Shin Hwa World plans capital reorganization, targets €31.5 million raise

Dutch authorities have apprehended a suspect linked to the ZKasino scam. The arrest was made on April 29, with the suspect, a 26-year-old man, facing charges of fraud, embezzlement, and money laundering.

The ZKasino platform, which initially presented itself as an innovative blockchain-based gambling platform, has been under scrutiny for its dubious operations. The platform promised investors a return on their investments within 30 days, a promise that was never fulfilled. The smart contract associated with the platform suggested that there was never an intention to return the funds, raising red flags among the investor community.

The Fiscal Information and Investigation Service (FIOD) seized assets worth over 11.4 million euros ($12.2 million) during the arrest. The seized assets include cryptocurrency, real estate, and luxury cars. This marks the first arrest in the ZKasino fraud case, where investors have reportedly lost at least $33 million in digital assets.

The platform went live on April 20, attracting over 10,515 Ether (ETH) from more than 10,000 investors. However, investor concerns escalated when an on-chain transaction revealed ZKasino moving all 10,515 ETH into the Lido staking protocol. Additionally, the platform altered the wording on its website, removing a statement that assured investors that their ETH “would be returned.”

Adding to the controversy, ZKasino announced in a March post that it had closed a Series A investment round at a $350 million valuation. The platform claimed backing from crypto exchange MEXC and venture firm Big Brain Holdings, among others. However, Big Brain Holdings later clarified that it had not invested in ZKasino, labeling the platform as “fraudulent.”

While the identity of the suspect remains unconfirmed, speculation is rife within the crypto community. The suspect’s detention has been extended by 14 days for further investigation. As the case unfolds, risks and challenges in the rapidly evolving world of online gambling and cryptocurrency need to be continuously evaluated. The ZKasino case is a cautionary tale for investors, highlighting the importance of due diligence and regulatory oversight in the crypto space.

Spain recently saw its Supreme Court several restrictions on gambling ads introduced by a Royal Decree in 2020. This move ended years of strict advertising regulations in the country. However, the new Minister for Social Rights and Consumer Affairs, Pablo Bustinduy, is determined to reinstate these restrictions despite the court's ruling. 

In a recent speech, Bustinduy said he aims to reintroduce similar restrictions on gambling advertising despite the Supreme Court's decision last month. Bustinduy detailed his plans to propose legislation mirroring measures outlined in the annulled Royal Decree, particularly focusing on limiting online ads and those featuring celebrities and influencers. Additionally, he intends to address issues such as loot boxes and ID verification requirements in video games, which were not covered in the original decree. 

In addition to advertising restrictions, Bustinduy aims to strengthen Spain's safer gambling initiatives. Plans include establishing a centralized player registry and monitoring younger players displaying signs of gambling harm. 

The Supreme Court's decision came after the industry union Jdigital challenged the constitutionality of certain restrictions within the Royal Decree. The court found that the Ministry had overstepped constitutional boundaries in implementing the decree, leading to the lifting of some restrictions. This allowed gambling operators to resume advertising their products, including special offers and promotions, and utilize social media and celebrity endorsements for advertising purposes. 

In January 2021, an appeal was lodged by Jdigital, representing online gambling operators, and the Asociación de Medios e Información (AMI), a media group, against Royal Decree 958/202. This decree pertained to the regulation of advertising for gambling activities. 

Both organizations the decree, contending that its restrictions could inadvertently promote the growth of illegal gambling operations. They argued that such measures might hinder efforts aimed at safeguarding vulnerable individuals. Additionally, they maintained that the ban was discriminatory, unjust, and disproportionate, particularly in an environment where online gambling is rigorously regulated.  

Despite the recent relaxation of gambling advertising regulations in Spain, Bustinduy is determined to reintroduce restrictions to address concerns around the promotion of gambling products and protect vulnerable individuals, particularly the youth. His proposed legislation reflects a continued focus on promoting responsible gambling practices and safeguarding consumers in the evolving landscape of online gambling. 

Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details .

s financial results for the first quarter of 2024 reveal a challenging period for the company. The operator reported a total revenue of $1.61 billion and an adjusted EBITDAR of $256.2 million, marking a decline of 3.9 percent and 46.4 percent year-on-year respectively. This downturn was not limited to these metrics alone; net income also took a hit, plummeting from $514.4 million in Q1 2023 to a loss of $114.9 million in Q1 2024.

Operating income followed a similar trend, dropping from $199.1 million to a loss of $21.4 million. Total operating expenses, on the other hand, grew by 10.5 percent to $1.63 billion. A significant portion of these increased expenses can be attributed to ESPN Bet, which was launched in August last year following the reselling of Barstool to its Founder, Dave Portnoy, for $1 –o acquire it in February 2023.

At a property level, Penn generated $1.4 billion in revenue, with an adjusted EBITDAR of $479 million. However, Penn Interactive/ESPN Bet reported an adjusted EBITDA loss of $196 million among other factors, resulting in a total adjusted EBITDAR of $256.2 million.

The northeast segment, which includes properties such as Ameristar East Chicago, Hollywood Casino at Greektown, and Plainridge Park Casino, made $684.7 million in revenue and $202.6 million in adjusted EBITDAR, down 2.3 percent and 4.8 percent year-on-year respectively.

