blank"><img src="http://www.fullcontactpoker.com/images/rss.gif" border="0" align="right" /></a></p> <h2>Operation 80</h2> <p> <br /> <span>11 Mar 2010</span> </p> <p> OK, so last May before the WSOP me, EDOG, <a href="http://poker.prosportsonline.net/2009/10/phil-ivey/"title="" >Ivey</a>, and Ted The Idiot, were all drinking and talkin’ golf. My game was coming around nicely at the time, so I made a bet with them that I would shoot 80 or better from the blue tees at TPC Summerlin by next year’s WSOP. At the time my best round ever from there was 86. I made the bet, and in August after the WSOP I had some time to work on my game and before leaving for Europe in September I shot 83, 84, and 83 in that last week. </p> <p> Since then, I haven’t had any time at all to work on golf. None at all. Looking ahead to my schedule, I started to realize that it wasn’t looking good for me as I was running out of time. So I called my guy Christian and said we need to get to work! I leave for Austria on the 19th and won’t be back in Vegas until April 14th. Then I’m home, but I’ll be playing the WPT Championship on the 19th. Immediately after that I’m headed to Monte Carlo for the EPT Grand Final. </p> <p> Originally I thought May would be totally free, but I’m now committed to a project from May 2-10. The good news there is that it’s all in happening in Vegas, and I’ll also probably have 2-3 days off in the middle of that depending how it goes. </p> <p> So Operation 80 must start now! Yesterday Christian came to the house and I hit 110 balls on my simulator. He noticed a key flaw immediately and we worked on two things:</p> <p>1) My right knee was locking when I took the club back. That’s bad. So, we worked on hitting balls, but also maintaining my knee flex. Essentially it’s like hitting the golf ball with just arms and is designed to keep my lower body quiet which historically has always been a problem.</p> <p>2) Getting my weight to my left side at impact. This was a secondary focus and something I definitely need to work on, but first we need to make sure I’m not swaying on the back swing.</p> <p> Today we went to the course to see where we are at. The greens were aerated. Sand all over them, huge holes which caused the ball to have a mind of it’s own when it hit the green, and it was also chilly and windy. Not ideal golf weather.</p> <p> The whole round Christian had me focusing solely on keeping my right knee flexed on every swing. It’s a drill, and when you practice properly it’s not supposed to give you immediate results. In the past, I always gambled when I played so there was never any time to dedicate solely to practice. We always had to make the best of what we had at the time. </p> <p> A symptom of swinging with just my arms was two fold, me coming over the top a lot, and also not hitting the ball anywhere since I wasn’t getting ANY weight behind it at all. </p> <p> I played the whole 18 like that and shot 57-59=116. A laughable score, but it’s a starting point to work from and improve on. Tomorrow I think Christian said we’ll focus on getting to my left side and that should help a lot. The way I was hitting the ball I had no chance to carry a few of the holes and I ended up making a 9 or a 10 on the hole. </p> <p> I’m keeping the goal simple for tomorrow. Just shoot better than 116. A modest goal to say the least. Before I leave for Austria I’m hoping to be back in the mid 90’s. We shall see.</p> <p>**********************************************************************</p> <p> Basketball tonight! I joined a league this year with some of the guys from Poker Royalty and I’m excited to play! It’s an under 6′ 2″ league and our team lost last week. Neither E-DOG or myself could play, but we’ll both be there tonight. I used to love playing basketball and I just love team sports.</p> <p> There was one summer in high school where I played basketball everyday and got to the point where I was decent. We used to play a game called “American 21″ which was every man for himself and we’d often play with 14 people, all of which were taller than me. I could never get a clean shot off, 1 on 13, so I developed an odd fade away jumper/sky hook that I got pretty good at, but it looks really ugly!</p> <p> I was devastated when I got cut from my high school team that year. All of my friends were on the team and they were really good. I was just hoping to ride the bench and offer moral support. I would have been a real team player for sure.</p> <p> It was my first, and only run in with affirmative action. My school at the time had 75% Chinese students. One Chinese student named Sam tried out for the team. He was maybe two inches taller than me, but he was just awful. He couldn’t dribble, he couldn’t shoot, he didn’t speak the language very well, but in the end Mr. Barker put him on the team. Everyone was shocked by it. I worked hard to get on that team and it got me excited about school. Well, getting left off the team left a bad taste in my mouth.</p> <p> I was already a gambler by that time and I challenged Mr.Barker to a one-on-one match for $100. I then told him I’d play Sam and if he beats me I’d give them both $100. I wanted on the team so bad!!! Mr.Barker game me some lame excuse about basketball being a team sport, not a one-on-one sport, whatever loser. </p> <p> So, instead of going to school since there didn’t seem to be a real point to it all at that point, I spent my days playing snooker at the pool hall. Eventually I found poker so I guess I should thank Mr.Barker for cutting me. </p> <p> It’s fun to play games! I have been working really hard this year. I’ve played 6 tournaments already this year, plus the Premier League and the NBC Heads Up. On top of that, I’ve been working hard on other poker related responsibilities. That doesn’t leave a lot of time for fun and games, but I’m going to “play” this week before another long road trip that will see me go from Austria to London, London to Toronto (maybe), to New York, then to Mohegan Sun, and finally back home to Vegas.</p> <p> Shower time, 6:00pm tip off!</p> </p> </p> <p></p> <p> </p> <p align="right"><a href="http://www.fullcontactpoker.com/poker-journal.php#top">top</a></p> <p> <br /> <br /> </p> <p> <!-- News Powered by CuteNews: http://cutephp.com/ --></div> </div> <p><em><a href="http://fivefilters.org">Five Filters</a> featured article: <a href="http://medialens.org/alerts/09/091216_chilcot_inquiry_the.php">Chilcot Inquiry</a>. Available tools: <a href="http://fivefilters.org/pdf-newspaper/">PDF Newspaper</a>, <a href="http://fivefilters.org/content-only/">Full Text RSS</a>, <a href="http://fivefilters.org/term-extraction/">Term Extraction</a>.</em></p> <p> <a href="http://www.pdcpoker.com/_ivvDnBJjfz81X8vVweHoG1XhaB5AowJr/" title="Play Online Poker"> <img src="http://creatives.pdcaffiliates.com/468x60/468x60-sitngo.gif" width="468" height="60" alt="" border="0" style="width:auto;height:auto"></a></p> <p>Related posts:<ol><li><a href='http://poker.prosportsonline.net/2010/02/erick-lindgren-interview-with-poker-news-daily/' rel='bookmark' title='Permanent Link: Erick Lindgren Interview with Poker News Daily'>Erick Lindgren Interview with Poker News Daily</a></li> </ol></p>]]></content:encoded> <wfw:commentRss>http://poker.prosportsonline.net/2010/03/operation-80/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>EPT Berlin Poker Robbery Featured on Most Wanted TV Show</title> <link>http://poker.prosportsonline.net/2010/03/ept-berlin-poker-robbery-featured-on-most-wanted-tv-show/</link> <comments>http://poker.prosportsonline.net/2010/03/ept-berlin-poker-robbery-featured-on-most-wanted-tv-show/#comments</comments> <pubDate>Thu, 11 Mar 2010 22:30:00 +0000</pubDate> <dc:creator></dc:creator> <category><![CDATA[POKER NEWS]]></category> <guid isPermaLink="false">http://poker.prosportsonline.net/2010/03/ept-berlin-poker-robbery-featured-on-most-wanted-tv-show/</guid> <description><![CDATA[The armed robbery that took place during the PokerStars European Poker Tour (EPT) Berlin festivities was featured on the German television program “Aktenzeichen XY Ungelöst,” the equivalent of “America’s Most Wanted.” The episode aired on Wednesday night and German police are now awaiting tips that could help bring the perpetrators to justice, according to Abendblatt.de. Viewers [...] Related posts:<ol><li><a href='http://poker.prosportsonline.net/2010/03/berlin-poker-robbery-committed-by-small-time-crooks/' rel='bookmark' title='Permanent Link: Berlin Poker Robbery Committed by Small-Time Crooks'>Berlin Poker Robbery Committed by Small-Time Crooks</a></li> <li><a href='http://poker.prosportsonline.net/2010/03/ept-berlin-poker-robbery-no-new-leads-no-suspects/' rel='bookmark' title='Permanent Link: EPT Berlin Poker Robbery: No New Leads, No Suspects'>EPT Berlin Poker Robbery: No New Leads, No Suspects</a></li> <li><a href='http://poker.prosportsonline.net/2010/03/ept-berlin-robbery-kevin-macphee-appears-on-early-show/' rel='bookmark' title='Permanent Link: EPT Berlin Robbery: Kevin MacPhee Appears on Early Show'>EPT Berlin Robbery: Kevin MacPhee Appears on Early Show</a></li> </ol>]]></description> <content:encoded><![CDATA[<p>The armed robbery that took place during the <strong><a href="http://www.pokernewsdaily.com/pokerstars-review/" title="PokerStars">PokerStars</a> European Poker Tour (EPT) Berlin</strong> festivities was featured on the German television program “<strong>Aktenzeichen XY Ungelöst</strong>,” the equivalent of “America’s Most Wanted.”</p> <p>The episode aired on Wednesday night and German police are now awaiting tips that could help bring the perpetrators to justice, according to Abendblatt.de. Viewers and anyone else in the poker industry with information are encouraged to pick up a phone and call 089-95 01 95, which will connect you to the program’s studios in Munich. “Aktenzeichen XY Ungelöst” appears on the television station ZDF. Its producers work in conjunction with local police.</p> <p>Like “<strong>America’s Most Wanted</strong>,” “Aktenzeichen XY Ungelöst” is a longstanding staple of the television airwaves. “Aktenzeichen XY Ungelöst” premiered in 1967. Episodes feature a handful of unsolved mysteries and, according to “Aktenzeichen XY Ungelöst” officials, about <strong>40% of the cases presented on the program are ultimately solved</strong>. Whether the mega-heist of EPT Berlin will be among them is unknown. Four gunmen held up the registration area of the PokerStars sponsored tournament and escaped with an undisclosed amount of money on Saturday afternoon.</p> <p>Meanwhile, officials from PokerStars and the Grand Hyatt Hotel in Berlin have been dissecting the robbery to improve security measures in the future. <a href="http://poker.prosportsonline.net"title="" >Poker News</a> Daily caught up with EPT Berlin winner <strong>Kevin “ImaLuckSac” MacPhee</strong> and asked him what steps should be taken: “Don’t have <a href="http://poker.prosportsonline.net/online-tounrement/"title="" >poker tournaments</a>’ cash desks in hotels or, if you do, beef up security. The staff, security, and players all pulled together to fix a disastrous situation. I actually think Thomas Kremser of TK Poker Events did an excellent job.” MacPhee appeared on CBS’ “Early Show” on Monday morning and also virtually sat down with CNN’s Campbell Brown.</p> <p>As can be seen by the numerous video clips of the melee circulating online, poker chips were strewn about EPT Berlin’s tables and dealers and floor staff alike were left running for the exits. Fortunately for those involved, the gunmen never entered the tournament area. MacPhee praised the heroic efforts of the event’s staff: “The dealers saved the day, especially Fred (the best dealer in the world), who kept the deck intact during the chaos on one of the outer tables. That’s a good dealer and the security was extremely tight afterward. I was getting escorts everywhere, so my hat goes off to them for handling a difficult situation in the best possible way.”