The south segment, with properties including Boomtown Biloxi, Hollywood Casino Gulf Coast, and Margaritaville Resort Casino, generated $298.5 million, down $16.3 million from last year, while adjusted EBITDAR fell by $10.1 million to $113.5 million. The mid-west segment came slightly behind the south segment at $291.2 million, down 1.4 percent year-on-year. Adjusted EBITDAR was also down, falling 6.8 percent annually.

Lastly, the west segment, with properties including Ameristar Black Hawk, M Resort, and Zia Park Casino, saw a marginal revenue decline, down $0.9 million to $128.8 million, while adjusted EBITDAR fell 6.5 percent to $45.9 million. The other segment, which includes stand-alone racing operations and overhead costs, made $6 million in revenue – the only segment to see any annual growth, up $0.2 million.

Penn Interactive, which includes all online and retail sports betting (ESPN Bet), online casino, and social gaming operations, reported a revenue of $207.7 million, down 11 percent year-on-year. Adjusted EBITDAR went from a loss of $5.7 million to a loss of $196 million – a significant increase.

ESPN Bet was expected to result in a loss in its early days, especially considering that operators such as DraftKings have yet to report an overall profit from operations, having made an overall loss from operations of $43.8 million in Q4 2023. However, with revenue down across the board and the operator still recovering from the financial loss accrued from acquiring Barstool, the operator may struggle to compete if investments on ESPN Bet do not begin turning around soon.

Despite this, ESPN Bet has remained active. In March, the sportsbook was added to North Carolina’s online sports betting market following its legalisation, while in April, the sportsbook opened its first retail location in Detroit at Hollywood Casino in Greektown.

Penn Entertainment’s Q1 2024 results reveal a challenging period for the company, with declines in revenue and adjusted EBITDAR, and significant losses from ESPN Bet. The company will need to navigate these challenges carefully to ensure future growth and profitability.

Penn Entertainment’s future seems to be a blend of potential hurdles and opportunities, according to various market analyst projections and predictions.

Projections for financial growth: Market analysts predict that Penn Entertainment’s earnings and revenue will see an annual growth of 61.9 percent and 6.1 percent respectively. The Earnings Per Share (EPS) is projected to see an annual growth of 63.3 percent. The return on equity is expected to be 8.4 percent in the next three years.

Forecast for stock price: The average price target set by analysts for Penn Entertainment Inc (PENN) stock for the upcoming 30 days is $27.58, indicating a potential increase of +59.60 percent from the current price of $17.28. The highest price target set by analysts is $28.93, and the lowest is $26.23.

Long-term outlook: Based on financial reports and historical earnings data, Penn Entertainment Inc (PENN) stock could potentially reach $35.50 by 2030, $56.34 by 2040, and $90.13 by 2050.

Expectations for earnings: Earnings for Penn Entertainment are anticipated to grow in the coming year, moving from ($0.90) to $0.80 per share. Penn Entertainment has confirmed that its next quarterly earnings report will be released by the end of this week. It’s crucial to remember that these are merely forecasts and the actual results may differ. The company’s performance could be affected by a range of factors, including market conditions, regulatory changes, and the overall economic climate. Therefore, investors should consider these forecasts as part of a wider set of information when making investment decisions.

Earlier today Newcastle United midfielder Sandro Tonali was handed a suspended two-month ban and fined £20,000 by the English Football Association for breaching betting rules. This ban is in addition to a 10-month suspension he is currently serving, imposed by the Italian Football Federation for similar offences.

The story ofin a world where talent and skill are celebrated, gives a glimpse into the personal battles that players often face off the pitch. An Italian international and former Milan midfielder, Tonali’s career has been marred by a that has led to multiple suspensions.

Tonali’s journey into the abyss of gambling began during his tenure at Newcastle United. The English Football Association (FA) accused him of placing between 40 and 50 bets on football matches, including four on his own team’s results. It was confirmed that he participated in three of the four matches he wagered on. Interestingly, the bets were always placed in favor of his team, which resulted in a less severe punishment than if he had bet on a draw or a loss.

The FA imposed a fine of £20,000 on Tonali and revealed that the total amount wagered was well over €100,000 (approximately £85,600). However, this is not the first time Tonali has faced disciplinary action for his gambling activities. Prior to his stint at Newcastle United, he was serving a 10-month ban in Italy for breaching betting rules.

Despite these setbacks, Tonali has shown a commitment to overcoming his addiction. He has sought treatment and counselling, a process that continued even after his transfer from Milan to Newcastle United in the summer of 2023. This proactive approach towards recovery is commendable and serves as a beacon of hope for other players battling similar issues.

However, the consequences of his actions extend beyond personal repercussions. Tonali’s case has shed light on the pervasive issue of gambling in football. The Italian authorities have been particularly stringent in their crackdown on this issue. Tonali was initially handed an 18-month ban in Italy, with eight months commuted to a “treatment plan” to combat his addiction.

The two-month ban imposed by the FA is a suspended sentence, meaning it will not be added to his current ban. It will only be triggered if he violates the betting rules again. This approach reflects the seriousness with which theootballing authorities view such transgressions and their commitment to preserving the integrity of the sport.

Sandro Tonali’s story is one of personal struggles that lurks behind the glamour of professional football. Initiatives for mental health support in the sport are needed to combat the issue of gambling. As Tonali continues his journey towards recovery, his story will undoubtedly be a cautionary measure for others in the sport.