</p> <p>On Thursday, <strong>Time Magazine</strong> posted a column about the robbery featuring video footage of the midday shenanigans as they unfolded. Time writers described what they saw: “The entire caper looks like something out of a movie, although it’s less ‘Oceans 11’ and more like Woody Allen’s comedy, ‘Take The Money and Run.’” Posters on popular <a href="http://poker.prosportsonline.net"title="" >online poker</a> forums were quick to recall the top casino capers featured in the 2001 movie “Oceans 11.”</p> <p>A wide variety of reports also surfaced as to the amount of money plundered from the German poker tournament. The <strong>Las Vegas Sun</strong> newspaper pegged the total at $328,000, while <strong><a href="http://www.pokernewsdaily.com/doyle-brunson-57/" title="Doyle Brunson">Doyle Brunson</a>’s blog</strong> claimed the bandits took more than triple that amount. The Las Vegas news outlet described its take on the surveillance footage: “Footage on German television showed a hotel security guard battling with one of the robbers, then wrestling a second one to the floor. The captive escaped after his accomplice returned from another room wielding a large metal post and chased the guard away.”</p> <p>Stay tuned to Poker News Daily for the latest updates on the EPT Berlin high-stakes heist.</p> <p>Click <a title="online casino bonuses" href="http://casinomovement.com" target="_blank">HERE</a> to play free <a href="http://casinomovement.com"title="" >online casino</a> games</p> <p>Related posts:<ol><li><a href='http://poker.prosportsonline.net/2010/03/berlin-poker-robbery-committed-by-small-time-crooks/' rel='bookmark' title='Permanent Link: Berlin Poker Robbery Committed by Small-Time Crooks'>Berlin Poker Robbery Committed by Small-Time Crooks</a></li> <li><a href='http://poker.prosportsonline.net/2010/03/ept-berlin-poker-robbery-no-new-leads-no-suspects/' rel='bookmark' title='Permanent Link: EPT Berlin Poker Robbery: No New Leads, No Suspects'>EPT Berlin Poker Robbery: No New Leads, No Suspects</a></li> <li><a href='http://poker.prosportsonline.net/2010/03/ept-berlin-robbery-kevin-macphee-appears-on-early-show/' rel='bookmark' title='Permanent Link: EPT Berlin Robbery: Kevin MacPhee Appears on Early Show'>EPT Berlin Robbery: Kevin MacPhee Appears on Early Show</a></li> </ol></p>]]></content:encoded> <wfw:commentRss>http://poker.prosportsonline.net/2010/03/ept-berlin-poker-robbery-featured-on-most-wanted-tv-show/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>Shuffle Master, Inc. Reports First Quarter 2010 Results – MarketWatch (press release)</title> <link>http://poker.prosportsonline.net/2010/03/shuffle-master-inc-reports-first-quarter-2010-results-marketwatch-press-release/</link> <comments>http://poker.prosportsonline.net/2010/03/shuffle-master-inc-reports-first-quarter-2010-results-marketwatch-press-release/#comments</comments> <pubDate>Thu, 11 Mar 2010 21:15:34 +0000</pubDate> <dc:creator></dc:creator> <category><![CDATA[Gambling Laws]]></category> <guid isPermaLink="false">http://poker.prosportsonline.net/2010/03/shuffle-master-inc-reports-first-quarter-2010-results-marketwatch-press-release/</guid> <description><![CDATA[ LAS VEGAS, Mar 11, 2010 (BUSINESS WIRE) – Shuffle Master, Inc. (NASDAQ Global Select Market: SHFL) (“Shuffle Master” or the “Company”) today announced its results for the first quarter and fiscal year ended January 31, 2010. First Quarter 2010 Financial Highlights – [...] Related posts:<ol><li><a href='http://poker.prosportsonline.net/2010/02/lyris-inc-reports-growth-in-second-quarter-revenues-driven-by-increased-marketwatch-press-release/' rel='bookmark' title='Permanent Link: Lyris, Inc., Reports Growth in Second Quarter Revenues Driven by Increased … – MarketWatch (press release)'>Lyris, Inc., Reports Growth in Second Quarter Revenues Driven by Increased … – MarketWatch (press release)</a></li> <li><a href='http://poker.prosportsonline.net/2010/02/wynn-resorts-limited-reports-fourth-quarter-and-year-end-2009-results-marketwatch-press-release/' rel='bookmark' title='Permanent Link: Wynn Resorts, Limited Reports Fourth Quarter and Year End 2009 Results – MarketWatch (press release)'>Wynn Resorts, Limited Reports Fourth Quarter and Year End 2009 Results – MarketWatch (press release)</a></li> <li><a href='http://poker.prosportsonline.net/2010/03/churchill-downs-incorporated-reports-2009-results-marketwatch-press-release/' rel='bookmark' title='Permanent Link: Churchill Downs Incorporated Reports 2009 Results – MarketWatch (press release)'>Churchill Downs Incorporated Reports 2009 Results – MarketWatch (press release)</a></li> </ol>]]></description> <content:encoded><![CDATA[<div> <div> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> <br /> <br /> <br /> </p> <p> </p> <p> </p> <p> <br /> <br /> </p> <p> <br /> LAS VEGAS, Mar 11, 2010 (BUSINESS WIRE) – <br /> Shuffle Master, Inc. (NASDAQ Global Select Market: SHFL) (“Shuffle <br /> Master” or the “Company”) today announced its results for the first <br /> quarter and fiscal year ended January 31, 2010. <br /> <br /> <br /> </p> <p> </p> <p> <br /> First Quarter 2010 Financial Highlights <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> Revenue of $40.3 million increased by 17%, or $5.8 million, <br /> year-over-year from $34.5 million. Adjusted for foreign exchange <br /> impact, total revenue increased 9% year-over-year. <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> Total lease, royalty and service revenue was up 11% year-over-year and <br /> 2% sequentially, and totaled $22.4 million, or 56% of total revenue. <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> Gross margin increased 200 basis points to 62%. <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> GAAP net income and diluted earnings per share (“EPS”) increased to <br /> $3.7 million and $0.07, respectively, compared to a net loss of ($1.0) <br /> million and ($0.02) in the prior year period. <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> Adjusted EBITDA totaled $12.7 million, up 39% from $9.1 million <br /> year-over-year. <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> Selling, general and administrative (“SG&A”) expenses decreased by <br /> $1.3 million to $14.4 million, or 8% year-over-year. Excluding the <br /> $2.4 million impact of severance charges in the prior year period SG&A <br /> expense increased by 8%, but as a percentage of revenue was 36% as <br /> compared to 38% in the year-ago quarter. Foreign exchange negatively <br /> impacted SG&A expense by approximately $1.0 million. <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> Net debt (total debt, less cash and cash equivalents) was $79.3 <br /> million as compared to $85.4 million as of October 31, 2009. <br /> <br /> <br /> </p> <p> </p> <p> <br /> “Our results this quarter reflect solid year-over-year growth in ETS <br /> leases, continued momentum of our progressive upgrade strategy, and real <br /> progress in our Ace to i-Deal shuffler conversion process,” said Tim <br /> Parrott, Chief Executive Officer. “This, and the continued strong <br /> acceptance of our varied and improved product offerings in existing and <br /> new markets, are exciting as we enter the new year.” <br /> <br /> <br /> </p> <p> </p> <p> <br /> First Quarter 2010 Business Segment Highlights <br /> <br /> <br /> </p> <p> </p> <p> <br /> Utility <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> Total Utility lease and service revenue of $9.7 million grew 5% <br /> year-over-year driven by i-Deal(TM), MD-2, and one2six(R) shuffler <br /> placements. <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> Total Utility revenue increased 12% to $17.6 million as compared to <br /> $15.8 million year-over-year, driven by increases in one2six, Deck Mate(R), <br /> and i-Deal shuffler sales. <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> Total leased shuffler installed base grew year-over-year by <br /> approximately 300 units to 5,741 units. <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> Gross margin increased year-over-year from 54% to 61% primarily due to <br /> the increase in sales revenue as well as reduced amortization expense <br /> associated with the one2six shuffler and Easy Chipper(TM) C. <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> Significant year-over-year placements of the i-Deal shuffler with 780 <br /> units installed since the year-ago quarter; 226 of those were <br /> installed in the first quarter 2010. <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> The total i-Deal installed base grew to approximately 1,400 units, of <br /> which approximately 60% are units on lease. <br /> <br /> <br /> </p> <p> </p> <p> <br /> Proprietary Table Games (“PTG”) <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> Total PTG lease, royalty and service revenue increased 5% <br /> year-over-year to $8.9 million. <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> Total PTG revenue decreased 6% to $9.0 million as compared to $9.7 <br /> million in the year-ago quarter. Approximately $0.6 million of revenue <br /> was included in the prior year period related to the Company’s Three <br /> Card Poker World Championship Tournament. No such tournament was held <br /> in the current period. <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> Gross margin remained flat year-over-year at 83%. <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> Approximately 120 net placements of progressive upgrades in the first <br /> quarter, as compared to 38 net placements made in year-ago quarter, <br /> which contributed $0.9 million in lease revenue for the first quarter. <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> As of the first quarter, there were approximately 480 total <br /> progressives. Fortune Pai Gow Poker(R) Progressive and Three Card Poker(R) <br /> Progressive comprised approximately 70% of all upgrades. <br /> <br /> <br /> </p> <p> </p> <p> <br /> Electronic Table Systems (“ETS”) <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> Total ETS lease, royalty and service revenue was a record $3.8 <br /> million, up 44% year-over-year, as a result of increased Table Master(R) <br /> seats on lease, led by proprietary titles such as Royal Match 21(R), <br /> Bet the Set “21″(R), and Three Card Poker(R). <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> Total ETS revenue increased 111% to $8.4 million as compared to $4.0 <br /> million in the prior year period as a result of a significant increase <br /> in leased Table Master(R) and sold Rapid Table Game(R) <br /> seats. <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> Approximately 340 net placements of ETS seats installed in the first <br /> quarter, with Table Master placements comprising 61% of the total. <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> Gross margin increased year-over-year from 39% to 47% primarily due to <br /> the mix of revenue including sales of higher margin products. <br /> <br /> <br /> </p> <p> </p> <p> <br /> Electronic Gaming Machines (“EGM”) <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> Total EGM revenue grew 4% to $5.3 million compared to the prior year <br /> period mainly due to foreign exchange favorability of approximately <br /> $1.3 million. Total EGM revenue excluding the effect of foreign <br /> exchange decreased 21%. <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> Gross margin increased year-over-year from 48% to 51%, led by <br /> increased game conversion kits sales which carry a substantially <br /> higher margin than completed units. <br /> <br /> <br /> </p> <p> </p> <p> <br /> – <br /> Total placements of EGM seats decreased by 29% from the prior year <br /> period but were offset by foreign exchange favorability and, to a <br /> lesser extent, increased average sales prices. <br /> <br /> <br /> </p> <p> </p> <p> <br /> “We continue to improve our year-over-year profitability and generate <br /> strong cash flow,” said Linster Fox, Chief Financial Officer. “This has <br /> enabled us to reduce our net debt to 1.3x our trailing 12 months <br /> Adjusted EBITDA.” <br /> <br /> <br /> </p> <p> </p> <p> <br /> Further detail and analysis of the Company’s financial results for the <br /> year ended January 31, 2010, is included in its Form 10-Q, which has <br /> been filed with the Securities and Exchange Commission today, March 11, <br /> 2010. <br /> <br /> <br /> </p> <p> </p> <p> <br /> Webcast & Conference Call Information <br /> <br /> <br /> </p> <p> </p> <p> <br /> Company executives will provide additional perspective on the Company’s <br /> first quarter earnings results during a conference call on March 11, <br /> 2010 at 2 pm Pacific Time. Those interested in participating in the call <br /> may do so by dialing (201) 689-8263 or toll-free (877) 407-0792 and <br /> requesting Shuffle Master’s First Quarter 2010 Conference Call. A <br /> hardcopy of the presentation materials may be printed from the Shuffle <br /> Master, Inc. website, <a href="http://www.shufflemaster.com">www.shufflemaster.com</a>, <br /> shortly before the start of the call. In conjunction with the call, a <br /> live audio webcast may be accessed at <a href="http://www.shufflemaster.com">www.shufflemaster.com</a>. <br /> In order to access the live audio webcast please allow at least 15 <br /> minutes before the start of the call to visit Shuffle Master’s website <br /> and download/install any necessary audio/video software for the webcast. <br /> Immediately following the call and through April 11, 2010, a playback <br /> can be heard 24-hours a day by dialing (201) 612-7415 or toll-free (877) <br /> 660-6853; account number is 3055; conference I.D. number is 346156. <br /> <br /> <br /> </p> <p> </p> <p> <br /> About Shuffle Master, Inc. <br /> <br /> <br /> </p> <p> </p> <p> <br /> Shuffle Master, Inc. is a gaming supply company specializing in <br /> providing its casino customers with improved profitability, productivity <br /> and security, as well as popular and cutting-edge gaming entertainment <br /> content, through value-add products in four distinct categories: Utility <br /> products which include automatic card shuffler, roulette chip sorters <br /> and intelligent table system modules, Proprietary Table Games which <br /> include live table game tournaments, Electronic Table Systems which <br /> include various e-Table game platforms and Electronic Gaming Machines <br /> which include traditional video <a href="http://slotsgalores.com"title="" >slot machines</a> for select markets. The <br /> Company is included in the S&P Smallcap 600 Index. Information about the <br /> Company and its products can be found on the Internet at <a href="http://www.shufflemaster.com">www.shufflemaster.com</a>. <br /> <br /> <br /> </p> <p> </p> <p> <br /> Forward Looking Statements <br /> <br /> <br /> </p> <p> </p> <p> <br /> This release contains forward-looking statements that are based on <br /> management’s current beliefs and expectations about future events, as <br /> well as on assumptions made by and information available to management. <br /> The Company considers such statements to be made under the safe harbor <br /> created by the federal securities laws to which it is subject, and <br /> assumes no obligation to update or supplement such statements. <br /> Forward-looking statements reflect and are subject to risks and <br /> uncertainties that could cause actual results to differ materially from <br /> expectations. Risk factors that could cause actual results to differ <br /> materially from expectations include, but are not limited to, the <br /> following: the Company’s intellectual property or products may be <br /> infringed, misappropriated, invalid, or unenforceable, or subject to <br /> claims of infringement, invalidity or unenforceability, or insufficient <br /> to cover competitors’ products; the gaming industry is highly regulated <br /> and the Company must adhere to various regulations and maintain its <br /> licenses to continue its operations; the Company’s ability to implement <br /> its ongoing strategic plan successfully is subject to many factors, some <br /> of which are beyond the Company’s control; litigation may subject the <br /> Company to significant legal expenses, damages and liability; the <br /> Company’s products currently in development may not achieve commercial <br /> success; the Company competes in a single industry, and its business <br /> would suffer if its products become obsolete or demand for them <br /> decreases; any disruption in the Company’s manufacturing processes or <br /> significant increases in manufacturing costs could adversely affect its <br /> business; the products in each of our segments may experience losses due <br /> to technical difficulties or fraudulent activities; the Company operates <br /> in a very competitive business environment; the Company is dependent on <br /> the success of its customers and is subject to industry fluctuations; <br /> risks that impact the Company’s customers may impact the Company; <br /> certain market risks may affect the Company’s business, results of <br /> operations and prospects; a continued downturn in general worldwide <br /> economic conditions or in the gaming industry or a reduction in demand <br /> for gaming may adversely affect the Company’s results of operations; the <br /> Company’s domestic and global growth and ability to access capital <br /> markets are subject to a number of economic risks; economic, political, <br /> legal and other risks associated with the Company’s international sales <br /> and operations could adversely affect its operating results; changes in <br /> gaming regulations or laws; the Company is exposed to foreign currency <br /> risk; the Company could face considerable business and financial risk in <br /> implementing acquisitions; if the Company’s products contain defects, <br /> its reputation could be harmed and its results of operations adversely <br /> affected; the Company may be unable to adequately comply with public <br /> reporting requirements; the Company’s continued compliance with its <br /> financial covenants in its senior secured credit facility is subject to <br /> many factors, some of which are beyond the Company’s control; the <br /> restrictive covenants in the agreement governing the Company’s senior <br /> secured credit facility may limit its ability to finance future <br /> operations or capital needs or engage in other business activities that <br /> may be in its interest; and the Company’s business is subject to <br /> quarterly fluctuation. Additional information on these and other risk <br /> factors that could potentially affect the Company’s financial results <br /> may be found in documents filed by the Company with the Securities and <br /> Exchange Commission, including the Company’s current reports on Form <br /> 8-K, quarterly reports on Form 10-Q and its latest annual report on Form <br /> 10-K. <br /> <br /> <br /> </p> <p> </p> <pre> SHUFFLE MASTER,INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited, in thousands, except per share amounts) Three Months Ended January 31, 2010 2009 Revenue: Product leases and royalties $ 20,493 $ 18,356 Product sales and service 19,843 16,110 Other - 23 Total revenue 40,336 34,489 Costs and expenses: Cost of leases and royalties 6,304 5,839 Cost of sales and service 9,185 8,089 Gross profit 24,847 20,561 Selling, general and administrative 14,357 15,651 Research and development 4,962 3,740 Total costs and expenses 34,808 33,319 Income from operations 5,528 1,170 Other income (expense) Interest income 138 234 Interest expense (1,056 ) (1,872 ) Other, net 654 (849 ) Total other income (expense) (264 ) (2,487 ) Gain on early extinguishment of debt - 163 Income (loss) from operations before tax 5,264 (1,154 ) Income tax provision (benefit) 1,585 (181 ) Net income (loss) $ 3,679 $ (973 ) Basic earnings (loss) per share: $ 0.07 $ (0.02 ) Diluted earnings (loss) per share: $ 0.07 $ (0.02 ) Weighted average shares outstanding: Basic 53,216 53,058 Diluted 54,056 53,058 </pre> <p> </p> <pre> SHUFFLE MASTER,INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts) January 31, October 31, 2010 2009 ASSETS Current assets: Cash and cash equivalents $ 16,770 $ 7,840 Accounts receivable, net of allowance for bad debts of $745 and $630 22,335 36,371 Investment in sales-type leases and notes receivable, net of 2,423 2,281 allowance for bad debts of $171 and $164 Inventories 28,359 27,639 Prepaid income taxes 4,598 5,893 Deferred income taxes 6,747 6,637 Other current assets 6,633 5,897 Total current assets 87,865 92,558 Investment in sales-type leases and notes receivable, net of 1,548 1,295 current portion Products leased and held for lease, net 26,133 23,653 Property and equipment, net 9,459 9,506 Intangible assets, net 68,682 71,338 Goodwill 72,450 74,662 Deferred income taxes 8,655 9,414 Other assets 2,855 3,043 Total assets $ 277,647 $ 285,469 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 5,175 $ 6,336 Accrued and other current liabilities 9,629 16,608 Deferred income taxes, current 59 62 Customer deposits 2,936 2,828 Deferred revenue 5,250 6,802 Current portion of long-term debt 650 650 Total current liabilities 23,699 33,286 Long-term debt, net of current portion 95,468 92,560 Other long-term liabilities 3,271 3,549 Total liabilities 122,438 129,395 Commitments and contingencies Shareholders' equity: Common stock, $0.01 par value; 151,368 shares authorized; 53,579 536 536 shares issued and outstanding Additional paid-in capital 89,434 88,977 Retained earnings 45,961 42,282 Accumulated other comprehensive income 19,278 24,279 Total shareholders' equity 155,209 156,074 Total liabilities and shareholders' equity $ 277,647 $ 285,469 </pre> <p> </p> <pre> SHUFFLE MASTER, INC. SUPPLEMENTAL DATA (Unaudited, in thousands) FINANCIAL DATA Three Months Ended January 31, 2010 2009 Reconciliation of Net income (loss) to Adjusted EBITDA Net income (loss) $ 3,679 $ (973 ) Other income (expense) 264 2,487 Share-based compensation 1,008 2,211 Income tax provision (benefit) 1,585 (181 ) Depreciation and amortization 6,125 5,715 Gain on extinguishment of debt - (163 ) Adjusted EBITDA (1) $ 12,661 $ 9,096 Adjusted EBITDA margin 31.4 % 26.4 % </pre> <p> </p> <pre> 1. Adjusted EBITDA is earnings before other income (expense), provision (benefit) for income taxes, depreciation and amortization, gain on extinguishment of debt and share-based compensation. Adjusted EBITDA is presented exclusively as a supplemental disclosure because management believes that it is a useful performance measure and is widely used to measure performance, and as a basis for valuation, within the Company's industry. Adjusted EBITDA is not calculated in the same manner by all companies and, accordingly, may not be an appropriate measure for comparison. Management uses Adjusted EBITDA as a measure of the operating performance of its segments and to compare the operating performance of its segments with those of its competitors. The Company also presents Adjusted EBITDA because it is used by some investors as a way to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming equipment suppliers have historically reported Adjusted EBITDA as a supplement to financial measures in accordance with U.S. generally accepted accounting principles ("GAAP"). Adjusted EBITDA should not be considered as an alternative to operating income (loss), as an indicator of the Company's performance, as an alternate to cash flows from operating activities, as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income (loss), Adjusted EBITDA does not include depreciation and amortization or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. The Company compensates for these limitations by using Adjusted EBITDA as only one of several comparative tools, together with GAAP measurements, to assist in the evaluation of operating performance. Such GAAP measurements include operating income (loss), net income (loss), cash flows from operations and cash flow data. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other non-recurring charges, which are not reflected in Adjusted EBITDA. </pre> <p> </p> <pre> SHUFFLE MASTER, INC. BUSINESS SEGMENT DATA (Unaudited, in thousands) Three Months Ended January 31, 2010 2009 Utility: Revenue $ 17,616 $ 15,751 Gross profit 10,705 8,528 Gross margin 60.8 % 54.1 % Proprietary Table Games: Revenue $ 9,035 $ 9,661 Gross profit 7,537 8,045 Gross margin 83.4 % 83.3 % Electronic Table Systems: Revenue $ 8,375 $ 3,969 Gross profit 3,919 1,560 Gross margin 46.8 % 39.3 % Electronic Gaming Machines: Revenue $ 5,310 $ 5,085 Gross profit 2,686 2,422 Gross margin 50.6 % 47.6 % Unallocated Corporate: Revenue $ - $ 23 Gross profit - 6 Total: Revenue $ 40,336 $ 34,489 Gross profit 24,847 20,561 Gross margin 61.6 % 59.6 % Adjusted EBITDA as a percentage of total revenue 31.4 % 26.4 % Income from operations as a percentage of total revenue 13.7 % 3.4 % </pre> <p> </p> <p> <br /> SOURCE: Shuffle Master, Inc. <br /> <br /> <br /> </p> <p> </p> <pre> Shuffle Master, Inc. Julia Boguslawski Investor Relations ph: 702-897-7150 fax: 702-270-5161 Timothy J. Parrott, CEO Linster W. Fox, CFO ph: 702-897-7150 fax: 702-270-5161 </pre> <p> </p> <p> <br /> Copyright Business Wire 2010 <br /> <span> <br /> <br /> </p> <p> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> <p> <br /> <br /> <br /> <br /> <br /> </p></div> </div> <p><em><a href="http://fivefilters.org">Five Filters</a> featured article: <a href="http://medialens.org/alerts/09/091216_chilcot_inquiry_the.php">Chilcot Inquiry</a>. Available tools: <a href="http://fivefilters.org/pdf-newspaper/">PDF Newspaper</a>, <a href="http://fivefilters.org/content-only/">Full Text RSS</a>, <a href="http://fivefilters.org/term-extraction/">Term Extraction</a>.</em></p> <p><a title="free slot machines" href="http://slotsgalores.com"> Click here to play free slots and start winning cash today!</a></p> <p>Related posts:<ol><li><a href='http://poker.prosportsonline.net/2010/02/lyris-inc-reports-growth-in-second-quarter-revenues-driven-by-increased-marketwatch-press-release/' rel='bookmark' title='Permanent Link: Lyris, Inc., Reports Growth in Second Quarter Revenues Driven by Increased … – MarketWatch (press release)'>Lyris, Inc., Reports Growth in Second Quarter Revenues Driven by Increased … – MarketWatch (press release)</a></li> <li><a href='http://poker.prosportsonline.net/2010/02/wynn-resorts-limited-reports-fourth-quarter-and-year-end-2009-results-marketwatch-press-release/' rel='bookmark' title='Permanent Link: Wynn Resorts, Limited Reports Fourth Quarter and Year End 2009 Results – MarketWatch (press release)'>Wynn Resorts, Limited Reports Fourth Quarter and Year End 2009 Results – MarketWatch (press release)</a></li> <li><a href='http://poker.prosportsonline.net/2010/03/churchill-downs-incorporated-reports-2009-results-marketwatch-press-release/' rel='bookmark' title='Permanent Link: Churchill Downs Incorporated Reports 2009 Results – MarketWatch (press release)'>Churchill Downs Incorporated Reports 2009 Results – MarketWatch (press release)</a></li> </ol></p>]]></content:encoded> <wfw:commentRss>http://poker.prosportsonline.net/2010/03/shuffle-master-inc-reports-first-quarter-2010-results-marketwatch-press-release/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>Poker Game Shows Need Fixing</title> <link>http://poker.prosportsonline.net/2010/03/poker-game-shows-need-fixing/</link> <comments>http://poker.prosportsonline.net/2010/03/poker-game-shows-need-fixing/#comments</comments> <pubDate>Thu, 11 Mar 2010 21:15:05 +0000</pubDate> <dc:creator></dc:creator> <category><![CDATA[POKER NEWS]]></category> <guid isPermaLink="false">http://poker.prosportsonline.net/2010/03/poker-game-shows-need-fixing/</guid> <description><![CDATA[For several years, the only two poker television shows that anyone knew about were the World Series of Poker (WSOP) on ESPN and the World Poker Tour (WPT) on the Travel Channel (now on Fox Sports).  When poker erupted in the United States, many new shows were born, such as the Ultimate Poker Challenge, Celebrity [...] Related posts:<ol><li><a href='http://poker.prosportsonline.net/2010/01/cornell-university-study-shows-playing-more-poker-hands-means-less-profit/' rel='bookmark' title='Permanent Link: Cornell University Study Shows Playing More Poker Hands Means Less Profit'>Cornell University Study Shows Playing More Poker Hands Means Less Profit</a></li> <li><a href='http://poker.prosportsonline.net/2010/03/a-j-benza-levels-about-high-stakes-poker/' rel='bookmark' title='Permanent Link: A.J. Benza Levels About High Stakes Poker'>A.J. Benza Levels About High Stakes Poker</a></li> <li><a href='http://poker.prosportsonline.net/2010/01/the-hellscoldday-relationship-game/' rel='bookmark' title='Permanent Link: The HellsColdDay Relationship Game'>The HellsColdDay Relationship Game</a></li> </ol>]]></description> <content:encoded><![CDATA[<p>For several years, the only two poker television shows that anyone knew about were the <a href="http://www.pokernewsdaily.com/articles/wsop/" title="World Series of Poker">World Series of Poker</a> (<a href="http://www.pokernewsdaily.com/articles/wsop/" title="WSOP">WSOP</a>) on ESPN and the <a href="http://www.pokernewsdaily.com/articles/wpt/" title="World Poker Tour">World Poker Tour</a> (<a href="http://www.pokernewsdaily.com/articles/wpt/" title="WPT">WPT</a>) on the Travel Channel (now on Fox Sports).  When poker erupted in the United States, many new shows were born, such as the Ultimate Poker Challenge, Celebrity Poker Showdown, and Poker Superstars Invitational.  There was even a show on MTV where <a href="http://www.pokernewsdaily.com/phil-laak-poker-player-profile-494/" title="Phil Laak">Phil Laak</a> would go to a celebrity’s house and deal a sit and go for the celebrity and his/her celebrity friends.  The airwaves became over-saturated with poker, ratings declined, and shows died.</p> <p>Today, it looks like we are in the middle of a televised poker rebirth.  Aside from first-run episodes of the WSOP, High Stakes Poker and Poker After Dark have taken over as the go-to programming for poker fans.  Now, a new type of program, the poker game show, has invaded the public consciousness.  <a href="http://www.pokernewsdaily.com/full-tilt-poker-review/" title="Full Tilt Poker">Full Tilt Poker</a>’s <strong>Face the Ace</strong> debuted on NBC in August, the <strong><a href="http://www.pokernewsdaily.com/pokerstars-review/" title="PokerStars">PokerStars</a>.net Million Dollar Challenge</strong> hit the air on Fox last fall, and it was recently announced that newly-inducted Poker Hall of Famer <a href="http://www.pokernewsdaily.com/mike-sexton-poker-player-profile-483/" title="Mike Sexton">Mike Sexton</a> will host a new game show called <strong>Shuffle Up and Deal</strong> on MyNetworkTV in 2010.</p> <p>The evolution is interesting.  Originally, we had major tournament poker.  Big tournaments attract attention and have drama built right in.  As poker programming expanded, smaller tournaments started to be shown.  Then, as standard tournament poker began to jump the shark, smaller matches featuring celebrities, poker pros, or both entered our living rooms as fans became more interested in watching personalities they knew rather than Joe Boring from Normal, Illinois.</p> <p>Non-poker celebrities quickly lost their luster, as poker fans wanted to see quality poker.  We had all been there and done that with big tournaments, so television producers gave us the more intimate settings of the cash game (<strong>High Stakes Poker</strong>) and the small sit and go (<strong>Poker After Dark</strong>).  High Stakes Poker, in particular, has been a huge hit because we get to see top pros and a few deep-pocketed amateurs put a lot of their own money on the line and we really get a feel for what they go through in the toughest cash games.</p> <p>Now, we have poker game shows with a live audience, a host, an announcer, lights, and music, the whole shebang.  The ones currently on the air, however, are inherently flawed.  Well, you could say they are terrible, but really, they were behind the eight ball from the beginning.</p> <p>Why?  Because they want to force real poker, regardless of the added gimmick, into a game show format.  It just doesn’t work.  The problem is in the pace of the game.  Poker is a slow game.  Yes, there is excitement with big hands, but overall, it’s really boring to watch.  On the other hand, game shows are rapid fire, a pace that poker just can’t match.  Poker can’t win – if you show lots of hands to please the avid poker fan, it’s too slow for the masses.  If all you do is show all-ins, the avid poker fans don’t like it because it’s not real poker.</p> <p>Another byproduct of the slow pace is that it makes not caring about the contestants an issue.  Look, it’s cool if some guy beats <strong><a href="http://www.pokernewsdaily.com/howard-lederer-77/" title="Howard Lederer">Howard Lederer</a></strong>, but it’s not like I haven’t seen that before in tournaments.  Make me want to root for the guy.  Face the Ace is terrible at this.  Million Dollar Challenge is okay – it helped that the first contestant was a priest who said he was going to donate his winnings to his church.  On a regular game show, the action is fast enough where the game itself is what is interesting, regardless of who the players are.</p> <p>Now, to spice up the show, colorful personalities can be added, but that’s easier said than done in poker.  The contestants have been hit and miss and let’s face it, many of the top poker pros that the contestants face off against aren’t brimming with personality either.  Take the first match-up of Face the Ace.  It was a guy who could barely utter two words against <a href="http://www.pokernewsdaily.com/phil-ivey-169/" title="Phil Ivey">Phil Ivey</a>.  Great!  Ivey is a guy we want to see!  Oh, but we forgot that Ivey, as tremendous of a player as he is, is less than chatty at the table.  What ensued were uncomfortable silence and even more uncomfortable forced dialogue.</p> <p>I am actually quite intrigued by Sexton’s new show and am looking forward to watching when it debuts.  <strong>Shuffle Up and Deal</strong> sounds like it could fit better into the “game show” category and hold the interest of casual viewers, although it may lose some hardcore poker fans.  There aren’t a ton of details on the game yet, but what we do know is that each show will pit amateur players against each other, each selecting cards from an electronic board in an effort to make the best five card hand.  The player who wins the most money will advance to a bonus round for a chance to win a progressive jackpot that starts at $250,000 and goes up $10,000 every time someone doesn’t win.  So, while it won’t really be poker – more like a hybrid of poker and <strong>Deal or No Deal</strong> – it sounds like it has a chance to excite viewers with its fast pace.  If there is enough strategy involved, die-hard poker players may enjoy it too.</p> <p>Who knows, it may turn out that game show poker isn’t meant to be.  While I have not been thrilled with the offerings so far, I do applaud the shows’ creators, producers, talent, and staff for trying to offer the viewing public something other than the standard fare.  One day, someone may get it right and when they do, I’ll be watching.</p> <p>Click <a title="online casino bonuses" href="http://casinomovement.com" target="_blank">HERE</a> to play free <a href="http://casinomovement.com"title="" >online casino</a> games</p> 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